截至月份: 2025年9月30日 狀態: 新提交 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 呈交日期: 2025年10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) | 06663 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊股本總額： HKD 20,000,000 FF301 第 1 頁 ...

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 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 的任何損失承擔任何責任。 IWS Group Holdings Limited 國 際 永 勝 集 團 控 股 有 限 公 司 （ 於開曼群島註冊成立的有限公司） （股份代號：6663） 於2025年9月12日舉行之股東週年大會之表決結果 及 派付截至2025年3月31日止年度之末期股息 茲提述國際永勝集團控股有限公司（「本公司」）日期為2025年6月27日之通函 （「通 函」）。 除 非 另 有 指 明 ， 否 則 本 公 告 所 用 詞 彙 與 通 函 所 界 定 者 具 相 同 涵 義。 股東週年大會表決結果 董事會欣然宣佈，於日期為2025年6月27日之股東週年大會通告（「通告」）所 載之所有決議案，已於2025年9月12日舉行之股東週年大會上以按股數投票 方式獲正式通過。 於 股 東 ...

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: 國際永勝集團控股有限公司 呈交日期: 2025年9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) | 06663 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊 ...

Group 1 - The Hang Seng Index rose by 0.17% to close at 25,165.94 points on August 20 [1] - International Yongsheng Group (06663.HK) saw a significant increase of 89.96% in its stock price, closing at 0.435 HKD per share with a trading volume of 4.56 million shares and a turnover of 2.32 million HKD [1] - Over the past month, International Yongsheng Group has experienced a cumulative decline of 13.58%, and a year-to-date decline of 50.75%, underperforming the Hang Seng Index by 25.24% [1] Group 2 - As of March 31, 2025, International Yongsheng Group reported total revenue of 401 million HKD, reflecting a year-on-year growth of 8.09%, while net profit attributable to shareholders was 3.83 million HKD, a decrease of 69.63% [1] - The company achieved a gross profit margin of 98.36% and maintained a debt-to-asset ratio of 20.8% [1] - Currently, there are no institutional investment ratings for International Yongsheng Group [2] Group 3 - The average price-to-earnings (P/E) ratio for the support services industry is -0.2 times, with a median of 3.1 times, while International Yongsheng Group has a P/E ratio of 44.16 times, ranking 52nd in the industry [2] - Other companies in the Chinese education sector have significantly lower P/E ratios, such as 1.42 times for Other Chinese Education Industry (01756.HK) and 2.13 times for Easy Communications Group (08031.HK) [2] - International Yongsheng Group has over 10 years of operational history, specializing in various facility services, including general security, event and crisis security, manpower support, and facility management [2]

Core Viewpoint - International Yongsheng Group (06663.HK) experienced a significant decline in stock price, closing at 0.225 HKD, down 6.25% from the previous trading day, with an intraday low of 0.222 HKD, marking a new yearly low [1] Company Overview - International Yongsheng Group and its subsidiaries have over 10 years of operational history, specializing in various facility services including general security services, event and crisis security services, manpower support services, and facility management services such as parking lot leasing and management [1] - The company employs over 1,000 staff, most of whom are qualified for Class A and Class B security work, ensuring high-quality service delivery to clients through a qualified workforce [1] - Since 2015, the company has been certified under the ISO 9001:2015 quality management system standard, reflecting its commitment to professional service and integrity [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: 國際永勝集團控股有限公司 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) | 06663 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊 ...

Company Overview - International Yongsheng Group Holdings Limited and its subsidiaries have over 10 years of operational history, specializing in various facility services including general security, event and crisis security, manpower support, and facility management services [2] - The company employs over 1,000 staff, most of whom are qualified for Class A and Class B security work, ensuring high-quality service for clients [2] - Since 2015, the company has been certified under the ISO 9001:2015 quality management system, reflecting its commitment to professionalism and integrity [2] Financial Performance - As of March 31, 2025, International Yongsheng Group reported total revenue of 401 million yuan, representing a year-on-year growth of 8.09% [1] - The net profit attributable to shareholders was 3.8288 million yuan, a significant decrease of 69.63% compared to the previous year [1] - The gross profit margin stood at 98.36%, with a debt-to-asset ratio of 20.8% [1] Market Position and Valuation - The company’s current price-to-earnings (P/E) ratio is 54.95, ranking 53rd in its industry, while the average P/E ratio for the support services industry is 3.44 [1] - The median P/E ratio for the industry is 3.1, indicating that International Yongsheng Group is significantly overvalued compared to its peers [1] - Other companies in the Chinese education sector have much lower P/E ratios, such as 1.42 for China Science Education Industry and 1.97 for Xijiao International Holdings [1]

Group 1 - The Hang Seng Index rose by 0.62% to close at 24,221.41 points on July 2 [1] - International Yongsheng Group (06663.HK) closed at HKD 0.32 per share, up 20.75%, with a trading volume of 290,000 shares and a turnover of HKD 74,300, showing a volatility of 24.53% [1] - Over the past month, International Yongsheng Group has seen a cumulative decline of 19.7%, and a year-to-date decline of 43.01%, underperforming the Hang Seng Index by 20% [1] Group 2 - As of March 31, 2025, International Yongsheng Group reported total revenue of HKD 401 million, an increase of 8.09% year-on-year, while net profit attributable to shareholders was HKD 3.8288 million, a decrease of 69.63% [1] - The company's gross margin stands at 98.36%, with a debt-to-asset ratio of 20.8% [1] - Currently, there are no institutional investment ratings for International Yongsheng Group [1] Group 3 - The support services industry has an average price-to-earnings (P/E) ratio of 2.26 times, with a median of 3.24 times [1] - International Yongsheng Group has a P/E ratio of 51.1 times, ranking 53rd in the industry [1] - Other companies in the education sector have lower P/E ratios, such as China Science Education Industry (1.4 times), Xiji International Holdings (1.94 times), and New Higher Education Group (2.04 times) [1] Group 4 - International Yongsheng Group has over 10 years of operational history, specializing in various facility services including general security, event and crisis security, manpower support, and facility management [2] - The company employs over 1,000 staff, most of whom are qualified for Class A and Class B security work [2] - Since 2015, the company has been certified under the ISO 9001:2015 quality management system standard [2]

