目錄 2 公司資料 3 主席報告 5 管理層討論及分析 11 董事、高級管理層及公司秘書的履歷詳情 15 企業管治報告 30 董事會報告 43 環境、社會及管治報告 73 獨立核數師報告 78 綜合損益及其他全面收益表 79 綜合財務狀況表 81 綜合權益變動表 82 綜合現金流量表 83 綜合財務報表附註 136 五年財務概要 公司資料 董事會 執行董事 姚家豪 （主席） 陸家俊 梁海蕊（於2024年11月12日獲委任） 獨立非執行董事 梁偉文 何光宇 梁廷育 註冊辦事處 PO Box 309, Ugland House Grand Cayman, KY1-1104 Cayman Islands 總部兼香港主要營業地點 香港 新界葵涌 大圓街11–13號 同珍工業大廈 B座16樓8室 公司網址 www.mostkwaichung.com 公司秘書 羅泰安 授權代表 姚家豪 陸家俊 股份代號 1716 法律顧問 胡百全律師事務所 香港中環 遮打道10號 太子大廈 12樓1225室 審核委員會 何光宇 （主席） 梁廷育 梁偉文 薪酬委員會 梁廷育 （主席） 何光宇 梁偉文 提名委員會 梁廷育 （主席） 何光宇 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Most Kwai Chung Limited 毛記葵涌有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1716） 截 至2025年3月31日 止 年 度 年 度 業 績 公 告 財 務 摘 要 截 至3月31日 止 年 度 2025年 2024年 收 益 93.6百 萬 港 元 55.2百 萬 港 元 毛 利 43.3百 萬 港 元 20.0百 萬 港 元 淨 溢 利╱（虧 損） 6.4百 萬 港 元 (9.3百 萬 港 元) 每 股 基 本 及 攤 薄 盈 利╱（虧 損） 2.27港 仙 (3.41港 仙) – 1 – 業 績 毛 記 葵 涌 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會 ...

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 446.22 million, representing a 41.5% increase from HKD 315.42 million in the same period of 2023[3]. - Gross profit for the same period was HKD 204.88 million, up 77.0% from HKD 114.50 million year-on-year[3]. - Net profit for the six months ended September 30, 2024, was HKD 47.68 million, compared to a net loss of HKD 19.51 million in the previous year[3]. - Basic earnings per share for the period was HKD 1.56, a significant improvement from a loss of HKD 0.72 per share in the prior year[3]. - The company reported a net profit attributable to shareholders of HKD 4,223,000 for the six months ended September 30, 2024, compared to a loss of HKD 1,951,000 in the same period of 2023[35]. - Basic earnings per share for the six months ended September 30, 2024, were HKD 1.56, compared to a loss per share of HKD 0.72 in 2023[36]. - The company recorded a net profit of approximately HKD 4.7 million for the six months ended September 30, 2024, compared to a net loss of approximately HKD 2.0 million for the same period in 2023, primarily due to increased profitability in digital media services and revenue from planned events[58]. Assets and Liabilities - Total assets as of September 30, 2024, amounted to HKD 68.69 million, an increase from HKD 60.96 million as of March 31, 2024[7]. - Cash and cash equivalents were HKD 43.98 million, up from HKD 42.82 million at the end of the previous reporting period[7]. - Trade receivables increased to HKD 106.63 million from HKD 89.84 million, indicating a growth in sales and collection efficiency[7]. - Total equity attributable to owners of the company rose to HKD 49.74 million from HKD 45.51 million, reflecting improved profitability[10]. - Trade payables as of September 30, 2024, amount to HKD 579,000, down from HKD 1,418,000 as of March 31, 2024[46]. - Trade receivables as of September 30, 2024, are HKD 11,640,000, net of impairment provisions of HKD 977,000, resulting in a net value of HKD 10,663,000[43]. Revenue Segments - The company is primarily engaged in providing digital media services, printing media services, and other media services including event planning and artist management[12]. - The group has three reportable segments: digital media services, printing media services, and other media services[19]. - Revenue for the media services segment reached HKD 35,749,000 for the six months ended September 30, 2024, compared to HKD 31,085,000 for the same period in 2023, representing an increase of approximately 15.5%[22]. - External customer revenue was HKD 32,220,000 for the six months ended September 30, 2024, up from HKD 29,232,000 in 2023, indicating a growth of about 6.8%[22]. - The acquisition of To Be Honest contributed approximately HKD 2.494 million in revenue and HKD 808,000 in profit during the reporting period[54]. - Other media services revenue increased from approximately HKD 2.1 million to approximately HKD 12.3 million, with a corresponding increase in pre-tax profit from approximately HKD 0.8 million to approximately HKD 2.5 million[63]. Expenses and Costs - Total expenses for the six months ended September 30, 2024, amounted to HKD 42,278,000, an increase from HKD 33,649,000 in 2023, reflecting a rise of approximately 25.8%[29]. - The company incurred a total of HKD 20,400,000 in production costs for the six months ended September 30, 2024, compared to HKD 16,076,000 in 2023, representing an increase of approximately 27.5%[29]. - Sales cost increased from approximately HKD 20.1 million to HKD 24.2 million, a rise of about HKD 4.1 million or 20.4% due to increased sales[66]. - Selling and distribution expenses increased from approximately HKD 4.6 million to HKD 7.1 million, a rise of about HKD 2.5 million or 54.3%, primarily due to new media channels launched during the period[68]. - Employee benefits expenses rose from approximately HKD 14.3 million to HKD 17.1 million during the respective periods[84]. Acquisitions and Investments - The company acquired 31% of To Be Honest Limited for a total consideration of HKD 2,908,152, increasing