FF301 公司名稱: KFM金德控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年10月3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) | 03816 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,500,000,000 | HKD | | 0.1 HKD | | 450,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 4,500,000,000 | HKD | | 0.1 HKD | | 450,000,000 | 本月底法定/註冊股本總額： HKD 450,000,000 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的 ...

格隆汇9月29日丨KFM金德(03816.HK)公告，于2025年9月29日，公司的全资附属公司KPM Malaysia就 出售事项与KBT订立买卖协议，总价为211万令吉(相当于约390万港元)。 所出售资产为CNC生产机器，截至公告日期由KPM Malaysia拥有。KPM Malaysia主要为集团从事网络 及数据储存行业、医疗及测试设备行业的客户提供服务。截至2025年7月31日，该机器的账面净值约为 205万令吉(相当于约380万港元)。该机器由集团持有超过12个月。基于出售事项，董事预期集团将就出 售事项录得约5.5万令吉(相当于约10万港元)之未经审核税前收益，预期出售事项将产生所得款项净额约 211万令吉，此款项将增加集团之营运资金。 ...

公告称，KPM Malaysia主要从事精密金属制造业务，其使用的主要机器为金属冲压机。如上所述，该 等机器过往一直由KPM Malaysia用于为集团从事医疗及测试设备行业的客户提供服务。过去两年，集 团从事医疗及测试设备行业的客户的需求有所下降，而由于全球人工智能发展带动需求增加，使集团从 事网络及数据存储行业的客户的需求则有所上升。鉴于机器处于闲置状态，公司拟将机器出售予主要从 事CNC生产的KBT，使集团能够扩大其金属冲压生产的产能，以便专注于为网络及数据存储行业的客 户提供金属冲压生产服务。出售事项预期将产生所得款项净额210.81万令吉，从而增强集团的营运资 金。 KFM金德(03816)发布公告，于2025年9月29日(交易时段后)，公司的全资附属公司KPM Malaysia就出售 事项与KBT订立买卖协议，总价为210.81万令吉。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 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。 KFM KINGDOM HOLDINGS LIMITED KFM 金德控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3816） 關連交易 出售機器 出售事項 於2025年9月29日（交易時段後），本公司的全資附屬公司KPM Malaysia就出售 事項與KBT訂立買賣協議，總價為2,108,108令吉（相當於約3,900,000港元）。 上市規則的涵義 於本公告日期，KBT最終由孫先生全資擁有，孫先生為本公司董事會主席、執行 董事及其中一名控股股東。KBT為孫先生的聯繫人，因而根據上市規則第14A章 為本公司的關連人士。據此，根據上市規則第14A章，出售事項構成本公司的關 連交易。 由於出售事項的所有適用百分比率（定義見上市規則）超過0.1%但少於5%，因此 出售事項符合上市規則第14A.76(2)條的規定，僅須遵守上市規則第14A章項下申 報及公告規定，惟獲豁免遵守通函、獨立財務意見及股 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8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: KFM金德控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年9月2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) | 03816 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,500,000,000 | HKD | | 0.1 HKD | | 450,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 4,500,000,000 | HKD | | 0.1 HKD | | 450,000,000 | 本月底法 ...

| 引言 | | 1 股份、認股權證及修訂權利 8 更改股本 9 留置權 15 股份轉讓 18 股份的傳轉 20 沒收股份 21 註冊辦事處 38 38 管理層 49 49 儲備資本化 56 賬目 核數師 清盤 75 未能聯絡的股東 76 81 | | --- | --- | --- | | 文件銷毀 | | 77 | | 購回本公司證券 | | 12 | | 股東名冊及股票 | | 12 | | 認購權儲備 | | 78 | | 催繳股款 | | 16 | | | | | | 股東大會 | | 23 | | 股東大會的議事程序 | | 25 | | 股東投票 | | 32 | | 董事會 | | | | 董事的委任及輪值 | | 45 | | 借貸權力 | | 47 | | 董事總經理等 | | 48 | | 經理 | | | | 主席及其他高級人員 | | 50 | | 董事會的議事程序 | | 50 | | 會議記錄及公司記錄 | 53 | | | 秘書 | | 53 | | 公司印章的一般管理及使用 | | 54 | | 文件認證 | | 56 | | 股息及儲備 | | 58 | | 記錄日期 | ...