[Company Information](index=2&type=section&id=Company%20Information) [Financial Highlights](index=4&type=section&id=Financial%20Highlights) In FY2025, revenue grew 8.1% to HKD 435 million, but profit before tax and profit for the year sharply declined by 72.0% and 74.0% respectively, reflecting weakened profitability | Metric | FY2025 (HKD Thousands) | FY2024 (HKD Thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 434,527 | 401,994 | +8.1% | | Profit Before Tax | 5,770 | 17,065 | -72.0% | | Profit and Total Comprehensive Income for the Year | 3,555 | 13,658 | -74.0% | | Metric | FY2025 (HKD Thousands) | FY2024 (HKD Thousands) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 11,853 | (30,035) | | Cash and Cash Equivalents at Year-End | 54,696 | 58,631 | | Key Financial Ratios | FY2025 | FY2024 | | :--- | :--- | :--- | | Adjusted Net Profit Margin (%) | 0.8 | 3.4 | | Adjusted Return on Equity (%) | 1.8 | 6.5 | | Interest Coverage Ratio (Times) | 7.8 | 86.8 | | Current Ratio (Times) | 4.5 | 5.5 | [Chairman's Statement](index=5&type=section&id=Chairman%27s%20Statement) Despite economic challenges, the Group achieved 8.1% revenue growth to HKD 434.5 million in FY2025, primarily from guarding and security system services, though profit for the year sharply declined by 74.0% to HKD 3.6 million, with future plans focusing on business expansion and strategic acquisitions | Financial Metric | FY2025 | FY2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. HKD 434.5 million | Approx. HKD 402.0 million | +8.1% | | Profit and Total Comprehensive Income for the Year | Approx. HKD 3.6 million | Approx. HKD 13.7 million | -74.0% | - The Board recommends a final dividend of **HKD 0.3375 cents per ordinary share** for FY2025, a significant decrease from **HKD 1.20 cents** in the prior year[12](index=12&type=chunk) - Future strategy: The Group aims to expand guarding and security system services, enhance facility management capabilities, improve operational efficiency, and seek strategic acquisition and investment opportunities to become a top integrated facility management service provider in Hong Kong[13](index=13&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Financial Overview](index=7&type=section&id=Business%20Review%20and%20Financial%20Overview) This fiscal year, the Group's total revenue increased by 8.1% to HKD 434.5 million, primarily driven by new contracts in the guarding services segment and the newly launched security system services segment; however, increased employee benefits, consumables, and selling expenses led to a 74.0% decline in profit for the year to HKD 3.6 million, with net profit margin decreasing from 3.4% to 0.8% Revenue Performance by Business Segment (Year Ended March 31) | Business Segment | FY2025 Revenue (HKD Millions) | FY2024 Revenue (HKD Millions) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Guarding Services | 397.5 | 377.0 | +5.4% | | Facility Management Services | 24.8 | 25.0 | -0.9% | | Security System Services | 12.3 | - | N/A (New Business) | | **Total** | **434.5** | **402.0** | **+8.1%** | - Employee benefits expenses increased by **9.2%** year-on-year to **HKD 393.9 million**, primarily due to increased headcount for new service contracts and higher retirement benefit scheme expenses[20](index=20&type=chunk) - As a combined result of the aforementioned factors, profit and total comprehensive income for the year significantly decreased by **74.0%** from **HKD 13.7 million** to **HKD 3.6 million**, with the net profit margin declining from **3.4%** to **0.8%**[28](index=28&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=9&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of March 31, 2025, the Group's financial position showed weakened liquidity, with bank balances and cash decreasing by 25.7% to HKD 54.7 million and the current ratio falling from 5.5 times to 4.5 times; however, the gearing ratio remained low at 1.3%, indicating low debt risk, and the Group had HKD 80 million in bank facilities, of which HKD 39.1 million was utilized Liquidity and Capital Structure Metrics (As of March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Bank Balances and Cash (HKD Millions) | 54.7 | 73.6 | | Net Current Assets (HKD Millions) | 185.2 | 197.3 | | Net Assets (HKD Millions) | 202.8 | 208.9 | | Current Ratio (Times) | 4.5 | 5.5 | | Gearing Ratio (%) | 1.3 | 1.4 | - As of March 31, 2025, the Group had bank facilities up to **HKD 80 million**, of which **HKD 39.1 million** was utilized[30](index=30&type=chunk) [Risk Management](index=10&type=section&id=Risk%20Management) The Group's primary risk exposure is credit risk, particularly concentrated in public sector clients and a single largest customer (a Hong Kong railway company), which accounts for over 30% of trade receivables; directors consider the bad debt risk from public sector clients to be low, and the Group currently does not use any financial instruments to hedge foreign exchange risk - The Group's credit risk is concentrated, with Hong Kong public sector clients accounting for approximately **70.0%** of trade receivables, and a single largest customer (a Hong Kong railway company) accounting for over **30.0%**[32](index=32&type=chunk) - The Group primarily operates in Hong Kong, with transactions, assets, and