Financial Performance - The company's revenue for the year ended March 31, 2025, was approximately HKD 615 million, a decrease of about 19.8% compared to the revenue of HKD 766.6 million for the fifteen months ended March 31, 2024[6]. - Revenue from digital payment and related businesses decreased by approximately HKD 148.4 million to about HKD 307.3 million, primarily due to reduced consumer spending and intense competition in the Macau digital payment market[6]. - The lottery business revenue decreased by approximately HKD 71 million to about HKD 239.9 million, attributed to supply shortages in several provinces in China[7]. - The company recorded an operating loss of approximately HKD 71.8 million for the year ended March 31, 2025, compared to an operating loss of HKD 44.8 million for the fifteen months ended March 31, 2024[7]. - The net loss for the year ended March 31, 2025, was approximately HKD 98.6 million, a significant decline from a profit of HKD 30.7 million for the fifteen months ended March 31, 2024[7]. - The group reported a loss before tax of HKD 101,078,000 for the year ended March 31, 2025, compared to a profit of HKD 28,305,000 for the fifteen months ended March 31, 2024[18]. - The group incurred total operating expenses of HKD 310,426,000 for the year ended March 31, 2025, down from HKD 407,684,000 for the fifteen months ended March 31, 2024, indicating a reduction of approximately 23.9%[25]. - The company reported a basic loss per share of HKD 0.790 for the year ended March 31, 2025, compared to earnings per share of HKD 0.279 for the fifteen months ended March 31, 2024[9]. Assets and Liabilities - Total assets increased to HKD 6,244,605,000 in 2025 from HKD 3,729,660,000 in 2024, representing a growth of 67.4%[10]. - Total liabilities increased to HKD 3,484,010,000 in 2025 from HKD 1,076,846,000 in 2024, marking a rise of 223.5%[11]. - Net assets rose to HKD 2,760,595,000 in 2025, compared to HKD 2,652,814,000 in 2024, an increase of 4.1%[11]. - Non-current assets as of March 31, 2025, totaled HKD 2,041,085,000, an increase from HKD 1,908,141,000 as of March 31, 2024[22]. - The group's inventory as of March 31, 2025, was approximately HKD 21,600,000, an increase from HKD 20,800,000 as of March 31, 2024, with inventory turnover days decreasing from 107 days to 88 days[102]. - The group's trade receivables as of March 31, 2025, were approximately HKD 21,000,000, up from HKD 20,200,000 as of March 31, 2024, with trade receivables turnover days slightly decreasing from 14 days to 12 days[102]. Digital Banking and Payment Services - Interest income generated from digital banking operations was approximately HKD 51.1 million, contributing to the overall revenue[8]. - The company is focusing on expanding its digital banking services and enhancing its digital payment offerings in the Macau market[15]. - Digital banking services generated HKD 67,761,000 in revenue for 2025, with interest income from digital banking services contributing approximately HKD 51,149,000[15]. - The digital banking segment's total assets amounted to HKD 3,006,298,000 as of March 31, 2025, while total liabilities were HKD 2,493,054,000[20]. - Ant Bank (Macau) contributed approximately HKD 67.8 million in revenue since its acquisition on September 2, 2024, with net interest income from digital banking operations amounting to approximately HKD 18.2 million[83]. Employee and Operational Expenses - Employee benefit expenses decreased by approximately HKD 15.5 million to about HKD 194.1 million, partially offsetting the increase in operating losses[7]. - The total employee cost (excluding directors' remuneration) for the year ended March 31, 2025, was approximately HKD 184,200,000, down from HKD 195,900,000 for the fifteen months ended March 31, 2024[98]. - The number of employees decreased from 413 as of March 31, 2024, to 368 as of March 31, 2025[86]. - Other operating expenses decreased by approximately HKD 97.3 million to about HKD 310.4 million for the year ending March 31, 2025, compared to approximately HKD 407.7 million for the fifteen months ending March 31, 2024[85]. Corporate Governance and Shareholder Structure - The company has a significant concentration of ownership, with major shareholders controlling over 55% of the total issued shares[111]. - The company's governance structure includes multiple layers of ownership through controlled entities, impacting shareholder dynamics[113]. - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ending March 31, 2025[118]. - The company has adopted GEM Listing Rules regarding directors' securities trading conduct, with no known violations reported during the review period[119]. - The company has complied with the corporate governance code, with some deviations noted regarding the roles of the chairman and CEO[129]. Strategic Initiatives and Market Trends - The company aims to expand its business into complementary industries, including banking, e-commerce, and local consumer services, to drive mobile payments and support smart city development[39]. - The Macau digital payment market is expected to evolve beyond simple tool replacement to become a core infrastructure driving digital economy innovation through scenario innovation and data empowerment[43]. - The Macau government is actively promoting the "Tourism+" cross-industry integration strategy, enhancing the positioning of Macau as a "World Tourism and Leisure Center" and driving the development of composite consumption scenarios[44]. - The company plans to deepen its service offerings to meet the diverse needs of users in the Greater Bay Area and globally[39]. Dividend and Share Options - The company did not recommend the payment of a final dividend for the year[7]. - The company has not established a dividend policy due to the absence of distributable reserves calculated under Bermuda law[136]. - The company adopted the 2024 Share Option Scheme at the conclusion of the annual general meeting on September 9, 2024, terminating the 2014 Share Option Scheme[123]. - As of March 31, 2025, there were zero unexercised share options granted under the 2024 Share Option Scheme[124].