（於開曼群島註冊成立之有限公司） （股份代號：3816） 於2025年8月21日舉行之 股東週年大會投票表決結果 茲提述KFM金德控股有限公司（「本公司」）日期為2025年7月23日的通函（「通函」）。 除另有界定者外，本公告所用詞彙與通函所界定者具有相同涵義。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 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。 KFM KINGDOM HOLDINGS LIMITED KFM 金德控股有限公司 股東週年大會上，每項決議案均以投票方式表決。本公司謹此報告，孫國華先生、 尹錦滔先生及陳銘燊先生親身出席股東週年大會；鄭沅庭女士以電子方式出席股東 週年大會；黃志國先生因其他事務在身，未能出席股東週年大會。 投票表決結果載列如下： | | 普通決議案 | 票數(%) | | 股東通過 | | --- | --- | --- | --- | --- | | | | 贊成2 | 反對2 | | | 1. | 省覽及批准截至2025年3月31日止年 | 450,003 ...

FF301 公司名稱: KFM金德控股有限公司 (於開曼群島註冊成立之有限公司) 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) | 03816 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,500,000,000 | HKD | | 0.1 HKD | | 450,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 4,500,000,000 | HKD | | 0.1 HKD | | 450,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 III. ...

不會為今天的利益而放棄 我們的眼光是 長遠的 明天 www.kingdom.com.hk 年報 (Incorporated in the Cayman Islands with limited liability) (HKEx Stock Code: 3816) www.kingdom.com.hk Annual Report We cultivate for Our Goals are Far and High Tomorrow ANNUAL REPORT 2025 年報 （於開曼群島註冊成立之有限公司）（股份代號: 3816） 目錄 | 財務概要 | 2 | | --- | --- | | 公司資料 | 3 | | 主席報告書 | 4 | | 業務回顧 | 5 | | 企業管治報告 | 10 | | 環境、社會及管治報告 | 22 | | 董事簡歷 | 43 | | 董事會報告 | 46 | | 獨立核數師報告 | 57 | | 綜合損益及其他全面收益表 | 61 | | 綜合財務狀況表 | 62 | | 綜合權益變動表 | 64 | | 綜合現金流量表 | 65 | | 綜合財務報表附註 | 67 | ...

[Announcements and Company Information](index=1&type=section&id=Announcements%20and%20Company%20Information) This section outlines the annual results, proposed corporate governance updates, and the composition of the Board of Directors [Annual Results Announcement](index=1&type=section&id=Annual%20Results%20Announcement) KFM Kingdom Holdings Limited announced its consolidated results for the year ended March 31, 2025, with comparative data for 2024, and proposed amendments to its Articles of Association for paperless listing, electronic shareholder participation, and a new treasury share system - The company announced its consolidated results for the year ended March 31, 2025, with comparative data for 2024[2](index=2&type=chunk) - Proposed amendments to the Articles of Association reflect expanded paperless listing, electronic shareholder participation in general meetings and voting, a new treasury share system, and other internal revisions[2](index=2&type=chunk) [Board of Directors](index=1&type=section&id=Board%20of%20Directors) As of the announcement date, KFM Kingdom Holdings Limited's Board of Directors comprises Mr. Sun Kwok Wah (Chairman) and Mr. Wong Chi Kwok as executive directors, and Mr. Wan Kam To, Ms. Cheng Yuen Ting, and Mr. Chan Ming Shun as independent non-executive directors - Executive Directors include Mr. Sun Kwok Wah (Chairman) and Mr. Wong Chi Kwok[2](index=2&type=chunk) - Independent Non-executive Directors include Mr. Wan Kam To, Ms. Cheng Yuen Ting, and Mr. Chan Ming Shun[2](index=2&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated financial performance and position for the year ended March 31, 2025, including detailed statements of profit or loss and financial position [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, revenue significantly increased by **28.4%** to **HK$757,546 thousand**, driving a **64.1%** year-on-year profit increase to **HK$37,997 thousand**, with basic and diluted earnings per share rising from **3.87 HK cents** to **6.05 HK cents** Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 757,546 | 589,904 | 167,642 | 28.4% | | Cost of Sales | (620,267) | (482,641) | (137,626) | 28.5% | | Gross Profit | 137,279 | 107,263 | 30,016 | 28.0% | | Net Other Income | 11,308 | 12,031 | (723) | -6.0% | | Profit Before Tax | 44,436 | 32,643 | 11,793 | 36.1% | | Income Tax Expense | (6,439) | (9,496) | 3,057 | -32.2% | | Profit for the Year | 37,997 | 23,147 | 14,850 | 64.1% | | Profit Attributable to Owners of the Company | 36,329 | 23,238 | 13,091 | 56.3% | | Basic and Diluted EPS (HK cents) | 6.05 | 3.87 | 2.18 | 56.3% | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets increased to **HK$842,351 thousand**, with net current assets growing to **HK$297,111 thousand**; total equity rose **3.5%** to **HK$623,649 thousand**, while total liabilities increased **24.6%** to **HK$218,702 thousand**, primarily due to higher current liabilities Key Data from Consolidated Statement of Financial Position | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Total Non-current Assets | 333,923 | 346,965 | (13,042) | -3.8% | | Total Current Assets | 508,428 | 431,311 | 77,117 | 17.9% | | **Total Assets** | **842,351** | **778,276** | **64,075** | **8.2%** | | **Equity** | | | | | | Equity Attributable to Owners of the Company | 554,384 | 530,555 | 23,829 | 4.5% | | Non-controlling Interests | 69,265 | 72,243 | (2,978) | -4.1% | | **Total Equity** | **623,649** | **602,798** | **20,851** | **3.5%** | | **Liabilities** | | | | | | Total Non-current Liabilities | 7,385 | 7,480 | (95) | -1.3% | | Total Current Liabilities | 211,317 | 167,998 | 43,319 | 25.8% | | **Total Liabilities** | **218,702** | **175,478** | **43,224** | **24.6%** | | Net Current Assets | 297,111 | 263,313 | 33,798 | 12.8% | [Notes to the Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures regarding the accounting policies, significant estimates, and specific line items within the consolidated financial statements [General Information](index=6&type=section&id=General%20Information) KFM Kingdom Holdings Limited, incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange since 2012, primarily manufactures and sells high-precision metal stamping products, with its functional currency being HKD, while its Chinese and Malaysian subsidiaries use RMB and MYR, respectively - 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 October 15, 2012[7](index=7&type=chunk) - The Group is principally engaged in the manufacturing and sale of high-precision metal stamping products[7](index=7&type=chunk) - The company's functional currency is HKD, while its subsidiaries in China and Malaysia use RMB and MYR as their functional currencies, respectively[7](index=7&type=chunk) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA and comply with the disclosure requirements of the Hong Kong Listing Rules and the Hong Kong Companies Ordinance - The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants[8](index=8&type=chunk) - The statements also include applicable disclosures required by the Listing Rules and the Hong Kong Companies Ordinance[8](index=8&type=chunk) [Application of New and Revised Hong Kong Financial Reporting Standards](index=6&type=section&id=Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group adopted several new and revised HKFRSs for the first time this year, including amendments related to liability classification and supplier finance arrangements, which had no material impact on current or prior period financial performance or position, while the company is assessing the potential impact of HKFRS 18 on financial statement presentation and disclosure - The Group first applied new and revised standards such as HKFRS 16 (Amendments), HKAS 1 (Amendments), and HKAS 7 and HKFRS 7 (Amendments) during the current year[9](index=9&type=chunk)[10](index=10&type=chunk) - The application of effective amendments had no material impact on the Group's financial performance and position[10](index=10&type=chunk)[11](index=11&type=chunk) - HKFRS 18 (Presentation and Disclosure in Financial Statements) will be effective from January 1, 2027, and the company's directors are assessing its potential impact on the presentation and disclosure of the consolidated financial statements[12](index=12&type=chunk)[14](index=14&type=chunk) [Revenue](index=8&type=section&id=Revenue) The Group's revenue primarily derives from the sale of high-precision metal products to external customers, recognized at a point in time, totaling **HK$757,546 thousand** for the year ended March 31, 2025, with Southeast Asia being the largest contributor at approximately **66.1%** - Revenue represents sales of high-precision metal products to external customers, recognized at a point in time[15](index=15&type=chunk) Revenue by Geographical Region | Region | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Southeast Asia | 500,376 | 295,408 | | China | 178,355 | 184,070 | | Europe | 46,359 | 72,982 | | North America | 24,156 | 24,374 | | Others | 8,300 | 13,070 | | **Total** | **757,546** | **589,904** | [Net Other Income](index=9&type=section&id=Net%20Other%20Income) Net other income for the year ended March 31, 2025, was **HK$11,308 thousand**, a slight decrease from **HK$12,031 thousand** in the prior year, primarily due to lower gains from derecognition of right-of-use assets and related lease liabilities, partially offset by increased net exchange gains and government grants Details of Net Other Income | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Loss on disposal of property, plant and equipment | (46) | (785) | | Net exchange gains | 10,460 | 2,597 | | Gain on derecognition of right-of-use assets and related lease liabilities | — | 9,854 | | Government grants | 445 | 236 | | Others | 449 | 129 | | **Total** | **11,308** | **12,031** | - The decrease in net other income was mainly due to higher gains from derecognition of right-of-use assets and related lease liabilities in the prior year[17](index=17&type=chunk) - The increase in net exchange gains and government grants partially offset the decrease in net other income[17](index=17&type=chunk) [Profit Before Tax](index=9&type=section&id=Profit%20Before%20Tax) For the year ended March 31, 2025, profit before tax was **HK$44,436 thousand**, with major expenses including staff costs of **HK$142,270 thousand**, cost of inventories sold of **HK$619,260 thousand**, and depreciation of property, plant and equipment of **HK$20,996 thousand** Major Expenses for Profit Before Tax | Expense Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Staff costs | 142,270 | 121,961 | | Auditor's remuneration (audit services) | 980 | 950 | | Auditor's remuneration (non-audit services) | 270 | 270 | | Cost of inventories sold | 619,260 | 482,250 | | Depreciation of property, plant and equipment | 20,996 | 10,988 | | Depreciation of right-of-use assets | 7,223 | 18,094 | | Research and development costs | 18,330 | 18,873 | [Income Tax