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 公司名稱: 電訊首科控股有限公司 呈交日期: 2025年8月1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) | 03997 | 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 | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,00 ...

[Chairman's Report](index=5&type=section&id=Chairman%27s%20Report) The group experienced a significant decline in revenue and gross profit in FY2025, leading to an increased annual loss, primarily due to intense market competition and an impairment loss on investment properties FY2025 Performance Overview | Indicator | FY2025 (HKD) | FY2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. 44,223,000 | Approx. 54,387,000 | -18.7% | | Gross Profit | Approx. 3,532,000 | Approx. 11,251,000 | -68.6% | | Annual Loss | Approx. 13,405,000 | Approx. 9,174,000 | +46.1% | - The decline in performance was primarily due to intense competition in the mobile and consumer electronics repair service market, leading to **reduced repair service revenue**. Additionally, a **narrower gross profit margin** and an **impairment loss on investment properties** exacerbated the **annual loss**[9](index=9&type=chunk) - Despite volatile macroeconomic conditions and intensified market competition, the Group remains focused on delivering quality services and strengthening customer relationships. Looking ahead, the Group is optimistic about the long-term demand for electronic and mobile devices and will actively explore new business opportunities for diversification[10](index=10&type=chunk)[11](index=11&type=chunk) [Chief Executive's Report](index=7&type=section&id=Chief%20Executive%27s%20Report) The report highlights global and local economic volatility, increased industry competition, and the Group's strategic focus on operational efficiency and service quality - During the reporting period, global and local economic volatility, monetary tightening, geopolitical tensions, and stock market fluctuations challenged the business environment, intensifying industry competition and generally narrowing retail gross margins[15](index=15&type=chunk) - Faced with uncertainties, the Group focused on core strengths and long-term strategies, prioritizing improved operational efficiency and service quality. The Group is cautiously optimistic about the future, anticipating new growth opportunities from advancements in 5G and artificial intelligence[15](index=15&type=chunk) - Moving forward, the Group will strive to streamline operations and manage costs to enhance productivity, while exploring new value-added services and business opportunities to achieve diversified operations and sustainable profitability goals[16](index=16&type=chunk)[17](index=17&type=chunk) [Management Discussion and Analysis](index=8&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, and details on financial assets, liquidity, and employee policies [Industry Overview](index=8&type=section&id=Industry%20Overview) The global smartphone market grew in 2024, driven by mid-to-low-end models, while Hong Kong's repair and refurbishment market remains highly competitive - The global smartphone market experienced overall growth in 2024, primarily driven by strong demand for mid-to-low-end phones in China and emerging markets[20](index=20&type=chunk) - The Hong Kong mobile phone repair and refurbishment market is highly competitive, but the Group maintains its market position through industry experience, customer relationships, and a skilled technical team[20](index=20&type=chunk) [Business Review](index=8&type=section&id=Business%20Review) In the current fiscal year, the Group's revenue decreased by 18.7% to approximately HKD 44.22 million, gross profit fell to approximately HKD 3.53 million, and annual loss expanded to approximately HKD 13.41 million, primarily due to reduced repair service revenue, narrower gross margins, and impairment losses on investment properties FY2025 Key Performance Indicators | Indicator | FY2025 (HKD) | FY2024 (HKD) | | :--- | :--- | :--- | | Revenue | Approx. 44,223,000 | Approx. 54,387,000 | | Gross Profit | Approx. 3,532,000 | Approx. 11,251,000 | | Annual Loss | Approx. 13,405,000 | Approx. 9,174,000 | [Financial Review](index=8&type=section&id=Financial%20Review) The Group's total revenue decreased this fiscal year, mainly due to an 18.8% reduction in repair service income, while sales costs decreased by 5.7% Revenue Composition | Revenue Category | FY2025 (HKD) | FY2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Repair Service Revenue | 44,019,000 | 54,195,000 | -18.8% | | Sales of Accessories and Support Services | 204,000 | 192,000 | +6.3% | Cost of Sales Composition | Cost Category | FY2025 (HKD) | FY2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Total Cost of Sales | 40,691,000 | 43,136,000 | -5.7% | | Cost of Inventories Sold | 12,470,000 | 13,474,000 | -7.5% | | Direct Labor Costs | 28,221,000 | 29,662,000 | -4.9% | - The **annual loss expanded to HKD 13.41 million**, primarily due to a **significant decrease in gross profit** and an **increase in impairment loss on investment properties to HKD 4.89 million**. Positive factors included a **one-off gain of HKD 1.45 million from the disposal of financial assets** and no fair value change loss on financial assets this year (compared to a loss of HKD 4.75 million last year)[28](index=28&type=chunk) [Investment in Financial Assets](index=10&type=section&id=Investment%20in%20Financial%20Assets) As of March 31, 2025, the Group had sold all its financial assets, specifically 39,440 shares of HKEX, realizing a gain of approximately HKD 1.45 million Financial Asset Disposal Details (HKEX 00388.HK) | Indicator | Amount (HKD thousands) | | :--- | :--- | | Investment Cost | 15,785 | | Fair Value as of March 31, 2024 | 8,984 | | Gain on Disposal for the Year Ended March 31, 2025 | 1,448 | [Liquidity and Financial Resources](index=10&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group maintained a sound liquidity position with approximately HKD 18.76 million in current assets and HKD 6.39 million in current liabilities Liquidity Indicators (as of March 31, 2025) | Indicator | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Current Assets | 18,758,000 | 31,370,000 | | Current Liabilities | 6,392,000 | 12,639,000 | | Cash and Cash Equivalents | 5,702,000 | 3,811,000 | | Unutilized Banking Facilities | 10,200,000 | - | [Employees and Remuneration Policy](index=11&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group employed 93 full-time employees, a decrease from 109 last year, with remuneration based on performance, experience, and market standards - As of March 31, 2025, the Group's number of full-time employees was **93**, a decrease of **16** from **109** in 2024[38](index=38&type=chunk) [Directors and Senior Management](index=12&type=section&id=Directors%20and%20Senior%20Management) This section provides detailed biographies of the company's board members and senior management, including their roles, professional backgrounds, and academic qualifications - This section details the personal biographies of the company's board members and senior management, including their age, position, responsibilities, professional background, academic qualifications, and appointments within the Group and other companies[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) [Corporate Governance Report](index=15&type=section&id=Corporate%20Governance%20Report) This report outlines the Group's corporate governance framework, including the board of directors, various committees, accountability, audit functions, and shareholder rights [Board of Directors](index=15&type=section&id=Board%20of%20Directors) The Board comprises three non-executive, one executive, and three independent non-executive directors, meeting listing rule requirements, with distinct roles for Chairman and CEO - The Board currently consists of **7 members**, including **3 non-executive directors**, **1 executive director**, and **3 independent non-executive directors**, complying with listing rules requiring at least one-third independent non-executive directors[52](index=52&type=chunk) - The roles of Chairman (Mr. Cheung King Shek) and Chief Executive Officer (Mr. Cheung King Fung) are held by different individuals, in compliance with the Corporate Governance Code[59](index=59&type=chunk) - During the reporting period, Independent Non-Executive Director Ms. Kwok Yuen Man resigned, and Ms. Wong Wai Yee was appointed to ensure the company's continued compliance with listing rules regarding board composition, audit committee membership, and gender diversity[57](index=57&type=chunk)[58](index=58&type=chunk) [Board Committees](index=19&type=section&id=Board%20Committees) The company has established Audit, Remuneration, and Nomination Committees, all composed of independent non-executive directors, to oversee financial reporting, compensation, and board structure - The Audit Committee comprises **three independent non-executive directors**, with Mr. Cho Ka Yee as Chairman, primarily responsible for reviewing financial statements, monitoring internal control systems, and recommending external auditors[67](index=67&type=chunk)[68](index=68&type=chunk) - The Remuneration Committee consists of **three independent non-executive directors**, with Mr. Fong Ping as Chairman, responsible for advising the Board on remuneration policies and structures for directors and senior management[69](index=69&type=chunk)[70](index=70&type=chunk) - The Nomination Committee is primarily composed of independent non-executive directors, responsible for reviewing the Board's structure, size, and composition, and making recommendations on director appointments and succession planning[73](index=73&type=chunk) [Accountability and Audit](index=25&type=section&id=Accountability%20and%20Audit) The Board affirms its responsibility for preparing true and fair financial statements on a going concern basis, with external audit services provided by Shinewing (HK) CPA Limited Auditor's Remuneration (Reporting Period) | Service Type | Fee (HKD) | | :--- | :--- | | Audit Services | Approx. 530,000 | | Non-Audit Services | Approx. 