Group 1 - The Hang Seng Index closed down 1.36% at 24,035.38 points on June 12, with Yabo Technology Holdings (08279.HK) closing at HKD 0.227 per share, up 8.61% with a trading volume of 14.17 million shares and a turnover of HKD 3.165 million, showing a volatility of 16.75% [1] - Over the past month, Yabo Technology Holdings has seen a cumulative increase of 3.98%, while year-to-date, it has risen by 4.5%, underperforming the Hang Seng Index which has increased by 21.47% [1] - Financial data as of September 30, 2024, indicates that Yabo Technology Holdings achieved total revenue of HKD 245 million, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of HKD 1.7783 million, a year-on-year increase of 122.67%, with a gross margin of 83.97% and a debt-to-asset ratio of 45.79% [1] Group 2 - Yabo Technology Holdings Limited primarily engages in providing electronic payment and related services through two segments: the electronic payment and related services segment, which offers payment card services, electronic wallet services, and terminal equipment sales and rentals, and the lottery business segment, which involves the sale and rental of lottery hardware and related services [2]

Group 1 - The company Yabo Technology Holdings (08279) announced that its indirect wholly-owned subsidiary, Macau Tong, is a leading payment service provider in the Macau Special Administrative Region of the People's Republic of China [1] - Macau Tong aims to publish its unaudited financial statements for the first quarter of 2025 in the Macau Government Gazette around May 14, 2025 [1] - For the three months ending March 31, 2025, Macau Tong reported total revenue of approximately 95.455 million Macau Patacas (or about 92.677 million Hong Kong Dollars) and total expenses of approximately 94.318 million Macau Patacas (or about 91.573 million Hong Kong Dollars) [1] Group 2 - The company Ant Bank (Macau) Limited, an indirect non-wholly owned subsidiary, is a licensed commercial bank in Macau primarily engaged in digital banking and electronic payment services [2] - Ant Bank (Macau) plans to publish its unaudited financial statements for the first quarter of 2025 in the Macau Government Gazette around May 14, 2025 [2] - For the three months ending March 31, 2025, Ant Bank (Macau) reported total revenue of approximately 33.386 million Macau Patacas (or about 32.414 million Hong Kong Dollars) and total expenses of approximately 40.537 million Macau Patacas (or about 39.357 million Hong Kong Dollars) [2]

Financial Performance - The group's revenue for the six months ended September 30, 2024, was approximately HKD 271,400,000, a decrease of about 2.3% compared to HKD 277,800,000 for the same period in 2023[4]. - Revenue from electronic payment and related services decreased by approximately HKD 25,600,000 to about HKD 138,200,000, primarily due to reduced consumer spending by travelers in Macau[4]. - The lottery business saw an increase in revenue of approximately HKD 12,400,000 to about HKD 126,400,000, driven by an increase in the number of lottery hardware contracts and deliveries[7]. - The operating loss for the six-month period was approximately HKD 28,900,000, a reduction from HKD 38,500,000 in the same period last year[8]. - The net loss for the period was approximately HKD 1,600,000, significantly improved from a loss of HKD 10,500,000 in the previous year[8]. - The group recorded a fair value gain of approximately HKD 3,100,000 from convertible loans provided to an Indian joint venture, compared to a fair value loss of HKD 300,000 in the previous period[8]. - The board does not recommend the payment of an interim dividend for the six-month period[9]. - Employee benefit expenses increased by approximately HKD 14,700,000 to about HKD 97,400,000 during the six-month period[8]. - The group’s other operating expenses decreased by approximately HKD 15,100,000 to about HKD 131,300,000 compared to HKD 146,400,000 in the previous year[8]. - The group’s total comprehensive income for the period was HKD 15,169,000, compared to a loss of HKD 49,754,000 in the same period last year[14]. Assets and Liabilities - Total assets increased to HKD 5,222,057,000 as of September 30, 2024, compared to HKD 3,729,660,000 as of March 31, 2024, representing a growth of approximately 40%[18]. - Total liabilities amounted to HKD 2,391,261,000, up from HKD 1,076,846,000, indicating a rise of approximately 