[Company Information](index=2&type=section&id=Company%20Information) This section outlines Moon Inc.'s key corporate information, including board members, committee structures, and registered details - The company's English name changed from "HK Asia Holdings Limited" to **"Moon Inc."**, and its Chinese name from "港亞控股有限公司" to "恆月控股有限公司", effective May 15, 2025[2](index=2&type=chunk) - The Board of Directors includes Executive Directors Mr. Fong Kin Hoi (Chairman), Mr. David Forrest Bailey, Mr. John Edwin Riggins (CEO), Ms. Wong Fung Yee; Non-executive Director Mr. Sit Hon; and Independent Non-executive Directors Mr. Chan Siu Ping, Mr. Wong Yun Pun, Ms. Ngan Yung Wai[4](index=4&type=chunk) - The company has established an **Audit Committee, Remuneration Committee, Nomination Committee, and Environmental, Social and Governance Committee** to oversee specific matters[4](index=4&type=chunk) [Chairman's Statement](index=3&type=section&id=Chairman%27s%20Statement) The Chairman's Statement highlights 2025 as a transformative year, emphasizing new management's blockchain expertise and continued investment in the core prepaid product business - On March 14, 2025, the company completed a mandatory unconditional cash offer, welcoming new management with expertise in **blockchain, cryptocurrency, and Web 3.0 technologies**[7](index=7&type=chunk) - The core **prepaid product business** (wholesale and retail) remains the Group's foundation and will continue to receive resources for maintenance and expansion[7](index=7&type=chunk) - As of June 30, 2025, the company acquired **28.88 Bitcoins** at a cost of approximately **HK$19.6 million** to explore the potential of cryptocurrency and blockchain technology[8](index=8&type=chunk) - After the fiscal year-end, the company successfully issued convertible notes to existing shareholders, raising net proceeds of approximately **HK$33 million** to strengthen core businesses and explore emerging market opportunities[8](index=8&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the financial and business performance for the year ended March 31, 2025, highlighting significant declines in revenue and gross profit, reduced other income due to cryptocurrency impairment, and a substantial drop in profit for the year - The Group primarily engages in wholesale, retail, and online sales of **prepaid products** in Hong Kong[12](index=12&type=chunk) - Key Financial Data Changes for FY2025 | Metric | 2025 (HK$ million) | 2024 (HK$ million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 189.6 | 252.4 | -24.9% | | Gross Profit | 43.3 | 61.6 | -29.7% | | Gross Margin | 22.8% | 24.4% | -1.6 percentage points | | Other Income | 0.6 | 2.5 | -76.0% | | Profit attributable to owners of the Company | 1.8 | 14.8 | -87.8% | - Intangible assets balance was approximately **HK$12.0 million**, representing the carrying value of Bitcoin held by the Group as of March 31, 2025; approximately **18.88 Bitcoins** were acquired during the year for a total consideration of approximately **HK$13.3 million**, with an impairment loss of approximately **HK$1.3 million** recognized[21](index=21&type=chunk) - Subsequent to the reporting period, the Group further acquired approximately **10 Bitcoins**, bringing the total acquisition cost to approximately **HK$19.6 million** and total holdings to approximately **28.88 Bitcoins**[21](index=21&type=chunk) - The Board has resolved **not to declare a final dividend** for the year ended March 31, 2025[24](index=24&type=chunk) - Net current assets were approximately **HK$80.1 million** (2024: HK$106.8 million), and the current ratio decreased from **9.4 times to 9.3 times**[25](index=25&type=chunk) - Subsequent to the reporting period, the company issued convertible notes with a principal amount of **HK$33.8 million**, which were fully converted into **75,000,000 conversion shares**, raising net proceeds of approximately **HK$33.3 million** for general working capital, prepaid product business expansion, and cryptocurrency investments[38](index=38&type=chunk) [Biographical Details of Directors and Senior Management](index=11&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) This section provides detailed biographies of the company's board members and senior management, highlighting their professional experience and roles, reflecting the company's strategic shift - Mr. David Forrest Bailey, Mr. Fong Kin Hoi (Chairman), Mr. John Edwin Riggins (CEO), and Ms. Wong Fung Yee were appointed Executive Directors on February 12, 2025, all possessing **extensive experience in the crypto industry**[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - Mr. Sit Hon was appointed Non-executive Director on March 14, 2025, while Mr. Chan Siu Ping, Ms. Ngan Yung Wai, and Mr. Wong Yun Pun were appointed Independent Non-executive Directors on the same day, bringing **diverse professional backgrounds**[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) - Mr. Jesse Austin Myers was appointed Chief Investment Officer effective June 11, 2025, Ms. Tsang Ka Yan was appointed Strategy Director, and Mr. Chan Ming Kee was appointed Chief Financial Officer, Company Secretary, and Authorized Representative[49](index=49&type=chunk)[50](index=50&type=chunk) - Effective July 1, 2025, monthly director's fees for Executive and Non-executive Directors (including the Chairman and CEO) were adjusted, with CEO Mr. Riggins' annual salary set at **US$200,000**[47](index=47&type=chunk) [Corporate Governance Report](index=16&type=section&id=Corporate%20Governance%20Report) This report outlines the company's commitment and practices in corporate governance, ensuring compliance with the HKEX Corporate Governance Code, with a focus on board structure, director development, committee oversight, and risk management - The company complied with **all applicable code provisions** of the Corporate Governance Code throughout the year[53](index=53&type=chunk) - The Board comprises **4 Executive Directors, 1 Non-executive Director, and 3 Independent Non-executive Directors**, with distinct roles for Chairman (Mr. Fong Kin Hoi) and Chief Executive Officer (Mr. John Edwin Riggins)[59](index=59&type=chunk)[61](index=61&type=chunk) - All **Independent Non-executive Directors** have confirmed their independence and meet Listing Rules requirements[62](index=62&type=chunk) - All Directors participate in **continuous professional development** to update their knowledge and skills, receiving formal induction and relevant training[69](index=69&type=chunk)[70](index=70&type=chunk) - The Board has established an **Audit Committee, Remuneration Committee, Nomination Committee, and Environmental, Social and Governance Committee**, each with specific written terms of reference[71](index=71&type=chunk) - The Board, through the Audit Committee, conducts an annual review of the Group's **risk management and internal control systems**, deeming them effective and adequate[98](index=98&type=chunk) - The company has adopted a **Shareholder Communication Policy** to ensure equal and timely access to company information for shareholders and investors, outlining procedures for convening extraordinary general meetings, making proposals, and inquiries[110](index=110&type=chunk)[117](index=117&type=chunk) [Directors' Report](index=33&type=section&id=Directors%27%20Report) This Directors' Report provides an overview of business operations, financial results, key risks, and uncertainties for the year ended March 31, 2025, detailing board changes, shareholdings, share option schemes, related party transactions, and compliance - The Group primarily engages in the **wholesale and retail of prepaid products**[121](index=121&type=chunk) - Key risks include **customer concentration** (single largest customer accounts for approximately 10.4% of total sales) and **supplier concentration** (two major suppliers account for approximately 67.4% of total purchases)[124](index=124&type=chunk)[125](index=125&type=chunk)[141](index=141&type=chunk) - The Board declared and paid a **special dividend of HK$0.05 per ordinary share** on October 17, 2024, but does not recommend a final dividend for the current year[127](index=127&type=chunk)[128](index=128&type=chunk) - As of March 31, 2025, the company's distributable reserves amounted to **HK$65,674,000**[138](index=138&type=chunk) - The Group made **charitable donations of HK$30,000** during the year[139](index=139&type=chunk) - Directors' and Major Shareholders' Interests in Company Shares (as of March 31, 2025) | Director Name | Capacity | Number of Shares | Number of Related Shares | Total Interest | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. David Forrest Bailey | Controlled Corporation Interest | 95,563,800 | 25,500,000 | 121,063,800 | 30.27% | | Mr. Fong Kin Hoi | Controlled Corporation Interest | 92,774,880 | 24,750,000 | 117,524,880 | 29.38% | | Mr. Sit Hon | Controlled Corporation Interest | 92,753,100 | 24,750,000 | 117,503,100 | 29.38%