its ownership from 20% to 51%[48]. - The acquisition of To Be Honest is expected to enhance the company's market position in advertising and media, expanding its customer base and increasing revenue[49]. - The gain from the remeasurement of previously held equity interest in To Be Honest is HKD 1,499,000, recognized in the consolidated statement of profit or loss[49]. - The company incurred acquisition-related costs of HKD 318,000, which were recognized as general and administrative expenses[54]. Future Outlook and Strategy - The company plans to continue expanding its market presence and exploring new product development opportunities[5]. - The company has not provided specific guidance for future performance but continues to focus on expanding its media services and enhancing operational efficiency[25]. - The company plans to enhance brand awareness and continue focusing on the digital media services segment to capitalize on market opportunities[58]. - The company expects steady growth in demand for digital marketing services due to the increasing internet penetration and growth in the mobile commerce market[58]. Compliance and Governance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with relevant disclosure requirements[14]. - The financial statements are based on historical cost principles, with no significant impact from recent accounting policy changes[16]. - The group has not applied any new standards or interpretations that have not yet come into effect during the reporting period[18]. - The company has adhered to all corporate governance codes during the reporting period[98]. - The company confirmed compliance with the non-competition agreements since the listing date[97]. - The Audit Committee was established on March 2, 2018, consisting of Mr. He Guangyu, Mr. Liang Tingyu, and Mr. Liang Weiwen, with Mr. He as the chairman[101]. Reporting and Documentation - The financial statements are presented in Hong Kong dollars, with amounts rounded to the nearest thousand[13]. - The Group's unaudited condensed consolidated financial statements for the period have not been reviewed by the company's auditors[101]. - The interim report for 2024/2025 will be sent to shareholders at an appropriate time and published on the Hong Kong Stock Exchange and the company's website[102]. - There were no significant events affecting the company after the reporting period up to the announcement date[94].

Financial Performance - The company's revenue for the fiscal year ending March 31, 2024, was approximately HKD 55.2 million, an increase of about 39% compared to HKD 39.6 million in the previous fiscal year[6]. - The digital media services segment accounted for approximately 87.7% of total revenue, with revenue increasing from approximately HKD 36.0 million to HKD 48.4 million, representing a growth of about 34%[14]. - The company recorded a loss before tax of approximately HKD 9.3 million for the fiscal year, a reduction from a loss of approximately HKD 20.9 million in the previous year[6]. - The loss before tax for the digital media services segment decreased from approximately HKD 13.0 million to HKD 9.0 million, a reduction of about 31%[14]. - Other media services revenue increased from approximately HKD 2.5 million to HKD 6.3 million, resulting in a profit before tax of approximately HKD 0.5 million for the current year[16]. - Gross profit rose from approximately HKD 9.5 million to about HKD 20.0 million, an increase of approximately HKD 10.5 million or 111%, primarily driven by the digital media services segment[21]. - Loss before tax decreased from approximately HKD 20.9 million to HKD 9.3 million, influenced by a gross profit increase of approximately HKD 10.5 million and a reduction in losses from associated companies by approximately HKD 4.3 million[26]. Expenses and Costs - The group's sales cost increased from approximately HKD 30.1 million to about HKD 35.2 million, representing a rise of HKD 5.1 million or 17% due to increased revenue[20]. - Selling and distribution expenses increased from approximately HKD 8.2 million to about HKD 11.5 million, an increase of approximately HKD 3.3 million or 40%, aligned with the rise in revenue[22]. - Administrative expenses rose from approximately HKD 17.2 million to about HKD 19.8 million, an increase of approximately HKD 2.6 million or 15%, mainly due to the absence of government subsidies received in the previous year[25]. - Total employee benefits expenses increased from approximately HKD 26.5 million to about HKD 31.3 million, reflecting the growth in the number of full-time employees from 73 to 81[40]. Strategic Plans and Market Position - The company plans to diversify its marketing channels by expanding to various online and offline platforms by the fiscal year ending March 31, 2025[7]. - The company aims to enhance brand awareness and diversify the types and content of its future activities[13]. - The company will continue to develop its core business while seeking suitable opportunities to maintain a