121%[22]. - The company's net assets increased to HKD 2,830,796,000 from HKD 2,652,814,000, reflecting a growth of about 6.7%[22]. - The company reported a net cash increase of HKD 91,023,000 during the period, contrasting with a decrease of HKD 1,038,772,000 in the previous year[28]. - Cash and bank balances rose to HKD 1,261,528,000 from HKD 1,074,260,000, marking an increase of about 17.4%[28]. - The company has a convertible term loan of approximately HKD 84,999,000 as of September 30, 2024, up from HKD 81,910,000 as of March 31, 2024[58]. - The company’s trade payables increased to HKD 28,525,000 from HKD 21,835,000, showing a growth of approximately 30.7%[58]. Revenue Breakdown - Total revenue for the six months ended September 30, 2024, was HKD 271,394,000, a decrease of 2% from HKD 277,784,000 in the same period of 2023[32]. - Revenue from electronic payment services amounted to HKD 129,533,000, down 16% from HKD 153,764,000 year-on-year[32]. - Digital banking services generated revenue of HKD 6,813,000, with a new offering for individuals and SMEs[32]. - Lottery hardware sales and related services revenue increased to HKD 126,341,000, up 11% from HKD 113,428,000[32]. - Revenue from local consumer services was HKD 5,320,000, a decline of 27% compared to HKD 7,274,000 in the previous year[32]. - Revenue from payment-related hardware sales rose to HKD 1,204,000, an increase of 92% from HKD 628,000[32]. - Revenue from external customers in mainland China was HKD 126,332,000, up from HKD 113,977,000, while revenue from Macau was HKD 145,039,000, down from HKD 163,807,000[43]. Acquisition and Investments - The company completed the acquisition of Ant Bank (Macau) on September 2, 2024, holding approximately 51.5% of its issued share capital, which is now an indirect non-wholly owned subsidiary[63]. - Ant Bank (Macau) contributed approximately HKD 6,813,000 in revenue and incurred a loss of approximately HKD 7,524,000 from September 2 to September 30, 2024[72]. - The total consideration for the acquisition was HKD 274,951,000, with acquisition-related costs of approximately HKD 2,294,000 recognized as expenses[63][69]. - The goodwill arising from the acquisition amounted to HKD 74,936,000, attributed to synergies between the company's electronic payment business and Ant Bank's digital banking services[72]. - The company reported a net cash outflow of HKD 123,777,000 related to the acquisition, after accounting for cash and cash equivalents acquired[68]. Market and Business Strategy - The company aims to expand its business to become a leading global banking and integrated digital financial technology group, leveraging Alibaba Group and Ant Group's ecosystem resources[88]. - The company is focusing on enhancing its electronic payment services and local consumer services to promote mobile payment adoption and support smart city development[88]. - The Macau electronic payment market has seen significant growth, with the "Juyiyong" service now covering local offline retail scenarios[91]. - The company has launched various electronic consumption incentive programs, with participation from approximately 12,550 merchants, achieving a consumption pull rate of 5 times[92]. - The group expects to leverage strategic partnerships with Alibaba Group and Ant Group to expand e-commerce and digital media entertainment, enhancing the digital payment ecosystem in Macau[133]. User Engagement and Technology - The group reported a significant increase in user engagement through its MPay electronic wallet service, enhancing brand visibility and online transaction volume for merchants[123]. - The number of registered MPay users increased by about 17%, with MPay electronic wallet transactions accounting for approximately 80% of Macau's electronic payment transaction volume[112]. - The introduction of EKYC technology allowed for electronic and online customer identity verification, enhancing service efficiency[105]. - The company launched a new digital service area for MPay in August 2024, providing one-stop digital services for Macau residents traveling to mainland China[115]. Regulatory and Compliance - The audit committee reviewed the unaudited condensed consolidated financial statements for the six-month period and found them compliant with applicable accounting standards[196]. - The company has adopted the GEM Listing Rules regarding the trading of securities by directors[197].