liabilities mainly denominated in HKD, resulting in minimal foreign exchange exposure and no hedging activities undertaken[31](index=31&type=chunk) [Significant Investments and Future Plans](index=11&type=section&id=Significant%20Investments%20and%20Future%20Plans) This fiscal year, the Group made several investment arrangements, including a prepayment of HKD 4.312 million for a new subsidiary in China and a deposit of HKD 15 million to co-organize a football exhibition match; additionally, new subsidiaries were established in South Korea and China to expand overseas guarding and facility management businesses, with no authorized significant capital asset additions currently planned - The Group prepaid **HKD 4.312 million** (equivalent to RMB 4 million) to establish a new subsidiary in China[38](index=38&type=chunk) - The Group deposited **HKD 15 million** to co-organize a football exhibition match held in Hong Kong in May 2025[38](index=38&type=chunk) - To expand overseas business, the Group established subsidiaries in South Korea and China, investing approximately **HKD 0.56 million** and **RMB 0.6 million** respectively[38](index=38&type=chunk) [Employees and Remuneration Policy](index=11&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group's total number of employees slightly increased to 2,655, with staff costs (including directors' emoluments) for the year approximately HKD 393.9 million, up from HKD 360.7 million in the prior year, and the Group regularly reviews remuneration and awards discretionary bonuses based on performance to attract and retain talent Employee Information | Metric | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 2,655 | 2,631 | | Staff Costs (HKD Millions) | 393.9 | 360.7 | [Use of Proceeds from Listing](index=12&type=section&id=Use%20of%20Proceeds%20from%20Listing) As of March 31, 2025, the Group had utilized approximately HKD 26.3 million of the net proceeds from the GEM listing, with approximately HKD 5.7 million remaining unutilized; due to unsuccessful bids for new facility management service tenders and cost-effective completion of IT upgrades, the Board decided to defer the use of unutilized funds originally designated for machinery and IT infrastructure upgrades by 12 months, expecting full utilization by March 31, 2026 Use of GEM Listing Proceeds (As of March 31, 2025) | Purpose | Actual Net Proceeds (HKD Thousands) | Amount Utilized (HKD Thousands) | Unutilized Amount (HKD Thousands) | | :--- | :--- | :--- | :--- | | Expansion of Security Services Business | 14,200 | 14,200 | – | | Enhancement of Facility Management Service Capabilities | 5,100 | 1,000 | 4,100 | | Improvement of Operational Efficiency and Scalability | 5,000 | 3,394 | 1,606 | | Repayment of Outstanding Bank Loans | 4,500 | 4,500 | – | | General Working Capital | 3,200 | 3,200 | – | | **Total** | **32,000** | **26,294** | **5,706** | - The Board decided to defer the utilization of the unutilized net proceeds of **HKD 5.706 million** by 12 months, with full utilization expected by March 31, 2026[49](index=49&type=chunk) [Directors and Senior Management](index=15&type=section&id=Directors%20and%20Senior%20Management) This section details the backgrounds and qualifications of the company's Board members and senior management team, with executive directors primarily from the Ma family responsible for overall strategy and management, independent non-executive directors providing oversight and independent advice with professional backgrounds in policing, accounting, and law, and senior management possessing extensive experience in security services, property management, and finance, overseeing daily operations - The Executive Board comprises Mr. Ma Kiu Sang (Chairman), Mr. Ma Kiu Mo, Mr. Ma Kiu Man, and Mr. Ma Yung King, primarily responsible for the Group's overall corporate and business strategy formulation[51](index=51&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk)[58](index=58&type=chunk) - Independent Non-Executive Directors include Dr. Ng Ka Sing (former Assistant Commissioner of Police), Ms. Cheng Wai Ha (practicing accountant), and Mr. Yau Siu Yeung (solicitor), providing professional oversight and independent advice to the Group[60](index=60&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - Senior management, led by CEO Mr. Choi Ming Fai, comprises team members with over **10 to 20 years** of industry experience in operations, business development, property management, human resources, and finance[65](index=65&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk)[71](index=71&type=chunk) [Corporate Governance Report](index=22&type=section&id=Corporate%20Governance%20Report) [Corporate Governance Practices and the Board](index=22&type=section&id=Corporate%20Governance%20Practices%20and%20the%20Board) The Company has adopted and complied with all applicable provisions of the Corporate Governance Code, with a seven-member Board comprising four executive and three independent non-executive directors ensuring power balance, and the roles of Chairman (Mr. Ma Kiu Sang) and Chief Executive Officer (Mr. Choi Ming Fai) are separate; the Board is committed to diversity and ensuring all directors participate in continuous professional development, with all directors attending all seven Board meetings held during the year - For the year ended March 31, 2025, the Company complied with all applicable code provisions of the Corporate Governance Code[75](index=75&type=chunk) - The Board comprises **4 Executive Directors** and **3 Independent Non-Executive Directors**, with the roles of Chairman and Chief Executive Officer held by different individuals to ensure power balance[77](index=77&type=chunk)[80](index=80&type=chunk) - The Company has adopted a Board Diversity Policy, with one female director currently on the Board, and will continue to gradually increase the proportion of female members[86](index=86&type=chunk) Board Meeting Attendance Record (FY2025) | Director Name | Position | Meetings Attended/Total Meetings | | :--- | :--- | :--- | | Mr. Ma Kiu Sang | Executive