competitive edge in a changing business environment[18]. - The company is considering strategic acquisitions to bolster its market position, with a budget of up to HKD 300 million allocated for potential deals[67]. - Market expansion plans include entering two new regional markets, which are projected to increase user base by 30%[67]. Governance and Corporate Structure - The management emphasized the importance of maintaining high corporate governance standards to protect shareholder interests[73]. - The board of directors will continue to review and enhance corporate governance practices in line with the latest developments[74]. - The company has established three committees: audit, remuneration, and nomination, each with defined responsibilities[99]. - The board has adopted a diversity policy to enhance performance quality, recognizing the importance of gender, social, and racial diversity[91]. - The company maintains a balanced composition of executive and independent non-executive directors to ensure independence and effective management[81]. Shareholder Relations and Dividends - The board of directors does not recommend the payment of a final dividend for the year, maintaining a zero dividend for 2023[51]. - The company has a dividend policy that allows dividends to be paid from profits or share premium, subject to board approval based on various factors, with no predetermined payout ratio[129]. - The company has established a shareholder communication policy to ensure timely and transparent information dissemination[131]. - The board emphasizes effective communication with shareholders through various channels, including printed or electronic communications and annual general meetings[131]. Risks and Challenges - The company identified several key risks, including reliance on social media platforms for advertising, which could significantly impact operational performance if usage declines[147]. - The company’s business model is project-based, and failure to retain existing clients or attract new ones could have a major adverse effect on operational performance[150]. - The company faces potential operational risks from reliance on technology systems, which, if they fail, could severely impact business operations[150]. Compliance and Internal Controls - The company has implemented a risk management and internal control system, which is deemed effective and adequate for the year[121]. - The company has a zero-tolerance policy towards bribery, fraud, and corruption, ensuring ethical conduct across all operations[124]. - The company conducts systematic fraud risk assessments to mitigate identified fraud risks[125]. - The company has established a whistleblowing policy to report any levels of bribery and corruption[125]. Employee and Director Information - The company has provided comprehensive benefits and career development opportunities for all employees, including retirement plans and medical insurance[170]. - The remuneration committee regularly reviews the compensation levels of key executives based on the company's performance and contributions[170]. - The company has purchased appropriate insurance for directors and senior officers to cover legal liabilities arising from their roles[171].

Revenue and Profitability - The group's revenue for the year ended March 31, 2023, increased by approximately HKD 15.6 million or 39% to about HKD 55.2 million, primarily due to increased revenue from the digital media services segment[6] - Digital media services revenue increased from approximately HKD 36.0 million to about HKD 48.4 million, representing a growth of approximately 34%[22] - The gross profit for the same period was HKD 19,972 thousand, up from HKD 9,510 thousand, reflecting a significant improvement in profitability[40] - The gross profit increased from approximately HKD 9.5 million to about HKD 20.0 million, a significant increase of approximately HKD 10.5 million or 111%, driven by the digital media services segment[8] - Media services revenue for 2024 reached HKD 45,170,000, a significant increase from HKD 32,463,000 in 2023, representing a growth of approximately 39.1%[94] Expenses and Losses - The cost of sales rose from approximately HKD 30.1 million to about HKD 35.2 million, an increase of approximately HKD 5.1 million or 17%, mainly attributed to the increase in revenue[6] - Selling and distribution expenses increased by approximately HKD 3.3 million or 40% to about HKD 11.5 million, consistent with the increase in revenue[8] - Administrative expenses rose from approximately HKD 17.2 million to about HKD 19.8 million, an increase of approximately HKD 2.6 million or 15%, primarily due to the absence of government subsidies received in the previous year[9] - The net loss narrowed to HKD 9.3 million from HKD 20.7 million, showing an improvement of 55.1% year-over-year[62] - The pre-tax loss for the digital media services segment decreased from approximately HKD 13.0 million to HKD 9.0 million, a reduction of about 31%[22] Assets and