Revenue Performance - The group's revenue for the six months ended September 30, 2024, was approximately HKD 271,400,000, a decrease of about 2.3% compared to HKD 277,800,000 for the same period in 2023[6]. - Revenue from electronic payment and related services decreased by approximately HKD 25,600,000 to about HKD 138,200,000, primarily due to reduced consumer spending by travelers in Macau and the end of the electronic consumption subsidy program in June 2023[6]. - Revenue from the lottery business increased by approximately HKD 12,400,000 to about HKD 126,400,000, driven by an increase in the number of lottery hardware contracts and delivery volumes[6]. - Total revenue for the six months ended September 30, 2024, was HKD 271,394,000, a decrease of 2.3% from HKD 277,784,000 in the same period of 2023[27]. - Electronic payment services generated revenue of HKD 129,533,000, down 15.7% from HKD 153,764,000 year-over-year[27]. - Lottery business revenue increased to HKD 126,341,000, up 11.4% from HKD 113,428,000 in the previous year[27]. - Revenue from mainland China increased to HKD 126,332,000 for the six months ended September 30, 2024, compared to HKD 113,977,000 in 2023, representing an increase of 10.5%[38]. - Revenue from Macau decreased to HKD 145,039,000 for the six months ended September 30, 2024, down 11.5% from HKD 163,807,000 in 2023[38]. Financial Performance - The operating loss for the six months was approximately HKD 28,900,000, a reduction from HKD 38,500,000 for the same period in 2023, attributed to a decrease in operating expenses by about HKD 15,100,000[8]. - The net loss for the period was approximately HKD 1,600,000, significantly improved from a loss of HKD 10,500,000 in the previous year[8]. - The group recorded a fair value gain of approximately HKD 3,100,000 from convertible loans provided to an Indian joint venture, compared to a fair value loss of HKD 300,000 in the previous period[8]. - Basic and diluted earnings per share for the period were HKD 0.017, compared to a loss of HKD 0.076 in the same period last year[12]. - The group’s total comprehensive income for the period amounted to HKD 15,169,000, a significant improvement from a loss of HKD 49,754,000 in the previous year[12]. - The company reported a loss before tax of HKD 2,245,000 for the six months ended September 30, 2024, compared to a loss of HKD 13,728,000 in the same period of 2023[34]. - Total operating expenses for the six months ended September 30, 2024, were HKD 131,294,000, a decrease of 10.3% from HKD 146,423,000 in 2023[40]. Assets and Liabilities - Total assets increased to HKD 5,222,057 thousand as of September 30, 2024, compared to HKD 3,729,660 thousand as of March 31, 2024, representing a growth of 40.0%[14]. - Non-current assets rose to HKD 2,133,174 thousand, up from HKD 1,998,092 thousand, indicating an increase of 6.8%[14]. - Current liabilities increased to HKD 2,243,554 thousand from HKD 950,123 thousand, reflecting a significant rise of 136.1%[16]. - The company reported a total equity of HKD 2,830,796 thousand as of September 30, 2024, up from HKD 2,652,814 thousand, which is an increase of 6.7%[17]. - The company’s total liabilities increased to HKD 2,391,261 thousand from HKD 1,076,846 thousand, representing a rise of 121.0%[17]. - Cash and cash equivalents at the end of the period were HKD 1,261,528 thousand, compared to HKD 1,074,260 thousand at the end of the same period last year, marking an increase of 17.4%[22]. Acquisitions and Investments - The company completed the acquisition of a controlling interest in Ant Bank (Macau) on September 2, 2024, holding approximately 51.5% of its issued share capital, which has been consolidated into the group’s financials[60]. - The acquisition cost related to Ant Bank (Macau) was approximately HKD 2,294,000, recognized as an expense in the group’s income statement for the six-month period[60]. - The total consideration for the acquisition of Ant Bank (Macau) is HKD 274,951,000, comprising cash consideration of HKD 129,320,000 and equity contribution of HKD 145,631,000[62]. - The identifiable net assets of Ant Bank (Macau) at acquisition amounted to HKD 339,935,000, leading to goodwill of HKD 74,936,000[62]. Market and Strategic Focus - The company is focusing on expanding its digital banking services and enhancing its electronic payment offerings in Macau and mainland China[30]. - Future outlook includes continued investment in new technologies and market expansion strategies to drive growth in the electronic payment and banking sectors[30]. - The group aims to become a global leader in banking and integrated digital financial technology, providing diverse services including banking, electronic payments, and local consumer services[82]. - The group is positioned as the exclusive lottery platform for Alibaba Group and Ant Group, enhancing its market presence in Macau[76]. - The group plans to leverage Alibaba and Ant Group's ecosystem resources to enhance synergy across its services, including life services, cultural entertainment, and e-commerce[82]. Corporate Governance and Compliance - The company maintains a high level of corporate governance to enhance transparency and protect shareholder interests[187]. - The company has not established a dividend policy due to the absence of distributable reserves under Bermuda law[191]. - The company has updated its corporate governance practices, including an annual contribution review of directors[190]. - The company has appointed a new independent non-executive director, effective May 14, 2024, to ensure compliance with GEM listing rules[193]. - The company has revised its articles of association to comply with the latest GEM listing rules, effective from June 11, 2024[197].