130,000 | - The Board is responsible for preparing true and fair consolidated financial statements on a going concern basis[89](index=89&type=chunk) - The Board has reviewed the effectiveness of the Group's internal control systems, covering financial, operational, and compliance controls, and considers them effective and adequate[93](index=93&type=chunk)[94](index=94&type=chunk) [Shareholders' Rights](index=29&type=section&id=Shareholders%27%20Rights) This report clarifies shareholders' key rights, including procedures for convening general meetings and nominating individuals for election as directors - Shareholders holding not less than **one-tenth of the company's paid-up capital** have the right to request the Board to convene an extraordinary general meeting in writing[99](index=99&type=chunk) - Shareholders have the right to nominate individuals for election as directors at general meetings, subject to specific written notice procedures within designated deadlines[100](index=100&type=chunk) [Environmental, Social and Governance Report](index=30&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This report details the Group's commitments and performance in environmental protection, employment practices, operational conduct, and key performance indicators [Environmental Protection](index=34&type=section&id=Environmental%20Protection) The Group is committed to environmental protection, adhering to regulations, managing emissions and waste, conserving resources, and addressing climate change risks - Greenhouse gas emissions primarily originate from **Scope 2 (purchased electricity)** and **Scope 3 (waste paper disposal)**, with the Group implementing energy-saving and waste paper recycling measures to reduce emissions[125](index=125&type=chunk) - The Group classifies and manages waste, recycling general office waste and waste paper, and entrusting hazardous waste (e.g., batteries, electronic waste) to qualified companies for proper disposal[126](index=126&type=chunk)[127](index=127&type=chunk) - The Group has established a framework for addressing climate change, with the Board overseeing climate-related risks and developing internal guidelines and contingency plans for extreme weather events like typhoons and heavy rain[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk) [Employment and Labor Practices](index=38&type=section&id=Employment%20and%20Labor%20Practices) The Group prioritizes employee rights, adheres to labor laws, implements non-discriminatory employment policies, and provides comprehensive health, safety, and training programs - The Group strictly complies with labor laws such as the **Employment Ordinance**, adopts a **zero-tolerance non-discrimination policy**, and prevents illegal child labor through identity document verification[137](index=137&type=chunk) - The Group is committed to ensuring employee health and safety, establishing emergency measures, and distributing safety leaflets covering electrical safety, fire prevention, and proper working postures. No work-related fatalities have been reported in the past three years[141](index=141&type=chunk)[142](index=142&type=chunk) - The Group provides employees with induction training, brand-oriented skills training, and customer service training to enhance professional skills and service quality[143](index=143&type=chunk) [Operating Practices](index=40&type=section&id=Operating%20Practices) The Group focuses on supply chain management, product quality, customer privacy, and anti-corruption in its operations, ensuring ethical and responsible business conduct - **Supply Chain Management**: The Group has supplier approval and evaluation procedures, prioritizing environmental protection, employee management, and social governance performance, and prefers local or nearby suppliers to reduce carbon footprint[145](index=145&type=chunk)[146](index=146&type=chunk) - **Product Quality and Customer Service**: Procedures include incoming inspection, segregation of non-conforming products, and customer complaint handling. No product recalls due to safety or health reasons, nor any product quality-related complaints, were received this year[147](index=147&type=chunk) - **Anti-Corruption**: The Group strictly complies with the **Prevention of Bribery Ordinance**, implementing internal guidelines, codes of conduct, and reporting channels. No corruption-related legal proceedings against the Group or its employees were reported this year[150](index=150&type=chunk)[151](index=151&type=chunk) [Key Performance Indicators](index=43&type=section&id=Key%20Performance%20Indicators) This section quantifies the Group's environmental and social performance, showing decreases in greenhouse gas emissions and energy consumption, but an increase in hazardous waste generated Environmental Key Performance Indicators | Environmental Indicator | 2024/25 | 2023/24 | | :--- | :--- | :--- | | Total Greenhouse Gas Emissions (tonnes of CO2 equivalent) | 107 | 120 | | Total Hazardous Waste Generated (kg) | 45 | 0 | | Total Non-Hazardous Waste Generated (tonnes) | 29 | 30 | | Total Energy Consumption (MWh) | 267 | 287 | | Total Plastic Consumption (kg) | 1,062 | 2,113 | Social Key Performance Indicators | Social Indicator | 2024/25 | 2023/24 | | :--- | :--- | :--- | | Total Employees (Hong Kong) | 139 | 289 | | - Full-time | 89 | 105 | | - Part-time | 50 | 184 | | Employee Turnover Rate (Hong Kong) | 114% | 45% | | Number of Suppliers (Hong Kong) | 63 | 78 | [Directors' Report](index=52&type=section&id=Directors%27%20Report) This report covers the Group's principal risks, dividend policy, concentration of major customers and suppliers, and details of connected transactions [Principal Risks and Uncertainties](index=53&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces key risks including market competition, technological changes, cybersecurity threats, regulatory compliance, strategic growth, and financial exposures - The Group has identified five major risks: - **Market Risk**: Intense industry competition with widespread after-sales service support[173](index=173&type=chunk) - **Technology Risk**: Operations rely on technological innovation and face cybersecurity threats[174](index=174&type=chunk) - **Regulatory and Legal Risk**: Business must comply with laws and regulations across multiple jurisdictions[175](index=175&type=chunk) - **Strategic Risk**: Existing business model targets growth, involving internal expansion or external acquisitions[176](index=176&type=chunk) - **Financial Risk**: Detailed in Note 6 to the consolidated financial statements[177](index=177&type=chunk)[178](index=178&type=chunk) [Dividend Policy](index=54&type=section&id=Dividend%20Policy) The company has adopted a dividend policy where declarations are determined by the Board based on performance, financial position, and future needs, with no preset payout ratio - This fiscal year, the Board declared a **second-quarter dividend of HKD 0.02 per share** on November 28, 2024, and a **fourth-quarter dividend of HKD 0.02 per share** on June 27, 2025[182](index=182&type=chunk) [Major Customers and Suppliers](index=62&type=section&id=Major%20Customers%20and%20Suppliers) The Group exhibits high customer and supplier concentration, with the top five customers accounting for 58.4% of total revenue and the top five suppliers for 99.8% of inventory costs Customer and Supplier Concentration | Category | Percentage | | :--- | :--- | | Top Five Customers' Share of Revenue | 58.4% | | Largest Customer's Share of Revenue | 25.5% | | Top Five Suppliers' Share of Inventory Costs | 99.8% | | Largest Supplier's Share of Inventory Costs | 80.0% | [Connected Transactions](index=62&type=section&id=Connected%20Transactions) The Group's connected transactions primarily involve Telecom Digital Holdings Limited and its subsidiaries, with actual transaction amounts exceeding HKD 3 million this fiscal year - The actual amount of connected transactions with Telecom Digital Holdings Group for this fiscal year was approximately **HKD 3,452,000** (2023/24: approximately HKD 4,046,000)[218](index=218&type=chunk) - The independent non-executive directors have reviewed the continuing connected transactions and confirmed that they were entered into in the ordinary course of the Group's business on normal commercial terms, in the overall interest of shareholders[219](index=219&type=chunk)[221](index=221&type=chunk) [Independent Auditor's Report](index=65&type=section&id=Independent%20Auditor%27s%20Report) Shinewing (HK) CPA Limited, the auditor, confirms that the consolidated financial statements fairly represent the Group's financial position and performance in accordance with HKFRS and the Hong Kong Companies Ordinance - The auditor, Shinewing (HK) CPA Limited, believes that the consolidated financial statements truly and fairly reflect the Group's consolidated financial position as of March 31, 2025, and its financial performance and cash flows for the year then ended, and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance[230](index=230&type=chunk) - A key audit matter is the **"Valuation of Trade Receivables"**. The auditor reviewed the reasonableness of management's methodology and assumptions for assessing Expected Credit Losses (ECL) and evaluated for signs of management bias. As of March 31, 2025, trade receivables amounted to **HKD 7,502,000**, with no expected credit losses recognized[232](index=232&type=chunk)[233](index=233&type=chunk)[234](index=234&type=chunk) [Consolidated Financial Statements](index=69&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated financial statements, including the statement of profit or loss and other comprehensive income, statement of financial position, and statement of cash flows [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=69&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, the Group reported revenue of HKD 44.22 million, an 18.7% decrease year-on-year, with the annual loss expanding to HKD 13.41 million Consolidated Statement of Profit or Loss Summary (For the Year Ended March 31) | Indicator (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 44,223 | 54,387 | | Gross Profit | 3,532 | 11,251 | | Loss Before Tax | (13,511) | (9,234) | | Annual Loss | (13,405) | (9,174) | | Total Comprehensive Expense for the Year | (13,736) | (9,299) | | Basic and Diluted Loss Per Share (HKD) | (0.1044) | (0.0715) | [Consolidated Statement of Financial Position](index=70&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets decreased to HKD 61.86 