Expense](index=10&type=section&id=Income%20Tax%20Expense) For the year ended March 31, 2025, income tax expense was **HK$6,439 thousand**, a decrease from the prior year, with China's corporate income tax rate at **25%** (one subsidiary enjoying a **15%** preferential rate as a high-tech enterprise) and a **5%** withholding tax rate on dividends for Hong Kong-registered holding companies under the China-Hong Kong tax arrangement Details of Income Tax Expense | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current income tax — China | 4,712 | 6,137 | | Current income tax — Withholding tax | — | 3,165 | | Deferred income tax | (1,438) | 3,359 | | **Total** | **6,439** | **9,496** | - No provision for Hong Kong Profits Tax was made for the years ended March 31, 2025, and 2024, as there was no assessable profit[21](index=21&type=chunk) - The statutory corporate income tax rate in China is **25%**, with one Chinese subsidiary enjoying a **15%** preferential tax rate as a high-tech enterprise[22](index=22&type=chunk) - The withholding tax rate on dividends in China is **5%**, applicable to Hong Kong-registered holding companies that meet the conditions of the China-Hong Kong tax arrangement[23](index=23&type=chunk) [Earnings Per Share](index=11&type=section&id=Earnings%20Per%20Share) For the year ended March 31, 2025, profit attributable to owners of the company was **HK$36,329 thousand**, with basic and diluted earnings per share significantly increasing to **6.05 HK cents** from **3.87 HK cents** in the prior year, and diluted EPS being identical to basic EPS due to the absence of potential ordinary shares Earnings Per Share Data | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (HK$ Thousand) | 36,329 | 23,238 | | Weighted Average Number of Shares in Issue (Thousand Shares) | 600,000 | 600,000 | | Basic and Diluted EPS (HK cents per share) | 6.05 | 3.87 | - The company had no potential ordinary shares in issue for the years ended March 31, 2025, and 2024, thus diluted earnings per share were the same as basic earnings per share[24](index=24&type=chunk) [Dividends](index=11&type=section&id=Dividends) The Board of Directors recommends a final dividend of **1.3 HK cents** per share for the year ended March 31, 2025, an increase from **0.8 HK cents** per share in the prior year, subject to shareholder approval - The Board of Directors recommends a final dividend of **1.3 HK cents** per share for the year ended March 31, 2025[25](index=25&type=chunk) - The final dividend for the prior year was **0.8 HK cents** per share, paid in September 2024[25](index=25&type=chunk) [Property, Plant and Equipment](index=11&type=section&id=Property%20%2C%20Plant%20and%20Equipment) As of March 31, 2025, the total value of property, plant and equipment was **HK$242,775 thousand**, a decrease from the prior year, with additions of **HK$9,010 thousand** and depreciation of **HK$20,996 thousand** during the year Changes in Property, Plant and Equipment | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | At April 1 | 256,146 | 49,671 | | Additions | 9,010 | 37,709 | | Acquired on acquisition of subsidiaries | — | 175,569 | | Capitalized transaction costs | — | 7,734 | | Disposals | (256) | (1,083) | | Depreciation | (20,996) | (10,988) | | Exchange differences | (1,129) | (2,466) | | **At March 31** | **242,775** | **256,146** | [Inventories](index=12&type=section&id=Inventories) As of March 31, 2025, total inventories amounted to **HK$146,061 thousand**, an increase from **HK$102,855 thousand** in the prior year, with growth observed across raw materials, work-in-progress, and finished goods Details of Inventories | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Raw materials | 67,226 | 54,163 | | Work-in-progress | 16,966 | 11,087 | | Finished goods | 61,869 | 37,605 | | **Total** | **146,061** | **102,855** | [Trade and Other Receivables](index=12&type=section&id=Trade%20and%20Other%20Receivables) As of March 31, 2025, total trade and other receivables amounted to **HK$180,153 thousand**, an increase from the prior year, with the Group generally granting credit terms of **30 to 120 days** and holding no collateral for these balances Ageing Analysis of Trade and Other Receivables | Ageing | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 3 months | 157,465 | 139,265 | | 3 to 6 months | 21,788 | 3,797 | | 6 months to 1 year | 859 | 1,541 | | 1 to 2 years | 41 | 414 | | **Total** | **180,153** | **145,017** | - The Group generally grants credit terms of **30 to 120 days** and holds no collateral for these balances[28](index=28&type=chunk)[29](index=29&type=chunk) [Share Capital and Share Premium](index=13&type=section&id=Share%20Capital%20and%20Share%20Premium) As of March 31, 2025, the company's authorized share capital was **HK$450,000 thousand**, with issued and fully paid share capital of **HK$60,000 thousand** and share premium of **HK$26,135 thousand**, totaling **HK$86,135 thousand**, remaining unchanged from the prior year Share Capital and Share Premium | Item | Number of Shares | Share Capital (HK$ Thousand) | Share Premium (HK$ Thousand) | Total (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | Authorized Share Capital (par value HK$0.1 