（於開曼群島註冊成立的有限公司） Metaspacex Limited （附註2） 每股面值0.01港元的股份的 地址為 擔任本人╱吾等的代表出席本公司將於二零二五年八月二十五日（星期一）上午十時三十分（或於緊隨本公司 定於同日上午十時正舉行的股東週年大會結束後）假座香港德輔道中19號環球大廈12樓1203B室舉行的股東 特別大會（「股東特別大會」）（及其任何續會）並代表本人╱吾等就以下項目投票 （附註4） 。 | | 特別決議案 | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | | 1. | 考慮及批准待開曼群島公司註冊處處長批准後，採納中文名稱 | | | | | 「中國數智科技集團有限公司」為本公司雙重外文名稱（「建議採納 | | | | | 中文名稱」），自開曼群島公司註冊處處長發出關於採納雙重外文 | | | | | 名稱的註冊成立證書之日期起生效，及授權本公司任何一名或多 | | | | | 名董事或本公司秘書或本公司註冊辦事處於彼可能認為必要、適 | | | | | 當或權宜之情況下，代表本公司為或就執行建議採納中文名稱及 | | | | | 使 ...

Metaspacex Limited （於開曼群島註冊成立的有限公司） 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通告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本通告全部或任何部份內容而產生或因倚賴該等 內容而引致之任何損失承擔任何責任。 承董事會命 Metaspacex Limited 行政總裁兼執行董事 康睿鵬 香港，二零二五年八月六日 註冊辦事處： Cricket Square 香港 Hutchins Drive 新界荃灣 P.O. Box 2681 海盛路9號 Grand Cayman KY1-1111 有線電視大樓 Cayman Islands 32樓3室 （股份代號︰1796） 股東特別大會通告 茲通告Metaspacex Limited（「本公司」）謹訂於二零二五年八月二十五日（星期一）上午十時 三十分（或於緊隨本公司定於同日上午十時正舉行的股東週年大會結束後）假座香港德輔道中19號 環球大廈12樓1203B室舉行股東特別大會（「股東特別大會」），藉以考慮及酌情通過（不論是否經 修訂）下列決議案為本公司特別決議案： 特別決議案 「動議待開曼群島公司註冊處處 ...

此乃要件 請即處理 (1)建議採納中文名稱 及 (2)股東特別大會通告 本公司謹訂於二零二五年八月二十五日（星期一）上午十時三十分（或於緊隨本公司定於同日上午十時正舉行 的股東週年大會結束後）假座香港德輔道中19號環球大廈12樓1203B室舉行股東特別大會，召開股東特別大 會之通告載於本通函第7至8頁。無論 閣下能否出席股東特別大會，務請 閣下將隨附之代表委任表格按 其上印列之指示填妥，並盡快交回本公司之香港股份過戶登記分處寶德隆證券登記有限公司，地址為香港 北角電氣道148號21樓2103B室，惟無論如何須不遲於股東特別大會或續會（視乎情況而定）指定舉行時間至 少48小時前（不包括公眾假期的任何部分）送達。交回代表委任表格後， 閣下仍可依願親身出席股東特別 大會（或該大會任何續會），並於會上投票，而在此情況下，代表委任文據將被視作已撤回論。 二零二五年八月六日 | 釋義 | | 1 | | --- | --- | --- | | 董事會函件 | | 2 | | 股東特別大會通告 | | 7 | 閣下對本通函任何方面或應採取之行動如有任何疑問，應諮詢 閣下之持牌證券交易商、註冊證券機構、 銀行經理、律師、專業 ...

| 截至月份: | 2025年7月31日 | | | 狀態: | 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | Metaspacex Limited | | | | | | 呈交日期: | 2025年8月4日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 01796 | 說明 | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | --- | --- | --- | --- | --- | --- | --- | | 上月底結存 | 1,000,000,000 | HKD | | 0.01 | HKD | 10,000,000 | | 增加 / 減少 (-) | | 0 | | | HKD | 0 | | 本月底結存 | 1,000,000,000 | HKD | | 0.01 | HKD | 1 ...

[Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of the company's board composition, key personnel changes, and essential contact and registration details [Board of Directors and Committee Composition](index=3&type=section&id=Board%20of%20Directors%20and%20Committee%20Composition) The Company's Board of Directors comprises Executive, Non-Executive, and Independent Non-Executive Directors, with Audit, Remuneration, and Nomination Committees established, noting several changes in directors and committee members during the reporting period - The Board Chairman, Mr. Liang Wenzhi, resigned on **November 6, 2024**, leaving the Chairman position vacant[3](index=3&type=chunk) - Mr. Deng Houhua, Ms. Ya Li, and Ms. Chen Yan were appointed as new Directors between **December 2024** and **June 2025**[3](index=3&type=chunk)[4](index=4&type=chunk) - Mr. Zheng Bailin serves as Chairman for the Audit Committee, Remuneration Committee, and Nomination Committee[3](index=3&type=chunk)[4](index=4&type=chunk) [Company Contact and Registration Information](index=4&type=section&id=Company%20Contact%20and%20Registration%20Information) The Company's headquarters and principal place of business in Hong Kong are located in Tsuen Wan, with its registered office in the Cayman Islands, and details of legal advisors, share registrars, and auditors are provided - The Company's headquarters and principal place of business in Hong Kong are located at Unit 3, 32/F, Cable TV Tower, 9 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong[6](index=6&type=chunk) - The auditor is Grant Thornton Hong Kong Limited[6](index=6&type=chunk) - The Company's website is www.metaspacex.hk, and its stock code is **1796**[6](index=6&type=chunk) [CEO's Report](index=5&type=section&id=CEO's%20Report) This report provides an overview of the Hong Kong economy and construction industry, along with a review and outlook of the Group's business performance [Hong Kong Economic and Construction Industry Overview](index=5&type=section&id=Hong%20Kong%20Economic%20and%20Construction%20Industry%20Overview) In **2024**, Hong Kong's economy grew moderately by **2.5%**, driven by goods exports, services, and investment, but private consumption remained cautious, while the nominal value of construction works increased by **7.2%**, non-site works decreased by **6.0%**, indicating challenges for the renovation sector - In **2024**, Hong Kong's real Gross Domestic Product (GDP) increased by **2.5%**[7](index=7&type=chunk) - The nominal value of construction works completed by main contractors in **2024** was **290.5 billion HKD**, an increase of **7.2%** from last year[7](index=7&type=chunk) - The nominal value of non-site construction works decreased by **6.0%** to approximately **8.73 billion HKD**, with a decreased number of renovation projects[7](index=7&type=chunk) [Group Business Review and Outlook](index=5&type=section&id=Group%20Business%20Review%20and%20Outlook) As a professional renovation contractor, the Group's total revenue for FY2025 was approximately **263.9 million HKD**, a **42.7%** year-on-year decrease, with gross profit margin falling to **2.1%**, and facing global economic uncertainty and a real estate market downturn, the Group aims to maintain core business stability while exploring new technological and innovative development opportunities FY2025 Key Financial Data | Metric | FY2025 (million HKD) | FY2024 (million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 263.9 | 460.3 | -42.7% | | Gross Profit Margin | 2.1% | 4.4% | -2.3 percentage points | - Revenue decrease primarily due to fewer contracts undertaken[8](index=8&type=chunk) - Looking ahead to **2025**, the Group will maintain core business stability while actively exploring opportunities in emerging technologies and innovative development[10](index=10&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the industry, a review of the Group's business and financial performance, its liquidity, capital structure, treasury policy, key risks, and future plans [Industry Overview](index=7&type=section&id=Industry%20Overview) In **2024**, the global economy experienced a slow recovery, with Hong Kong's GDP growing by **2.5%**, but the weak real estate market and ineffective government measures led to a contraction in the renovation industry, intensifying competition and generally decreasing revenue - In **2024**, Hong Kong's real Gross Domestic Product increased by **2.5%** compared to **2023**[13](index=13&type=chunk) - The real estate market was weak, and the government's relaxation of 'cooling measures' failed to effectively stimulate the market[13](index=13&type=chunk) - Renovation industry activities further contracted, leading to intensified industry competition and general decline in revenue[13](index=13&type=chunk) [Business Review](index=7&type=section&id=Business%20Review) The Group, a renowned renovation contractor in Hong Kong, provides renovation services for new buildings and interior refurbishment for existing ones, with FY2025 revenue of approximately **263.9 million HKD**, a **42.7%** decrease from FY2024, and gross profit margin falling from **4.4%** to **2.1%**, primarily due to fewer market projects and intense industry competition - The Group provides renovation services for new buildings and interior refurbishment services for existing buildings[14](index=14&type=chunk) Business Performance Comparison | Metric | FY2025 (million HKD) | FY2024 (million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 263.9 | 460.3 | -42.7% | | Gross Profit Margin | 2.1% | 4.4% | -2.3 percentage points | - The decrease in revenue and gross profit margin is primarily due to fewer market projects and intense industry competition[14](index=14&type=chunk) [Prospects](index=7&type=section&id=Prospects) Hong Kong's economy is projected to grow moderately by **2%** to **3%** in **2025**, with continued growth in service exports expected, while the real estate sector faces short-term subdued demand, maintaining pressure on the renovation industry, though government talent attraction strategies and metropolitan development plans may drive long-term market growth, prompting the Group to monitor trends and adapt strategies for new opportunities - Hong Kong's real GDP growth forecast for **2025** is between **2%** to **3%**[15](index=15&type=chunk) - The real estate industry is not expected to experience significant fluctuations in the short term, and the renovation industry will continue to face pressure[16](index=16&type=chunk) - The Group will closely monitor market trends, adjust strategies, and seize new business opportunities aligned with its strategic vision and core capabilities[16](index=16&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) The Group's FY2025 revenue significantly decreased by **42.7%** to **263.9 million HKD**, gross profit fell to **5.5 million