Group 1 - The company, Hengyue Holdings, announced a tender offer to acquire all securities of DV8, a company listed on the Thai Stock Exchange, with a proposed offer price of 0.56 THB per share and 0.01 THB per warrant [1] - DV8 operates one of the largest in-store audio advertising platforms in Thailand, providing a cost-effective way to promote telecommunications products through a vast audio network across various retail outlets [2] - The acquisition of DV8 is part of the company's strategy to expand its business in Southeast Asia, using Thailand as a strategic entry point due to its popularity as a global tourist destination [1][2] Group 2 - Establishing a business presence in Thailand allows the company to position itself in a vibrant market, serving as a strategic gateway to the broader ASEAN region [2] - The extensive retail network of DV8, which includes 2,202 Lotus's stores, 207 Big C stores, and 1,500 7-11 stores, will provide immediate and wide distribution channels for the company's prepaid card products and potential digital offerings [2] - The acquisition is expected to significantly enhance the company's opportunities in the Thai market while reducing related costs [2]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group's financial performance for the year ended March 31, 2025, significantly declined, with substantial decreases in revenue, gross profit, and profit attributable to owners of the Company, and the Board does not recommend a final dividend | Metric | 2025 (HK$ million) | 2024 (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 189.6 | 252.4 | -24.9% | | Gross Profit | 43.3 | 61.6 | -29.7% | | Profit Attributable to Owners of the Company | 1.8 | 14.8 | -87.8% | | Basic and Diluted Earnings Per Share (HK cents) | 0.45 | 3.71 | -87.8% | - The Board does not recommend the payment of a **final dividend** for the year ended March 31, 2025[3](index=3&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the consolidated audited annual results of Moon Inc. and its subsidiaries for the year ended March 31, 2025, including the consolidated statement of profit or loss and other comprehensive income and consolidated statement of financial position, with comparative data [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's consolidated statement of profit or loss and other comprehensive income for the year ended March 31, 2025, shows significant declines in revenue, gross profit, and profit for the year, reflecting a substantial weakening of profitability | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 189,558 | 252,383 | | Cost of Sales | (146,232) | (190,736) | | Gross Profit | 43,326 | 61,647 | | Other Income and Losses | 631 | 2,525 | | Selling and Distribution Expenses | (22,919) | (23,417) | | Administrative Expenses | (18,168) | (23,086) | | Finance Costs | (230) | (395) | | Profit Before Tax | 2,640 | 17,274 | | Taxation | (849) | (2,432) | | Profit and Total Comprehensive Income for the Year | 1,791 | 14,842 | | Profit Attributable to Owners of the Company for the Year | 1,791 | 14,842 | | Basic and Diluted Earnings Per Share (HK cents) | 0.45 | 3.71 | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's consolidated statement of financial position shows a decrease in total assets and equity, notably with the first appearance of intangible assets, primarily Bitcoin, reflecting a shift in asset allocation | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 10,457 | 10,699 | | Right-of-use Assets | 1,720 | 5,846 | | Intangible Assets | 12,041 | – | | Financial Assets at Fair Value Through Profit or Loss | 1,550 | 1,750 | | Deposits | 532 | 922 | | **Current Assets** | | | | Inventories | 37,261 | 45,759 | | Trade Receivables | 1,721 | 1,966 | | Deposits, Prepayments and Other Receivables | 3,906 | 5,747 | | Amount Due from an Associate | – | 480 | | Tax Recoverable | 2,095 | – | | Cash and Cash Equivalents | 44,704 | 65,575 | | **Current Liabilities** | | | | Trade Payables | 1,045 | 441 | | Accruals and Other Payables | 6,752 | 5,354 | | Lease Liabilities | 1,756 | 4,505 | | Tax Payable | – | 2,398 | | **Non-current Liabilities** | | | | Lease Liabilities | 104 | 1,507 | | **Total Equity** | 106,330 | 124,539 | - In 2025, new intangible assets of **HK$12,041 thousand** were added, primarily consisting of Bitcoin[5](index=5&type=chunk)[38](index=38&type=chunk) [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed notes to the consolidated financial statements, covering company information, accounting policies, operating segments, revenue breakdown, detailed income and expense items, earnings per share, dividend policy, and analysis of trade and other receivables and payables [General Information](index=5&type=section&id=General%20Information) The Company is incorporated in the Cayman Islands and listed on the Main Board of the Hong Kong Stock Exchange, primarily engaged in online sales, wholesale, and retail of prepaid products in Hong Kong - The Company was incorporated in the Cayman Islands, and its shares have been listed on the Main Board of the Hong Kong Stock Exchange since September 27, 2018[7](index=7&type=chunk) - The Group's principal activities are online sales, wholesale, and retail of prepaid products (i.e., SIM cards and top-up vouchers) in Hong Kong[7](index=7&type=chunk) [Accounting Policies](index=5&type=section&id=Accounting%20Policies) The Group's consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA, applying new and revised standards effective this year, which had no material impact on financial position or performance [Application of New and Revised Hong Kong Financial Reporting Standards](index=5&type=section&id=Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) This year, several new and revised HKFRS were first applied, including lease liabilities in sale and leaseback transactions, liability classification, and supplier finance arrangements, but these changes had no material impact on the Group's financial position or performance - This year, the Group first applied HKFRS 16 (Amendment) Lease Liability in a Sale and Leaseback, HKAS 1 (Amendment) Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants, and HKAS 7 and HKFRS 7 (Amendment) Supplier Finance Arrangements[8](index=8&type=chunk) - The application of the revised HKFRS had no material impact on the financial position and performance for the current and prior years[8](index=8&type=chunk) [Basis of Preparation of Consolidated Financial Statements](index=6&type=section&id=Basis%20of%20Preparation%20of%20Consolidated%20Financial%20Statements) The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA, complying with applicable disclosure requirements of the HKEX Listing Rules and the Hong Kong Companies Ordinance - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA[10](index=10&type=chunk) [Operating Segments and Customer Information](index=7&type=section&id=Operating%20Segments%20and%20Customer%20Information) The Group operates a single segment, selling prepaid products in Hong Kong, with all operations and non-current assets located there; Customer A's sales represented a significant portion of total sales during the reporting period - The Group currently has one operating segment, the sale of prepaid products (SIM cards and top-up vouchers), with all operations and non-current assets located in Hong Kong[12](index=12&type=chunk)[13](index=13&type=chunk) Major Customer | Major Customer | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Customer A | 19,651 | 24,247 | [Revenue](index=7&type=section&id=Revenue) The Group's revenue is entirely derived from the sale of prepaid products in Hong Kong, encompassing wholesale, retail, and online sales, with wholesale and retail