per share) | 4,500,000,000 | 450,000 | — | — | | Issued and Fully Paid (as at March 31, 2025) | 600,000,000 | 60,000 | 26,135 | 86,135 | [Trade and Other Payables](index=13&type=section&id=Trade%20and%20Other%20Payables) As of March 31, 2025, total trade and other payables amounted to **HK$128,235 thousand**, an increase from the prior year, comprising trade payables of **HK$113,990 thousand** and accrued expenses and other payables of **HK$14,245 thousand** Details of Trade and Other Payables | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade payables | 113,990 | 87,248 | | Accrued expenses and other payables | 14,245 | 26,659 | | **Total** | **128,235** | **113,907** | Ageing Analysis of Trade Payables | Ageing | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 3 months | 113,848 | 87,056 | | 3 to 6 months | 4 | 9 | | 6 months to 1 year | 69 | 9 | | 1 to 2 years | 69 | 174 | | **Total** | **113,990** | **87,248** | - The average credit period for purchases of goods ranges from **30 to 90 days**[31](index=31&type=chunk) [Commitments](index=14&type=section&id=Commitments) As of March 31, 2025, the Group's total capital commitments authorized or contracted but not provided for amounted to **HK$1,324 thousand**, primarily for plant and machinery Capital Commitments | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Plant and machinery | 1,324 | 296 | | Leasehold improvements | — | 51 | | **Total** | **1,324** | **347** | [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the Group's financial performance, liquidity, capital resources, business operations, future strategies, and human resources for the reporting period [Review of Financial Performance](index=15&type=section&id=Review%20of%20Financial%20Performance) The Group's revenue grew **28.4%** to **HK$757.5 million** this year, driven by increased revenue from network and data storage industry clients due to AI demand; gross profit increased **28.0%**, though gross margin slightly declined to **18.1%**; net profit significantly rose to **HK$38.0 million**, despite higher general and administrative expenses from initial operating costs at Malaysian and Suzhou plants - Revenue grew **28.4%** to **HK$757.5 million**, primarily driven by increased revenue from network and data storage industry clients due to rising global AI demand[33](index=33&type=chunk)[55](index=55&type=chunk) - Gross profit increased **28.0%** to **HK$137.3 million**, while the gross margin slightly decreased by **0.1%** to **18.1%**[36](index=36&type=chunk)[56](index=56&type=chunk) - Net profit for the year was approximately **HK$38.0 million**, a significant increase from **HK$23.1 million** in the prior year, mainly attributable to increased revenue and gross profit[42](index=42&type=chunk)[56](index=56&type=chunk) - General and administrative expenses increased to **HK$98.6 million**, primarily due to initial operating costs at the Malaysian production base and Suzhou plant[39](index=39&type=chunk)[56](index=56&type=chunk) [Revenue](index=15&type=section&id=Revenue_MD%26A) - Revenue for the year was approximately **HK$757.5 million**, an increase of **28.4%** from the prior year, mainly driven by increased revenue from network and data storage industry clients due to rising global AI demand[33](index=33&type=chunk) - Southeast Asia, China, Europe, and North America were the main markets, accounting for approximately **66.1%**, **23.5%**, **6.1%**, and **3.2%** of revenue, respectively[33](index=33&type=chunk) [Cost of Sales](index=15&type=section&id=Cost%20of%20Sales_MD%26A) Details of Cost of Sales | Item | 2025 (HK$ Thousand) | % of Total | 2024 (HK$ Thousand) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Direct materials | 487,532 | 78.6 | 310,441 | 64.3 | | Direct labor | 96,356 | 15.5 | 82,141 | 17.0 | | Processing fees | 30,542 | 4.9 | 22,421 | 4.7 | | Change in inventories | (30,144) | (4.8) | 26,133 | 5.4 | | Other direct expenses | 35,981 | 5.8 | 41,505 | 8.6 | | **Total** | **620,267** | **100.0** | **482,641** | **100.0** | - Cost of sales increased by **28.5%** to **HK$620.3 million** compared to the prior year, mainly due to increased revenue[34](index=34&type=chunk) - Cost of sales as a percentage of total revenue slightly increased by **0.1%** to **81.9%**[35](index=35&type=chunk) [Gross Profit and Gross Margin](index=16&type=section&id=Gross%20Profit%20and%20Gross%20Margin_MD%26A) - Gross profit increased by **28.0%** to **HK$137.3 million**, primarily due to increased revenue from network and data storage industry clients[36](index=36&type=chunk) - The overall gross margin slightly decreased from approximately **18.2%** in the prior year to approximately **18.1%** for the current year[36](index=36&type=chunk) [Net Other Income](index=16&type=section&id=Net%20Other%20Income_MD%26A) - Net other income slightly decreased to **HK$11.3 million**, mainly due to a reduction in gains from derecognition of right-of-use assets and related lease liabilities in the prior year[37](index=37&type=chunk) - Increased net exchange gains from RMB fluctuations and higher government grants partially offset the decrease in net other income[37](index=37&type=chunk) [Distribution