million from HKD 85.62 million last year, with total liabilities also decreasing to HKD 7.43 million Consolidated Statement of Financial Position Summary (as of March 31) | Indicator (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 43,099 | 54,246 | | Current Assets | 18,758 | 31,370 | | **Total Assets** | **61,857** | **85,616** | | **Liabilities and Equity** | | | | Current Liabilities | 6,392 | 12,639 | | Non-current Liabilities | 1,034 | 2,243 | | **Total Liabilities** | **7,426** | **14,882** | | **Net Assets** | **54,431** | **70,734** | | **Total Equity** | **54,431** | **70,734** | [Consolidated Statement of Cash Flows](index=73&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the year ended March 31, 2025, the Group reported a net cash outflow from operating activities of HKD 0.87 million, a net cash inflow from investing activities of HKD 10.66 million, and a net cash outflow from financing activities of HKD 7.90 million Consolidated Statement of Cash Flows Summary (For the Year Ended March 31) | Indicator (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash From Operating Activities | (868) | 215 | | Net Cash From Investing Activities | 10,659 | (269) | | Net Cash From Financing Activities | (7,900) | (728) | | Net Increase (Decrease) in Cash and Cash Equivalents | 1,891 | (782) | | Cash and Cash Equivalents at Year End | 5,702 | 3,811 | [Notes to the Consolidated Financial Statements](index=75&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed notes supporting the consolidated financial statements, covering revenue, segment information, investment properties, and related party transactions [Revenue](index=109&type=section&id=Revenue) The Group's revenue is entirely derived from contracts with customers and recognized in Hong Kong, with repair services being the predominant source Revenue by Major Product or Service Line | Category (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Repair Service Revenue | 44,019 | 54,195 | | Sales of Accessories and Support Services | 204 | 192 | | **Total** | **44,223** | **54,387** | [Segment Information](index=110&type=section&id=Segment%20Information) The Group operates a single business segment, providing repair and refurbishment services for mobile phones and other personal electronic devices, along with related accessory sales - The Group operates a **single segment**, with all operations and assets located in Hong Kong, thus no geographical segment information is presented[397](index=397&type=chunk)[398](index=398&type=chunk) Major Customer Revenue | Customer (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Customer I | 11,294 | 14,831 | | Customer II | 6,800 | 10,345 | | Customer III | 6,256 | 7,056 | [Investment Properties](index=122&type=section&id=Investment%20Properties) As of March 31, 2025, the Group's investment properties had a carrying value of HKD 39.50 million, a decrease from HKD 46.40 million last year, with an impairment loss of HKD 4.89 million recognized this year Investment Property Carrying Value Movement (HKD thousands) | Item | Amount | | :--- | :--- | | Carrying Value as of March 31, 2024 | 46,400 | | Depreciation Provision for the Year | (2,008) | | Impairment Loss for the Year | (4,892) | | **Carrying Value as of March 31, 2025** | **39,500** | - The fair value of investment properties is assessed by an independent valuer using the income approach, with significant unobservable inputs including current market rent and reversionary yield[424](index=424&type=chunk)[427](index=427&type=chunk) [Related Party Transactions and Balances](index=134&type=section&id=Related%20Party%20Transactions%20and%20Balances) The Group engages in various transactions with related parties, primarily companies beneficially owned by directors, including logistics fees, lease payments, and repair services Major Related Party Transactions (HKD thousands) | Transacting Party | Nature of Transaction | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Telecom Logistics Network Limited | Payment for Logistics Fees | 940 | 1,029 | | Onpo International Limited | Payment for Lease Fees | 1,936 | 1,672 | | Telecom Digital Info Limited | Receipt of Repair Service Revenue | 504 | 550 | - The total annual remuneration for **key management personnel** (including directors and senior executives) was **HKD 5,273,000**, an increase from **HKD 4,758,000** last year[469](index=469&type=chunk) [Five-Year Financial Summary](index=139&type=section&id=Five-Year%20Financial%20Summary) This section provides a five-year overview of the Group's financial performance, highlighting trends in revenue, gross profit, annual profit/loss, assets, and liabilities Five-Year Financial Performance Summary (For the Year Ended March 31) | Indicator (HKD thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Performance** | | | | | | | Revenue | 44,223 | 54,387 | 51,381 | 34,757 | 38,350 | | Gross Profit | 3,532 | 11,251 | 11,385 | 13,435 | 15,325 | | Annual (Loss) Profit | (13,405) | (9,174) | (7,115) | (1,007) | 9,573 | | **Assets and Liabilities** | | | | | | | Total Assets | 61,857 | 85,616 | 89,107 | 97,047 | 100,122 | | Total Liabilities | (7,426) | (14,882) | (9,074) | (9,732) | (4,341) | | Equity Attributable to Owners | 54,431 | 70,734 | 80,033 | 87,315 | 95,781 | - From the five-year data, the Group's revenue peaked in 2024 before declining in 2025. Gross profit has been continuously decreasing since 2021. After reporting a profit in 2021, the Group has recorded losses for four consecutive years, with the **loss in 2025 being the highest in five years**. Total assets and shareholders' equity also show a declining trend year-on-year[481](index=481&type=chunk)

[Annual Performance Summary](index=1&type=section&id=Annual%20Performance%20Summary) This section provides an overview of the group's financial performance and position for the year ended March 31, 2025 [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The group's revenue decreased by 18.7% to HKD 44,223 thousand, with gross profit significantly down, leading to an expanded annual loss of HKD 13,405 thousand | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 44,223 | 54,387 | -18.7% | | Cost of Sales | (40,691) | (43,136) | -5.7% | | Gross Profit | 3,532 | 11,251 | -68.6% | | Other Income and Gains | 5,912 | 3,507 | +68.6% | | Net Other Operating Expenses | (4,706) | (4,315) | +9.1% | | Administrative Expenses | (13,180) | (14,477) | -9.0% | | Impairment Loss on Investment Properties | (4,892) | (196) | +2395.9% | | Fair Value Loss on Financial Assets at FVTPL | – | (4,749) | -100.0% | | Finance Costs | (177) | (255) | -30.6% | | Loss Before Tax | (13,511) | (9,234) | +46.3% | | Income Tax Credit | 106 | 60 | +76.7% | | Loss for the Year | (13,405) | (9,174) | +46.1% | | Loss Per Share (Basic and Diluted) | (0.1044) | (0.0715) | +46.0% | [Consolidated Statement of Financial Position](index=2&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the group's net assets decreased by 23.1% to HKD 54,431 thousand, primarily due to reduced non-current and current assets | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Non-current Assets** | | | | | Property, Plant and Equipment | 1,181 | 2,148 | -45.0% | | Right-of-use Assets | 1,479 | 4,438 | -66.7% | | Investment Properties | 39,500 | 46,400 | -14.9% | | Deferred Tax Assets | 939 | 721 | +30.2% | | Lease Deposits | – | 539 | -100.0% | | **Current Assets** | | | | | Inventories | 1,413 | 4,405 | -67.9% | | Financial Assets at FVTPL | – | 8,984 | -100.0% | | Trade and Other Receivables | 11,386 | 13,896 | -18.1% | | Bank Balances and Cash | 5,702 | 3,811 | +49.6% | | **Current Liabilities** | | | | | Trade and Other Payables | 4,636 | 7,179 | -35.4% | | Lease Liabilities | 1,600 | 2,956 | -45.9% | | Bank Borrowings | – | 2,200 | -100.0% | | **Net Assets** | 54,431 | 70,734 | -23.1% | [Notes to the Consolidated Financial Statements](index=3&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section details the accounting policies, significant judgments, and estimates used in preparing the consolidated financial statements [General Information](index=3&type=section&id=General%20Information) The company, incorporated in the Cayman Islands, is an investment holding company with subsidiaries providing mobile device repair services and selling related accessories - The Company is an investment holding company incorporated in the Cayman Islands, with its subsidiaries primarily engaged in mobile phone and personal electronic product repair and refurbishment services and related accessories sales[6](index=6&type=chunk) - The Group is controlled and beneficially owned by KW Cheung Family Trust, Mr Cheung King Shek, Mr Cheung King Shan, Mr Cheung King Chuen and Mr Cheung King Fung (the "Cheung Brothers")[5](index=5&type=chunk) [Application of Revised HKFRSs](index=3&type=section&id=Application%20of%20Revised%20HKFRSs) Several revised HKFRSs, including those for lease liabilities and non-current liabilities, were applied this year with no significant impact on the group's financial performance or position - This year, the Group first applied HKFRS 16 (Amendment) Lease Liability in a Sale and Leaseback, HKAS 1 (Amendment) Non-current Liabilities with Covenants, and other revised HKFRSs[7](index=7&type=chunk) - The application of these revised accounting standards had no significant impact on the Group's financial performance and position for the current and prior periods[8](index=8&type=chunk)[10](index=10&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [New and Revised HKFRSs Not Yet Effective](index=5&type=section&id=New%20and%20Revised%20HKFRSs%20Not%20Yet%20Effective) The group has not early adopted new HKFRSs, such as HKFRS 18, which may affect financial statement presentation but are not expected to significantly impact financial position - The Group has not early adopted HKFRS 18 (Presentation and Disclosure in Financial Statements), HKFRS 19 (Subsidiaries without Public Accountability: Disclosures), and HKAS 21 (Amendment) Lack of Exchangeability, among others[14](index=14&type=chunk) - HKFRS 18 is not expected to have a significant impact on the Group's financial position, but it is expected to affect the presentation of the statement of profit or loss and other comprehensive income, the statement of cash flows, and disclosures in future