Liabilities - Current assets as of March 31, 2024, were approximately HKD 43.1 million, including cash and cash equivalents of about HKD 42.8 million[13] - The total assets decreased to HKD 60,959 thousand from HKD 65,926 thousand, representing a decline of 7.9%[41] - Total liabilities increased to HKD 14,256 thousand from HKD 9,597 thousand, reflecting a rise of 48.5%[44] - The group does not have any debt, with a capital debt ratio of zero as of March 31, 2024[13] Share Performance - Basic loss per share improved from HKD 7.55 to HKD 3.41, indicating a reduction in losses[36] - The basic loss per share improved to HKD (3.41) from HKD (7.55), indicating a 54.8% reduction in loss per share[40] Strategic Initiatives - The company aims to enhance brand awareness and diversify future planning activities and content[21] - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[40] - The company is exploring potential mergers and acquisitions as part of its growth strategy moving forward[40] - The group plans to enhance its sales team to promote digital media services and upgrade its IT infrastructure[128] Operational Efficiency - The company has maintained a cautious cash management policy, closely monitoring overdue debts and ensuring adequate provisions for uncollectible amounts[27] - The internal information technology system has been upgraded, and the company has acquired more advanced production equipment to adapt to rapidly changing social media trends[104] - The group is committed to enhancing operational efficiency through the procurement of advanced technology equipment[130] Customer and Market Engagement - Major customer A generated revenue of HKD 8,268 thousand in 2024, reflecting a significant contribution to the group's overall income[79] - The group aims to strengthen relationships with a broader customer base and expand its market promotion channels[127] Compliance and Reporting - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[69] - The group has not applied any accounting policy changes that are not yet effective as of March 31, 2024, ensuring compliance with current regulations[88] Miscellaneous - The company did not engage in any significant acquisitions or disposals of subsidiaries or joint ventures during the year[30] - The group has not engaged in any buybacks or sales of its listed securities during the year[139] - The board of directors does not recommend the payment of a final dividend for the current year, maintaining the dividend at zero for 2023[114]

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 31,542,000, representing a 37.4% increase from HKD 22,985,000 in the same period of 2022[2] - Gross profit increased to HKD 11,450,000, up from HKD 3,855,000, marking a significant improvement in profitability[2] - Operating loss narrowed to HKD 1,977,000 compared to a loss of HKD 6,282,000 in the previous year, indicating better operational efficiency[2] - The company reported a net loss attributable to owners of HKD 1,951,000 for the period, an improvement from a loss of HKD 4,786,000 in the prior year[2] - The group reported a loss before tax of HKD 1,951,000 for the period, compared to a loss of HKD 4,786,000 in the same period last year, indicating an improvement in performance[26] - The group's gross profit increased from approximately HKD 3.9 million for the six months ended September 30, 2022, to approximately HKD 11.5 million for the six months ended September 30, 2023, representing a growth of 195%[50] - The group's loss before tax decreased from approximately HKD 4.7 million to approximately HKD 1.9 million, mainly due to an increase in revenue from the digital media services segment by approximately HKD 9.1 million[53] Revenue Breakdown - Total revenue for the six months ended September 30, 2023, was HKD 33,516,000, representing an increase from HKD 24,499,000 for the same period in 2022, which is a growth of approximately 36.8%[24] - Digital media services generated revenue of HKD 31,085,000, while printing media services and other media services contributed HKD 342,000 and HKD 2,089,000 respectively[24] - Digital media services revenue rose from approximately HKD 22.0 million to approximately HKD 31.1 million, an increase of about 41.4%, primarily due to the recovery of the tourism industry[44] - The group recognized media service revenue of HKD 28,586,000 at a point in time, up from HKD 20,414,000 in the previous year, which is an increase of about 40.5%[29] Expenses and Costs - The cost of sales, distribution expenses, and administrative expenses totaled HKD 33,649,000 for the six months ended September 30, 2023, up from HKD 28,668,000 in 2022, reflecting an increase of approximately 17.5%[30] - The group incurred production costs of HKD 16,076,000, which increased from HKD 12,626,000 in the previous year, marking a rise of about 27.5%[30] - Employee benefits expenses, including directors' remuneration, amounted to HKD 14,281,000, compared to HKD 11,284,000 in the prior year, representing an increase of approximately 