and Selling Expenses](index=16&type=section&id=Distribution%20and%20Selling%20Expenses_MD%26A) - Distribution and selling expenses slightly increased by **HK$0.4 million** to **HK$7.1 million**, primarily comprising salaries for sales and marketing personnel, travel, and transportation costs[38](index=38&type=chunk) [General and Administrative Expenses](index=16&type=section&id=General%20and%20Administrative%20Expenses_MD%26A) - General and administrative expenses increased to **HK$98.6 million**, mainly due to increased initial operating costs at the Malaysian production base and Suzhou plant[39](index=39&type=chunk) [Finance Costs](index=17&type=section&id=Finance%20Costs_MD%26A) - Finance costs decreased to **HK$2.1 million**, primarily due to a reduction in the average balance of lease liabilities[40](index=40&type=chunk) [Income Tax Expense](index=17&type=section&id=Income%20Tax%20Expense_MD%26A) - Income tax expense was approximately **HK$6.4 million**, a decrease from **HK$9.5 million** in the prior year[41](index=41&type=chunk) [Profit Attributable to Owners of the Company](index=17&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Company_MD%26A) - Profit attributable to owners of the company was approximately **HK$36.3 million**, an increase from **HK$23.2 million** in the prior year, mainly due to increased revenue and gross profit[42](index=42&type=chunk) [Liquidity, Financial and Capital Resources](index=17&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) The Group's total current assets increased to **HK$508.4 million**, representing **60.4%** of total assets; the capital structure shows a total debt-to-equity ratio rising to **12.1%** due to increased bank borrowings; operations and capital expenditures are primarily funded by internal cash flows and bank borrowings, with foreign exchange risk managed through close monitoring of currency fluctuations, and no significant contingent liabilities or subsequent events at period-end - Total current assets as of March 31, 2025, were approximately **HK$508.4 million**, accounting for approximately **60.4%** of total assets[43](index=43&type=chunk) - The total debt-to-equity ratio increased from **8.2%** to **12.1%**, mainly due to an increase in bank borrowings[44](index=44&type=chunk) - The Group primarily funds its operations and capital expenditures through internally generated cash flows and bank borrowings[45](index=45&type=chunk)[48](index=48&type=chunk) - The Group closely monitors foreign currency exchange rate fluctuations to manage its foreign exchange risk[51](index=51&type=chunk) - As of March 31, 2025, the Group had no significant contingent liabilities or subsequent events[53](index=53&type=chunk)[54](index=54&type=chunk) [Financial Resources and Liquidity](index=17&type=section&id=Financial%20Resources%20and%20Liquidity) - Total current assets as of March 31, 2025, were approximately **HK$508.4 million**, accounting for approximately **60.4%** of total assets[43](index=43&type=chunk) [Capital Structure](index=18&type=section&id=Capital%20Structure) Capital Structure Overview | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Bank borrowings | 75,600 | 49,500 | | Total debt | 75,600 | 49,500 | | Shareholders' equity | 623,649 | 602,798 | | Total debt to shareholders' equity ratio | 12.1% | 8.2% | - The Group's bank borrowings are denominated in RMB[46](index=46&type=chunk) [Capital Expenditure](index=18&type=section&id=Capital%20Expenditure) - Purchases of plant and machinery during the year amounted to approximately **HK$9.0 million**, a decrease from **HK$37.7 million** in the prior year[47](index=47&type=chunk) - Capital expenditures are funded through cash flows from operating activities, finance leases, and bank borrowings[48](index=48&type=chunk) [Pledge of the Group's Assets](index=18&type=section&id=Pledge%20of%20the%20Group%27s%20Assets) - As of March 31, 2025, and 2024, the Group had no bank borrowings secured by the Group's assets[49](index=49&type=chunk) [Foreign Currency Risk](index=19&type=section&id=Foreign%20Currency%20Risk) - The Group primarily operates in Hong Kong, China, and Malaysia, facing foreign exchange risk from RMB, MYR, and USD[50](index=50&type=chunk) - The Group closely monitors foreign currency exchange rate fluctuations to manage its foreign exchange risk[51](index=51&type=chunk) [Commitments](index=19&type=section&id=Commitments_MD%26A) - Details of the Group's capital commitments as of March 31, 2025, are set out in Note 15 to this annual results announcement[52](index=52&type=chunk) [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) - As of March 31, 2025, the Group had no significant contingent liabilities[53](index=53&type=chunk) [Subsequent Events](index=19&type=section&id=Subsequent%20Events) - There were no significant subsequent events for the Group up to the date of these consolidated financial statements[54](index=54&type=chunk) [Business Review](index=19&type=section&id=Business%20Review) Despite complex geopolitical and global economic challenges, the Group's revenue grew **28.4%** to **HK$757.5 million**, primarily driven by increased revenue from network and data storage industry clients