Electronic Payment Solutions - The company provides diversified electronic payment solutions, enhancing merchant business expansion and increasing sales through integrated payment channels [26]. - The company aims to improve transaction success rates and promote business growth by meeting various customer needs with its comprehensive services [26]. - The company is committed to creating a convenient electronic payment bridge to meet the needs of different user groups, from local transactions to cross-border consumption [29]. - The company reported a significant increase in user engagement and transaction volume in its electronic wallet services, although specific figures were not disclosed [40]. - The company plans to continue developing its core competencies in the electronic payment sector to meet global customer needs [41]. - The company aims to enhance its electronic payment services in Macau and expand its business into complementary areas such as e-commerce and marketing technology services [41]. - The company has integrated multiple payment channels to enhance transaction success rates and drive business growth, contributing to a diversified electronic payment solution [45]. - MPay has become an essential part of daily life for Macau residents, expanding its cross-border payment services to over 40 countries and regions, including 8 countries and Hong Kong [51]. - The group has expanded its MPay cross-border payment services to over 40 countries and regions, enhancing the convenience of cross-border payments for users [148]. - MPay has integrated with 13 debit card issuers and 5 credit card issuers in Macau, facilitating comprehensive electronic wallet services [168]. - The group has implemented advanced security measures, including end-to-end encryption and multi-factor authentication, to ensure user transaction safety [167]. - MPay has achieved a high payment success rate and millisecond-level response time, enhancing user payment experience [170]. - The company aims to enhance the digital payment ecosystem for Macau residents, facilitating seamless international transactions and improving consumer satisfaction [173]. Lottery Business - The company is actively developing professional lottery hardware and services for the Chinese lottery market, aiming to boost lottery sales and provide returns to players [26]. - The lottery business remains a core component of the company's strategy, with ongoing upgrades to hardware and software to enhance sales channels and support the national lottery initiative [52]. - The company has established a strategy to support lottery institutions through physical channel expansion and innovative lottery hardware [41]. - The company collaborates with government lottery agencies to introduce new distribution channels for the Chinese lottery market [143]. - The company emphasizes the core value of "luck" through its lottery products and services aimed at bringing fortune to Chinese lottery players and society [54]. Corporate Governance - The board is committed to maintaining high standards of corporate governance to enhance transparency and protect shareholder interests [56]. - The company has adopted the corporate governance code as per GEM listing rules, ensuring a balanced board composition with independent non-executive directors constituting at least one-third of the total board [56]. - The audit committee meets twice a year with external auditors to enhance communication regarding financial reporting and risk management [56]. - The company has established a remuneration committee to review and recommend compensation policies for senior management [59]. - The company has conducted annual reviews of the contributions of each director and the independence of independent non-executive directors [57]. - The company has established a risk management and internal control committee to oversee ongoing responsibilities related to risk management [56]. - The company emphasizes strong governance and compliance culture across all levels, aligning with its mission and values [66]. - The board consists of a mix of executive, non-executive, and independent non-executive directors, ensuring compliance with GEM listing rules regarding independence [63]. - The company has established mechanisms to ensure the board can obtain independent opinions, which are reviewed annually [73]. - The company has adopted a policy for directors to seek independent professional advice, with costs covered by the company upon board approval [65]. - The company has established a Corporate Governance Committee to assist the board in fulfilling corporate governance responsibilities, with a focus on compliance with regulations and guidelines [91]. - The company has received annual confirmations from independent non-executive directors regarding their independence, with no director serving on the board for more than nine years [72]. Community Engagement and Social Responsibility - The company has a focus on community services to provide more convenience and value to the public [26]. - The company actively participates in community sports and charity events, contributing to social welfare and job creation [145]. - The company encourages employee participation in community service, promoting a culture of social responsibility [161]. - The group has established a charity volunteer team to organize regular community service activities, reinforcing its commitment to social responsibility [165]. - The company emphasizes the importance of stakeholder engagement for sustainable management and business success [134]. Sustainability and Environmental Impact - The company aims to integrate development strategies with technological innovation and sustainable growth for long-term business sustainability [129]. - The sustainability management goal is to promote business development while managing the environmental and social impacts of operations [133]. - The company promotes the use of recyclable packaging for lottery hardware products and payment machines [191]. - The company has committed to creating a green low-carbon office environment, implementing measures to reduce paper consumption and promote recycling [151]. - The group has implemented energy-saving measures in its offices, encouraging employees to adopt energy-efficient practices [186]. - The company aims to limit annual growth in paper and electricity consumption to no more than 10% or based on the higher percentage of total revenue growth [190]. Employee Development and Diversity - The workforce consists of approximately 413 employees with expertise in electronic payments, lottery, mobile gaming, and information technology, providing a strong foundation for future growth [47]. - The company emphasizes a diverse and inclusive work environment, promoting equal opportunities and prohibiting discrimination [196]. - The total number of employees as of March 31, 2024, is 413, an increase from 333 on December 31, 2022, representing a growth of approximately 24% [198]. - The gender distribution of employees is 59.8% male (247) and 40.2% female (166) [198]. - The company has a policy to actively seek female candidates for board positions to ensure compliance with gender diversity standards [113]. Financial Performance - The company’s revenue increased by approximately 118.1% during the fifteen-month period ending March 31, 2024 [190]. - The number of employees increased by approximately 24% during the fifteen-month period compared to 2022 [189]. - The total issuance of Macau Tong cards has exceeded 5 million, with various co-branded cards being well received in the market [169]. - The company plans to launch additional basic business data analysis features for merchants, allowing them to view transaction trends over the past 30 days [160]. Risk Management - The risk management and internal control committee meets at least four times a year to review the adequacy of risk management systems [146]. - The risk management and internal control committee identified various risk areas affecting the group, including operational, budgetary, liquidity, foreign exchange, credit, legal compliance, cybersecurity, and political risks [95]. - The company has established a dedicated risk control team to enhance transaction security and combat illegal activities, ensuring user privacy and data security [153]. - The company has implemented a fraud disclosure mechanism allowing employees to confidentially report concerns related to financial reporting and risk management [99].