26.5%[30] - Sales and distribution expenses rose from approximately HKD 1.6 million to approximately HKD 4.6 million, an increase of 187.5%, primarily due to additional expenses from new media channels[51] Assets and Liabilities - Cash and cash equivalents decreased to HKD 48,394,000 from HKD 50,815,000, reflecting a net decrease of HKD 2,421,000 during the period[11] - Total assets increased to HKD 67,094,000 as of September 30, 2023, compared to HKD 65,926,000 as of March 31, 2023[6] - Total liabilities increased to HKD 12,716,000 from HKD 9,597,000, primarily due to higher trade payables and contract liabilities[6] - Trade receivables rose significantly to HKD 9,678,000 from HKD 5,254,000, indicating improved sales and collection efforts[5] - Trade receivables increased from HKD 6,118,000 as of March 31, 2023, to HKD 10,710,000 as of September 30, 2023[36] - Trade payables rose from HKD 751,000 as of March 31, 2023, to HKD 1,913,000 as of September 30, 2023[39] Strategic Focus and Future Plans - The company plans to continue focusing on digital media services and market expansion strategies to drive future growth[13] - The company aims to enhance brand awareness and diversify future planned activities and content[43] - The company plans to enhance its marketing channels and operational capabilities, with a total allocation of HKD 53.50 million for various strategic initiatives[71] - The company aims to upgrade its IT infrastructure and procure advanced technology equipment to improve production efficiency, with an allocation of HKD 11.13 million[71] - The company is actively seeking potential acquisition targets in the fields of image production, event promotion, digital advertising, and technology development[73] Corporate Governance and Compliance - The company has adopted and complied with the corporate governance code as per the listing rules during the period[88] - The company has adopted the standard code of conduct for securities trading for its directors, with all directors confirming full compliance during the period[89] - The audit committee was established on March 2, 2018, and reviewed the unaudited condensed consolidated financial statements for the period[90] - The board of directors includes executive directors Mr. Yao (Chairman) and Mr. Lu, as well as independent non-executive directors[90] Shareholder Information - Major shareholders, including Mr. Yao and Mr. Lu, hold 65.0% of the issued share capital through controlled corporations[79] - The company has a significant concentration of ownership, with Blackpaper BVI holding 65.0% of the shares, indicating potential governance implications[80] - The company has not disclosed any other interests or positions held by directors or key executives in the company's shares as of September 30, 2023[82] Other Notable Information - The company did not declare an interim dividend for the six months ended September 30, 2023, consistent with the previous year[34] - The group has not made any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[60] - The company has engaged in preliminary discussions regarding potential acquisitions of shares in a major film production and digital advertising company, but no formal agreements have been established as of the report date[73] - No significant events affecting the group occurred after the reporting period and up to the date of the interim report[84] - The company or any of its subsidiaries did not purchase, sell, or redeem any of the company's listed securities during the period[85] - There were no competitive interests held by directors, controlling shareholders, or major shareholders that could lead to conflicts of interest with the group's business during the period[86] - The non-competition agreements of Blackpaper BVI, Mr. Yao, and Mr. Lu have been fully complied with and executed from the listing date until September 30, 2023[87] - The company's stock option plan was adopted on March 2, 2018, with no stock options granted, exercised, expired, or canceled during the period[83]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損 失承擔任何責任。 Most Kwai Chung Limited 毛 記 葵 涌 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1716） 截 至2023年9月30日 止 六 個 月 中 期 業 績 公 告 財務摘要 截至9月30日止六個月 2023年 2022年 收益 31.5百萬港元 23.0百萬港元 毛利 11.5百萬港元 3.9百萬港元 淨虧損 (2.0百萬港元) (4.8百萬港元) ...