remaining dominant while online sales grew - Revenue refers to income from the sale of prepaid products for the years ended March 31, 2025, and 2024, with all customer contract revenue generated in Hong Kong[15](index=15&type=chunk) Source of Revenue | Source of Revenue | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Wholesale and Retail Sales of Prepaid Products | 182,405 | 248,729 | | Online Sales of Prepaid Products | 7,153 | 3,654 | | **Total Revenue** | **189,558** | **252,383** | [Other Income and Expense Items](index=8&type=section&id=Other%20Income%20and%20Expense%20Items) This section details the Group's other income and losses, finance costs, components of profit before tax, and tax expenses, showing specific amounts and changes for each item [Other Income and Losses](index=8&type=section&id=Other%20Income%20and%20Losses) Total other income and losses for the year amounted to **HK$631 thousand**, a significant decrease from last year, mainly due to reduced bank interest and consignment income, and an impairment loss on intangible assets from cryptocurrency holdings | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Promotion Income | 780 | 780 | | Consignment Income | 161 | 460 | | Miscellaneous Income | 9 | 12 | | Bank Interest Income | 1,182 | 1,711 | | Fair Value Change of Financial Assets at Fair Value Through Profit or Loss | (200) | (438) | | Impairment Loss on Intangible Assets | (1,301) | – | | **Total** | **631** | **2,525** | [Finance Costs](index=8&type=section&id=Finance%20Costs) The Group's finance costs primarily consist of interest expense on lease liabilities, amounting to approximately **HK$230 thousand** this year, a decrease from the prior year | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest Expense on Lease Liabilities | 230 | 395 | [Profit Before Tax](index=8&type=section&id=Profit%20Before%20Tax) The Group's profit before tax is derived after deducting various expenses, including cost of inventories, depreciation, employee benefit expenses, and advertising and promotion expenses, with specific amounts detailed for each | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Auditor's Remuneration | 570 | 570 | | Cost of Inventories Recognized as Expense | 146,232 | 190,736 | | Depreciation of Property, Plant and Equipment | 969 | 822 | | Depreciation of Right-of-use Assets | 4,741 | 5,201 | | Employee Benefit Expenses (including Directors' Emoluments) | 18,251 | 24,665 | | Short-term Lease Related Expenses | 7,121 | 7,948 | | Advertising and Promotion Expenses | 2,147 | 2,463 | [Taxation](index=9&type=section&id=Taxation) This year's tax expense primarily consists of Hong Kong Profits Tax, calculated under a two-tiered tax rate system where the first **HK$2 million** of assessable profits is taxed at **8.25%**, and the remainder at **16.5%** | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong Profits Tax – Current Year | 849 | 2,432 | - Hong Kong Profits Tax adopts a two-tiered system, taxing the first **HK$2 million** of assessable profits at **8.25%** and the remainder at **16.5%**[20](index=20&type=chunk) [Earnings Per Share and Dividends](index=9&type=section&id=Earnings%20Per%20Share%20and%20Dividends) This section provides details on the calculation of basic and diluted earnings per share and outlines the dividend policy for the year, including special dividends paid and the decision not to recommend a final dividend [Earnings Per Share](index=9&type=section&id=Earnings%20Per%20Share) Basic earnings per share attributable to owners of the Company are calculated based on profit for the year and the weighted average number of ordinary shares outstanding; diluted EPS is the same as basic EPS due to no potential dilutive ordinary shares | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit for Calculation of Basic Earnings Per Share (HK$ thousand) | 1,791 | 14,842 | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 400,000 | 400,000 | - For the years ended March 31, 2025, and 2024, diluted earnings per share were the same as basic earnings per share, as there were no potential dilutive ordinary shares during the reporting periods[21](index=21&type=chunk) [Dividends](index=10&type=section&id=Dividends) Special dividends of **HK$20,000 thousand** distributed to shareholders were recognized this year, but the Board does not recommend a final dividend for the year ended March 31, 2025 | Dividend Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Special Dividend Recognized as Distributed to Owners of the Company During the Year | 20,000 | 60,000 | - The Board does not recommend the payment of a **final dividend** for the years ended March 31, 2025, and 2024[24](index=24&type=chunk) [Trade and Other Receivables and Payables](index=10&type=section&id=Trade%20and%20Other%20Receivables%20and%20Payables) This section provides a detailed analysis of the Group's trade and other receivables and payables, including credit terms and aging analysis based on invoice dates [Trade Receivables](index=10&type=section&id=Trade%20Receivables) The Group's total trade receivables amounted to **HK$1,721 thousand**, primarily from independent customers with credit terms of 0 to 21 days, with most receivables falling within 21 days | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 21 days | 1,279 | 1,250 | | Over 21 days but within 1 month | 442 | 716 | | **Total** | **1,721** | **1,966** | - The Group generally grants credit terms of **0 to 21 days** to its customers[25](index=25&type=chunk) [Trade Payables](index=11&type=section&id=Trade%20Payables) The Group's total trade payables amounted to **HK$1,045 thousand**, with suppliers granting credit terms within one month, and an increase in payables outstanding for over one month | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 1 month | 276 | 441 | | Over 1 month | 769 | – | | **Total** | **1,045** | **441** | - Suppliers grant credit terms of **within 1 month**[28](index=28&type=chunk) [Financial and Business Review](index=12&type=section&id=Financial%20and%20Business%20Review) This section comprehensively reviews the Group's financial performance and business operations, explaining reasons for revenue and profit decline, detailing Bitcoin investment strategy, and outlining future development directions and liquidity status [Business Overview](index=12&type=section&id=Business%20Overview) The Group primarily engages in wholesale, retail, and online sales of prepaid products in Hong Kong, serving domestic helpers, outbound local users, and visitors, through self-operated retail stores, wholesale networks, and online platforms - The Group is primarily engaged in the wholesale, retail, and online sales of prepaid products (SIM cards and top-up vouchers) in Hong Kong[29](index=29&type=chunk) - Key customers and end-users include domestic helpers, outbound local users, and visitors to Hong Kong[29](index=29&type=chunk) [Financial Performance Analysis](index=12&type=section&id=Financial%20Performance%20Analysis) The Group's financial performance analysis reveals significant declines in revenue, gross profit, and profit attributable to owners of the Company, primarily due to market competition, changing customer preferences, and increased costs, alongside reduced other income from cryptocurrency impairment [Revenue](index=12&type=section&id=Revenue) Revenue for the year was approximately **HK$189.6 million**, a decrease of about **24.9%** from the prior year, mainly due to customers shifting to internet-based communication tools, weakened demand for traditional prepaid products, and intense market competition - Revenue was approximately **HK$189.6 million**, a decrease of approximately **24.9%** from last year[30](index=30&type=chunk) - The decrease in revenue was primarily due to customers' continued shift towards internet-based communication tools, weakened demand for traditional prepaid products, and intense market competition[30](index=30&type=chunk) [Gross Profit and Gross Margin](index=12&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's gross profit was approximately **HK$43.3 million**, a decrease of about **29.7%** from the prior year, with the overall gross margin falling from approximately **24.4%** to **22.8%**, mainly due to intense market competition leading to additional customer discounts - Gross profit was approximately **HK$43.3 million**, a decrease of approximately **29.7%** from last year[31](index=31&type=chunk) - The overall gross margin decreased from approximately **24.4%** to **22.8%**, primarily due to intense market competition leading to additional discounts offered to customers[31](index=31&type=chunk) [Other Income](index=12&type=section&id=Other%20Income) Other income for the year was approximately **HK$0.6 million**, a decrease of about **76.0%** from the prior year, mainly due to reduced bank interest and consignment income, and an impairment loss of approximately **HK$1.3 million** on intangible assets from cryptocurrency - Other income was approximately **HK$0.6 million**, a decrease of approximately **76.0%** from last year[32](index=32&type=chunk) - The decrease was primarily due to reduced bank interest income and consignment income, and an impairment loss of approximately **HK$1.3 million** on intangible assets recognized for cryptocurrency[32](index=32&type=chunk) [Selling and Distribution Expenses](index=13&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses for the year were approximately **HK$22.9 million**, a decrease of about **2.1%** from the prior year, mainly due to reduced rental expenses - Selling and distribution expenses were approximately **HK$22.9 million**, a decrease of approximately **2.1%** from last year, primarily due to reduced rental expenses[33](index=33&type=chunk) [Administrative Expenses](index=13&type=section&id=Administrative%20Expenses) Administrative expenses for the year were approximately **HK$18.2 million**, a decrease of about **21.2%** from the prior year, mainly due to reduced staff costs, including directors' emoluments - Administrative expenses were approximately **HK$18.2 million**, a decrease of approximately **21.2%** from last year, primarily due to reduced staff costs (including directors' emoluments)[34](index=34&type=chunk) [Finance Costs](index=13&type=section&id=Finance%20Costs) Finance costs for the year primarily consisted of interest expense on lease liabilities, amounting to approximately **HK$0.2 million**, a decrease from **HK$0.4 million** in the prior year - Finance costs included interest expense on lease liabilities of approximately **HK$0.2 million** (2024: approximately **HK$0.4 million**)[35](index=35&type=chunk) [Taxation](index=13&type=section&id=Taxation) Income tax expense for the year was approximately **HK$0.8 million**, with an effective tax rate of about **34.8%**, a significant increase from **13.9%** in the prior year - Income tax expense was approximately **HK$0.8 million**, with an effective tax rate of approximately **34.8%** for the current year (2024: approximately **13.9%**)[36](index=36&type=chunk) [Profit Attributable to Owners of the Company](index=13&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Company) Profit attributable to owners of the Company for the year was approximately **HK$1.8 million**, a significant decrease of about **87.8%** from **HK$14.8 million** in the prior year - Profit attributable to owners of the Company was approximately **HK$1.8 million**, a decrease of approximately **87.8%** from last year[37](index=37&type=chunk) [Intangible Assets and Cryptocurrency Strategy](index=13&type=section&id=Intangible%20Assets%20and%20Cryptocurrency%20Strategy) The Group first acquired Bitcoin as an intangible asset this year, recognizing an impairment loss; the company views Bitcoin as an alternative store of value and treasury asset, establishing a treasury committee to oversee and manage cryptocurrency investments - The intangible assets balance was approximately **HK$12.0 million**, representing the carrying amount of Bitcoin held by the Group as of March 31, 2025[38](index=38&type=chunk) - Approximately **18.88 Bitcoin** were purchased this year for a total consideration of about **HK$13.3 million**, and an impairment loss of approximately **HK$1.3 million** was recognized[38](index=38&type=chunk)[39](index=39&type=chunk) - The Group classifies cryptocurrency as an intangible asset, measured using the cost model, and considers Bitcoin an alternative store of value and treasury asset[39](index=39&type=chunk)[40](index=40&type=chunk) - A treasury committee has been established to oversee and maintain policies and controls governing the Group's cryptocurrency management, ensuring regulatory compliance and risk mitigation[41](index=41&type=chunk) [Final Dividend](index=15&type=section&id=Final%20Dividend) The Board has resolved not to declare a final dividend for the year ended March 31, 2025 - The Board has resolved not to declare a **final dividend** for the year ended March 31, 2025[42](index=42&type=chunk) [Outlook](index=15&type=section&id=Outlook) The Group's future strategy will focus on strengthening its core prepaid product business, including network and product portfolio expansion, while prudently exploring emerging investment opportunities in blockchain and cryptocurrency for sustainable growth and long-term value creation - The Group's strategy will revolve around two key focuses: strengthening the prepaid product business and prudently exploring new opportunities[43](index=43&type=chunk) - Plans include launching new prepaid products in other regions (e.g., overseas mobile data services), introducing more stored-value card products, and enhancing inventory management capabilities[43](index=43&type=chunk) - The Group will prudently evaluate investment opportunities in the blockchain and cryptocurrency sectors, aligning with the Hong Kong government's strategic direction to promote innovation and technology development[43](index=43&type=chunk) [Liquidity and Capital Resources](index=16&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the Group's net current assets decreased, but the current ratio remained healthy at approximately **9.4 times**, and the Group had no bank or other borrowings | Metric | March 31, 2025 (HK$ million) | March 31, 2024 (HK$ million) | | :--- | :--- | :--- | | Net Current Assets | 80.1 | 106.8 | | Current Liabilities | 9.6 | 12.7 | | Current Ratio | 9.4 times | 9.3 times | - The Group had no bank and other borrowings as of March 31, 2025[45](index=45&type=chunk) [Share Capital Structure and Foreign Exchange Risk](index=16&type=section&id=Share%20Capital%20Structure%20and%20Foreign%20Exchange%20Risk) The Company's issued share capital and number of shares remained unchanged; with primary operations and investments in Hong Kong, most assets, liabilities, and transactions are denominated in HKD and USD, limiting foreign exchange risk - As of March 31, 2025, and 2024, the Company's issued share capital was **HK$4,000,000**, with **400,000,000 shares** in issue[47](index=47&type=chunk) - Most of the Group's assets, liabilities, and transactions are primarily denominated in Hong Kong Dollars and US Dollars, indicating limited potential foreign exchange risk[48](index=48&type=chunk) [Employees and Remuneration](index=17&type=section&id=Employees%20and%20Remuneration) As of March 31, 2025, the Group's employee count increased to **50**, with total remuneration of approximately **HK$18.3 million**; salaries are determined based on individual performance, experience, and industry practice, with training and share option schemes provided for motivation | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 50 | 47 | | Total Remuneration (HK$ million) | 18.3 | 24.7 | - Employee salaries are determined by individual performance, work experience, qualifications, and industry practice, with performance bonuses and training courses provided[49](index=49&type=chunk) [Pledge of Assets, Capital Expenditure and Commitments](index=17&type=section&id=Pledge%20of%20Assets%2C%20Capital%20Expenditure%20and%20Commitments) The Group had no pledged assets or capital commitments at the end of the reporting period; capital expenditure for the year was approximately **HK$0.7 million**, primarily for the acquisition of property, plant, and equipment - As of March 31, 2025, the Group had no pledged assets or capital commitments[50](index=50&type=chunk)[52](index=52&type=chunk) - Capital expenditure for the year was approximately **HK$0.7 million** (2024: **HK$9.9 million**), primarily for the acquisition of property, plant, and equipment[51](index=51&type=chunk) [Contingent Liabilities](index=18&type=section&id=Contingent%20Liabilities) As of March 31, 2025, the Group had no material contingent liabilities - As of March 31, 2025, the Group had no material contingent liabilities[54](index=54&type=chunk) [Post-Reporting Period Events and Other Information](index=18&type=section&id=Post-Reporting%20Period%20Events%20and%20Other%20Information) This section discloses significant post-reporting period events, including company name change and convertible note issuance and conversion, while outlining corporate governance practices, audit committee work, and annual results announcement publication arrangements [Events After Reporting Period](index=18&type=section&id=Events%20After%20Reporting%20Period) After the reporting period, the Company completed a name change and successfully issued and converted convertible notes totaling **HK$33.8 million**, with proceeds allocated for business expansion and cryptocurrency investments [Change of Company Name](index=18&type=section&id=Change%20of%20Company%20Name) The Company officially changed its English name to 'Moon Inc.' and its Chinese name to '恆月控股有限公司' in May 2025 - The Company's English name changed from 'HK Asia Holdings Limited' to '**Moon Inc.