HKD**, and gross profit margin dropped to **2.1%**, while administrative and other operating expenses increased by **71.2%** to **32.7 million HKD** due to higher write-offs of retention receivables and increased provision for expected credit losses, leading to an expanded net loss of **32.2 million HKD** despite reduced finance costs FY2025 Financial Performance Comparison | Metric | FY2025 (million HKD) | FY2024 (million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 263.9 | 460.3 | -42.7% | | Gross Profit | 5.5 | 20.2 | -72.8% | | Gross Profit Margin | 2.1% | 4.4% | -2.3 percentage points | | Administrative and Other Operating Expenses | 32.7 | 19.1 | +71.2% | | Finance Costs | 5.1 | 5.8 | -12.1% | | Net Loss | 32.2 | 4.4 | +631.8% | - The increase in administrative and other operating expenses is mainly due to an increase of approximately **5.4 million HKD** in write-offs of retention receivables and an increase of **11.1 million HKD** in provision for expected credit losses[20](index=20&type=chunk) - The increase in net loss is primarily due to decreased revenue and gross profit, as well as increased administrative and other operating expenses[23](index=23&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=9&type=section&id=Liquidity,%20Financial%20Resources,%20and%20Capital%20Structure) In FY2025, the Group's capital structure remained unchanged, with issued share capital at **4.8 million HKD**, while total cash and bank balances decreased by approximately **9.5 million HKD** to **43.1 million HKD**, and the debt-to-equity ratio rose from **55.0%** to **82.8%**, mainly due to a reduction in total equity from the net loss - The Company's issued share capital is **4.8 million HKD**, with **480,000,000** shares[24](index=24&type=chunk) Liquidity Position | Metric | March 31, 2025 (million HKD) | March 31, 2024 (million HKD) | Change (million HKD) | | :--- | :--- | :--- | :--- | | Total Cash and Bank Balances | 43.1 | 52.6 | -9.5 | | Debt-to-equity Ratio | 82.8% | 55.0% | +27.8 percentage points | - The increase in debt-to-equity ratio is mainly due to a decrease in total equity resulting from the net loss incurred[24](index=

[Financial Summary](index=1&type=section&id=Financial%20Summary) [Key Financial Indicators](index=1&type=section&id=Key%20Financial%20Indicators) Metaspacex Limited recorded a significant revenue decline, substantial gross margin contraction, and a shift from profit to loss, increasing basic and diluted loss per share, with no dividends declared for the year ended March 31, 2025 | Indicator | FY2025 (Million HKD) | FY2024 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 263.9 | 460.3 | -42.7% | | Gross Margin | 2.1% | 4.4% | -2.3 percentage points | | Loss Before Income Tax | 32.2 | 4.4 | +631.8% | | Loss and Total Comprehensive Expense Attributable to Owners of the Company | 32.2 | 4.4 | +631.8% | | Basic and Diluted Loss Per Share (HK cents) | 6.70 | 0.92 | +628.3% | | Dividends | Nil | Nil | - | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [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) For the year ended March 31, 2025, the Group experienced a significant revenue decrease, reduced direct costs, but a substantial decline in gross profit, while administrative and other operating expenses and provision for expected credit losses increased significantly, leading to a widened loss before income tax and total comprehensive expense attributable to owners of the Company | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 263,927 | 460,270 | -196,343 | | Direct Costs | (258,405) | (440,021) | 181,616 | | Gross Profit | 5,522 | 20,249 | -14,727 | | Other Income | 6 | 290 | -284 | | Administrative and Other Operating Expenses | (19,028) | (16,670) | -2,358 | | Provision for Expected Credit Losses, Net | (13,627) | (2,468) | -11,159 | | Finance Costs | (5,056) | (5,840) | 784 | | Loss Before Income Tax | (32,183) | (4,439) | -27,744 | | Income Tax | – | – | – | | Loss and Total Comprehensive Expense for the Year Attributable to Owners of the Company | (32,183) | (4,439) | -27,744 | | Basic and Diluted Loss Per Share (HK cents) | (6.70) | (0.92) | -5.78 | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's non-current assets slightly increased, while total current assets decreased due to reductions in contract assets and cash and bank balances; current liabilities significantly decreased, mainly from repayment of borrowings and interest payable, leading to an increase in net current assets and total assets less current liabilities; however, non-current liabilities rose substantially due to new borrowings and interest payable, ultimately resulting in a significant decrease in net assets and total equity | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change | | :--- | :--- | :--- | :--- | | **ASSETS** | | | | | Non-current assets | 1,625 | 934 | +691 | | Current assets | 163,449 | 204,702 | -41,253 | | Trade and other receivables | 25,541 | 28,918 | -3,377 | | Contract assets | 94,819 | 123,211 | -28,392 | | Cash and bank balances | 43,089 | 49,527 | -6,438 | | Restricted cash | – | 3,046 | -3,046 | | **LIABILITIES** | | | | | Current liabilities | 25,201 | 96,847 | -71,646 | | Trade and other payables | 15,128 | 33,035 | -17,907 | | Contract liabilities | 9,094 | 4,036 | +5,058 | | Borrowings | – | 48,000 | -48,000 | | Interest payable | – | 10,873 | -10,873 | | Non-current liabilities | 63,313 | 46 | +63,267 | | Borrowings | 50,897 | – | +50,897 | | Interest payable | 10,797 | – | +10,797 | | **EQUITY** | | | | | Net assets/Total equity | 76,560 | 108,743 | -32,183 | [Notes to the Financial Statements](index=4&type=section&id=Notes%20to%20the%20Financial%20Statements) [General Information](index=4&type=section&id=General%20Information) Metaspacex Limited, incorporated in the Cayman Islands and listed on the Main Board of HKEX since December 31, 2018, primarily engages in renovation services and material supply, with its ultimate controlling party being China Sports Asset Management Limited, controlled by Ms. Huang Hou - The Company was incorporated in the Cayman Islands and listed on the Main Board of the Stock Exchange of Hong Kong on **December 31, 2018**[6](index=6&type=chunk) - The Group is principally engaged in the provision of **renovation services** and **supply of renovation materials**[7](index=7&type=chunk) - The Company's immediate and ultimate holding company is China Sports Asset Management Limited, controlled by **Ms. Huang Hou**[7](index=7&type=chunk) [Basis of Preparation](index=4&type=section&id=Basis%20of%20Preparation) The consolidated financial statements for the year are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA and generally accepted accounting principles in Hong Kong, complying with applicable disclosure requirements of the Hong Kong Companies Ordinance and Listing Rules, using the historical cost convention and presented in HKD - The consolidated financial statements are prepared in accordance with **Hong Kong Financial Reporting Standards** and **Hong Kong Generally Accepted Accounting Principles** issued by the Hong Kong Institute of Certified Public Accountants[8](index=8&type=chunk) - The statements comply with the applicable disclosure requirements of the **Hong Kong Companies Ordinance** and the **Listing Rules**[8](index=8&type=chunk) - The consolidated financial statements are prepared under the **historical cost convention** and presented in **Hong Kong Dollars**[9](index=9&type=chunk) [Adoption of New and Revised Hong Kong Financial Reporting Standards](index=5&type=section&id=Adoption%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group adopted several revised Hong Kong Financial Reporting Standards for the first time this year, which had no significant impact on current or prior period results and financial position; however, several issued but not yet effective standards, particularly HKFRS 18, are expected to change financial statement presentation, and management is assessing their impact [Standards Effective](index=5&type=section&id=Standards%20Effective) The Group first adopted several revised Hong Kong Financial Reporting Standards for the annual period beginning April 1, 2024, including amendments related to lease liabilities in sale and leaseback transactions and classification of liabilities as current or non-current, none of which had a significant impact on the Group's results or financial position | Standard | Description | | :--- | :--- | | HKFRS 16 (Amendments) | Lease Liability in a Sale and Leaseback | | HKAS 1 (Amendments) | Classification of Liabilities as Current or Non-current and Related Amendments to HK Interpretation 5 (2020) | | HKAS 1 (Amendments) | Non-current Liabilities with Covenants | | HKAS 7 and HKFRS 7 (Amendments) | Supplier Finance Arrangements | - The adoption of these revised Hong Kong Financial Reporting Standards had **no significant impact** on