Director | 7/7 | | Mr. Ma Kiu Mo | Executive Director | 7/7 | | Mr. Ma Kiu Man | Executive Director | 7/7 | | Mr. Ma Yung King | Executive Director | 7/7 | | Dr. Ng Ka Sing | Independent Non-Executive Director | 7/7 | | Ms. Cheng Wai Ha | Independent Non-Executive Director | 7/7 | | Mr. Yau Siu Yeung | Independent Non-Executive Director | 7/7 | [Board Committees](index=27&type=section&id=Board%20Committees) The Company has established four Board committees: Audit, Remuneration, Nomination, and Risk Management; the Audit Committee, composed of three independent non-executive directors, oversees financial reporting, internal controls, and audit processes; the Remuneration Committee sets compensation policies for directors and senior management; the Nomination Committee reviews Board structure and composition; and the Risk Management Committee supervises the Group's risk management framework - The Audit Committee, comprising **three Independent Non-Executive Directors** and chaired by Ms. Cheng Wai Ha, held **six meetings** during the year, reviewing quarterly, interim, and annual results, and deemed the annual financial results properly disclosed[94](index=94&type=chunk)[95](index=95&type=chunk) - The Remuneration Committee, comprising **three Independent Non-Executive Directors** and chaired by Mr. Yau Siu Yeung, reviewed and approved the remuneration packages for executive directors and senior management during the year[96](index=96&type=chunk)[97](index=97&type=chunk) - The Nomination Committee, comprising **one Executive Director** and **three Independent Non-Executive Directors** and chaired by Mr. Yau Siu Yeung, held **two meetings** during the year, reviewing the Board structure and diversity policy[99](index=99&type=chunk)[103](index=103&type=chunk) - The Risk Management Committee, comprising **two Executive Directors** and **three Independent Non-Executive Directors** and chaired by Dr. Ng Ka Sing, held **one meeting** during the year, overseeing the Group's risk management and internal control systems[106](index=106&type=chunk) [Risk Management and Internal Control](index=32&type=section&id=Risk%20Management%20and%20Internal%20Control) Although the Group lacks an internal audit function, it fulfills related responsibilities by engaging external consultants and Board oversight; the Group has established comprehensive internal control policies and engaged an independent professional firm to review their effectiveness, which the Board deems effective, and has also implemented an anti-corruption policy and whistleblowing mechanism, with no related legal proceedings during the year - The Group currently does not have an internal audit function but has engaged external consultants to review internal controls, with the Audit Committee reviewing their effectiveness[109](index=109&type=chunk) - The Board believes that for the year ended March 31, 2025, the Group maintained effective internal control measures and engaged an independent professional firm for review[114](index=114&type=chunk) - The Group has established an anti-corruption policy and whistleblowing mechanism, with no corruption-related legal proceedings or significant non-compliance issues identified during the year[110](index=110&type=chunk)[111](index=111&type=chunk) [Shareholder Relations and Communication](index=35&type=section&id=Shareholder%20Relations%20and%20Communication) The Company values communication with shareholders, having adopted a shareholder communication policy and interacting with investors through various channels including annual general meetings, the company website, and announcements; the Company has also formulated a dividend policy, where dividend decisions consider financial performance, retained earnings, and economic conditions, and shareholders may convene extraordinary general meetings and propose resolutions as per the Articles of Association - The Company has adopted a Shareholder Communication Policy to ensure timely and comprehensive information for shareholders, and believes the policy was appropriately implemented during the year[122](index=122&type=chunk) - The Company has adopted a Dividend Policy, and the Board will determine dividend distribution based on various factors including the Company's financial performance, retained earnings, and economic conditions[124](index=124&type=chunk) - According to the Company's Articles of Association, shareholders holding not less than **one-tenth** of the voting share capital may request to convene an extraordinary general meeting[125](index=125&type=chunk) [Directors' Report](index=37&type=section&id=Directors%27%20Report) [Principal Activities, Results and Dividends](index=37&type=section&id=Principal%20Activities%2C%20Results%20and%20Dividends) The Group primarily engages in guarding and facility management services in Hong Kong, with no significant changes in principal activities this year; the Board recommends a final dividend of HKD 0.3375 cents per share for the year ended March 31, 2025, a significant reduction from the prior year, and the report specifies the book closure dates for determining shareholders' eligibility to attend the AGM and receive dividends - The Group's principal activities are providing guarding and facility management services in Hong Kong, with no significant changes during the year[131](index=131&type=chunk) - The Board recommends a final dividend of **HKD 0.3375 cents per share** for FY2025, compared to **HKD 1.20 cents per share** for FY2024[133](index=133&type=chunk) [Continuing Connected Transactions](index=39&type=section&id=Continuing%20Connected%20Transactions) This year, the Group had two major continuing connected transactions: a master service agreement with companies controlled by the controlling shareholder Ma family for security and facility management services, totaling approximately HKD 20 million, and a framework agreement with a company controlled by Mr. Li Man Ho, a connected person at the subsidiary level, for security system services, totaling approximately HKD 11 million, with independent non-executive