**', and its Chinese name from '港亞控股有限公司' to '恆月控股有限公司', with registration completed in May 2025[55](index=55&type=chunk) [Convertible Notes and Conversion](index=19&type=section&id=Convertible%20Notes%20and%20Conversion) In May 2025, the Company successfully issued and converted convertible notes with a principal amount of **HK$33.8 million**, resulting in **75,000,000 conversion shares**; net proceeds of approximately **HK$33.3 million** will fund working capital, prepaid product business expansion, and cryptocurrency investment exploration - On May 23, 2025, convertible notes with a principal amount of **HK$33.8 million** were fully issued and subscribed by subscribers, subsequently converted into **75,000,000 conversion shares** at an initial conversion price of **HK$0.45 per share**[57](index=57&type=chunk) - Net proceeds of approximately **HK$33.3 million** will be used for general working capital, expanding the prepaid product business (approximately **HK$6.7 million**), and exploring potential investment opportunities in cryptocurrency and Web 3.0 (approximately **HK$26.6 million**)[57](index=57&type=chunk) [Annual General Meeting Information](index=19&type=section&id=Annual%20General%20Meeting%20Information) The Company will hold its Annual General Meeting on September 26, 2025, with share transfer registration suspended from September 23 to September 26 to determine eligible shareholders for attendance and voting - The Annual General Meeting will be held on **September 26, 2025**, and share transfer registration will be suspended from **September 23 to September 26, 2025**[58](index=58&type=chunk)[59](index=59&type=chunk) [Corporate Governance](index=20&type=section&id=Corporate%20Governance) The Company has adopted the Corporate Governance Code in Appendix C1 and the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the HKEX Listing Rules, confirming compliance with all applicable code provisions during the year - The Company has adopted the Corporate Governance Code as set out in Appendix C1 to the HKEX Listing Rules and complied with all applicable code provisions during the year[60](index=60&type=chunk) - All Directors have confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers[61](index=61&type=chunk) [Auditor's Scope of Work and Audit Committee](index=20&type=section&id=Auditor's%20Scope%20of%20Work%20and%20Audit%20Committee) Auditor Crowe (HK) CPA Limited has checked the financial figures in this announcement but has not expressed an audit opinion; the Audit Committee has reviewed the Group's audited consolidated financial results, accounting principles, financial reporting system, and risk management systems - Auditor Crowe (HK) CPA Limited has checked the figures in the consolidated statement of profit or loss and other comprehensive income, consolidated statement of financial position, and related notes within the announcement, but has not expressed an audit opinion[63](index=63&type=chunk) - The Audit Committee has reviewed the Group's audited consolidated financial results for the year, including accounting principles, financial reporting system, risk management, and internal control systems[64](index=64&type=chunk) [Publication of Announcement and Acknowledgement](index=21&type=section&id=Publication%20of%20Announcement%20and%20Acknowledgement) This annual results announcement will be published on the HKEX and the Company's website, with the annual report dispatched to shareholders in due course; the Board extends sincere gratitude to the management team, staff, shareholders, customers, and business partners for their support - This annual results announcement will be published on the HKEX website and the Company's website, and the annual report will be dispatched to shareholders and published on the website in due course[65](index=65&type=chunk) - The Board extends its sincere gratitude to the management team, all staff, shareholders, customers, business partners, and professionals for their support and contributions[66](index=66&type=chunk)

Group 1 - The company announced several key personnel changes effective June 11, 2025, due to personal business commitments [1] - Wang Fengyi resigned as Chief Financial Officer and Company Secretary but will remain as an Executive Director and authorized representative under the Hong Kong Stock Exchange Listing Rules [1] - Fang Jiankai also resigned as authorized representative but will continue as Executive Director and Chairman of the Board [1] - Zeng Jiaxin resigned as Chief Investment Officer due to a reassignment of responsibilities within the company [1] - Huang Runbin resigned from the Nomination Committee but will retain his roles as Independent Non-Executive Director, Chairman of the Audit Committee, and Chairman of the Remuneration Committee [1] Group 2 - Chen Mingji has been appointed as the new Chief Financial Officer, Company Secretary, and authorized representative effective June 11, 2025 [1] - After Zeng's resignation, Jesse Austin Myers has been appointed as the new Chief Investment Officer effective June 11, 2025 [2] - Zeng has been appointed as the Strategy Director effective June 11, 2025 [2] - After Huang's resignation, Yan Ronghui has been appointed as a member of the Nomination Committee effective June 11, 2025 [2]

Group 1 - The company, 港亚控股, has entered into a subscription agreement and convertible note subscription agreement, which involves the issuance and subscription of new shares and convertible notes [1] - The subscription price for the new shares is set at HKD 4.01, with a total of 3.272 million subscription shares to be issued, representing approximately 0.81% of the enlarged share capital [1] - The total principal amount of the convertible notes is HKD 52.3776 million, with an initial conversion price of HKD 5 per share, potentially leading to the issuance of approximately 10.4755 million conversion shares, which would represent about 2.53% of the enlarged issued share capital [1] Group 2 - The estimated net proceeds from the subscription of shares, after expenses, is approximately HKD 12.8583 million, with a net price per share of about HKD 3.93 [2] - The estimated net proceeds from the issuance of convertible notes, after expenses, is approximately HKD 51.33 million, with a net price per conversion share of about HKD 4.90 [2] - The company plans to use the net proceeds primarily for general working capital (up to approximately HKD 6.4188 million, or about 10% of total net proceeds) and to explore potential investment opportunities in cryptocurrency and Web 3.0 (up to approximately HKD 57.7695 million, or about 90% of total net proceeds) [2]

本公司董事会观察到，加密货币在商业世界日趋普及，加密货币(尤其是比特币)纳入投资组合。董事会 相信加密货币整体而言(包括比特币，其作为最先普及的加密货币之一及市值最大的加密货币，乃可靠 的价值储存工具)仍有一定升值空间。同时，经考虑全球经济未见明朗、世界各地政府亦正推行前所未 有的财政刺激措施(包括量化宽松措施)，全球中央银行大幅增加货币供应使法定货币承受贬值压力，董 事会相信比特币购买事项的规模具象征意义，标志着本集团在顺应不断变化的全球金融格局方面迈出了 重要一步，并可令本集团的投资组合更多元化，同时提升其资产价值。 比特币购买事项为本集团资产分配策略的一环。将本集团部分资金分配至加密货币亦能在资金管理中分 散持有现金。本集团亦注意到，加密货币的价格可能大幅波动，因此董事会目前决定投资按市值计规模 最大的加密货币比特币，这将在长远上提升股东价值。董事会亦认为此举可向投资者及持份者表明本集 团拥抱技术创新的抱负及决心，从而为进军区块链行业做足准备。 智通财经APP讯，港亚控股(01723)发布公告，于2025年4月11日(交易时段后)，本集团在公开市场进一 步购入约10个单位的比特币，总代价为626.78万 ...