the preparation and presentation of the Group's results and financial position for the current and prior periods[10](index=10&type=chunk) [Standards Not Yet Effective](index=5&type=section&id=Standards%20Not%20Yet%20Effective) The Group has not early adopted several issued but not yet effective Hong Kong Financial Reporting Standards, with HKFRS 18 expected to alter financial statement presentation, including new subtotals in the statement of profit or loss and changes to cash flow statement presentation, the specific impact of which management is currently assessing | Standard | Description | Effective Date | | :--- | :--- | :--- | | HKFRS 18 | Presentation and Disclosure in Financial Statements | On or after January 1, 2027 | | HKFRS 19 | Subsidiaries without Public Accountability: Disclosures | On or after January 1, 2027 | | HKFRS 9 and HKFRS 7 (Amendments) | Amendments to Classification and Measurement of Financial Instruments | On or after January 1, 2026 | | HKFRS 10 and HKAS 28 (Amendments) | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | To be determined | | HKAS 21 (Amendments) | Lack of Exchangeability | On or after January 1, 2025 | - **HKFRS 18** will introduce new subtotals in the statement of profit or loss (operating profit, profit before financing and income tax) and classify items into five new categories, while also revising the presentation of the cash flow statement[14](index=14&type=chunk)[16](index=16&type=chunk) - Directors are still assessing the impact of **HKFRS 18** on the consolidated statement of profit or loss and other comprehensive income, consolidated statement of cash flows, and disclosure requirements for management-defined performance measures[15](index=15&type=chunk) [Revenue](index=7&type=section&id=Revenue) The Group's revenue, entirely from renovation services in Hong Kong and recognized over time, significantly decreased to **HKD 263,927 thousand** for the year ended March 31, 2025, with high concentration on a single major customer and reduced remaining performance obligations expected to be recognized in the coming year | Source of Revenue | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue from contracts with customers | 263,927 | 460,270 | | Disaggregated by timing of revenue recognition: Over time | 263,927 | 460,270 | | Disaggregated by type of service: Renovation services | 263,927 | 460,270 | - All of the Group's revenue is derived from operations conducted in **Hong Kong**, and all non-current assets are located in Hong Kong[17](index=17&type=chunk) | Major Customer | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Customer A | 263,518 | 444,097 | | Remaining performance obligations expected to be satisfied in the years ending on the respective dates | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | March 31, 2026 | 101,187 | 18,600 | | March 31, 2025 | - | 104,360 | | Total | 101,187 | 122,960 | [Other Income](index=8&type=section&id=Other%20Income) The Group's other income, primarily comprising bank interest income and miscellaneous income, significantly decreased during the review period | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Bank interest income | 2 | 2 | | Miscellaneous income | 4 | 288 | | Total | 6 | 290 | [Finance Costs](index=8&type=section&id=Finance%20Costs) The Group's finance costs, mainly consisting of interest on borrowings and finance charges on lease liabilities, decreased during the review period | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Interest on borrowings | 5,021 | 5,776 | | Finance charges on lease liabilities | 35 | 64 | | Total | 5,056 | 5,840 | [Loss Before Income Tax](index=9&type=section&id=Loss%20Before%20Income%20Tax) The Group's loss before income tax was primarily influenced by staff costs, depreciation, subcontracting fees, material costs, auditor's remuneration, write-off of retention receivables, and provisions for expected credit losses on trade and contract assets; staff costs slightly decreased, but write-off of retention receivables and provisions for expected credit losses significantly increased during the review period | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Total staff costs | 23,584 | 25,290 | | Total depreciation | 987 | 1,135 | | Subcontracting fees | 175,467 | 309,725 | | Cost of materials and finished goods | 61,367 | 109,798 | | Auditor's remuneration | 750 | 850 | | Write-off of retention receivables | 6,395 | 1,000 | | Provision for expected credit losses on trade and other receivables – net | 1,388 | (83) | | Provision for expected credit losses on contract assets – net | 12,239 | 2,551 | - Staff costs (including directors' emoluments) are included in **direct costs** and **administrative expenses**, with a higher proportion in direct costs[22](index=22&type=chunk) [Income Tax](index=10&type=section&id=Income%20Tax) No provision for Hong Kong profits tax was made for the review period due to the Group incurring a tax loss - No provision for Hong Kong profits tax was made for the year ended March 31, 2025, as the Group incurred a **tax loss**[23](index=23&type=chunk) [Dividends](index=10&type=section&id=Dividends) The Board resolved not to declare any dividends for the review period, consistent with the prior year - The Board did not recommend the payment of any dividend for the year ended March 31, 2025 (2024: **nil**)[24](index=24&type=chunk) [Loss Per Share](index=10&type=section&id=Loss%20Per%20Share) The Group's basic loss per share is calculated by dividing the loss attributable to owners of the Company by the weighted average number of ordinary shares outstanding, with diluted loss per share being identical due to the absence of potential dilutive ordinary shares | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the Company (Thousand HKD) | 32,183 | 4,439 | | Weighted average number of ordinary shares in issue (Shares) | 480,000,000 | 480,000,000 | | Basic loss per share (HK cents) | 6.70 | 0.92 | - As there were no potential dilutive ordinary shares in issue during the current and prior years, the **diluted loss per share** was the same as the **basic loss per share**[26](index=26&type=chunk) [Trade and Other Receivables](index=10&type=section&id=Trade%20and%20Other%20Receivables) The Group's trade and other receivables include trade receivables, retention receivables, and other receivables, deposits, and prepayments; trade receivables, generally with 30-day credit terms, increased during the review period; retention receivables significantly decreased with higher write-offs and expected credit loss provisions; and other receivables, deposits, and prepayments slightly increased, also with increased expected credit loss provisions | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Trade receivables – net | 18,182 | 12,540 | | Retention receivables | 4,401 | 13,766 | | Other receivables, deposits and prepayments | 2,958 | 2,612 | | Total | 25,541 | 28,918 | - The credit period for trade receivables is generally **30 days**, and as of March 31, 2025, all were within the 0 to 30 days aging range[27](index=27&type=chunk) - For the year ended March 31, 2025, **HKD 6,395 thousand** (2024: HKD 1,000 thousand) of retention receivables were written off, and an additional provision for expected credit losses of approximately **HKD 1,374 thousand** was made[30](index=30&type=chunk) [Restricted Cash](index=12&type=section&id=Restricted%20Cash) Restricted cash, representing deposits placed with insurers to ensure faithful performance under contract terms, was no longer present during the review period - Restricted cash refers to deposits placed with insurers to ensure **faithful performance** under contract terms[32](index=32&type=chunk) - As of March 31, 2025, the Group had **no restricted cash** (2024: HKD 3,046 thousand)[5](index=5&type=chunk) [Trade and Other Payables](index=12&type=section&id=Trade%20and%20Other%20Payables) The Group's trade and other payables include trade payables, accrued expenses, and other payables; trade payables significantly decreased during the review period, with most due within 30 days; accrued expenses and other payables slightly increased, primarily comprising accrued wages and professional fees | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Trade payables | 9,018 | 28,050 | | Accrued expenses and other payables | 6,110 | 4,985 | | Total | 15,128 | 33,035 | - Payment terms granted by material suppliers and subcontractors generally range from **0 to 30 days**[33](index=33&type=chunk) | Aging of Trade Payables | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | 0 to 30 days | 8,178 | 21,974 | | 31 to 60 days | – | 2,025 | | 61 to 90 days | – | 3,152 | | Over 90 days | 840 | 899 | - Accrued items and other payables primarily include **accrued wages**, accrued refunds related to the "Employment Support Scheme," and **accrued professional fees**[34](index=34&type=chunk) [Share