directors and auditors confirming compliance for both transactions - The Group entered into a master service agreement with companies controlled by the controlling shareholder Ma family to provide security and facility management services, with related transaction amounts approximately **HKD 20 million** for the year ended March 31, 2025[145](index=145&type=chunk)[147](index=147&type=chunk) - The Group entered into a framework agreement with a company controlled by Mr. Li Man Ho, a connected person at the subsidiary level, to provide security system services, with related transaction amounts approximately **HKD 11 million** for the year ended March 31, 2025[148](index=148&type=chunk)[150](index=150&type=chunk) - The Independent Non-Executive Directors and the Company's auditor reviewed the aforementioned continuing connected transactions, confirming they were conducted on normal commercial terms, in the overall interest of shareholders, and within annual caps[151](index=151&type=chunk) [Major Customers and Suppliers](index=42&type=section&id=Major%20Customers%20and%20Suppliers) This year, the Group experienced high customer concentration, with the top five customers accounting for 80.6% of total revenue and the largest customer contributing 52.2%; due to the nature of its business, the Group has no major suppliers, and no directors, their close associates, or major shareholders held any interests in the top five customers - High customer concentration: The **top five customers** accounted for **80.6%** of total revenue, with the **largest customer** contributing **52.2%**[153](index=153&type=chunk) - Due to the nature of its business, the Group has no major suppliers[154](index=154&type=chunk) [Key Risks and Uncertainties](index=42&type=section&id=Key%20Risks%20and%20Uncertainties) The Group faces key risks including high business reliance on contracts with railway companies and the Hong Kong government, where non-renewal could adversely impact performance; changes in industry regulations, standards, and technological innovations may affect operations; and fluctuations in Hong Kong's economic, social, and political environment could also pose risks to results - Business risk: A significant portion of the Group's revenue derives from contracts with railway companies and the Hong Kong government, and failure to maintain relationships or renew contracts would adversely affect business[158](index=158&type=chunk) - Industry risk: Changes in regulations, industry standards, and technological innovations related to guarding and facility management services may impact the Group's operations[159](index=159&type=chunk) - Macroeconomic risk: Hong Kong's economic conditions and socio-political environment may affect the Group's performance and financial position[160](index=160&type=chunk) [Directors' and Interests Disclosure](index=44&type=section&id=Directors%27%20and%20Interests%20Disclosure) The report details directors' share interests in the Company and its associated corporations, with Messrs. Ma Kiu Sang, Ma Kiu Mo, and Ma Kiu Man, as parties acting in concert, collectively deemed to hold 70.0% of the Company's shares; during the reporting period, no share options were exercised by directors or chief executives, nor did the Company purchase, sell, or redeem any listed securities - Pursuant to the Deed of Confirmation of Acting in Concert, Mr. Ma Kiu Sang, Mr. Ma Kiu Mo, and Mr. Ma Kiu Man are deemed to be parties acting in concert, collectively holding interests in **560,000,000 shares**, representing **70.0%** of the Company's issued share capital[182](index=182&type=chunk) - The substantial shareholder, International Wing Sang BVI, beneficially owns **560,000,000 shares**, representing **70.0%** of the issued share capital[189](index=189&type=chunk) - No share options have been granted since the adoption of the share option scheme[193](index=193&type=chunk)[397](index=397&type=chunk) - For the year ended March 31, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[197](index=197&type=chunk) [Environmental, Social and Governance Report](index=54&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) [Report Overview and Governance](index=54&type=section&id=ESG%20Report%20Overview%20and%20Governance) This ESG report covers April 1, 2024, to March 31, 2025, prepared in accordance with the HKEX ESG Reporting Guide, with the Board bearing ultimate responsibility for overseeing ESG strategy and risk management; through stakeholder engagement and materiality assessment, the Group identified employment and labor practices (e.g., compliant employment, health and safety) and operating practices (e.g., business ethics, customer privacy) as the most material ESG issues - The Board bears primary responsibility for overseeing the implementation, review, and reporting of the Group's environmental, social, and governance strategies, as well as identifying and assessing related risks[220](index=220&type=chunk) - Through materiality assessment, the Group identified key ESG issues including: compliant employment, remuneration and benefits, occupational health and safety, business ethics, and protection of customer privacy[225](index=225&type=chunk) [Environmental Protection](index=57&type=section&id=Environmental%20Protection) As a service-oriented enterprise, the Group's environmental impact primarily stems from vehicle emissions and office resource consumption; the Group reduces emissions and resource consumption through measures such as regular vehicle maintenance, adopting energy-efficient equipment (e.g., LED lights), setting air conditioning temperatures, and encouraging green office practices (e.g., double-sided printing), and has obtained ISO14001:2015 environmental management system certification and developed measures to address extreme weather events like typhoons - The Group strictly complies with Hong Kong environmental regulations, with primary emission sources being vehicle exhaust and general waste and domestic wastewater generated from offices[226](index=226&type=chunk)[228](index=228&type=chunk) - To