Financial Performance - The group's revenue for the fiscal year ending March 31, 2023, was approximately HKD 39.6 million, a decrease of about 42% compared to HKD 67.8 million in the previous fiscal year[6]. - The group recorded a loss before tax of approximately HKD 20.9 million, compared to a loss of HKD 18.4 million in the previous fiscal year, indicating an increase in losses[6]. - Revenue from digital media services decreased from approximately HKD 42.2 million to HKD 36.0 million, a decline of about 15% due to intense competition and tightened customer spending[14]. - Revenue from other media services dropped significantly from approximately HKD 24.1 million to HKD 2.5 million, leading to increased losses in this segment[16]. - Loss before tax increased from approximately HKD 18.4 million to about HKD 20.9 million, with the increase attributed to various factors including a shift from profit to loss from associated companies[26]. - The company reported a significant decrease in distributable reserves, amounting to approximately HKD 32.1 million as of March 31, 2023, down from HKD 57.5 million in 2022[157]. Digital Media Services - Digital media services accounted for approximately 90.8% of total revenue, showing growth despite a decrease in other media services due to the absence of live events[6]. - The loss before tax for the digital media services segment decreased from approximately HKD 16.6 million to HKD 13.0 million, a reduction of about 22%[14]. Cost Management - Sales cost decreased from approximately HKD 57.8 million for the year ended March 31, 2022, to about HKD 30.1 million for the current year, a reduction of approximately HKD 27.7 million or 48%[20]. - Gross profit decreased from approximately HKD 9.9 million for the year ended March 31, 2022, to about HKD 9.5 million, a decline of approximately HKD 0.4 million or 4%, while the overall gross margin increased from about 15% to 24%[21]. - Selling and distribution expenses increased from approximately HKD 3.8 million to about HKD 8.2 million, an increase of approximately HKD 4.4 million or 115%[22]. - Administrative expenses decreased from approximately HKD 24.4 million to about HKD 17.2 million, a reduction of approximately HKD 7.2 million or 30%[25]. Strategic Plans - The group plans to diversify marketing channels across various online and offline platforms to enhance brand awareness and improve the variety and content of events[7]. - The group aims to focus on the development of new technologies, particularly artificial intelligence and automation, to improve business efficiency[18]. - The company is currently negotiating with multiple service providers to upgrade its technology infrastructure, including the television website and mobile application[48]. Corporate Governance - The company has a strong governance structure with independent non-executive directors serving on various committees, including the audit, remuneration, and nomination committees[58][59][62]. - The board consists of two executive directors and three independent non-executive directors as of March 31, 2023[77]. - The company has implemented all corporate governance code provisions and will continue to enhance governance practices for future fiscal years[76]. - The board meets at least four times a year and additional meetings are held as necessary[76]. - The company has adopted a zero-tolerance policy towards all forms of bribery, fraud, and corruption, ensuring high standards of governance and ethics[125]. Shareholder Communication - The board has established a shareholder communication policy to maintain effective dialogue with shareholders through various channels, including printed or electronic copies of communications and annual general meetings[130]. - The company emphasizes the importance of transparency and timely disclosure of information to enable shareholders and investors to make informed decisions[130]. - The board encourages shareholders to submit inquiries and suggestions, and provides contact information for direct communication[136]. Risk Management - The board is responsible for monitoring the effectiveness of the group's risk management and internal control systems, which are designed to manage significant risks rather than eliminate them[120]. - The company conducts systematic fraud risk assessments to mitigate internal and external fraud risks[126]. - The board regularly reviews security measures to ensure proper handling and dissemination of insider information[127]. Employee and Management Structure - The total number of full-time employees decreased from 77 to 73, with employee benefit expenses dropping from approximately HKD 38.7 million to HKD 26.5 million[40]. - The management team is composed of individuals with extensive experience in their respective fields, ensuring effective oversight and strategic direction for the company[63][67][69]. Share Option Plan - The total number of shares available for issuance under the share option plan is 27,000,000 shares, representing 10% of the company's issued share capital as of the report date[192]. - The maximum number of shares that can be issued upon the exercise of all unexercised options under the share option plan shall not exceed 30% of the company's issued share capital at any time[194]. - The individual limit for each participant under the share option plan is capped at 1% of the company's issued share capital within any 12-month period[193].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損 失承擔任何責任。 Most Kwai Chung Limited 毛 記 葵 涌 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1716） 截 至2023年3月31日 止 年 度 年 度 業 績 公 告 財務摘要 截至3月31日止年度 2023年 2022年 收益 39.6百萬港元 67.8百萬港元 毛利 9.5百萬港元 9.9百萬港元 淨虧損 （20.7百萬港元） （18.5百萬港元） ...