Capital](index=12&type=section&id=Share%20Capital) The Company's authorized and issued and fully paid share capital remained unchanged during the review period | Type of Share Capital | Number of Ordinary Shares | Share Capital (Thousand HKD) | | :--- | :--- | :--- | | Authorized share capital (HKD 0.01 per share) | 1,000,000,000 | 10,000 | | Issued and fully paid share capital (HKD 0.01 per share) | 480,000,000 | 4,800 | [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Overview](index=13&type=section&id=Industry%20Overview) Global economic recovery was slow in 2024, with Hong Kong's economy stable but its property market weak; government policies to revive the property market had limited effect, leading to a contraction in the renovation industry, intensified competition, and a general decline in revenue - Global economic recovery was slow in 2024, with Hong Kong's real GDP growing by **2.5%** compared to 2023[36](index=36&type=chunk) - Hong Kong's property market was weak, and government measures to relax property cooling measures failed to effectively revive the market[37](index=37&type=chunk) - Renovation industry activities further contracted, leading to **intensified industry competition** and a general decline in revenue[37](index=37&type=chunk) [Business Review](index=13&type=section&id=Business%20Review) As a renowned renovation contractor in Hong Kong, the Group provides renovation services for new and existing buildings; during the review period, the Group's revenue significantly decreased due to fewer market projects and intense industry competition, also leading to a substantial decline in gross margin - The Group is a renowned renovation contractor in Hong Kong, providing renovation works for **new buildings** and internal refurbishment works for **existing buildings**[38](index=38&type=chunk) - Revenue for the review period was approximately **HKD 263.9 million** (FY2024: HKD 460.3 million), primarily due to a decrease in the number of projects in the market[39](index=39&type=chunk) - Gross margin decreased by **2.3 percentage points** from **4.4%** in FY2024 to **2.1%** in the review period, attributed to intense industry competition[39](index=39&type=chunk) [Prospects](index=14&type=section&id=Prospects) Hong Kong's economy is projected for moderate growth, with service exports expected to continue rising; the property sector faces short-term pressure but has optimistic long-term prospects driven by government talent attraction strategies and metropolitan development blueprints; the Group will closely monitor market trends, adjust strategies, and seek new business opportunities - Hong Kong's economy is expected to show **moderate growth** this year, with real GDP growth forecast between **2% and 3%** for 2025[40](index=40&type=chunk) - The property sector is not expected to see significant fluctuations in the short term, and the renovation industry will continue to face pressure, but long-term prospects remain **optimistic**, driven by government talent attraction strategies and metropolitan development blueprints[41](index=41&type=chunk) - The Group will closely monitor market trends, adjust strategies, and continue to observe global economic trends and market conditions to seize new business opportunities aligned with its strategic vision and core capabilities[41](index=41&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) The Group's financial performance significantly deteriorated during the review period, with substantial declines in revenue and gross profit, and significant increases in administrative and other operating expenses and provisions for expected credit losses, ultimately leading to a widened net loss [Revenue](index=14&type=section&id=Revenue) The Group's revenue decreased by approximately **HKD 196.4 million** or **42.7%** to approximately **HKD 263.9 million** during the review period, primarily due to a reduction in the number of large-scale projects undertaken and intense market competition - Revenue decreased by approximately **HKD 196.4 million** or **42.7%** to approximately **HKD 263.9 million** (FY2024: approximately HKD 460.3 million)[42](index=42&type=chunk) - The decrease in revenue was primarily due to a **reduction in the number of large-scale projects** undertaken by the Company amidst intense market competition during the review period[42](index=42&type=chunk) [Gross Profit and Gross Margin](index=14&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's gross profit decreased by approximately **HKD 14.7 million** to approximately **HKD 5.5 million** during the review period, with the gross margin falling from **4.4%** to **2.1%**, mainly due to fewer large-scale projects and intense industry competition - Gross profit decreased by approximately **HKD 14.7 million** to approximately **HKD 5.5 million** (FY2024: approximately HKD 20.2 million)[43](index=43&type=chunk) - Gross margin decreased by **2.3 percentage points** from **4.4%** in FY2024 to **2.1%** in the review period[43](index=43&type=chunk) - The decline in gross profit was attributed to a **reduction in the number of large-scale projects** undertaken, coupled with a decrease in gross margin due to intense industry competition[43](index=43&type=chunk) [Other Income](index=15&type=section&id=Other%20Income) The Group recorded other income of approximately **HKD 6,000** during the review period, a significant decrease from approximately **HKD 290,000** in FY2024 - Other income recorded for the review period was approximately **HKD 6,000** (FY2024: approximately HKD 290,000)[44](index=44&type=chunk) [Administrative and Other Operating Expenses and Provision for Expected Credit Losses](index=15&type=section&id=Administrative%20and%20Other%20Operating%20Expenses%20and%20Provision%20for%20Expected%20Credit%20Losses) The Group's administrative and other operating expenses and provision for expected credit losses increased by approximately **HKD 13.6 million** or **71.2%** to approximately **HKD 32.7 million** during the review period, primarily due to increased write-off of retention receivables and higher provisions for expected credit losses - Administrative and other operating expenses and provision for expected credit losses increased by approximately **HKD 13.6 million** or **71.2%** to approximately **HKD 32.7 million** (FY2024: approximately HKD 19.1 million)[45](index=45&type=chunk) - The increase was mainly due to an increase in write-off of retention receivables by approximately **HKD 5.4 million** to approximately **HKD 6.4 million**, and an increase in provision for expected credit losses by **HKD 11.1 million** to approximately **HKD 13.6 million**[45](index=45&type=chunk) [Finance Costs](index=15&type=section&id=Finance%20Costs) The Group's finance costs decreased by approximately **HKD 0.7 million** to approximately **HKD 5.1 million** during the review period, primarily due to a decrease in the average interest rate - Finance costs decreased by approximately **HKD 0.7 million** to approximately **HKD 5.1 million** (FY2024: approximately HKD 5.8 million)[46](index=46&type=chunk) - The decrease was mainly due to a **lower average interest rate** during the review period compared to FY22024[46](index=46&type=chunk) [Net Loss](index=15&type=section&id=Net%20Loss) The loss and total comprehensive expense attributable to owners of the Company increased by approximately **HKD 27.8 million** to approximately **HKD 32.2 million**, primarily due to decreased revenue and gross profit, and increased administrative and other operating expenses - The loss and total comprehensive expense attributable to owners of the Company increased by approximately **HKD 27.8 million** to approximately **HKD 32.2 million** (FY2024: approximately HKD 4.4 million)[47](index=47&type=chunk) - The increase was mainly due to **decreased revenue and gross profit**, and **increased administrative and other operating expenses**[47](index=47&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=16&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group's capital structure remained unchanged during the review period, but total cash and bank balances decreased, and the gearing ratio significantly increased due to a reduction in total equity resulting from the net loss incurred - The Group's capital structure remained unchanged, with issued share capital of **HKD 4.8 million** and **480,000,000 ordinary shares** in issue[48](index=48&type=chunk) - Total cash and bank balances were approximately **HKD 43.1 million** (FY2024: approximately HKD 52.6 million), a decrease of approximately **HKD 9.5 million**[48](index=48&type=chunk) - The gearing ratio increased from approximately **55.0%** as of March 31, 2024, to approximately **82.8%** as of March 31, 2025, primarily due to a **reduction in total equity** resulting from the net loss incurred[49](index=49&type=chunk) [Treasury Policy](index=16&type=section&id=Treasury%20Policy) The