Financial Performance - The group's revenue for the six months ended September 30, 2024, was approximately HKD 98.5 million, a decrease of about 23.6% compared to HKD 129.0 million for the same period in 2023[13]. - Gross profit decreased from approximately HKD 31.8 million to about HKD 18.5 million, representing a decline of approximately 41.8%[16]. - Overall gross margin fell from approximately 24.7% to about 18.8% due to increased discounts offered to customers amid intense market competition[16]. - Profit attributable to the company's owners for the period was approximately HKD 0.7 million, a significant decrease of about 93.5% from HKD 10.8 million in the same period last year[23]. - Revenue for the six months ended September 30, 2024, was HKD 98,542,000, a decrease of 23.5% compared to HKD 129,004,000 for the same period in 2023[63]. - Gross profit for the same period was HKD 18,478,000, down 42.5% from HKD 31,873,000 year-over-year[63]. - Profit before tax decreased significantly to HKD 827,000, compared to HKD 13,041,000 in the previous year, representing a decline of 93.7%[63]. - Net profit for the period was HKD 691,000, a decrease of 93.6% from HKD 10,841,000 in the prior year[63]. - Basic and diluted earnings per share dropped to HKD 0.17 from HKD 2.71, reflecting a decline of 93.7%[63]. - Operating cash flow for the six months was HKD 378,000, a significant decrease from HKD 37,976,000 in the same period last year[69]. Expenses and Liabilities - Selling and distribution expenses increased to approximately HKD 12.4 million, up about 2.5% from HKD 12.1 million in the same period last year[18]. - Administrative expenses decreased to approximately HKD 6.4 million from HKD 8.1 million in the same period last year, primarily due to reduced employee costs[19]. - Current liabilities increased to HKD 120,098,000 from HKD 119,527,000, showing a slight rise of 0.5%[65]. - The group incurred capital expenditures of approximately HKD 433,000 for property, plant, and equipment during the six months ended September 30, 2024[101]. Assets and Inventory - Total assets decreased to HKD 105,230,000 from HKD 124,539,000, indicating a decline of 15.5%[65]. - Total inventory as of September 30, 2024, was approximately HKD 45.2 million, a slight decrease from HKD 45.8 million as of March 31, 2024[24]. - The cost of inventory recognized as an expense for the six months ended September 30, 2024, was HKD 80,064,000, a decrease of 17.6% from HKD 97,131,000 in 2023[91]. Shareholder Information - The issued share capital was HKD 4,000,000, with a total of 400,000,000 shares outstanding[30]. - The largest shareholder, Mr. Siu Muk Lung, holds 70.26% of the shares, amounting to 281,070,000 shares[43]. - As of September 30, 2024, Ms. Li Zhenyu holds 281,070,000 shares, representing 70.26% of the company's ordinary shares[47]. - The total number of shares that can be issued under the share option plan is capped at 40,000,000 shares, which is 10% of the total shares issued as of the listing date[50]. - The company declared a special dividend of HKD 0.05 per ordinary share on September 20, 2024, compared to HKD 0.15 per ordinary share for the six months ended September 30, 2023[53]. - No interim dividend was recommended for the period ending September 30, 2023[54]. - The company has maintained a public float of at least 25% of its total issued shares during the reporting period[56]. - There were no share options granted, exercised, cancelled, or lapsed under the share option plan from the adoption date until the report date[51]. Corporate Governance and Compliance - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2024[60]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[52]. - There were no significant events after the reporting period that would have a material impact on the group's operations and financial performance[59]. - The company has complied with the corporate governance code during the reporting period[55]. Other Income and Receivables - Other income for the period was approximately HKD 1.3 million, down about 18.8% from HKD 1.6 million in the same period last year[17]. - Accounts receivable as of September 30, 2024, was HKD 1,876,000, a decrease from HKD 1,966,000 as of March 31, 2024[102]. - The group reported a total of HKD 11,067,000 in deposits, prepayments, and other receivables as of September 30, 2024, compared to HKD 6,669,000 as of March 31, 2024[106]. - Accounts payable as of September 30, 2024, was HKD 337,000, down from HKD 441,000 as of March 31, 2024[107]. Employee Information - The total number of employees decreased from 47 to 44, with total compensation for the period amounting to approximately HKD 8.0 million, down from HKD 8.6 million[33]. - Total remuneration for key management personnel for the six months ended September 30, 2024, was HKD 2,430,000, down from HKD 3,210,000 for the same period in 2023[114]. - Rental expenses paid to related parties amounted to HKD 500,000 for the six months ended September 30, 2024, compared to HKD 496,000 in the previous year[114].