Earnings and Financial Performance - The company's basic earnings per share for the fifteen months ended March 31, 2024, was calculated based on a profit attributable to owners of approximately HKD 31,860,000, compared to a loss of approximately HKD 126,700,000 for the year ended December 31, 2022[26] - The diluted earnings per share for the fifteen months ended March 31, 2024, was calculated based on a profit attributable to owners of approximately HKD 31,860,000, divided by the adjusted weighted average number of ordinary shares of approximately 11,468,722,000[27] - The company's deferred tax expense for the fifteen months ended March 31, 2024, was HKD (2,411,000), compared to HKD 1,688,000 for the year ended December 31, 2022[24] Trade Receivables and Payables - Trade receivables as of March 31, 2024, amounted to HKD 20,225,000, with a provision for impairment of HKD 60,000, compared to HKD 26,618,000 and HKD 17,000 as of December 31, 2022[28] - Trade payables as of March 31, 2024, amounted to HKD 21,835,000, compared to HKD 31,181,000 as of December 31, 2022[30] - The company's trade receivables aged 0-30 days as of March 31, 2024, amounted to HKD 17,993,000, compared to HKD 24,178,000 as of December 31, 2022[29] - The company's trade payables aged 0-30 days as of March 31, 2024, amounted to HKD 17,532,000, compared to HKD 28,418,000 as of December 31, 2022[30] Dividends and Share-Based Payments - The company did not recommend the payment of a final dividend for the fifteen months ended March 31, 2024, similar to the year ended December 31, 2022[31] - The company's share-based payments to directors and eligible employees for the fifteen months ended March 31, 2024, amounted to HKD 5,399,000, compared to HKD 1,931,000 for the year ended December 31, 2022[25] Share Award Scheme - 74,800,000 shares were awarded to 96 eligible individuals under the Share Award Scheme over a 15-month period[145] - 15,265,450 shares have vested to the grantees during the 15-month period[145] - The total number of shares that can be awarded under the Share Award Scheme is capped at 6% of the total issued shares, which is 630,852,526 shares[145] - The trustee of the Share Award Scheme purchased 5,208,000 shares on the Stock Exchange during the 15-month period[145] - The maximum number of new shares that can be issued under the Share Award Scheme is 3% of the total issued shares, which is 315,426,263 shares[145] - As of January 1, 2023, and March 31, 2024, the total number of shares that can still be awarded under the Share Award Scheme was 383,083,526 shares (3.28% of issued shares) and 340,808,526 shares (2.92% of issued shares), respectively[145] Corporate Governance and Compliance - The company has deviated from certain corporate governance code provisions, including the roles of Chairman and CEO being combined and the Chairman not being subject to retirement by rotation[146][147] - The company has not disclosed detailed remuneration for senior management in its annual report, citing potential negative impacts on future negotiations[147] - The company does not have a dividend policy due to the lack of distributable reserves under Bermuda law[148] - The company temporarily did not comply with GEM Listing Rules from May 3, 2024, to May 13, 2024, due to having only two independent non-executive directors, falling short of the required three. Compliance was restored on May 14, 2024, after appointing a third independent non-executive director[149] - No purchase, sale, or redemption of the company's listed securities occurred during the 15-month period[150] - The company maintained sufficient public float, with at least 25% of the total issued shares held by the public as required by GEM Listing Rules[151] - The company's public float remained above the minimum threshold of 25% of the total issued shares, ensuring compliance with GEM Listing Rules[151] - The company's public float was maintained at or above the required 25% of the total issued shares, in line with GEM Listing Rules[151] Board Composition - The board members of AGTech Holdings Limited include (i) executive directors Mr. Sun Hao and Ms. Hu Taoye; (ii) non-executive directors Mr. Dong Benhong, Ms. Qin Yuehong, Mr. Ji Gang, and Mr. Zou Liang; and (iii) independent non-executive directors Mr. Zou Xiaolei, Mr. Chen Jialiang, and Ms. Ruan Jieming[157] Acquisition and Equity - The company announced its intention to acquire a controlling stake in Ant Bank (Macau), increasing its equity to approximately 51.5%, although the acquisition has not been completed as of the announcement date[33]