conserve resources, the Group has implemented various energy and water-saving measures, such as using LED lighting, maintaining indoor temperatures at **25.5 degrees Celsius**, and encouraging employees to use public transportation[229](index=229&type=chunk)[230](index=230&type=chunk) - The Group has obtained **ISO14001:2015** environmental management system certification and established work arrangements for adverse weather to address climate change risks[232](index=232&type=chunk)[233](index=233&type=chunk) [Employment and Labor Practices](index=60&type=section&id=Employment%20and%20Labor%20Practices) The Group strictly adheres to labor laws, implements equal opportunity and non-discrimination policies, and prevents child labor through ID verification; it offers competitive remuneration and benefits with a performance appraisal system, and in terms of health and safety, has established an occupational safety and health policy, provides safety training and personal protective equipment, and records and handles work-related accidents, with 11 such cases this year, a decrease from last year - The Group complies with labor regulations such as the Employment Ordinance, implements equal opportunity and anti-discrimination policies, and strictly prohibits child and forced labor[234](index=234&type=chunk)[235](index=235&type=chunk) - The Group is committed to providing a safe working environment, complying with the Occupational Safety and Health Ordinance, and providing employees with safety training and personal protective equipment[239](index=239&type=chunk)[241](index=241&type=chunk) Work Injury Data (Past Three Years) | Metric | 2024/25 | 2023/24 | 2022/23 | | :--- | :--- | :--- | :--- | | Number of Work-Related Fatalities | 0 | 0 | 0 | | Number of Work Injuries | 11 | 20 | 18 | | Lost Workdays Due to Work Injuries (Days) | 62 | 184 | 301 | - The Group encourages employee development by providing internal training, education allowances, and tuition subsidies to enhance their professional knowledge and skills[242](index=242&type=chunk) [Operating Practices](index=63&type=section&id=Operating%20Practices) In operations, the Group prioritizes local suppliers with environmental certifications; to ensure service quality, it strictly adheres to industry regulations and has obtained ISO9001:2015 quality management system certification; the Group provides various channels, including a 24-hour hotline, for customer complaints and strictly complies with privacy ordinances to protect customer data; furthermore, the Group has established a stringent anti-corruption policy and whistleblowing mechanism, with no related legal proceedings during the year - The Group prioritizes local suppliers with environmental certifications in supply chain management and conducts reviews for new suppliers[244](index=244&type=chunk) - To ensure service quality, the Group has obtained **ISO9001:2015** Quality Management System certification and established a customer complaint handling policy[245](index=245&type=chunk)[246](index=246&type=chunk) - The Group strictly complies with the Personal Data (Privacy) Ordinance, protecting customer and employee privacy, and respects intellectual property rights[247](index=247&type=chunk)[248](index=248&type=chunk) - The Group is committed to ethical operations, having established an anti-corruption policy and whistleblowing mechanism, with no corruption-related legal proceedings during the year, and provided **8 hours** of anti-corruption training for directors[250](index=250&type=chunk)[251](index=251&type=chunk) [Community Investment](index=65&type=section&id=Community%20Investment) The Group actively fulfills its social responsibilities by participating in community activities to give back to society; during the year, it sponsored a community Chinese New Year reunion dinner, donating HKD 25,000 and inviting elderly individuals to attend for free, and is also committed to providing employment opportunities for vulnerable groups and encouraging employee volunteerism to promote social inclusion and economic empowerment - During the year, the Group sponsored a community Chinese New Year reunion dinner, donating **HKD 25,000** and inviting **20 elderly individuals aged 70 and above** to attend for free[252](index=252&type=chunk) - The Group is committed to providing employment opportunities for vulnerable groups and encourages employee volunteer work to give back to the community[252](index=252&type=chunk) [Independent Auditor's Report](index=72&type=section&id=Independent%20Auditor%27s%20Report) Deloitte Touche Tohmatsu, the independent auditor, issued an unmodified opinion on the Group's consolidated financial statements, deeming them to present fairly the Group's financial position as of March 31, 2025, and its financial performance for the year, prepared in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance; the report identified 'Revenue Recognition for Guarding Services' as a key audit matter and detailed the audit procedures performed for it - The auditor believes that the consolidated financial statements fairly present the Group's consolidated financial position, performance, and cash flows in accordance with Hong Kong Financial Reporting Standards, and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance[263](index=263&type=chunk) - A key audit matter identified is 'Revenue Recognition for Guarding Services' due to its significant impact on the financial statements; for the year ended March 31, 2025, this revenue amounted to **HKD 397.5 million**, representing **91%** of total revenue[267](index=267&type=chunk)[268](index=268&type=chunk) - Procedures performed by the auditor included: understanding and testing key controls over revenue recognition, sampling service contracts and invoices, comparing recognized revenue to expected amounts, and performing analytical review of revenue[269](index=269&type=chunk) [Consolidated Financial Statements](index=77&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=77&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, the