Financial Performance - The company's revenue for the six months ended September 30, 2024, was approximately HKD 98.5 million, a decrease of about 23.6% compared to HKD 129.0 million for the same period in 2023[20] - Gross profit decreased from approximately HKD 31.8 million to about HKD 18.5 million, representing a decline of approximately 41.8%[23] - Overall gross margin fell from approximately 24.7% to about 18.8% due to increased discounts offered to customers amid intense market competition[23] - Other income for the period was approximately HKD 1.3 million, down about 18.8% from HKD 1.6 million in the same period last year[24] - Profit attributable to the owners of the company for the period was approximately HKD 0.7 million, a significant decrease of about 93.51% compared to HKD 10.8 million for the same period last year[30] - The company recorded a profit before tax of HKD 827,000, a significant decline of 93.6% from HKD 13,041,000 in the previous year[72] - The net profit attributable to shareholders for the period was HKD 691,000, compared to HKD 10,841,000 in the prior year, representing a decrease of 93.6%[72] - Basic and diluted earnings per share were HKD 0.17, down from HKD 2.71 in the same period last year[72] Expenses and Costs - Selling and distribution expenses were approximately HKD 12.4 million, an increase of about 2.5% compared to HKD 12.1 million for the same period in 2023[25] - Administrative expenses for the period amounted to approximately HKD 6.4 million, a decrease of about 20.99% compared to HKD 8.1 million for the same period last year[26] - Financing costs for the six months ended September 30, 2024, were approximately HKD 0.2 million, down from HKD 0.3 million for the same period last year, representing a reduction of about 33.33%[27] - The group's profit before tax for the six months ended September 30, 2024, was significantly impacted by inventory costs, depreciation of property, plant, and equipment, and employee benefits, totaling HKD 80,064,000, compared to HKD 97,131,000 in the same period of 2023, representing a decrease of approximately 17.6%[97] - Tax expenses for the current year amounted to HKD 136,000, a substantial decrease of 93.8% from HKD 2,200,000 in the previous year, reflecting the application of the two-tier profits tax regime[98][99] Cash Flow and Assets - Net cash generated from operating activities for the six months ended September 30, 2024, was HKD 378,000, significantly lower than HKD 37,976,000 in the previous year[79] - The company reported a net cash outflow from financing activities of HKD 3,213,000 for the six months ended September 30, 2024, compared to HKD 63,650,000 in the same period last year[79] - The company's cash and cash equivalents at the end of the period were HKD 62,307,000, a decrease from HKD 65,575,000 at the beginning of the period[79] - The total assets less current liabilities as of September 30, 2024, amounted to HKD 105,423,000, down from HKD 126,046,000 as of March 31, 2024[12] - The total equity as of September 30, 2024, was HKD 105,230,000, down from HKD 124,539,000 as of March 31, 2024[12] Dividends and Shareholder Returns - The company declared a special dividend of HKD 0.05 per share, compared to HKD 0.15 per share in the previous period[61] - A special dividend of HKD 0.05 per share was declared, totaling HKD 20,000,000, down from HKD 60,000,000 (HKD 0.15 per share) in the previous year[104] - The company incurred a net loss of HKD 20,000,000 in retained earnings due to the special dividend declared[77] Operational Developments - The company plans to expand its sales network by increasing the number of retailers and enhancing inventory management capabilities[19] - The company has launched additional prepaid products for overseas mobile data services and local phone services during the period[17] - The company aims to increase its market share in the prepaid products sector targeting Indonesian and Philippine users[18] - The company has opened a new self-operated retail store in Mei Foo, bringing the total to seven stores in Hong Kong[17] Employee and Management Information - The total number of employees as of September 30, 2024, was 44, a decrease from 47 employees as of September 30, 2023, with total employee compensation for the period amounting to approximately HKD 8.0 million[40] - Total compensation for key management personnel for the six months ended September 30, 2024, was HKD 2,430,000, a decrease of 24.2% from HKD 3,210,000 in the same period of 2023[121] Inventory and Receivables - The group's inventory as of September 30, 2024, was approximately HKD 45.2 million, a slight decrease of about 1.31% from HKD 45.8 million as of March 31, 2024[31] - Accounts receivable as of September 30, 2024, was HKD 1,876,000, a decrease from HKD 1,966,000 as of March 31, 2024, indicating improved collection efficiency[108] - The aging analysis of accounts receivable shows that all receivables were within 21 days as of September 30, 2024, compared to HKD 1,966,000, which included overdue amounts in the previous period[109] Other Financial Information - The effective tax rate for the period was approximately 16.5%, slightly down from 16.9% for the same period last year[29] - The group had no bank and other borrowings as of September 30, 2024, consistent with the previous period[33] - The total number of issued shares remained stable at 400,000,000, with a par value of HKD 0.01 per share as of September 30, 2024[118] - No share options have been granted, exercised, cancelled, or lapsed under the share option scheme since its adoption[59] - The company did not purchase, sell, or redeem any of its listed securities during the period[60] - There were no significant events after the reporting period that would have a material impact on the company's operations and financial performance[68]

Financial Performance - The group's revenue for the year ended March 31, 2024, increased by approximately 23.4% to about HKD 252.4 million, compared to HKD 204.6 million for the previous year[9]. - Net profit for the year rose by approximately 279.5% to about HKD 14.8 million, up from HKD 3.9 million in the previous year[9]. - The gross profit increased by approximately HKD 16.3 million or 36.0% to about HKD 61.6 million, with the overall gross margin rising from approximately 22.1% to about 24.4%[14]. - Other income for the year was approximately HKD 2.5 million, a decrease of about 19.4% from approximately HKD 3.1 million in the previous year[15]. - Sales and distribution expenses for the year amounted to approximately HKD 23.4 million, an increase of about 4.0% compared to HKD 22.5 million in the previous year[17]. - Administrative expenses for the year were approximately HKD 23.1 million, reflecting a 9.0% increase from HKD 21.2 million in the previous year[18]. - Profit attributable to the owners for the year was approximately HKD 14.8 million, a significant increase of about 279.5% from HKD 3.9 million in the previous year[21]. - Inventory as of March 31, 2024, was approximately HKD 45.8 million, a decrease of about HKD 14.0 million from HKD 59.8 million in the previous year, primarily due to increased sales[22]. - Current assets net value as of March 31, 2024, was approximately HKD 106.8 million, down from HKD 163.3 million in the previous year, with a current ratio decrease from approximately 22.4 times to 9.4 times[24]. Business Expansion and Strategy - The group plans to expand its business and increase market share in the prepaid products sector targeting Indonesian and Philippine users[10]. - The group aims to increase the number of retailers in its sales network and enhance advertising and marketing activities[10]. - The group acquired ten new products for sale that can be used for local calls and mobile data services in Hong Kong, and nine products for overseas mobile data services[12]. - The group has established an online platform for selling prepaid products and has acquired a property in Hong Kong for office use[12]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[45]. - New product launches are expected to contribute an additional $200 million in revenue, with a focus on innovative mobile accessories[44]. Employee and Compensation - The total employee compensation for the year was approximately HKD 24.4 million, up from HKD 21.8 million in the previous year, with an increase in the number of employees from 45 to 47[30]. - As of March 31, 