financial statements[15](index=15&type=chunk) - As the Company's equity instruments are publicly traded, it does not qualify for electing to apply HKFRS 19[19](index=19&type=chunk) [Basis of Consolidation](index=8&type=section&id=Basis%20of%20Consolidation) The consolidated financial statements include the company and its subsidiaries, with adjustments made to align accounting policies and eliminate intra-group transactions - The consolidated financial statements include the Company and its subsidiaries, with appropriate adjustments made to the subsidiaries' financial statements to ensure compliance with the Group's accounting policies[26](index=26&type=chunk) - The Group begins to consolidate a subsidiary when it obtains control over the subsidiary and ceases to consolidate when it loses control over the subsidiary[27](index=27&type=chunk) [Revenue](index=9&type=section&id=Revenue) The group's total revenue for FY2025 was HKD 44,223 thousand, an 18.7% decrease from FY2024, with repair services being the primary contributor | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Repair service income | 44,019 | 54,195 | -18.8% | | Sales of accessories and provision of support services | 204 | 192 | +6.3% | | **Total Revenue** | **44,223** | **54,387** | **-18.7%** | | Geographical (Hong Kong) | 44,223 | 54,387 | -18.7% | [Segment Information](index=9&type=section&id=Segment%20Information) The group operates as a single segment, focusing on mobile and personal electronic device repair and refurbishment services, with all operations and assets located in Hong Kong - The Group operates in a single segment, which is the provision of repair and refurbishment services for mobile phones and other personal electronic products, and the sale of related accessories and provision of support services[31](index=31&type=chunk) - For the years ended March 31, 2025 and 2024, **100% of the Group's revenue was generated in Hong Kong**, and **100% of its non-current assets were located in Hong Kong**[32](index=32&type=chunk) [Other Income and Gains](index=10&type=section&id=Other%20Income%20and%20Gains) Total other income and gains increased significantly by 68.6% to HKD 5,912 thousand, driven by management fees, rental income, and gains from financial asset disposals | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Government grants | – | 177 | -100.0% | | Management fee income | 2,657 | 2,205 | +20.5% | | Rental income | 1,158 | 663 | +74.7% | | Dividend income from financial assets at FVTPL | – | 332 | -100.0% | | Gain on disposal of financial assets at FVTPL | 1,448 | 49 | +2855.1% | | Storage income | 332 | 72 | +361.1% | | Bank interest income | 291 | 5 | +5720.0% | | Others | 26 | 4 | +550.0% | | **Total** | **5,912** | **3,507** | **+68.6%** | - There were **no COVID-19 related government grants in 2025**, compared to **HKD 177 thousand in 2024**[34](index=34&type=chunk) [Finance Costs](index=11&type=section&id=Finance%20Costs) Total finance costs decreased by 30.6% to HKD 177 thousand, primarily due to lower interest expenses on bank borrowings | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest expense on bank borrowings | 23 | 120 | -80.8% | | Interest expense on lease liabilities | 154 | 135 | +14.1% | | **Total Finance Costs** | **177** | **255** | **-30.6%** | [Income Tax Credit](index=11&type=section&id=Income%20Tax%20Credit) The income tax credit for the year increased by 76.7% to HKD 106 thousand, comprising Hong Kong profits tax and deferred tax credits | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong profits tax (current year) | 112 | 38 | +194.7% | | Hong Kong profits tax (under-provision in prior years) | – | 184 | -100.0% | | Deferred tax | (218) | (282) | -22.7% | | **Total Income Tax Credit** | **(106)** | **(60)** | **+76.7%** | - The Group is **not subject to any income tax in the Cayman Islands and British Virgin Islands**[35](index=35&type=chunk) [Loss for the Year](index=12&type=section&id=Loss%20for%20the%20Year) The loss for the year expanded by 46.1% to HKD 13,405 thousand, influenced by reduced gross profit and increased impairment loss on investment properties | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total staff costs | 32,421 | 33,936 | -4.46% | | Auditor's remuneration | 530 | 530 | 0.00% | | Depreciation of property, plant and equipment | 1,025 | 1,878 | -45.42% | | Depreciation of right-of-use assets | 2,959 | 2,823 | +4.82% | | Depreciation of investment properties | 2,008 | 2,004 | +0.20% | | Amount of inventories recognized as expense | 12,470 | 13,474 | -7.45% | [Dividends](index=12&type=section&id=Dividends) A second-quarter interim dividend of HKD 0.02 per share, totaling HKD 2,567 thousand, was declared, with a fourth-quarter interim dividend also resolved post-period end - Dividends recognized as distribution during the year: **second-quarter interim dividend of HKD 0.02 per share**, totaling **HKD 2,567 thousand**[37](index=37&type=chunk) - Subsequent to the end of the reporting period, the Board resolved to declare a **fourth-quarter interim dividend of HKD 0.02 per share** for the year ended March 31, 2025 (2024: nil)[37](index=37&type=chunk) [Loss Per Share](index=13&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share increased to HKD 0.1044, reflecting the expanded annual loss, with no dilutive ordinary shares outstanding in either period | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the purpose of calculating basic and diluted loss per share (HKD thousands) | (13,405) | (9,174) | | Weighted average number of ordinary shares | 128,342,000 | 128,342,000 | | **Loss Per Share (HKD)** | **(0.1044)** | **(0.0715)** | - As there were no potentially dilutive ordinary shares outstanding in either year, the **diluted loss per share is the same as the basic loss per share**[38](index=38&type=chunk) [Lease Deposits and Trade and Other Receivables](index=13&type=section&id=Lease%20Deposits%20and%20Trade%20and%20Other%20Receivables) Total trade and other receivables decreased by 21.1% to HKD 11,386 thousand, with trade receivables declining by 28.9% and an average credit period of 30 to 60 days | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables | 7,502 | 10,550 | -28.9% | | Other receivables | 127 | 98 | +29.6% | | Lease and other deposits | 3,607 | 3,644 | -1.0% | | Prepayments | 150 | 143 | +4.9% | | **Total** | **11,386** | **14,435** | **-21.1%** | | Less: Lease deposits classified as non-current assets | – | (539) | -100.0% | | **Current portion included in trade and other receivables** | **11,386** | **13,896** | **-18.1%** | | Ageing of Trade Receivables | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 30 days | 3,749 | 6,746 | | 31 to 60 days | 3,713 | 2,446 | | 61 to 90 days | – | 1,284 | | 91 to 120 days | 40 | 74 | | **Total** | **7,502** | **10,550** | - The average credit period granted by the Group to its trade customers is **30 to 60 days**[40](index=40&type=chunk) - The directors of the Company consider that the expected credit losses on trade receivables are immaterial, and therefore, **no loss allowance for trade receivables was recognized** as at March 31, 2025 and 2024[42](index=42&type=chunk) [Trade and Other Payables](index=14&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables decreased by 34.4% to HKD 4,844 thousand, with trade payables down by 48.7% and an average credit period of 30 to 60 days for purchases | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 2,328 | 4,542 | -48.7% | | Accrued expenses and other payables | 2,516 | 2,845 | -11.6% | | **Total** | **4,844** | **7,387** | **-34.4%** | | Less: Other payables classified as non-current liabilities | (208) | (208) | 0.0% | | **Current portion included in trade and other payables** | **4,636** | **7,179** | **-35.4%** | | Ageing of Trade Payables | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 30 days | 2,305 | 4,445 | | 31 to 60 days | 9 | 78 | | 61 to 90 days | – | – | | Over 90 days | 14 | 19 | | **Total** | **2,328** | **4,542** | - The average credit period for purchases of goods ranges from **30 to 60 days**[44](index=44&type=chunk) [Share Capital](index=15&type=section&id=Share%20Capital) As of March 31, 2025, the company's authorized share capital remained at HKD 100,000 thousand, with issued and fully paid share capital at HKD 12,834 thousand | Share Capital Type | Number of Shares | Share Capital (HKD thousands) | | :--- | :--- | :--- | | Authorized share capital (ordinary shares of HKD 0.1 each) | 1,000,000,000 | 100,000 | | Issued and fully paid share capital (ordinary shares of HKD 0.1 each) | 128,342,000 | 12,834 | - There was **no change in the share capital structure** for the year ended March 31, 2025[45](index=45&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the group's business environment, operational performance, financial results, and future outlook [Industry Overview](index=16&type=section&id=Industry%20Overview) The global smartphone market grew in 2024, driven by diverse product offerings and emerging market demand, while Hong Kong's repair market remains competitive - The global smartphone market showed overall growth in 2024, primarily driven by the launch of different price-point devices and particularly strong demand for mid-to-low-end models in China and other emerging markets[46](index=46&type=chunk) - Technological advancements, including the increasing prevalence of mobile AI, are expected to continue accelerating innovation and product refresh cycles[46](index=46&type=chunk) - The mobile phone and personal electronic product repair and refurbishment market in Hong Kong remains highly competitive[46](index=46&type=chunk) [Business Review](index=16&type=section&id=Business%20Review) As a long-established repair service provider in Hong Kong, the group faced challenges from macroeconomic volatility and increased competition, resulting in reduced revenue and an expanded annual loss - The Group is a long-established repair service provider in Hong Kong, primarily engaged in providing repair and refurbishment services for mobile phones and other consumer electronic products, as well as selling related accessories[47](index=47&type=chunk) - Macroeconomic conditions remained volatile, with both the Hong Kong and global economies facing uncertainties, and the market for mobile phone and consumer electronic