Financial Performance - The group's revenue for the twelve-month period was approximately HKD 596,400,000, an increase of about 69.7% compared to HKD 351,400,000 for the same period in 2022[6]. - The group reported an operating loss of approximately HKD 35,300,000, a significant improvement from an operating loss of HKD 129,700,000 in the previous year[7]. - The net profit for the twelve-month period was approximately HKD 29,000,000, compared to a loss of HKD 131,100,000 in the previous year, marking a turnaround[7]. - Total comprehensive income for the period was HKD 19,097 thousand, compared to HKD 5,149 thousand in the previous year, reflecting a significant increase[13]. - Basic earnings per share was HKD 0.016, compared to a loss per share of HKD 0.06 in the previous year[13]. - Adjusted EBITDA for 2023 was HKD 67,073,000, a turnaround from a loss of HKD 9,948,000 in 2022[32]. - The company reported a profit attributable to owners of the company of HKD 1,877 thousand, a recovery from a loss of HKD 6,907 thousand in the same period last year[13]. Revenue Breakdown - Revenue from electronic payment and related services was approximately HKD 362,600,000, up from HKD 180,200,000 in the previous year, reflecting an increase of about HKD 182,400,000[6]. - Revenue from electronic payment services for the twelve months ended December 31, 2023, was HKD 596,449 thousand, up from HKD 351,414 thousand in 2022, representing a growth of approximately 69.8%[30]. - Lottery business revenue for the twelve months ended December 31, 2023, was HKD 339,626 thousand, compared to HKD 172,855 thousand in 2022, reflecting an increase of about 96.5%[30]. - Revenue from lottery and related businesses rose by approximately HKD 62.6 million to about HKD 233.8 million, driven by increased hardware sales and expanded retail partnerships[86]. Expenses and Costs - Employee benefit expenses rose to approximately HKD 165,100,000, an increase of about HKD 37,300,000 from HKD 127,788,000 in the previous year[9]. - Total operating expenses rose to HKD 321,342,000 in 2023, an increase of 51.6% from HKD 212,102,000 in 2022[35]. - The total employee cost for the twelve-month period was approximately HKD 154.8 million, an increase from HKD 119.6 million for the twelve months ending December 31, 2022[94]. Assets and Liabilities - Total assets decreased to HKD 1,785,046 thousand from HKD 4,346,427 thousand year-on-year, indicating a substantial reduction in asset base[14]. - Current liabilities decreased significantly to HKD 1,155,137 thousand from HKD 3,759,265 thousand, showing improved liquidity management[17]. - The company’s net assets stood at HKD 2,656,832 thousand, a slight decrease from HKD 2,662,839 thousand in the previous year[17]. - Cash and cash equivalents at the end of the period were HKD 1,104,470 thousand, down from HKD 4,015,110 thousand, indicating a decrease in cash reserves[22]. Strategic Initiatives - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[21]. - The group is expanding its lottery distribution network, contributing to an increase in lottery-related revenue by approximately HKD 62,600,000[6]. - The company plans to change its financial year-end from December 31 to March 31, which may impact future reporting periods[8]. - The company plans to acquire a 51.5% stake in Ant Bank (Macau) for approximately MOP 243 million, pending regulatory approval, to enhance its electronic payment and digital banking services[79]. Market Trends and Economic Environment - The total transaction value of the electronic payment market in Macau reached approximately HKD 28.14 billion in 2023, reflecting an annual growth of around 8.8%[55]. - The number of mobile payment transactions in Macau increased to approximately 301 million in 2023, marking a year-on-year growth of about 12.9%[55]. - The number of inbound tourists to Macau exceeded 28 million in 2023, representing a year-on-year increase of 390%, with a daily average of about 80,000 visitors in January 2024[56]. - In Q3 2023, Macau's economy recorded a year-on-year real growth of 116.1%, driven by a 284.1% increase in overall service exports and a 576.7% rise in total tourist spending[56]. Corporate Governance and Compliance - The company emphasizes the importance of prudent trading by shareholders and potential investors[106]. - The company aims to maintain a high level of corporate governance, adhering to the GEM Listing Rules and ensuring transparency for shareholders[146]. - The company has adopted new corporate governance practices to review and discuss the contributions of each director annually[149]. - The company has not deviated from the corporate governance code except for the combined roles of chairman and CEO, which they consider beneficial for stable leadership[148]. Future Outlook - The company has set a performance guidance for the upcoming fiscal year, projecting a revenue increase of 20%[147]. - The company is committed to enhancing shareholder value through effective governance and operational efficiency[146]. - The company plans to expand its market presence, focusing on new product development and technological advancements[147].