Financial Statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended September 30, 2022, the company shifted from profit to loss, with total revenue down 52.2% to HKD 22.99 million and a HKD 4.79 million loss attributable to owners Table: Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | For the six months ended Sep 30, 2022 (HKD Thousands) | For the six months ended Sep 30, 2021 (HKD Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 22,985 | 48,076 | -52.2% | | Gross Profit | 3,855 | 10,656 | -63.8% | | Operating (Loss)/Profit | (6,282) | 637 | Shifted from profit to loss | | (Loss)/Profit Before Income Tax | (4,741) | 2,284 | Shifted from profit to loss | | (Loss)/Profit for the Period Attributable to Owners of the Company | (4,786) | 1,923 | Shifted from profit to loss | | Basic (Loss)/Earnings Per Share (HK Cents) | (1.77) | 0.71 | Shifted from profit to loss | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of September 30, 2022, total assets decreased 5.6% to HKD 83.21 million and total equity declined 6.2% to HKD 72.29 million, but the company maintains a sound financial position with strong liquidity Table: Condensed Consolidated Statement of Financial Position | Metric (HKD Thousands) | As of Sep 30, 2022 (Unaudited) | As of Mar 31, 2022 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 83,214 | 88,197 | -5.6% | | Total Liabilities | 10,924 | 11,121 | -1.8% | | Total Equity | 72,290 | 77,076 | -6.2% | | Cash and Cash Equivalents | 54,603 | 64,307 | -15.1% | [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended September 30, 2022, the company's total equity decreased from HKD 77.08 million at the beginning of the period to HKD 72.29 million at the end, primarily due to a total comprehensive loss of HKD 4.79 million recorded during the period - During the reporting period, equity attributable to owners decreased from **HKD 76.08 million** to **HKD 71.65 million** due to a **HKD 4.43 million** loss for the period[12](index=12&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) During the reporting period, cash flow from operating activities shifted from a net inflow of HKD 1.71 million to a net outflow of HKD 8.88 million, indicating weakened cash generation from core operations, with cash and cash equivalents decreasing by HKD 9.70 million to HKD 54.60 million at period-end Table: Condensed Consolidated Statement of Cash Flows | Activity Category (HKD Thousands) | For the six months ended Sep 30, 2022 | For the six months ended Sep 30, 2021 | | :--- | :--- | :--- | | Net Cash (Used in)/From Operating Activities | (8,876) | 1,710 | | Net Cash Used in Investing Activities | (222) | (675) | | Net Cash Used in Financing Activities | (606) | (676) | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | **(9,704)** | **359** | | **Cash and Cash Equivalents at End of Period** | **54,603** | **84,715** | Notes to the Condensed Consolidated Financial Statements [Revenue and Segment Information](index=9&type=section&id=4%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The company's total revenue primarily derives from digital, print, and other media services; during the period, digital media revenue slightly decreased by 6.4%, while other media services revenue sharply declined from HKD 23.27 million to HKD 0.03 million due to no major performance events, significantly impacting overall revenue Table: Segment Revenue | Segment Revenue (HKD Thousands) | For the six months ended Sep 30, 2022 | For the six months ended Sep 30, 2021 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Digital Media Services | 21,959 | 23,473 | -6.4% | | Print Media Services | 996 | 1,331 | -25.2% | | Other Media Services | 30 | 23,272 | -99.9% | | **Total** | **22,985** | **48,076** | **-52.2%** | - The Other Media Services segment shifted from a **HKD 4.10 million** profit in the prior period to a **HKD 0.73 million** loss this period, primarily due to a significant revenue decrease from no performance events[57](index=57&type=chunk) [Nature of Expenses](index=12&type=section&id=5%20%E9%96%8B%E6%94%AF%E7%9A%84%E6%80%A7%E8%B3%AA%E5%88%86%E9%A1%9E) During the reporting period, total expenses, including cost of sales, selling and distribution, and administrative expenses, significantly decreased by 39.6% to HKD 28.67 million from HKD 47.45 million in the prior period, primarily driven by a reduction in production costs from HKD 28.58 million to HKD 12.63 million, directly linked to fewer performance events Table: Expense Items | Expense Item (HKD Thousands) | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | Production Costs | 12,626 | 28,576 | -55.8% | | Employee Benefit Expenses | 11,284 | 15,451 | -27.0% | | **Total Expenses** | **28,668** | **47,451** | **-39.6%** | [Dividends](index=13&type=section&id=8%20%E8%82%A1%E6%81%AF) The Board did not declare any interim dividend for the six months ended September 30, 2022, consistent with the prior period's policy - The Board did not declare an interim dividend for the six months ended September 30, 2022 (six months ended September 30, 2021: nil)[42](index=42&type=chunk) Management Discussion and Analysis [Business Review and Outlook](index=16&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) Management anticipates a challenging outlook for the advertising and media industry due to economic recession; during the period, digital media revenue slightly declined due to competition, print media revenue decreased from reduced book fair sales, and other media services revenue sharply fell due to no major performance events, which was the primary cause of overall performance decline, with the Group aiming to enhance brand awareness and diversify event content - Digital media services revenue slightly decreased from **HKD 23.5 million** to **HKD 22.0 million**, primarily due to intense competition and more cautious customer spending[55](index=55&type=chunk) - Other