2024, the group had 47 employees, with 14 males and 33 females, representing 29.8% and 70.2% respectively, indicating a stable overall workforce[93]. Corporate Governance - 港亞控股有限公司董事會致力於維持高標準的企業管治，以保障股東權益和提升企業價值[61]. - 公司已遵守適用的企業管治守則，並將定期審查和加強公司管治常規[61]. - 公司董事確認在本年度內遵守上市發行人董事進行證券交易的標準守則[64]. - 財務總監陳謙先生擁有超過30年的審計、財務及公司秘書工作經驗[56]. - 行政經理張月娥女士在市場推廣及行政領域擁有豐富經驗，曾擔任多個高級職位[57]. - 獨立非執行董事蕭喜樂先生在銀行業擁有超過30年的經驗，曾擔任多個高級職位[52]. - 獨立非執行董事霍錦就先生為香港獨立非執行董事協會創會會員，並擁有多項專業資格[53]. - 公司已採納聯交所證券上市規則附錄C1所載的企業管治守則作為企業管治常規的基礎[61]. - 公司致力於以誠信、透明和負責的態度行事，以達到長遠業務目標[61]. - 公司將為股東帶來滿意及可持續的回報，並維持崇高的商業道德標準[62]. Risk Management and Internal Control - The company maintains a robust internal control and risk management system, overseen by the board[75]. - The board believes that the risk management and internal control systems of the group are effective and adequate for the year[112]. - The Audit Committee assists the board in overseeing the design, implementation, and monitoring of risk management and internal control systems[110]. - The company has engaged an independent professional advisor to conduct regular reviews of the risk management and internal control systems[110]. - The company has established a whistleblowing procedure for employees to confidentially report concerns regarding financial reporting or internal controls[113]. - The company has implemented various policies and procedures to ensure effective risk management and compliance with applicable laws and regulations in Hong Kong[110]. Shareholder Communication and Dividends - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance[131]. - The company has established a shareholder communication policy to ensure equal and timely access to comprehensive information for shareholders[132]. - The board has approved a dividend payout of $0.10 per share, reflecting a 10% increase from the previous year[50]. - The company declared a special dividend of HKD 0.15 per share on August 17, 2023, to be paid on September 18, 2023[143]. - The board does not recommend a final dividend for the current fiscal year[144]. - The board considers various factors, including financial performance and cash flow, when proposing dividends[146]. Customer and Supplier Concentration - The company's major customer accounted for approximately 9.3% of total sales, while the top five customers represented about 21.3% of total sales for the year[160]. - The largest supplier accounted for approximately 53.3% of total procurement for the year[160]. - The company has a concentrated customer base, and any loss of business from major customers could significantly impact operations and financial condition[140]. - The company has a concentrated supplier base, and any loss of business from major suppliers could also adversely affect operations and financial condition[141]. Compliance and Legal Matters - There were no significant violations of applicable anti-corruption laws and regulations noted during the year[117]. - The company has implemented compliance and risk management policies, ensuring adherence to significant legal and regulatory requirements[200]. - The company has not entered into any significant contracts with its controlling shareholder or its subsidiaries during the year[175]. - There are no known competitive businesses or conflicts of interest involving the directors or controlling shareholders during the year[176].

Financial Performance - The group's revenue for the year ended March 31, 2024, was approximately HKD 252.4 million, an increase of about 23.4% compared to approximately HKD 204.6 million for the same period in 2023[4] - The gross profit for the year ended March 31, 2024, was approximately HKD 61.6 million, representing a 36.0% increase from approximately HKD 45.3 million in 2023[4] - The profit for the year ended March 31, 2024, was approximately HKD 14.8 million, a significant increase of approximately 279.5% compared to approximately HKD 3.9 million in 2023[4] - Basic and diluted earnings per share for the year ended March 31, 2024, were approximately HKD 3.71, compared to HKD 0.99 in 2023[4] - The company's profit before tax for the year ended March 31, 2024, was HKD 14,842,000, compared to HKD 3,940,000 in the previous year, reflecting a significant increase[30] Dividends - The board of directors did not recommend the payment of a final dividend for the year ended March 31, 2024[4] - The company declared a special dividend of HKD 0.15 per ordinary share, totaling HKD 60,000,000 for the year ended March 31, 2024[31] - The board does not recommend a final dividend for the year ending March 31, 2024, similar to the previous year[67] Assets and Liabilities - Non-current assets increased to HKD 19.2 million in 2024 from HKD 8.1 million in 2023[7] - Current assets decreased to HKD 119.5 million in 2024 from HKD 170.9 million in 2023[7] - The net current asset value was HKD 106.8 million in 2024, down from HKD 163.3 million in 2023[9] - Total equity decreased to HKD 124.5 million in 2024 from HKD 169.7 million in 2023[9] - Current assets decreased to approximately HKD 106.8 million from HKD 163.3 million, resulting in a current ratio decline from about 22.4 times to approximately 9.4 times[53] - The equity-to-debt ratio is zero as the company has no outstanding debts[55] - As of March 31, 2024, the company had no bank or other borrowings, consistent with the previous year[54] Revenue Sources - The group primarily engages in wholesale and retail sales of prepaid products, including SIM cards and value-added vouchers in Hong Kong[11] - Revenue from prepaid products for the year ended March 31, 2024, was HKD 252,383,000, an increase of 23.3% from HKD 204,568,000 in the previous year[26] - Major customers contributed significantly to revenue, with Customer A generating HKD 24,247,000 in 2024, while Customer B contributed HKD 20,583,000 in 2023[23] Operational Costs - The interest expense on lease liabilities increased to HKD 395,000 in 2024 from HKD 250,000 in 2023, indicating rising financing costs[28] - The total employee benefits expense, including directors' remuneration, rose to HKD 24,665,000 in 2024 from HKD 21,813,000 in 2023, reflecting increased operational costs[29] - Selling and distribution expenses increased by approximately 4.0% to about HKD 23.4 million, driven by higher employee costs and advertising expenses[46] - The company reported a decrease in miscellaneous income from HKD 105,000 in 2023 to HKD 12,000 in 2024, indicating a decline in non-operational revenue sources[26] Inventory and Receivables - Accounts receivable increased to approximately HKD 1,966,000, up from HKD 1,456,000, with a notable rise in receivables aged 0 to 21 days from HKD 483,000 to HKD 1,250,000[34][36] - Inventory decreased to approximately HKD 45.8 million from HKD 59.8 million, a reduction of about 14.0 million, attributed to increased sales during the year[51] Business Development - The company launched 16 new prepaid products for overseas mobile data services during the year, expanding its product offerings significantly[39] - The company plans to increase the number of retailers in its sales network and enhance advertising and marketing activities to capture growth opportunities post-COVID-19[40] - The company plans to explore new business opportunities to enhance shareholder value in the future[65] Governance and Compliance - The company has not applied any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, indicating a stable accounting policy environment[17] - The company expects no significant impact on the consolidated financial statements from the application of all new and revised Hong Kong Financial Reporting Standards in the foreseeable future[18] - The company has established an Environmental, Social, and Governance (ESG) committee to oversee related policies and practices[70] Other Information - The issued share capital remains at HKD 4,000,000 with 400,000,000 shares at a par value of HKD 0.01 each[56] - The total employee count increased to 47 from 45, with total compensation rising to approximately HKD 24.4 million from HKD 21.8 million in the previous year[59] - The company acquired a property in Hong Kong for office use at a cost of HKD 9,000,000 during the year[61] - There are no significant contingent liabilities as of March 31, 2024, consistent with the previous year[66] - The company has no capital commitments as of March 31, 2024, compared to approximately HKD 197,000 in the previous year[64]