Group adopts a prudent financial approach to its treasury policy, with the Board closely monitoring liquidity to ensure funding needs are met - The Group adopts a **prudent financial approach** to its treasury policy[50](index=50&type=chunk) - The Board closely monitors the Group's liquidity position to ensure that the liquidity structure of its assets, liabilities, and other commitments can meet its funding needs at all times[50](index=50&type=chunk) [Key Risks and Uncertainties](index=16&type=section&id=Key%20Risks%20and%20Uncertainties) The Group faces various risks and uncertainties, including profit pressure from intensified industry competition, increased costs from compliance changes, reliance on subcontractor progress, and uncertainty in securing new business; however, its public listing status helps enhance corporate image and competitiveness [Industry Risk](index=16&type=section&id=Industry%20Risk) The Group faces intense competition in renovation project bidding from rivals with more resources, longer operating histories, and more stable client relationships, leading to downward price pressure that could harm profit margins and business - The Group faces **intense competition** from other existing and/or new contractors, which may lead to significant downward price pressure and a decline in profit margins[51](index=51&type=chunk) - Failure to effectively respond to market conditions or provide more competitive bids could **materially and adversely affect** the business[51](index=51&type=chunk) [Compliance Risk](index=17&type=section&id=Compliance%20Risk) The Group's operations are regulated by various laws, regulations, and government policies, and failure to timely adapt to changes, particularly in environmental protection and labor safety qualification requirements, could increase costs and burdens - Business operations are regulated by various **laws, regulations, and government policies**, and failure to timely adapt to changes may increase costs and burdens[52](index=52&type=chunk) - Changes in qualification requirements related to **environmental protection** and **labor safety** in the renovation industry, if not timely or unable to comply, will materially and adversely affect business operations[52](index=52&type=chunk) [Uncertainty in Construction Progress](index=17&type=section&id=Uncertainty%20in%20Construction%20Progress) The Group relies on subcontractors for construction quality and timely delivery; substandard performance by subcontractors could lead to reduced service quality, project delays, or incomplete projects, thereby damaging reputation and incurring contractual liabilities - The Group relies on subcontractors for **proper and timely construction** and project delivery[53](index=53&type=chunk) - Any significant non-performance, delayed performance, or substandard performance by subcontractors could lead to **reduced service quality**, **project delays**, or **incomplete projects**, damaging reputation and potentially incurring contractual liabilities[53](index=53&type=chunk) [No Guarantee of New Business](index=17&type=section&id=No%20Guarantee%20of%20New%20Business) The Group's revenue comes from non-recurring projects, with no client obligation to award projects; there is no guarantee of receiving new project quotations or winning bids, making future business volume unpredictable, and failure to secure new contracts could materially and adversely affect the business - The Group's revenue is derived from **non-recurring projects**, and clients are under no obligation to award projects to the Group[54](index=54&type=chunk) - There is **no guarantee** of being invited to quote for new projects or participate in bidding processes, or that submitted quotations and bids will be selected by clients[54](index=54&type=chunk) - Failure to secure new contracts or a significant reduction in future tender/quotation invitations could **materially and adversely affect** the business, financial position, and prospects[54](index=54&type=chunk) [Competitive Advantage of Listing Status](index=18&type=section&id=Competitive%20Advantage%20of%20Listing%20Status) The Directors believe that public listing enhances the Group's corporate image and brand awareness among business stakeholders, strengthens internal controls and corporate governance, thereby attracting clients and suppliers, and increasing the success rate for large project bids - Public listing will enhance the Group's **corporate image** and **brand awareness** among business stakeholders, strengthening internal controls and corporate governance practices[55](index=55&type=chunk) - Listing status helps attract potential new clients and quality suppliers and subcontractors, and **increases the Group's success rate** in securing large projects[55](index=55&type=chunk) [Pledged Assets](index=18&type=section&id=Pledged%20Assets) As of March 31, 2025, the Group had no pledged assets - As of March 31, 2025, the Group had **no pledged assets**[56](index=56&type=chunk) [Foreign Exchange Risk](index=18&type=section&id=Foreign%20Exchange%20Risk) As the Group operates solely in Hong Kong and all business transactions are settled in HKD, the Directors consider foreign exchange rate risk to be minimal, and thus no derivative contracts were entered into for hedging during the review period - The Group operates solely in Hong Kong, with all revenue and transactions settled in **Hong Kong Dollars**, resulting in **minimal foreign exchange rate risk**[57](index=57&type=chunk) - The Group did not enter into any derivative contracts to hedge foreign exchange rate risk during the review period[57](index=57&type=chunk) [Capital Commitments and Contingent Liabilities](index=18&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of year-end, the Group had contracted but not yet incurred capital expenditures for property, plant, and equipment, and no significant contingent liabilities | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Property, plant and equipment | 92 | 92 | - As of March 31, 2025, the Group had **no significant contingent liabilities**[59](index=59&type=chunk) [Material Investments, Acquisitions or Disposals of Subsidiaries and Associated Companies](index=18&type=section&id=Material%20Investments%2C%20Acquisitions%20or%20Disposals%20of%20Subsidiaries%20and%20Associated%20Companies) The Group had no material investments, acquisitions, or disposals of subsidiaries and associated companies during the review period - During the review period, the Group had **no material investments, acquisitions, or disposals** of subsidiaries and associated companies[60](index=60&type=chunk) [Material Changes During the Review Period](index=18&type=section&id=Material%20Changes%20During%20the%20Review%20Period) The Company changed its English name from "Yield Go Holdings Ltd." to "Metaspacex Limited" during the review period, updating its stock short name and company website accordingly - The Company's English name was changed from "Yield Go Holdings Ltd." to "**Metaspacex Limited**", and the Chinese dual foreign name "耀高控股有限公司" was removed[61](index=61&type=chunk)[62](index=62&type=chunk) - The stock short name was changed from "YIELD GO HLDGS" to "**METASPACEX**", and no Chinese stock short name is adopted anymore[62](index=62&type=chunk) - The Company's website was changed from "http://www.yield-go.com" to "**www.metaspacex.hk**"[62](index=62&type=chunk) [Future Plans for Material Investments or Capital Assets](index=19&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Group had no future plans for material investments or capital assets during the review period - The Group had **no future plans for material investments or capital assets** during the review period[63](index=63&type=chunk) [Fundraising Activities](index=19&type=section&id=Fundraising%20Activities) The Company had previously entered into a placing agreement to place up to **24,000,000 placing shares**, but the agreement lapsed due to unfulfilled conditions precedent, and the fundraising activity did not proceed - The Company had entered into a placing agreement with Fullink Securities Limited concerning the placing of up to **24,000,000 placing shares**[64](index=64&type=chunk) - As the conditions precedent set out in the placing agreement were not fulfilled by the long stop date, the placing agreement lapsed, and the placing did not proceed[64](index=64&type=chunk) [Employees and Remuneration Policy](index=19&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group's employee count decreased to **55**, with remuneration packages including salaries, discretionary bonuses, and other cash allowances determined by qualifications, position, seniority, and annual reviews; total staff costs decreased during the review period - As of March 31, 2025, the Group employed a total of **55 full-time employees** (2024: 69 employees)[65](index=65&type=chunk) - Remuneration