due to AI demand; both gross profit and net profit increased, but general and administrative expenses rose due to initial operating costs at the Malaysian and Suzhou plants - Global geopolitical tensions, high interest rates, and rising energy costs led to a deteriorating business environment and weak market demand[55](index=55&type=chunk) - Revenue increased by **28.4%** to **HK$757.5 million**, mainly due to rising global AI demand, leading to increased revenue from clients in the network and data storage industry[55](index=55&type=chunk) - Gross profit increased by **28.0%** to **HK$137.3 million**, and net profit was approximately **HK$38.0 million**, primarily due to increased revenue and gross profit[56](index=56&type=chunk) - General and administrative expenses increased to **HK$98.6 million**, mainly due to rising operating costs at the Malaysian production base and Suzhou plant[56](index=56&type=chunk) [Prospects and Strategies](index=20&type=section&id=Prospects%20and%20Strategies) Facing a challenging global economic outlook and geopolitical uncertainties, the Group plans to expand and increase investment in its Malaysian overseas production base to offer supply chain solutions outside China and attract new clients, while also maintaining strong relationships with existing customers and seeking new long-term sustainable business opportunities to enhance performance and shareholder value - The global economic outlook is challenging, with geopolitical tensions and tariff policies continuing to disrupt global supply chains[57](index=57&type=chunk) - The Group intends to expand and increase investment in its Malaysian overseas production base to provide supply chain solutions outside China and attract new clients[57](index=57&type=chunk) - The Group will strive to maintain good relationships with existing customers, actively seek new clients, and explore new long-term and sustainable business opportunities[58](index=58&type=chunk) [Employees and Remuneration Policy](index=21&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group had **1,209** full-time employees, an increase from the prior year, with remuneration determined by individual qualifications, contributions, performance, and years of service; the Group continuously provides training and maintains good employee relations, with no significant labor disputes during the year - As of March 31, 2025, the Group had a total of **1,209** full-time employees (2024: **946** employees)[59](index=59&type=chunk) - Remuneration packages are determined based on individual employees' qualifications, contributions to the Group, performance, and years of service[59](index=59&type=chunk) - The Group continuously provides training to its employees and maintains good relationships, with no strikes or other labor disputes that would impact operations during the year[59](index=59&type=chunk) [Other Information](index=21&type=section&id=Other%20Information) This section covers additional corporate information, including dividend proposals, share registration closures, corporate governance practices, auditor's scope of work, and proposed amendments to the company's Articles of Association [Final Dividend](index=21&type=section&id=Final%20Dividend) The Board of Directors recommends a final dividend of **1.3 HK cents** per share for the year ended March 31, 2025, an increase from **0.8 HK cents** in the prior year, payable on or about September 15, 2025, subject to shareholder approval at the Annual General Meeting - The Board of Directors recommends a final dividend of **1.3 HK cents** per share for the year ended March 31, 2025 (2024: **0.8 HK cents** per share)[61](index=61&type=chunk) - The final dividend is subject to approval by shareholders at the Annual General Meeting to be held on August 21, 2025[61](index=61&type=chunk) [Closure of Register of Members](index=22&type=section&id=Closure%20of%20Register%20of%20Members) To determine shareholders' entitlement to attend and vote at the Annual General Meeting, the register of members will be closed from August 18 to August 21, 2025; to determine shareholders' entitlement to the proposed final dividend, the register of members will be closed from August 27 to August 28, 2025 - To ascertain shareholders' entitlement to attend and vote at the Annual General Meeting, the register of members will be closed from August 18 to August 21, 2025[62](index=62&type=chunk) - To qualify for the proposed final dividend, the register of members will be closed from August 27 to August 28, 2025[62](index=62&type=chunk) [Corporate Governance](index=22&type=section&id=Corporate%20Governance) The company confirms compliance with the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period, except for the chairman and chief executive officer roles being held by the same person, which the Board believes ensures consistent leadership, enhances revenue generation, and optimizes operational efficiency, with the Board's independence ensuring a balance of power - The company has complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules, except for the roles of Chairman and Chief Executive Officer being held by Mr. Sun Kwok Wah, deviating from Code