Group's revenue was HKD 434.5 million, an 8.1% year-on-year increase; however, due to increased employee benefits and other operating expenses, profit before tax significantly decreased to HKD 5.77 million, and profit and total comprehensive income for the year was HKD 3.555 million, a 74.0% year-on-year decrease, with basic earnings per share at HKD 0.52 cents Consolidated Statement of Profit or Loss Summary (Year Ended March 31) | Item (HKD Thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 434,527 | 401,994 | | Employee Benefits Expenses | (393,926) | (360,680) | | Other Operating Expenses | (17,512) | (15,838) | | Profit Before Tax | 5,770 | 17,065 | | Income Tax Expense | (2,215) | (3,407) | | **Profit and Total Comprehensive Income for the Year** | **3,555** | **13,658** | | Profit Attributable to Owners of the Company | 4,149 | 13,663 | | Basic Earnings Per Share (HKD Cents) | 0.52 | 1.71 | [Consolidated Statement of Financial Position](index=78&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were HKD 256 million, total liabilities HKD 53.26 million, and net assets HKD 202.8 million, a slight decrease from the prior year; net current assets were HKD 185.2 million, and equity attributable to owners of the Company within capital and reserves was HKD 203.4 million Consolidated Statement of Financial Position Summary (As of March 31) | Item (HKD Thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Non-current Assets** | **18,119** | **13,165** | | **Current Assets** | **237,965** | **241,577** | | Trade and Other Receivables and Deposits | 180,196 | 165,133 | | Bank Balances and Cash | 54,696 | 58,631 | | **Current Liabilities** | **52,776** | **44,260** | | **Net Current Assets** | **185,189** | **197,317** | | **Net Assets** | **202,820** | **208,865** | | **Total Equity** | **202,820** | **208,865** | [Consolidated Statement of Cash Flows](index=80&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This year, the Group's cash flow from operating activities significantly improved from a net outflow of HKD 30.03 million to a net inflow of HKD 11.85 million; net cash used in investing activities was HKD 3.81 million, and net cash used in financing activities was HKD 11.98 million, primarily for dividend payments, resulting in a net decrease of HKD 3.935 million in cash and cash equivalents at year-end to HKD 54.7 million Consolidated Statement of Cash Flows Summary (Year Ended March 31) | Item (HKD Thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash From (Used In) Operating Activities | 11,853 | (30,035) | | Net Cash Used In Investing Activities | (3,808) | (17,826) | | Net Cash Used In Financing Activities | (11,980) | (13,688) | | **Net Decrease in Cash and Cash Equivalents** | **(3,935)** | **(61,549)** | | Cash and Cash Equivalents at Beginning of Year | 58,631 | 120,180 | | **Cash and Cash Equivalents at End of Year** | **54,696** | **58,631** | [Financial Summary](index=121&type=section&id=Financial%20Summary) This section provides a summary of the Group's key financial data for the past five fiscal years, showing that FY2025 revenue (HKD 434.5 million), while higher than 2024 and 2023, was significantly lower than the 2022 peak, and profit for the year (HKD 3.56 million) was the lowest in five years, with total assets and total equity remaining relatively stable over the past two years Five-Year Financial Performance Summary (Year Ended March 31, HKD Thousands) | Metric | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 434,527 | 401,994 | 392,496 | 537,371 | 365,833 | | Profit Before Tax | 5,770 | 17,065 | 21,425 | 71,783 | 72,806 | | Profit for the Year | 3,555 | 13,658 | 17,645 | 56,569 | 66,212 | Five-Year Assets, Liabilities and Equity Summary (As of March 31, HKD Thousands) | Metric | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 256,084 | 254,742 | 246,011 | 292,907 | 251,719 | | Total Liabilities | (53,264) | (45,877) | (38,809) | (60,150) | (49,531) | | Total Equity | 202,820 | 208,865 | 207,202 | 232,757 | 202,188 |

Financial Performance - Total revenue for the year ended March 31, 2025, was HKD 434,527,000, representing an increase of 8.1% from HKD 401,994,000 in 2024[2] - The net profit for the year was HKD 3,555,000, a decrease of 74.0% compared to HKD 13,658,000 in the previous year[3] - Basic earnings per share for 2025 was HKD 0.52, down from HKD 1.71 in 2024, reflecting a decline of 69.5%[3] - The company reported a total comprehensive income of HKD 3,555,000 for the year, down from HKD 13,658,000 in 2024, indicating a significant drop in overall performance[3] - The company reported a pre-tax profit of HKD 5,770,000 for the year ended March 31, 2025, down from HKD 17,065,000 in 2024, reflecting a decline of 66.1%[12] - Basic earnings attributable to the company's owners for 2025 were HKD 4,149,000, a decrease of 69.6% compared to HKD 13,663,000 in 2024[17] - Net profit and total comprehensive income decreased by approximately HKD 10.1 million or 74.0% to about HKD 3.6 million for the fiscal year ending March 31, 2025, with a net profit margin dropping from approximately 3.4% to 0.8%[37] Revenue Breakdown - The revenue from general security services was HKD 179,335,000, slightly down from HKD 180,240,000 in the previous year, representing a decrease of 0.5%[9] - The revenue from manpower support services increased significantly to HKD 217,862,000, up 10.8% from HKD 196,552,000 in 2024[9] - The security services segment generated revenue of approximately HKD 397.5 million, an increase of about HKD 20.5 million or 5.4% from approximately HKD 377.0 million in the previous year[27] - The facilities management services segment's revenue decreased by approximately HKD 0.2 million or 0.9% to about HKD 24.8 million for the year ending March 31, 2025, down from approximately HKD 25.0 million[28] - The security systems services segment generated revenue of approximately HKD 12.3 million for the year ending March 31, 2025, marking the company's entry into this segment[29] Assets and Liabilities - Total assets decreased to HKD 237,965,000 in 2025 from