packages include **salaries, discretionary bonuses, and other cash allowances**, determined based on each employee's qualifications, position, and seniority, with an annual review system in place[65](index=65&type=chunk) - Total staff costs incurred by the Group during the review period were approximately **HKD 23.6 million** (FY2024: approximately HKD 25.3 million)[65](index=65&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) [Dividends](index=20&type=section&id=Dividends) The Board has resolved not to declare any dividends for the review period, consistent with the prior year - The Board has resolved **not to declare any dividends** for the review period (FY2024: nil)[66](index=66&type=chunk) [Closure of Register of Members](index=20&type=section&id=Closure%20of%20Register%20of%20Members) The Company will suspend its register of members from **August 20 to August 25, 2025** (both dates inclusive) to determine eligibility for attending and voting at the Annual General Meeting - The Company will suspend its register of members from **Wednesday, August 20, 2025, to Monday, August 25, 2025** (both dates inclusive)[67](index=67&type=chunk) - All share transfer documents, together with the relevant share certificates, must be lodged with the Company's Hong Kong share registrar by **4:30 p.m. on Tuesday, August 19, 2025**, to be eligible to attend and vote at the Annual General Meeting[67](index=67&type=chunk) [Annual General Meeting](index=20&type=section&id=Annual%20General%20Meeting) The Annual General Meeting will be held on **Monday, August 25, 2025**, at Room 1203B, 12th Floor, Worldwide House, 19 Des Voeux Road Central, Hong Kong - The Annual General Meeting will be held on **Monday, August 25, 2025**, at Room 1203B, 12th Floor, Worldwide House, 19 Des Voeux Road Central, Hong Kong[68](index=68&type=chunk) [Corporate Governance Code](index=20&type=section&id=Corporate%20Governance%20Code) The Company has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, except for code provision C.2.1 regarding the separation of roles between Chairman and Chief Executive, as the Chairman position is vacant and some functions are undertaken by executive directors - The Company has complied with all applicable code provisions of the Corporate Governance Code, except for the deviation from **code provision C.2.1** of the Corporate Governance Code[69](index=69&type=chunk) - The roles of Chairman and Chief Executive should be separate and not performed by the same individual, but the **Chairman position is vacant**, and some Chairman functions are undertaken by the Company's executive directors[70](index=70&type=chunk) - The Board believes its structure is appropriate and power distribution is balanced to protect the overall interests of the Company and its shareholders[70](index=70&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=21&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all Directors have confirmed compliance with the Code during the review period and up to the date of this announcement - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as set out in Appendix C3 of the Listing Rules[71](index=71&type=chunk) - All Directors have confirmed their compliance with the requirements of the Model Code during the review period and up to the date of this announcement[71](index=71&type=chunk) [Share Option Scheme](index=21&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on **December 6, 2018**, to incentivize and retain eligible participants, with a maximum of **48,000,000 shares** available for grant; no share options have been granted, exercised, cancelled, or lapsed since its adoption - The Company adopted a **share option scheme** on **December 6, 2018**, to incentivize eligible participants to enhance performance and to attract and retain participants beneficial to the Group's long-term growth[72](index=72&type=chunk) - The maximum number of shares involved in share options that may be granted under the share option scheme and any other share option schemes shall not exceed **48,000,000 shares** in aggregate[72](index=72&type=chunk) - Since its adoption, no share options under the share option scheme have been granted, exercised, cancelled, or lapsed, and there were **no outstanding share options** as of March 31, 2025[72](index=72&type=chunk) [Conflicts of Interest](index=21&type=section&id=Conflicts%20of%20Interest) During the review period, none of the Directors, controlling shareholders of the Company, or their respective close associates held any interests in businesses, other than the Group's, that competed or were likely to compete directly or indirectly with the Group's business - During the review period, none of the Directors, controlling shareholders of the Company, or their respective close associates held any interests in businesses, other than the Group's, that competed or were likely to compete directly or indirectly with the Group's business[73](index=73&type=chunk) [Purchase, Sale or Redemption of the Company's Securities](index=21&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Securities) During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities - During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities[74](index=74&type=chunk) [Events After the Reporting Period](index=21&type=section&id=Events%20After%20the%20Reporting%20Period) Except as disclosed, no significant subsequent events occurred between March 31, 2025, and the date of this announcement - Except as disclosed, no significant subsequent events occurred between March 31, 2025, and the date of this announcement[75](index=75&type=chunk) [Sufficient Public Float](index=22&type=section&id=Sufficient%20Public%20Float) Based on publicly available information and the Directors' knowledge, the Company maintained a sufficient public float as required by the Listing Rules during the review period and up to the date of this announcement - During the review period and up to the date of this announcement, the Company maintained a **sufficient public float** as required by the Listing Rules[76](index=76&type=chunk) [Review by Audit Committee](index=22&type=section&id=Review%20by%20Audit%20Committee) The Company's Audit Committee reviewed and approved the Group's consolidated financial statements for the review period, deeming them prepared in accordance with applicable accounting standards, requirements, and Listing Rules, with appropriate disclosures - The Audit Committee comprises **three independent non-executive Directors**, with Mr. Cheng Pak Lam as Chairman[77](index=77&type=chunk) - The Group's consolidated financial statements for the review period have been **reviewed and approved** by the Audit Committee[77](index=77&type=chunk) - The Audit Committee believes that the results were prepared in accordance with applicable accounting standards and requirements, as well as the Listing Rules, and that appropriate disclosures were made[77](index=77&type=chunk) [Scope of Work of Grant Thornton Hong Kong Limited](index=22&type=section&id=Scope%20of%20Work%20of%20Grant%20Thornton%20Hong%20Kong%20Limited) Grant Thornton Hong Kong Limited, the Group's auditor, reconciled the figures in the preliminary results announcement with the consolidated financial statements, but this work did not constitute an assurance engagement, and therefore no assurance was issued - Grant Thornton Hong Kong Limited, the Group's auditor, has **reconciled the figures** in the preliminary results announcement with the amounts in the Group's consolidated financial statements for the review period[78](index=78&type=chunk) - This work does not constitute an assurance engagement conducted in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements, or Hong Kong Standards on Assurance Engagements issued by the HKICPA, and therefore **no assurance has been issued**[78](index=78&type=chunk) [Publication of Final Results and Annual Report](index=22&type=section&id=Publication%20of%20Final%20Results%20and%20Annual%20Report) This annual results announcement will be published on the Company's and HKEX websites, and the 2025 annual report for the review period will be dispatched to shareholders and posted on the aforementioned websites in due course - This annual results announcement will be published on the Company's website **www.metaspacex.hk** and the HKEX website **www.hkexnews.hk**[79](index=79&type=chunk) - The 2025 annual report for the review period will be dispatched to the Company's shareholders and posted on the aforementioned websites in due course[79](index=79&type=chunk) [Acknowledgement](index=23&type=section&id=Acknowledgement) The Board extends its sincere gratitude to the management team, employees, shareholders, investors, and business partners for their tireless efforts, contributions, trust, and support - The Board extends its sincere gratitude to the management team and employees for their tireless efforts and contributions, and to the shareholders, investors, and business partners for their trust and support[80](index=80&type=chunk) [Board of Directors](index=23&type=section&id=Board%20of%20Directors) As of the date of this announcement, the Board of Directors includes executive directors Mr. Kang Ruipeng and Mr. Deng Houhua, and independent non-executive directors Mr. Cheng Pak Lam, Ms. Ya Li, and Ms. Chen Yan - The Board of Directors includes executive directors **Mr. Kang Ruipeng** and **Mr. Deng Houhua**; and independent non-executive directors **Mr. Cheng Pak Lam, Ms. Ya Li, and Ms. Chen Yan**[81](index=81&type=chunk)