media services revenue sharply declined from **HKD 23.3 million** to **HKD 1.5 million**, shifting from profit to loss, mainly due to no performance events during the period[57](index=57&type=chunk) - Looking ahead, the Group anticipates a challenging outlook for the advertising and media industry and will focus on enhancing brand awareness and diversifying event content[54](index=54&type=chunk) [Financial Review](index=17&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) During the reporting period, total revenue decreased by 52% year-on-year to HKD 23.0 million, primarily due to a significant decline in other media services revenue, leading to a 64% drop in gross profit and a decrease in gross profit margin from 22.2% to 16.8%, resulting in a pre-tax loss of HKD 4.7 million compared to a pre-tax profit of HKD 2.3 million in the prior period, compounded by impairment of trade receivables and inventory write-offs - Total revenue decreased by **52%** from approximately **HKD 48.1 million** to approximately **HKD 23.0 million**, primarily due to reduced revenue from the Other Media Services segment[60](index=60&type=chunk) - Overall gross profit margin decreased from **22.2%** in the prior period to **16.8%** in the current period[63](index=63&type=chunk) - The company shifted from profit to loss, primarily due to reduced performance in other media services, additional impairment provisions for trade receivables, and inventory write-offs[67](index=67&type=chunk) [Liquidity and Financial Resources](index=18&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of September 30, 2022, the Group maintained a sound financial position, primarily funding operations through operating activities, holding HKD 54.60 million in bank balances and cash with a current ratio of 7.0 times and zero gearing ratio, reflecting no debt burden, while management adopts prudent treasury policies to closely monitor liquidity and receivables collection Table: Liquidity and Financial Resources Metrics | Metric | As of Sep 30, 2022 | As of Mar 31, 2022 | | :--- | :--- | :--- | | Net Current Assets (HKD Millions) | 59.6 | 65.9 | | Bank Balances and Cash (HKD Millions) | 54.6 | 64.3 | | Current Ratio | 7.0 times | 7.2 times | | Gearing Ratio | Zero | Zero | [Business Strategies and Use of Proceeds](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E7%AD%96%E7%95%A5%E8%88%87%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The company continues to advance business strategies outlined in its prospectus, including hiring sales professionals and upgrading IT infrastructure; of the approximately HKD 53.50 million net proceeds from listing, HKD 47.63 million has been utilized as of September 30, 2022, with HKD 5.87 million remaining for potential M&A (HKD 5.35 million) and IT equipment upgrades (HKD 0.52 million), expected to be fully utilized by March 31, 2023, though preliminary discussions for potential acquisitions have concluded without formal agreements Table: Use of Proceeds | Use of Proceeds | Revised Allocation (HKD Millions) | Actual Use (HKD Millions) | Unutilized Amount (HKD Millions) | | :--- | :--- | :--- | :--- | | Mergers and Acquisitions/Strategic Alliances | 5.35 | - | 5.35 | | Broadening Customer Base and Business Operations | 10.70 | 10.70 | - | | Upgrading IT Infrastructure and Equipment | 2.68 | 2.16 | 0.52 | | Enhancing Event Planning | 16.05 | 16.05 | - | | Working Capital and General Corporate Purposes | 18.72 | 18.72 | - | | **Total** | **53.50** | **47.63** | **5.87** | - Preliminary discussions with potential targets for growth through mergers and acquisitions have concluded, with no formal agreements entered into[105](index=105&type=chunk) Other Information [Directors' and Shareholders' Interests](index=22&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E6%88%96%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%96%E4%BB%BB%E4%BD%95%E5%85%B6%E4%BB%96%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E7%9A%84%20%E4%BB%BB%E4%BD%95%E6%8C%87%E6%98%8E%E4%BA%8B%E5%8B%99%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of September 30, 2022, founders and executive directors Mr. Yiu Ka Ho and Mr. Luk Ka Chun, through their jointly controlled Blackpaper BVI, beneficially held 175,500,000 shares, representing 65% of the issued share capital, making them controlling shareholders, further solidifying control via an acting-in-concert deed with certain employees holding 2.5% of shares - Executive Directors Mr. Yiu Ka Ho and Mr. Luk Ka Chun are deemed to have interests in **175,500,000 shares** (representing **65.0%**) held by Blackpaper BVI[109](index=109&type=chunk)[110](index=110&type=chunk) - Blackpaper BVI, Mr. Yiu, Mr. Luk, and certain employees entered into an acting-in-concert deed to vote in unison on all company matters[110](index=110&type=chunk) [Corporate Governance and Compliance](index=24&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F%E5%AE%88%E5%89%87) During the reporting period, the company complied with the Corporate Governance Code in Appendix 14 of the Listing Rules, adopted a standard code for directors' securities transactions, confirmed by all directors, and the audit committee reviewed the unaudited condensed consolidated financial statements, with no share options granted since the 2018 adoption of the share option scheme, and no purchase, sale, or redemption of any listed securities during the period - The company has consistently complied with all code provisions of the Corporate Governance Code during the reporting period[128](index=128&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the period[130](index=130&type=chunk) - No share options have been granted, exercised, lapsed, or cancelled since the adoption of the share option scheme[121](index=121&type=chunk) - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period[123](index=123&type=chunk)