device repair services becoming increasingly competitive[47](index=47&type=chunk) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 44,223 | 54,387 | -18.7% | | Gross Profit | 3,532 | 11,251 | -68.6% | | Loss for the Year | 13,405 | 9,174 | +46.1% | [Financial Review](index=17&type=section&id=Financial%20Review) The financial performance was impacted by declining revenue, narrower gross profit, and impairment losses on investment properties, leading to an expanded loss for the year [Revenue](index=17&type=section&id=Revenue_Financial%20Review) Repair service revenue decreased by 18.8% to HKD 44,019 thousand, while sales of accessories and support services slightly increased by 6.3% to HKD 204 thousand | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Repair service income | 44,019 | 54,195 | -18.8% | | Sales of accessories and provision of support services income | 204 | 192 | +6.3% | [Cost of Sales](index=17&type=section&id=Cost%20of%20Sales_Financial%20Review) Cost of sales decreased by 5.7% to HKD 40,691 thousand, primarily due to lower direct labor and parts costs, with cost of inventories sold also declining | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 40,691 | 43,136 | -5.7% | | Cost of inventories sold | 12,470 | 13,474 | -7.5% | | Direct labor costs | 28,221 | 29,662 | -4.9% | - The decrease in direct labor costs was primarily due to a **reduction in manpower**[49](index=49&type=chunk) [Other Income and Gains](index=17&type=section&id=Other%20Income%20and%20Gains_Financial%20Review) Other income and gains significantly increased to HKD 5,912 thousand, mainly from management fees, rental income, storage income, bank interest, and gains from financial asset disposals | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Other income and gains | 5,912 | 3,507 | - Other income primarily includes **management fee income, rental income, storage income, bank interest income, and gains from the disposal of financial assets**[50](index=50&type=chunk) [Net Operating Expenses and Administrative Expenses](index=17&type=section&id=Net%20Operating%20Expenses%20and%20Administrative%20Expenses_Financial%20Review) Net other operating expenses increased by 9.1% to HKD 4,706 thousand, while administrative expenses decreased by 9.0% to HKD 13,180 thousand due to lower depreciation, salaries, and office costs | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net other operating expenses | 4,706 | 4,315 | +9.1% | | Administrative expenses | 13,180 | 14,477 | -9.0% | - The increase in net other operating expenses was primarily due to a **decrease in miscellaneous income from providing labor support services** to a corporate client[51](index=51&type=chunk) [Income Tax](index=18&type=section&id=Income%20Tax_Financial%20Review) The income tax credit for the year increased to HKD 106 thousand from HKD 60 thousand in the prior year | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Income tax credit | 106 | 60 | [Loss for the Year](index=18&type=section&id=Loss%20for%20the%20Year_Financial%20Review) The loss for the year expanded to HKD 13,405 thousand, primarily driven by reduced gross profit and a significant increase in investment property impairment loss | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Loss for the Year | 13,405 | 9,174 | | Gross Profit | 3,532 | 11,251 | | Gain on disposal of financial assets | 1,448 | 49 | | Impairment loss on investment properties | 4,892 | 196 | | Fair value loss on financial assets | – | 4,749 | [Financial Asset Investments](index=18&type=section&id=Financial%20Asset%20Investments_Financial%20Review) All financial assets were disposed of during the year, resulting in a gain of HKD 1,448 thousand, aligning with the company's objective to generate stable income and balance risk - For the year ended March 31, 2025, **all financial assets were sold** (2024: financial assets at fair value through profit or loss were approximately HKD 8,984 thousand)[54](index=54&type=chunk) | Item | Amount (HKD thousands) | | :--- | :--- | | Investment cost | 15,785 | | Fair value as at March 31, 2024 | 8,984 | | Gain on disposal for the year ended March 31, 2025 | 1,448 | - The Company's investment objective is to generate stable additional interest or dividend income and to invest in the prospects of reputable and sizable issuers to create value and balance risk[56](index=56&type=chunk) [Liquidity and Financial Resources](index=19&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the group maintained a sound liquidity position with HKD 18,758 thousand in current assets and HKD 6,392 thousand in current liabilities, supported by unutilized bank facilities | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Current Assets | 18,758 | 31,370 | | Current Liabilities | 6,392 | 12,639 | | Net cash used in operating activities | 868 | N/A (Not provided) | | Net cash from investing activities | 10,659 | N/A (Not provided) | | Bank balances and cash | 5,702 | 3,811 | - The Group has **unutilized bank facilities of approximately HKD 10,200 thousand**, which can be drawn upon for further funding needs[58](index=58&type=chunk) [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) As of March 31, 2025, the group had no significant contingent liabilities - As at March 31, 2025, the Group had **no significant contingent liabilities** (2024: nil)[59](index=59&type=chunk) [Foreign Exchange Risk](index=19&type=section&id=Foreign%20Exchange%20Risk) The group's operations are primarily denominated in HKD and USD, with no current foreign exchange hedging policy, but the board continuously monitors and will consider hedging as needed - The Group's operations are located in Hong Kong and are denominated in **Hong Kong Dollars and US Dollars**; the Group currently has **no foreign exchange hedging policy**[60](index=60&type=chunk) - The directors continuously monitor the relevant foreign exchange risks and will consider hedging significant foreign exchange risks when necessary[60](index=60&type=chunk) [Capital Commitments](index=19&type=section&id=Capital%20Commitments) As of March 31, 2025, the group had no significant capital commitments - As at March 31, 2025, the Group had **no significant capital commitments** (2024: nil)[61](index=61&type=chunk) [Capital Structure](index=19&type=section&id=Capital%20Structure) The capital structure remained unchanged during the year, comprising bank balances, cash, and equity attributable to owners, with management regularly reviewing and balancing it - There was **no change in the capital structure** for the year ended March 31, 2025[62](index=62&type=chunk) - The Group's capital structure comprises **bank balances and cash and equity attributable to owners of the Company** (including issued share capital and reserves)[63](index=63&type=chunk) - Management will balance its overall capital structure through the payment of dividends, issuance of new shares, and issuance or redemption of existing debt[63](index=63&type=chunk) [Material Acquisitions or Disposals and Significant Investments](index=20&type=section&id=Material%20Acquisitions%20or%20Disposals%20and%20Significant%20Investments) The group made no material acquisitions or disposals of subsidiaries or associates during the year and held no significant investments other than disclosed financial assets and investment properties - For the year ended March 31, 2025, the Group made **no material acquisitions or disposals of subsidiaries or associates** (2024: nil)[64](index=64&type=chunk) - Save for the financial asset investments disclosed above and investment properties held, the Group held **no significant investments** as at March 31, 2025[64](index=64&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=Employees%20and%20Remuneration%20Policy) The group employed 93 full-time employees as of March 31, 2025, a decrease from the prior year, with remuneration based on individual and group performance, experience, and market practices | Item | 2025 | 2024 | | :--- | :--- | :--- | | Number of full-time employees | 93 | 109 | - The Group assesses employee remuneration, promotion, and salary increments based on **individual employee and Group performance, professional and work experience, and by reference to prevailing market practices and standards**[65](index=65&type=chunk) [Outlook](index=20&type=section&id=Outlook) The group plans to strengthen its core business, enhance service quality, and optimize operations while actively exploring new opportunities to diversify revenue and create long-term shareholder value - The Group will continue to **consolidate its core business foundation, continuously enhance service quality, and integrate internal resources to improve operational efficiency**[66](index=66&type=chunk) - The Group will actively explore new business opportunities, refine its business model, and achieve diversified operations to expand revenue sources and create maximum long-term value for shareholders[66](index=66&type=chunk) - The Group remains **cautiously optimistic about the overall business climate and economic outlook**[66](index=66&type=chunk) [Corporate Governance and Other Information](index=21&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section outlines the company's adherence to corporate governance practices, policies for directors' securities transactions, and other relevant disclosures [Corporate Governance Practices](index=21&type=section&id=Corporate%20Governance%20Practices) The company adopted and complied with the Corporate Governance Code, ensuring proper regulation of business activities, with regular updates provided to the board on significant changes - The Company has adopted and complied with the **Corporate Governance Code** set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited for the financial year ended March 31, 2025[67](index=67&type=chunk) - The Group's Chief Executive Officer and Chief Financial Officer have provided and will continue to provide the entire Board with updates on any significant changes in the Company's performance, position, and prospects as business needs and conditions require, which are considered sufficient to provide the Board with a general update on the Company[67](index=67&type=chunk) [Standard Code for Securities Transactions by Directors](index=21&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Standard Code for