Provision C.2.1[63](index=63&type=chunk) - The Board believes this arrangement facilitates consistent leadership to advance long-term strategies and further enhances revenue generation capabilities and optimizes operational efficiency[63](index=63&type=chunk) - The Board comprises two executive directors and three independent non-executive directors, demonstrating strong independence to ensure a balance of power and authority[64](index=64&type=chunk) [Standard Code for Securities Transactions by Directors](index=23&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company's adopted code for directors' securities transactions is identical to the Standard Code in Appendix C3 of the Listing Rules, and the Board confirms full compliance by all directors during the year and up to the announcement date - The terms of the code adopted by the company for directors' securities transactions are the same as the Standard Code set out in Appendix C3 of the Listing Rules[65](index=65&type=chunk) - The Board confirms that all directors have fully complied with the Standard Code during the year and up to the date of this annual results announcement[65](index=65&type=chunk) [Review of Accounts](index=23&type=section&id=Review%20of%20Accounts) The company's Audit Committee has reviewed the Group's adopted accounting policies and the consolidated financial statements for the year - The company's Audit Committee has reviewed the accounting policies adopted by the Group and the Group's consolidated financial statements for the year[66](index=66&type=chunk) [Scope of Work of the Auditor](index=24&type=section&id=Scope%20of%20Work%20of%20the%20Auditor) The Group's auditor, Shinewing (HK) CPA Limited, has reconciled the figures in the consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, and related notes in this annual results announcement with the audited consolidated financial statements, but this work does not constitute an assurance engagement, and therefore no assurance opinion has been expressed - The Group's auditor, Shinewing (HK) CPA Limited, has reconciled the figures in the consolidated financial statements contained in this annual results announcement with the audited consolidated financial statements[67](index=67&type=chunk) - The work performed by the auditor does not constitute an assurance engagement, and therefore no assurance opinion has been expressed on this annual results announcement[67](index=67&type=chunk) [Material Acquisitions and Disposals](index=24&type=section&id=Material%20Acquisitions%20and%20Disposals) During the year, the Group did not undertake any material disposals or acquisitions of subsidiaries and associated corporations - During the year, the Group did not undertake any disposals or acquisitions of subsidiaries and associated corporations[68](index=68&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=24&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) During the year, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities, nor did the company hold any treasury shares - During the year, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[69](index=69&type=chunk) - The company did not hold any treasury shares during the year[69](index=69&type=chunk) [Publication of Results Announcement and Annual Report](index=24&type=section&id=Publication%20of%20Results%20Announcement%20and%20Annual%20Report) This annual results announcement has been published on the company's website and the Stock Exchange's website, and the 2025 annual report will be dispatched to shareholders and posted on the aforementioned websites in due course - This annual results announcement is published on the company's website (www.kingdom.com.hk) and the Stock Exchange's website (www.hkexnews.hk)[70](index=70&type=chunk) - The 2025 annual report will be dispatched to the company's shareholders and posted on the aforementioned websites in due course[70](index=70&type=chunk) [Proposed Amendments to the Company's Articles of Association](index=24&type=section&id=Proposed%20Amendments%20to%20the%20Company%27s%20Articles%20of%20Association) The Board proposes amending the existing Articles of Association to reflect expanded paperless listing, electronic shareholder participation, a new treasury share system, and other internal adjustments; due to the numerous amendments, the Board recommends adopting a new amended and restated Articles of Association, which will take effect upon approval by shareholders via a special resolution at the upcoming Annual General Meeting - The Board proposes to amend the company's existing Articles of Association to reflect expanded paperless listing, electronic shareholder participation in general meetings and voting, a new treasury share system, and other internal revisions[71](index=71&type=chunk) - Due to the number of proposed amendments, the Board recommends adopting the company's second amended and restated Articles of Association to replace and supersede the existing Articles of Association[72](index=72&type=chunk) - The adoption of the new Articles of Association is subject to approval by shareholders via a special resolution at the upcoming Annual General Meeting[72](index=72&type=chunk)