Stock Option Plan - Metaspacex Limited's stock option plan allows for a maximum grant of options that does not exceed 1% of the total issued shares within any 12-month period[3] - The stock option plan is effective for a remaining period of approximately three and a half years from the announcement date[10] - The exercise price for each option granted will be determined by the board of directors, but must be at least the higher of the official closing price on the offer date or the average closing price over the five business days preceding the offer date[10]

Financial Performance - For the six months ended September 30, 2024, the group's revenue decreased by approximately HKD 79.5 million or 36.5% to about HKD 138.5 million, compared to HKD 218.0 million for the same period in 2023[12]. - The gross profit for the same period decreased by approximately HKD 5.5 million or 51.4% to about HKD 5.2 million, with a gross profit margin of approximately 3.8%, down from 4.9% in the previous year[16]. - The decline in revenue and gross profit was primarily due to the completion of large projects and a decrease in the number of large projects available for tender[15]. - The group recorded a net loss of approximately HKD 10.5 million for the six months ended September 30, 2024, an increase of HKD 10.1 million compared to approximately HKD 0.4 million for the same period in 2023, mainly due to decreased revenue and gross profit, as well as increased administrative and other operating expenses[21]. - The company reported a loss before tax of HKD 10,465,000, compared to a loss of HKD 350,000 in the prior year, indicating a significant increase in losses[43]. - Basic and diluted loss per share was HKD 2.18, compared to HKD 0.07 for the same period last year[43]. Economic Outlook - The Hong Kong economy is expected to maintain a moderate recovery, with an anticipated annual growth rate between 2.5% and 3%[13]. - The government plans to provide a total of 189,000 public housing units over the next five years, which is expected to drive future renovation project demand[13]. Business Strategy - The company is actively exploring new business opportunities, particularly in the Web3.0 sector, which is strongly supported by government policies[13]. - The group’s main business segment is renovation services, which is regularly reviewed by the board for performance assessment[71]. Cash Flow and Liquidity - As of September 30, 2024, the group's cash and cash equivalents totaled approximately HKD 41.7 million, a decrease from approximately HKD 52.6 million as of March 31, 2024, attributed to a net cash outflow of approximately HKD 10.9 million from operating and financing activities[22]. - The company reported a net cash outflow from operating activities of HKD 10,362,000, compared to a cash inflow of HKD 20,622,000 in the prior year[55]. - Cash and bank balances at the end of the period were HKD 38,665,000, down from HKD 49,527,000 at the end of the previous reporting period[45]. Debt and Equity - The group's debt-to-equity ratio increased from approximately 55.0% as of March 31, 2024, to approximately 63.2% as of September 30, 2024, primarily due to an increase in borrowings during the six months ended September 30, 2024[22]. - The company’s borrowings increased to HKD 53,097,000 as of September 30, 2024, compared to HKD 48,000,000 as of March 31, 2024[111]. Expenses - Administrative and other operating expenses, along with expected credit loss provisions, amounted to approximately HKD 12.9 million for the six months ended September 30, 2024, an increase of HKD 4.8 million or 59.3% compared to approximately HKD 8.1 million for the same period in 2023[18]. - The total employee costs for the six months ended September 30, 2024, amounted to approximately HKD 12.2 million, compared to approximately HKD 11.5 million for the same period in 2023[34]. Dividends and Shareholder Information - The board resolved not to declare any interim dividend for the six months ended September 30, 2024, consistent with the same period in 2023[35]. - Major shareholder China Sports Asset Management Co., Ltd. holds 75% of the issued share capital, equivalent to 360,000,000 shares[126]. Governance and Compliance - There were no conflicts of interest reported among directors or major shareholders in the six months ending September 30, 2024, indicating a clean governance environment[136]. - The audit committee, consisting of two independent non-executive directors, reviewed and approved the unaudited interim financial statements for the six months ending September 30, 2024, ensuring financial integrity[143]. - The company is actively seeking suitable candidates to fill the vacant chairman position, aiming to comply with listing rules regarding board composition[140].

Financial Performance - The group's revenue for the six months ended September 30, 2024, was approximately HKD 138.5 million, a decrease of 36.5% compared to HKD 218.0 million for the same period in 2023[1] - The gross profit margin for the six months ended September 30, 2024, was approximately 3.8%, down from 4.9% for the same period in 2023[1] - The group reported a loss before tax of approximately HKD 10.5 million for the six months ended September 30, 2024, compared to a loss of HKD 0.4 million for the same period in 2023[1] - The loss attributable to equity holders of the company for the six months ended September 30, 2024, was approximately HKD 10.5 million, compared to HKD 0.4 million for the same period in 2023[1] - The basic and diluted loss per share for the six months ended September 30, 2024, was approximately HKD 2.18, compared to HKD 0.07 for the same period in 2023[1] - Other income for the six months ended September 30, 2024, totaled 23 thousand HKD, compared to 1 thousand HKD in the same period of 2023[19] - Basic loss per share for the six months ended September 30, 2024, was (2.18 cents), compared to (0.07 cents) in the previous year[27] - The company recorded a net loss of approximately HKD 10.5 million for the six months ending September 30, 2024, an increase of HKD 10.1 million compared to a net loss of HKD 0.4 million in the same period in 2023[52] Dividend and Shareholder Returns - The board has resolved not to declare any interim dividend for the six months ended September 30, 2024, consistent with the previous period[1] - No interim dividend was declared for the six months ended September 30, 2024, consistent with the same period in 2023[24] - The company has not declared any interim dividends for the six months ending September 30, 2024, consistent with the previous year[68] Assets and Liabilities - Total assets less current liabilities as of September 30, 2024, amounted to HKD 121.1 million, compared to HKD 108.8 million as of March 31, 2024[5] - Current assets net value as of September 30, 2024, was HKD 120.7 million, an increase from HKD 107.9 million as of March 31, 2024[5] - The company's cash and bank balances as of September 30, 2024, were HKD 38.7 million, down from HKD 49.5 million as of March 31, 2024[5] - The total equity of the company as of September 30, 2024, was HKD 98.3 million, a decrease from HKD 108.7 million as of March 31, 2024[7] - Trade receivables as of September 30, 2024, amounted to HKD 13,163,000, an increase from HKD 12,540,000 as of March 31, 2024, representing a growth of 4.97%[28] - Retained earnings as of September 30, 2024, were HKD 10,387,000, down from HKD 13,766,000 as of March 31, 2024, indicating a decrease of 24.00%[31] - Other receivables, deposits, and prepayments totaled HKD 27,478,000 as of September 30, 2024, compared to HKD 28,918,000 as of March 31, 2024, reflecting a decline of 4.97%[32] - The total trade and other payables as of September 30, 2024, were HKD 18,757,000, a decrease from HKD 33,035,000 as of March 31, 2024, showing a reduction of 43.60%[36] Employee and Operational Costs - Employee costs for the six months ended September 30, 2024, amounted to 12,161 thousand HKD, an increase from 11,525 thousand HKD in 2023[22] - As of September 30, 2024, the total employee cost incurred by the company was approximately HKD 12.2 million, compared to HKD 11.5 million for the same period ending September 30, 2023[67] - The company employed 55 full-time employees as of September 30, 2024, down from 