HKD 241,577,000 in 2024, a reduction of 1.3%[4] - Current liabilities increased to HKD 52,776,000 in 2025 from HKD 44,260,000 in 2024, an increase of 19.5%[4] - Non-current assets decreased significantly from HKD 2,402,000 in 2024 to HKD 1,344,000 in 2025, a decline of 44.2%[4] - The company’s total equity decreased to HKD 202,820,000 in 2025 from HKD 208,865,000 in 2024, a decrease of 2.9%[5] Expenses - Employee benefits expenses rose to HKD 393,926,000 in 2025 from HKD 360,680,000 in 2024, an increase of 9.2%[2] - The total operating expenses for 2025 were HKD 393,926,000, an increase of 9.2% from HKD 360,680,000 in 2024[14] - Other income decreased to HKD 914,000 in 2025 from HKD 2,039,000 in 2024, a decline of 55.2%[13] - The company incurred financing costs of HKD 847,000 in 2025, compared to HKD 199,000 in 2024, indicating a significant increase[14] - Sales and marketing expenses rose by approximately HKD 1.0 million or 47.2% to about HKD 3.0 million for the fiscal year ending March 31, 2025, primarily due to increased advertising and sponsorship expenses[32] - Other operating expenses increased by approximately HKD 1.7 million or 10.6% to about HKD 17.5 million for the fiscal year ending March 31, 2025, driven by higher legal and professional fees[34] Employee Information - As of March 31, 2025, the group had 2,655 employees, an increase from 2,631 employees as of March 31, 2024[51] - Employee costs, including director remuneration, amounted to approximately HKD 393.9 million for the year ending March 31, 2025, compared to HKD 360.7 million for the previous year, reflecting an increase of about 9%[51] - The company's accrued employee costs increased to HKD 42,646 thousand in 2025 from HKD 39,019 thousand in 2024, reflecting a rise of approximately 4.2%[22] Financial Position and Investments - The total borrowings of the group as of March 31, 2025, were approximately HKD 2.6 million, down from HKD 3.0 million as of March 31, 2024, with a debt-to-equity ratio of 1.3%[39] - The group has capital expenditures of approximately HKD 707,000 related to the acquisition of factories and equipment as of March 31, 2025, with no such expenditures reported in 2024[50] - The group plans to delay the use of unutilized proceeds for purchasing machinery and upgrading IT infrastructure by 12 months, now expected to be utilized by March 31, 2026[59] - The group has received net proceeds of approximately HKD 32.0 million from its GEM listing after deducting listing expenses[54] - The group has utilized approximately HKD 26.3 million of the net proceeds from its GEM listing as of March 31, 2025, leaving HKD 5.7 million unutilized[60] Corporate Governance - The board believes that sound corporate governance practices are essential for safeguarding shareholder interests and enhancing corporate value[84] - The company has adopted the principles and code provisions of the Corporate Governance Code as the basis for its corporate governance practices[85] - The audit committee has been established in accordance with the relevant listing rules and corporate governance codes, consisting of three independent non-executive directors[89] - The audit committee reviewed the consolidated financial statements for the year ending March 31, 2025, and confirmed compliance with applicable accounting standards and regulations[90] - The company confirmed compliance with the Corporate Governance Code during the fiscal year ending March 31, 2025[85] Shareholder Information - The company has a total of 800,000,000 shares issued as of March 31, 2025[66] - Major shareholders, including Mr. Ma Qiaosheng, Mr. Ma Qiaowu, and Mr. Ma Qiaowen, each hold 560,000,000 shares, representing 70.0% ownership[65] - The company is controlled by International Yongsheng BVI, which is owned 33.34% by Senye, a company fully owned by Mr. Ma Qiaosheng[68] - The shareholding structure reflects a high concentration of ownership among a few key individuals[65] - The board proposed a final dividend of HKD 0.3375 per ordinary share for the fiscal year ending March 31, 2025, compared to HKD 1.20 per share for the previous year[79] - The annual general meeting is scheduled for September 12, 2025, where shareholders will vote on the proposed final dividend[78] Future Plans and Strategies - The group aims to expand its customer base in China and overseas markets while implementing effective cost control measures to enhance economic efficiency and sustain long-term business growth[53] - The group plans to enhance its facility management service capabilities by purchasing machinery and equipment worth HKD 4.1 million, expected to be utilized by March 31, 2026[55] - The group aims to expand its security services business, improve operational efficiency, and selectively seek strategic acquisitions and investment opportunities[94] - The group has established a strategy to monitor uncertainties affecting business operations and adjust its business strategies accordingly[53] Miscellaneous - The company has implemented new accounting standards which did not have a significant impact on the financial position for the year[8] - There were no share buybacks or sales of listed securities by the company or its subsidiaries for the fiscal year ending March 31, 2025[82] - The company has maintained the required public float as per listing rules[88] - There were no known tax exemptions or reliefs provided to shareholders for holding the company's securities[77] - The company has disclosed no other directors or senior management with interests in the company's shares as of March 31, 2025[69] - The company will suspend share transfer registration from September 9 to September 12, 2025, to determine the eligibility of shareholders attending the annual general meeting[80] - A new subsidiary, IWS (Korea) Company Limited, was established in South Korea with a registered capital of 100,000,000 KRW (approximately HKD 560,000)[92] - The group plans to enhance its transparency and corporate image to capture opportunities in the Hong Kong security services and facility management market[94]