Securities Transactions by Directors, and all directors confirmed compliance with its required standards during the year - The Company has adopted the **Standard Code for Securities Transactions by Directors of Listed Issuers** as set out in Appendix C3 of the Listing Rules as its own code of conduct regarding directors' securities transactions[68](index=68&type=chunk) - All directors have confirmed that they have **complied with the required standards** set out in the Standard Code during the year[68](index=68&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=21&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the year - 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) [Directors' Interests in Transactions, Arrangements or Contracts](index=21&type=section&id=Directors'%20Interests%20in%20Transactions,%20Arrangements%20or%20Contracts) No significant transactions, arrangements, or contracts in which directors or their connected entities had a material interest were entered into or remained in effect during the year, unless otherwise disclosed - Save as disclosed otherwise, **no significant transactions, arrangements, or contracts** in which a director or an entity connected with a director had a material interest were entered into by the Company, its holding company, any of its subsidiaries, or fellow subsidiaries, and remained in effect at any time during the year[70](index=70&type=chunk) [Fourth Quarter Interim Dividend](index=21&type=section&id=Fourth%20Quarter%20Interim%20Dividend) The board resolved to declare a fourth-quarter interim dividend of HKD 0.02 per share, totaling approximately HKD 2.57 million, payable on July 31, 2025 - The Board resolved to declare a **fourth-quarter interim dividend of HKD 0.02 per share** (2024 fourth quarter: nil) in cash for the year, totaling approximately **HKD 2.57 million**[71](index=71&type=chunk) - The dividend is expected to be paid on **July 31, 2025**, to shareholders whose names appear on the Company's register of members on July 22, 2025[71](index=71&type=chunk) - To determine the eligibility of shareholders for the proposed fourth-quarter interim dividend, the Company will **suspend share transfer registration from July 21, 2025, to July 22, 2025** (both dates inclusive)[72](index=72&type=chunk) [Annual General Meeting](index=22&type=section&id=Annual%20General%20Meeting) The Annual General Meeting is scheduled for September 25, 2025, with share transfer registration suspended from September 22 to September 25 to determine shareholder eligibility - The Company's **Annual General Meeting is scheduled to be held on Thursday, September 25, 2025**[73](index=73&type=chunk) - To determine the eligibility of shareholders to attend and vote at the Annual General Meeting, the Company will **suspend share transfer registration from September 22, 2025, to September 25, 2025** (both dates inclusive)[74](index=74&type=chunk) [Review by Audit Committee](index=22&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed the group's audited consolidated annual results, internal controls, and risk management for the year - The Audit Committee has reviewed the Group's audited consolidated annual results, internal controls, and risk management for the year, which have been audited by the Group's auditor, Shinewing (HK) CPA Limited[75](index=75&type=chunk) - The Audit Committee comprises **three independent non-executive directors**, with one independent non-executive director serving as the Chairman of the Audit Committee[75](index=75&type=chunk) [Scope of Work of Independent Auditor](index=23&type=section&id=Scope%20of%20Work%20of%20Independent%20Auditor) The independent auditor confirmed that the preliminary results align with the audited consolidated financial statements but did not express an assurance opinion on the results announcement - The figures in respect of the Group's preliminary announcement of results for the year have been **agreed by the Group's independent auditor, Shinewing (HK) CPA Limited, to the amounts set out in the Group's audited consolidated financial statements** for the year[76](index=76&type=chunk) - The work performed by Shinewing (HK) CPA Limited in this regard does not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements, and Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants, and accordingly, **Shinewing (HK) CPA Limited has not expressed any assurance opinion on the results announcement**[76](index=76&type=chunk) [Publication of 2024/2025 Annual Results Announcement and Annual Report](index=23&type=section&id=Publication%20of%202024%2F2025%20Annual%20Results%20Announcement%20and%20Annual%20Report) The annual results announcement is available on the company and HKEX websites, with the full annual report to be dispatched to shareholders and made available online in due course - This results announcement is published on the Company's website (www.tso.cc) and the HKEX website (www.hkexnews.hk), respectively[77](index=77&type=chunk) - The Company's 2024/2025 Annual Report, containing all information required by the Listing Rules, will be dispatched to shareholders in due course in the manner required by the Listing Rules and will be available on the respective websites of the Company and HKEX[77](index=77&type=chunk)

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 23,600,000, a decrease of 12.5% compared to HKD 26,998,000 for the same period in 2023[3]. - Gross profit for the period was HKD 3,342,000, down 56.0% from HKD 7,588,000 year-on-year[3]. - The net loss for the period was HKD 1,798,000, compared to a net loss of HKD 2,295,000 in the previous year, representing a 21.6% improvement[3]. - Basic and diluted loss per share was HKD 0.0140, an improvement from HKD 0.0179 in the same period last year[3]. - Repair service revenue was HKD 23,495,000, down from HKD 26,932,000, reflecting a decline of 12.5%[21]. - The loss for the period narrowed to approximately HKD 1,798,000 from HKD 2,295,000 in the previous year, primarily due to gains from the sale of financial assets[72]. - Revenue from repair services was approximately HKD 23,495,000, down from HKD 26,932,000 in 2023, reflecting a competitive market[65]. - The cost of sales increased by approximately 4.4% to about HKD 20,258,000, with direct labor costs rising by about 5.8% to HKD 13,681,000 due to wage adjustments[66]. Assets and Liabilities - Total assets as of September 30, 2024, were HKD 69,579,000, down from HKD 72,977,000 as of March 31, 2024[5]. - Trade receivables decreased to HKD 7,688,000 as of September 30, 2024, down from HKD 10,550,000 as of March 31, 2024, indicating a 27.0% reduction[42]. - The company’s current assets were approximately HKD 27,304,000, down from HKD 31,370,000 as of March 31, 2024[75]. - The company’s current liabilities decreased to approximately HKD 8,528,000 from HKD 12,639,000 as of March 31, 2024[75]. - The total amount of trade and other payables decreased to HKD 5,356,000 as of September 30, 2024, from HKD 7,387,000 as of March 31, 2024, reflecting a 27.6% decline[44]. Cash Flow and Financing - Cash and cash equivalents at the end of the period were HKD 12,545,000, an increase from HKD 1,847,000 at the end of the same period last year[12]. - Operating cash flow generated was HKD 1,983,000, compared to an outflow of HKD 3,271,000 in the previous year[10]. - As of September 30, 2024, the group had unused bank financing of HKD 10,200,000, up from HKD 8,000,000 on March 31, 2024[60]. - The group has undrawn bank financing of approximately HKD 10,200,000 available for future funding needs as of September 30, 2024[77]. - The company did not take on any bank revolving loans during the period, maintaining a previous balance of HKD 2,200,000[47]. Income and Expenses - Total other income and gains for the six months ended September 30, 2024, was HKD 3,725,000, compared to HKD 1,745,000 in 2023, marking a significant increase of 113.5%[26]. - Financing costs for the six months ended September 30, 2024, totaled HKD 120,000, up from HKD 52,000 in 2023, indicating an increase of 130.8%[31]. - The company reported a total tax expense of HKD 23,000 for the period, compared to a tax credit of HKD 29,000 in the previous year[31]. - Administrative expenses decreased slightly by about 5.0% to HKD 6,451,000 compared to HKD 6,789,000 in the previous year[70]. Shareholder Information - East-Asia Pacific Limited holds 66,000,000 shares, representing approximately 51.43% of the issued shares[95]. - The total number of issued shares as of September 30, 2024, is 128,342,000[94]. - The Zhang brothers collectively hold 1,384,000 shares, accounting for about 1.08% of the issued shares[95]. - The company’s major shareholders include East-Asia Pacific Limited and the Zhang family trust, with significant shareholdings[102]. Corporate Governance - The company has adopted the corporate governance code to enhance transparency and accountability[104]. - The audit committee consists of all independent non-executive directors and has reviewed the financial reporting procedures[107]. - The company has confirmed compliance with the corporate governance code during the reporting period, with some exceptions noted[104]. - The company’s board members receive monthly updates on performance and significant changes[106]. - The chairman of the company is Mr. Zhang Jingshi, and the CEO is Mr. Zhang Jingfeng[109]. Operational Highlights - The company operates solely in Hong Kong, generating 100% of its revenue from this region[23]. - The company recorded a decrease in inventory by HKD 1,780,000 during the period[10]. - The company made capital expenditures of approximately HKD 58,000 on property, plant, and equipment during the period, significantly lower than HKD 790,000 in 2023[37]. - The group employed 101 full-time employees as of September 30, 2024, a decrease from 109 employees as of March 31, 2024[85]. - The group reported no significant contingent liabilities as of September 30, 2024, consistent with the previous period[79]. - The group has no major capital commitments as of September 30, 2024, unchanged from March 31, 2024[82]. - The group will continue to adopt a prudent approach to manage its business amid economic challenges and uncertainties[87]. - The group aims to enhance its business model and broaden revenue sources despite facing economic headwinds[87].