69 employees as of March 31, 2024[67] Market and Economic Outlook - The company anticipates a moderate economic recovery in Hong Kong, with an expected annual growth rate between 2.5% and 3% for 2024[44] - The government plans to provide a total of 189,000 public housing units over the next five years, which is expected to drive demand for renovation projects[44] - The company expects some improvement in the market environment for the renovation industry, considering multiple economic signals and market dynamics[45] - The Hong Kong economy's real GDP growth was 2.8% in Q1 2024 and 3.3% in Q2 2024, driven by strong merchandise exports despite a slight decrease in private consumption[39] Corporate Governance and Compliance - The company has adopted and complied with the Corporate Governance Code as of September 30, 2024[69] - All directors confirmed compliance with the standard code for securities trading by directors as of September 30, 2024, and up to the date of this announcement[75] - The audit committee consists of two independent non-executive directors, ensuring compliance with corporate governance standards[83] - The audit committee reviewed and approved the unaudited condensed interim financial statements for the six months ending September 30, 2024, confirming compliance with applicable accounting standards and regulations[85] Business Developments - The company is actively exploring new business opportunities, particularly in the Web 3.0 sector, which is strongly supported by government policies[45] - The company is currently seeking suitable candidates to fill the vacant position of Chairman of the Board following the resignation of the previous chairman[70] - The company is actively seeking suitable candidates to fill the temporary vacancy of an independent non-executive director within three months from the resignation of Mr. Zhou and Ms. Meng, ensuring compliance with listing rules by appointing a qualified female candidate by December 31, 2024[74] Other Information - The company has not recognized any deferred tax liabilities due to losses incurred during the reporting period[23] - The company has no significant or contingent liabilities as of September 30, 2024, and had no major investments or acquisitions during the six months ending on that date[61][62] - There were no significant capital expenditures contracted but not incurred as of the reporting date, and the company perceives minimal foreign exchange risk due to its operations being solely in Hong Kong[58] - The company has not entered into any derivative contracts to hedge foreign exchange rate risks as of September 30, 2024[58] - The company had a failed placement agreement for up to 24 million shares due to unmet conditions by the deadline of May 28, 2024[65] - The stock option plan adopted on December 6, 2018, allows for a maximum of 48,000,000 shares to be granted, representing 10% of the issued shares as of the announcement date[76] - As of September 30, 2024, there have been no stock options granted, exercised, canceled, or expired under the stock option plan[78] - The company and its subsidiaries did not purchase, sell, or redeem any of the company's securities during the six months ending September 30, 2024[80] - The interim results announcement will be published on the company's website and the Hong Kong Stock Exchange website, with the interim report to be sent to shareholders at an appropriate time[87] - The company has maintained sufficient public float as required by listing rules as of September 30, 2024[82] - There have been no significant subsequent events from September 30, 2024, to the date of this announcement[81]

Financial Performance - The company's total assets as of March 31, 2024, amounted to HKD 204,702,000, an increase from HKD 193,268,000 in the previous year, representing a growth of approximately 5.4%[35] - The company's net asset value decreased to HKD 108,743,000 from HKD 113,182,000, a decline of approximately 3.9%[35] - The total equity as of March 31, 2024, was HKD 108,743,000, down from HKD 113,182,000, reflecting a decrease of about 3.9%[35] - The company reported a loss of HKD 18,663,000 for the year, impacting retained earnings which decreased to HKD (1,316,000) from HKD 3,123,000[36] - Cash flow from operating activities before tax loss adjusted items improved to HKD 33,437 thousand in 2024 from a loss of HKD 2,401 thousand in 2023[37] - The net cash flow from operating activities was HKD 33,437 thousand, a significant recovery compared to a net cash outflow of HKD 2,401 thousand in the previous year[37] - The company reported a significant increase in revenue over the past five fiscal years, with a detailed summary available on page 108 of the report[102] Assets and Liabilities - Trade and other receivables decreased to HKD 28,918,000 from HKD 45,206,000, reflecting a decline of about 36.0%[35] - Cash and bank balances significantly increased to HKD 49,527,000 from HKD 17,087,000, marking a growth of approximately 189.5%[35] - Current liabilities rose to HKD 96,847,000 from HKD 28,101,000, indicating an increase of about 244.0%[35] - The available reserves for distribution as of March 31, 2024, were approximately HKD 75.3 million[5] - The expected credit loss provision for contract assets increased significantly to HKD 2,551 thousand in 2024 from HKD 40 thousand in 2023[37] - The company reported a decrease in trade and other payables by HKD 73,779 thousand in 2024 compared to a decrease of HKD 83,543 thousand in 2023[37] Shareholder and Governance - The company has a major shareholder, Yuanfeng, holding 75% of the issued share capital, which translates to 360,000,000 shares[82] - The company confirmed that it maintained sufficient public float as per listing rules throughout the review year[91] - There were no significant transactions or contracts involving directors or senior management that could impact the group's business during the review year[75] - The company has established a remuneration committee to review and recommend the remuneration policy for all directors and senior management based on market benchmarks[80] - The board of directors has undergone changes, with several members resigning and new appointments made on November 29, 2023[98] - The company has confirmed the independence of all independent non-executive directors as per the listing rules[98] Accounting Policies and Financial Instruments - Financial assets are primarily measured at fair value, with specific conditions outlined for amortized cost measurement[104] - The company has adopted a simplified approach for calculating expected credit losses based on historical loss experience and external indicators[112] - Contract liabilities are recognized when customers pay consideration before the company recognizes the related revenue[116] - The company has outlined its accounting policies regarding lease liabilities and financial assets in the report[108] - The group recognizes right-of-use assets and lease liabilities at the commencement date of the lease, with the cost of right-of-use assets including initial direct costs and estimated costs for dismantling and removing related assets[119] - The group reassesses lease liabilities based on revised lease terms and discounted rates at the effective date of the revision[121] Revenue Recognition - Revenue is recognized when control of the product transfers to the customer, typically upon delivery[150] - The company recognizes revenue when control of goods or services is transferred to customers, using the output method for gradual recognition based on the value of completed performance obligations[174] Risk Management and Provisions - The company reported a provision based on the present value of expected expenditures related to its obligations, using a pre-tax rate that reflects current market measures[190] - Contingent liabilities may arise from past events and are recognized only if future events, which are not fully controlled by the group, confirm their existence[192] - Deferred tax liabilities are generally recognized for all taxable temporary differences, while deferred tax assets are recognized for all deductible temporary differences and unused tax credits, subject to the likelihood of future taxable profits[195] Employee Benefits and Contributions - The company has a defined contribution retirement benefit plan, with contributions made based on a fixed percentage of employees' basic salaries[186] - The company participated in the Mandatory Provident Fund Scheme as per Hong Kong legislation but did not engage in any other pension plans during the review year[92] Corporate Social Responsibility - The company made charitable donations amounting to approximately HKD 14,000 in 2024, an increase from HKD 11,000 in 2023[52] - The company has arranged appropriate liability insurance for directors and staff against legal claims arising from corporate activities[178]