Business Operations - The company primarily engages in investment holding, with its subsidiaries focusing on mobile and personal electronic product repair and refurbishment services, as well as related accessories sales and support services[6]. - The company primarily engages in the repair and refurbishment of mobile phones and other personal electronic products, along with the sale of related accessories in Hong Kong[79]. - The main business of the company is investment holding, with subsidiaries engaged in various activities[154]. Financial Performance - The group reported revenue of HKD 54,387,000 for the year ending March 31, 2024, compared to HKD 51,381,000 in the previous year, representing an increase of approximately 5.9%[119]. - Gross profit for the year was HKD 11,251,000, slightly down from HKD 11,385,000, indicating a decrease of about 1.2%[119]. - The group incurred a loss before tax of HKD 9,234,000, compared to a loss of HKD 7,358,000 in the previous year, reflecting an increase in losses of approximately 25.5%[119]. - Total comprehensive loss for the year was HKD 9,299,000, up from HKD 7,282,000, marking an increase of about 27.8%[119]. - Basic and diluted loss per share was HKD 0.0715, compared to HKD 0.0554 in the previous year, representing an increase of approximately 29.0%[119]. - The group reported a significant impairment loss on investment properties of HKD 196,000, compared to HKD 2,098,000 in the previous year, indicating a decrease in impairment losses[119]. - The company reported an annual loss of HKD 9,174,000 for the year ending March 31, 2023, compared to a loss of HKD 7,115,000 for the previous year, indicating an increase in losses of about 29%[127]. - The group reported a loss of approximately HKD 9,174,000 for the year ending March 31, 2024, compared to a loss of HKD 7,115,000 in 2023, primarily due to increased fair value losses on financial assets[198]. Cash Flow and Assets - Operating cash flow for the year ending March 31, 2024, was HKD 215,000, a decrease from HKD 410,000 in the previous year, representing a decline of approximately 48%[131]. - Cash and cash equivalents decreased to HKD 3,811,000 as of March 31, 2024, down from HKD 4,593,000 at the beginning of the year, reflecting a decline of approximately 17%[134]. - The company reported a net cash outflow from investing activities of HKD 269,000 for the year ending March 31, 2024, compared to a net inflow of HKD 1,008,000 in the previous year[134]. - Financing activities resulted in a net cash outflow of HKD 728,000 for the year ending March 31, 2024, compared to an outflow of HKD 1,312,000 in the previous year, indicating a reduction in cash outflow of about 44%[134]. - Non-current assets decreased to HKD 54,246,000 from HKD 53,561,000, a slight increase of about 1.3%[121]. - Current assets decreased to HKD 31,370,000 from HKD 35,546,000, a decline of approximately 11.5%[121]. - The group's total equity decreased to HKD 70,734,000 from HKD 80,033,000, reflecting a decrease of about 11.6%[124]. - As of March 31, 2024, total equity amounts to HKD 70,734,000, a decrease from HKD 80,033,000 as of April 1, 2023, reflecting a decline of approximately 12%[127]. Shareholder Information - East-Asia Pacific Limited holds 66,000,000 shares, representing approximately 51.43% of the issued shares[53]. - Amazing Gain Limited also holds 66,000,000 shares, equivalent to 51.43% of the issued shares[53]. - Ms. 鄧鳳賢 holds 73,008,000 shares, accounting for 56.89% of the issued shares[53]. - Ms. 楊可琪 holds 73,602,000 shares, which is 57.35% of the issued shares[53]. Compliance and Governance - There were no significant events affecting the group during the financial year, and compliance with relevant laws and regulations has been reported[7]. - The company has maintained good relationships with employees, customers, suppliers, and business partners, with no serious disputes reported during the financial year[8]. - The board is committed to complying with regulations related to discrimination and employee welfare, ensuring the rights and well-being of its employees[13]. - The company has confirmed that there are no significant transactions or arrangements with directors or related entities that could pose a conflict of interest[21]. - The company has no direct or indirect interests in any competing businesses as of the end of the financial year[22]. - The group has complied with the disclosure requirements of the listing rules regarding connected transactions[32]. - The group’s related party transactions do not constitute any reporting or independent shareholder approval requirements under the listing rules[60]. - The independent auditor's report confirms that the financial statements present a true and fair view of the group's financial position[96]. - The board believes that corporate governance objectives focus on long-term financial performance rather than short-term returns[91]. Future Outlook - The group remains optimistic about future consumer demand in the electronics and mobile device market, driven by the ongoing digitalization and increasing penetration of 5G technology[172]. - The overall market sentiment is expected to improve as the Hong Kong economy gradually recovers, despite ongoing uncertainties in the retail sector[172]. - The group plans to focus on expanding its core business and exploring new value-added services to achieve diversified operations[176]. - The group aims for a sustainable business model to provide stable and continuous returns to shareholders[176]. Environmental and Internal Control Policies - The company has adopted environmental policies to implement eco-friendly practices and reduce waste in its operations[12]. - The company has established several policies to enhance its internal control systems, including anti-corruption and whistleblowing policies[77]. - The audit committee oversees the financial reporting process to ensure the absence of material misstatements due to fraud or error[144].

Financial Performance - For the fiscal year ending March 31, 2024, the group's revenue was approximately HKD 54,387,000, an increase from HKD 51,381,000 in 2023, representing a growth of about 5.9%[21] - The group reported a pre-tax loss of approximately HKD 9,234,000 for the fiscal year ending March 31, 2024, compared to a pre-tax loss of HKD 7,358,000 in 2023, indicating a deterioration in financial performance[21] - The group reported a total comprehensive loss of approximately HKD 9,299,000 for the fiscal year ending March 31, 2024, compared to a total comprehensive loss of HKD 7,282,000 in 2023[21] - The basic and diluted loss per share for the fiscal year ending March 31, 2024, was HKD 0.0715, compared to HKD 0.0554 in 2023, indicating a worsening in per-share performance[21] - The company reported a loss of HKD (9,174,000) for the year ended March 31, 2024, compared to a loss of HKD (7,115,000) in the previous year, reflecting a worsening of approximately 28.9%[90] Revenue Breakdown - Repair service revenue accounted for HKD 54,195,000, up from HKD 51,207,000 in the previous year, indicating a growth of about 5.8%[46] - Sales of accessories and support services generated revenue of HKD 192,000, compared to HKD 174,000 in 2023, reflecting an increase of approximately 10.3%[46] - The group's total revenue for the year ended March 31, 2024, was entirely generated in Hong Kong, consistent with the previous year[52] - For the fiscal year ending March 31, 2024, the company's revenue increased to approximately HKD 54,387,000, up about 5.9% from HKD 51,381,000 in 2023, primarily due to new service contracts and stable repair service income[100] Expenses and Costs - Direct labor costs for the fiscal year ending March 31, 2024, were approximately HKD 29,662,000, up 48.7% from HKD 19,950,000 in 2023, primarily due to the expansion of warehouse facilities and the opening of a new repair center[4] - Other operating expenses for the fiscal year ending March 31, 2024, amounted to approximately HKD 4,315,000, a rise of 34.8% from HKD 3,200,000 in 2023, driven by increased costs in rent, utilities, and depreciation[5] - The total employee costs increased to HKD 33,936,000 from HKD 23,953,000, marking an increase of approximately 41.7%[89] - The financing costs for the year were HKD 255,000, a notable increase from HKD 33,000 in the previous year[87] - The company's gross profit for the fiscal year was approximately HKD 11,251,000, slightly down from HKD 11,385,000 in 2023[100] Assets and Liabilities - As of March 31, 2024, the group's financial assets measured at fair value through profit or loss were approximately HKD 8,984,000, down from HKD 13,984,000 in 2023, representing a decrease of about 35.7%[7] - The group's total assets as of March 31, 2024, were approximately HKD 72,977,000, compared to HKD 80,521,000 in 2023, reflecting a decline of about 9.1%[27] - The group's net asset value as of March 31, 2024, was approximately HKD 70,734,000, down from HKD 80,033,000 in 2023, a decrease of about 11.6%[27] - Trade receivables as of March 31, 2024, totaled HKD 10,550,000, up from HKD 6,779,000 in the previous year, representing an increase of approximately 55.5%[68] - As of March 31, 2024, the company had current assets of approximately HKD 31,370,000 and current liabilities of approximately HKD 12,639,000[109] Corporate Governance and Structure - The company is controlled by the Zhang family trust, with key individuals including Mr. Zhang Jing Shi and Mr. Zhang Jing Shan[28] - The company is listed on the Hong Kong Stock Exchange under stock code 3997[33] - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules during the fiscal year[141] - The capital structure of the company remained unchanged during the fiscal year ending March 31, 2024[147] Future Outlook and Strategy - The company aims to enhance service quality and integrate resources to improve efficiency, thereby expanding revenue sources and optimizing shareholder returns[129] - The company maintains a positive outlook on the overall business environment and economic prospects, focusing on consolidating core business and exploring new opportunities[141] - The global smartphone market is expected to recover with a projected growth of 4.0% in 2024, driven by the expansion of 5G technology and new device innovations[99] Miscellaneous - The company has not made any significant acquisitions or disposals of subsidiaries or associates during the fiscal year ending March 31, 2024[127] - No dividends were declared or proposed for the year ended March 31, 2024, consistent with the previous year[89] - The company will hold its annual general meeting on September 20, 2024, with a notice to be sent to shareholders in due course[133] - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from April 1, 2023, with no significant impact on financial performance or position[34] - The company’s administrative expenses for the fiscal year were approximately HKD 14,477,000, a decrease of about 0.5% from HKD 14,554,000 in 2023[116]

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 26,998,000, an increase of 1.53% compared to HKD 26,593,000 in 2022[3] - Gross profit for the same period rose to HKD 7,588,000, reflecting a 25.5% increase from HKD 6,052,000 in 2022[3] - The company reported a pre-tax loss of HKD 2,324,000, an improvement of 35.6% compared to a loss of HKD 3,611,000 in the previous year[3] - The company reported a loss of HKD 2,295,000 for the six months ended September 30, 2023, compared to a loss of HKD 3,574,000 in the same period of 2022, representing a 35.8% improvement in loss[31] - Basic and diluted loss per share improved to HKD (0.0179) from HKD (0.0278) in the prior year[3] - The loss for the period was approximately HKD 2,295,000, an improvement from HKD 3,574,000 in the previous year, mainly due to reduced fair value losses on financial assets[68] Assets and Liabilities - Total assets as of September 30, 2023, amounted to HKD 94,693,000, up from HKD 89,107,000 as of March 31, 2023[4] - The total equity as of September 30, 2023, was HKD 77,738,000, down from HKD 80,033,000 as of March 31, 2023[4] - Trade receivables rose significantly to HKD 14,014,000 as of September 30, 2023, compared to HKD 6,779,000 as of March 31, 2023, marking a 106.5% increase[39] - Trade payables increased to HKD 5,714,000 as of September 30, 2023, from HKD 4,464,000 as of March 31, 2023, reflecting a 27.9% increase[44] - As of September 30, 2023, the group had current assets of approximately HKD 37,340,000 and current liabilities of about HKD 13,412,000, maintaining a solid liquidity position[74] Cash Flow and Financing - The net cash and cash equivalents decreased to HKD 1,847,000 from HKD 4,593,000 at the beginning of the period[9] - Operating cash flow before working capital changes was HKD 3,083,000, compared to HKD 1,761,000 in the prior year[8] - The company raised HKD 2,200,000 in bank loans during the financing activities[9] - The company secured a bank revolving loan of HKD 2,200,000 during the period, with a floating interest rate of HIBOR plus 2%[47] - Unutilized bank financing as of September 30, 2023, was HKD 8,000,000, down from HKD 10,200,000 as of March 31, 2023[56] Revenue Sources - The group generated 100% of its revenue from Hong Kong, maintaining the same geographic revenue distribution as in 2022[21] - Repair service revenue was HKD 26,932,000, up from HKD 26,508,000, reflecting a growth of 1.60% year-over-year[17] - Revenue from repair services was about HKD 26,932,000, up approximately 1.6% from HKD 26,508,000 in 2022, while sales of accessories and support services decreased by about 22.4% to approximately HKD 66,000[61] - Major customer I contributed HKD 7,265,000 in revenue, a 54.66% increase from HKD 4,710,000 in 2022[22] Expenses - Total other operating expenses netted at HKD (2,623,000), compared to HKD (2,114,000) in the previous year, indicating an increase in expenses of 24.06%[24] - Financing costs rose to HKD 52,000 from HKD 21,000, marking a 147.62% increase[25] - Direct labor costs increased by approximately 45.1% to HKD 12,934,000, attributed to a new service contract and the opening of a new repair center[63] - Administrative expenses rose by approximately 7.5% to HKD 6,789,000, driven by increased costs associated with expanded warehouse facilities[65] Corporate Governance - The company has established an Audit Committee consisting of all independent non-executive directors to oversee financial reporting and internal controls[103] - The Audit Committee has reviewed and approved the unaudited condensed consolidated interim financial information for the six months ended September 30, 2023[103] - The company complies with the Corporate Governance Code, ensuring transparency and accountability in its operations[101] - The board emphasizes the importance of good corporate governance practices and regularly discusses the company's performance and strategies[101] Shareholder Information - As of September 30, 2023, the company has issued a total of 128,342,000 shares[92] - East-Asia Pacific Limited holds 66,000,000 shares, representing approximately 51.43% of the issued shares[99] - Major shareholders include J. Safra Sarasin Trust Company, which also holds 66,000,000 shares, equivalent to 51.43%[99] - The spouse of Zhang Jing Shan holds 73,008,000 shares, representing 56.89% of the shares held by Zhang Jing Shan[99] - The spouse of Zhang Jing Feng holds 73,602,000 shares, representing 57.35% of the shares held by Zhang Jing Feng[99] Employee Information - The group employed 111 full-time employees as of September 30, 2023, an increase from 91 employees as of March 31, 2023[81] Strategic Outlook - The group aims to enhance competitiveness by improving service quality and operational efficiency while exploring potential business and investment opportunities[82] - The company has not disclosed any new strategies or product developments in the current report[100]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 Telecom Service One Holdings Limited 電訊首科控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3997） 截至2023年9月30日止六個月 中期業績公告 中期業績 電訊首科控股有限公司（「本公司」）董事會（「董事會」）宣佈，本公司及其附屬公司（統 稱「本集團」）截至2023年9月30日止六個月（「期內」）之簡明綜合財務業績，連同相 應比較數字如下： ...

Financial Performance - The company recorded revenue of approximately HKD 51,381,000 for the fiscal year ending March 31, 2023, representing a year-on-year increase of about 47.8% compared to HKD 34,757,000 in 2022[9]. - The company incurred a loss of approximately HKD 7,115,000 in the fiscal year, compared to a loss of HKD 1,007,000 in the previous year, primarily due to a decline in gross profit and impairment losses on property, plant, and equipment[9]. - The group's revenue for the year ended March 31, 2023, increased to approximately HKD 51,207,000, up 48.4% from HKD 34,503,000 in 2022[22]. - The cost of sales rose to approximately HKD 39,996,000, an increase of 87.6% from HKD 21,322,000 in the previous year, primarily due to higher parts and labor costs[23]. - The net loss for the year was approximately HKD 7,115,000, compared to HKD 1,007,000 in 2022, attributed to decreased gross profit and increased impairment losses[30]. - The group's operating expenses for the year were approximately HKD 4,185,000, a 93.9% increase from HKD 2,158,000 in 2022, mainly due to rising direct costs[28]. Business Operations - The company operates two frontline service centers and two backend repair centers, with one backend center newly established to handle a new service contract for television and camera repairs[16]. - The company aims to enhance service quality and efficiency while exploring new business opportunities to diversify revenue sources and optimize shareholder returns[11]. - The company plans to develop new value-added services and create new business opportunities to support long-term sustainable growth[17]. - The competitive landscape for mobile phone and personal electronic product repair services in Hong Kong remains intense, but the company believes its industry experience and strong customer relationships will help maintain its market leadership[20]. - The company is committed to improving operational efficiency and cost management to enhance overall productivity and business performance[16]. Economic Outlook - The company is optimistic about future economic prospects, anticipating gradual recovery in the Hong Kong economy and improved overall market sentiment[11]. - The global smartphone market is expected to recover in the short term, driven by the ongoing development of 5G technology, which is projected to account for 62% of global smartphone shipments in 2023[20]. - The group is optimistic about the economic outlook, anticipating gradual recovery from the COVID-19 pandemic in Hong Kong[49]. - The company acknowledges the challenges posed by high inflation, interest rates, and geopolitical risks but remains focused on its core business and long-term growth strategies[16]. Corporate Governance - The company has adopted the Corporate Governance Code to enhance transparency and accountability, ensuring that business activities and decision-making processes are properly regulated[66]. - The board consists of three non-executive directors, one executive director, and three independent non-executive directors, ensuring compliance with the requirement that independent non-executive directors represent at least one-third of the board[67]. - The company emphasizes the importance of good corporate governance as part of its corporate culture, continuously striving to improve governance practices[66]. - The audit committee, established on May 2, 2013, includes three independent non-executive directors and is responsible for reviewing financial statements and risk management systems[86]. - The remuneration committee, also established on May 2, 2013, consists of three independent non-executive directors and recommends overall remuneration policies for the board and senior management[89]. Environmental, Social, and Governance (ESG) - The environmental, social, and governance (ESG) report details the company's sustainable development efforts and corporate social responsibility performance for the fiscal year ending March 31, 2023[117]. - The ESG report focuses on the company's core business in Hong Kong, which includes mobile and personal electronic product repair and refurbishment services[118]. - The board emphasizes that strong environmental, social, and governance (ESG) strategies are key to enhancing investment value and delivering long-term returns to stakeholders[123]. - The company has conducted an importance assessment to identify eight significant ESG issues relevant to its business and stakeholders, based on internal surveys and external expert opinions[130]. - The company aims to integrate sustainability into all aspects of its business, from supply chain management to community development[125]. Employee Management - The total number of employees increased from 132 in 2021/22 to 180 in 2022/23, representing a growth of approximately 36.36%[170]. - The employee turnover rate for males decreased significantly from 130% in 2021/22 to 39% in 2022/23, while for females it dropped from 137% to 31%[170]. - The company emphasizes employee rights and benefits, adhering to labor laws regarding compensation, benefits, and working hours[145]. - A comprehensive performance evaluation system is in place, influencing salary adjustments and promotions based on employee capabilities and performance[147]. - The company is committed to internal training and encourages participation in external seminars to enhance employee knowledge and efficiency[153]. Risk Management - The company faces significant market risks due to intense competition and regulatory environments promoting consumer protection[194]. - Compliance with legal and regulatory standards in telecommunications and financing presents ongoing risks[197]. - The company actively identifies, assesses, and manages climate-related risks, recognizing the financial impacts of climate change on its operations[141]. - The company relies on robust IT infrastructure to support operations and protect sensitive customer data from cybersecurity threats[196]. Community Engagement - The company actively participates in community service and charitable activities, including fundraising for family and child welfare services[165]. - Stakeholder engagement is prioritized, with diverse communication channels established to understand and respond to various stakeholder expectations and requirements[127].

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Telecom Service One Holdings Limited 電 訊 首 科 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：3997） 截 至2023年3月31日 止 年 度 全 年 業 績 公 告 電訊首科控股有限公司（「本公司」）董事會（「董事會」）宣佈，本公司及其附屬公 司（「本集團」）截至2023年3月31日止年度的經審核綜合業績，連同截至2022年3 月31日止年度的比較數字： 綜合損益及其他全面收益表 截至2023年3月31日止年度 2023年 2022年 附註 千港元 千港元 收益 4 51,381 34,757 銷售成本 (39,996) (21,322) 毛利 11,385 13,435 其他收入及收益 6 3,973 3,511 其他經營開支淨額 7 (4,185) (2,158) 行政開支 (13,569) (13,168) 物業、 ...