Financial Performance - The group's revenue for the twelve months ended December 31, 2023, was approximately HKD 596,400,000, representing an increase of about 69.7% compared to HKD 351,400,000 for the same period in 2022[2]. - The operating loss for the twelve-month period was approximately HKD 35,300,000, a significant improvement from an operating loss of HKD 129,700,000 in the previous year[2]. - The net profit for the twelve-month period was approximately HKD 29,000,000, a turnaround from a loss of HKD 131,100,000 in the previous year[2]. - The group's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the twelve months was approximately HKD 39,500,000, compared to an EBITDA of HKD 37,700,000 for the same period in 2022[2]. - The company reported a profit attributable to owners of the company of HKD 1,877,000 for the three months ended December 31, 2023, compared to a loss of HKD 6,907,000 in the same period last year[5]. - Basic earnings per share for the twelve months ended December 31, 2023, was HKD 0.0026, while for the same period in 2022, it was a loss of HKD 0.0109[22]. Revenue Sources - Revenue contributions primarily came from electronic payment and related services in Macau, amounting to approximately HKD 362,600,000, and lottery and related businesses generating about HKD 233,800,000[2]. - Revenue from electronic payment services reached HKD 148,792,000 for the three months ended December 31, 2023, compared to HKD 103,816,000 in the same period of 2022, marking a growth of about 43.3%[17]. - Lottery business revenue for the twelve months ended December 31, 2023, was HKD 339,626,000, up from HKD 172,855,000 in 2022, indicating an increase of approximately 96.7%[15]. - Revenue from external customers in mainland China was HKD 233,853,000 for the twelve months ended December 31, 2023, compared to HKD 171,174,000 in 2022, reflecting a growth of around 36.5%[19]. - The increase in revenue from lottery and related businesses was approximately HKD 233.8 million, up from HKD 171.2 million, indicating growth in this segment[65]. Expenses and Losses - Total operating expenses for the year ended December 31, 2023, were HKD 321,342,000, an increase of 51.6% compared to HKD 212,102,000 in 2022[20]. - Employee benefits expenses increased by approximately HKD 37.3 million to about HKD 165.1 million, attributed to the acquisition of Macau Tong Group and recruitment efforts for business expansion[67]. - The group experienced a decrease in other losses, netting approximately HKD 7,500,000, down from HKD 25,443,000 in the previous year[2]. Assets and Liabilities - Non-current assets totaled HKD 2,026,923,000 as of December 31, 2023, a decrease from HKD 2,075,677,000 as of December 31, 2022[6]. - Current assets decreased to HKD 1,785,046,000 as of December 31, 2023, from HKD 4,346,427,000 as of December 31, 2022[6]. - Total liabilities decreased significantly to HKD 1,155,137,000 as of December 31, 2023, from HKD 3,759,265,000 as of December 31, 2022[7]. - The company's net assets stood at HKD 2,656,832,000 as of December 31, 2023, slightly down from HKD 2,662,839,000 as of December 31, 2022[7]. - The company reported a decrease in total assets to HKD 3,811,969,000 as of December 31, 2023, from HKD 6,422,104,000 as of December 31, 2022[6]. Cash Flow - The company reported a net cash outflow from operating activities of HKD (2,571,456) thousand for the twelve months ending December 31, 2023, compared to a net inflow of HKD 2,747,588 thousand in the previous year[9]. - Cash and cash equivalents as of December 31, 2023, totaled HKD 1,104,470,000, a significant decrease from HKD 4,015,110,000 in 2022, representing a decline of 72.5%[26]. - The cash and bank balances significantly reduced to HKD 1,367,133,000 as of December 31, 2023, from HKD 4,023,664,000 as of December 31, 2022[6]. Dividends and Shareholder Information - The board did not recommend the payment of an interim dividend for the twelve-month period[2]. - The company currently does not have a dividend policy due to a lack of distributable reserves as per Bermuda law[111]. - The total number of shares issued as of December 31, 2023, is 11,672,342,235[88]. Strategic Initiatives and Future Plans - The company plans to continue expanding its electronic payment services and lottery business in both Macau and mainland China, leveraging its existing infrastructure and customer base[16]. - The group aims to enhance its digital financial services and expand its business scope beyond digital payment services[62]. - The company is optimistic about expanding the coverage of MPay's cross-border payment business to overseas countries and online scenarios[102]. Market and Economic Context - The total transaction value of Macau's electronic payment market in 2023 is approximately MOP 28.14 billion, representing a year-on-year growth of about 8.8%[39]. - The total number of inbound tourists to Macau in 2023 exceeded 28 million, representing a year-on-year growth of 390%[42]. - The anticipated increase in transaction volume is attributed to the recovery of tourism activities and the growing consumer spending of mainland Chinese tourists in Macau[97].

Strategic Partnership - The company's indirect wholly-owned subsidiary, Macau Pass Group Holdings Limited, entered into a cooperation framework agreement with Gaode Asia Limited on February 8, 2024 [1] - The agreement aims to establish a strategic partnership in smart mobility and local services, leveraging the resources and expertise of both parties [1] - Key areas of cooperation include providing travel services for qualified users in Macau and offering local services such as merchant information and coupons to Gaode users visiting Macau [1] - The framework agreement has a term of three years from the effective date [1] Company Background - Gaode is a leading provider of mobile digital maps, navigation, and real-time traffic information services in China, offering a one-stop platform for navigation, local life, and ride-hailing services [1] - Gaode is an indirect wholly-owned subsidiary of Alibaba Group Holding Limited and is considered a connected person of the company under the GEM Listing Rules [1] Expected Benefits - The strategic partnership is expected to leverage the company's MPay electronic payment system, local marketing technology expertise, and Gaode's resources in smart mobility to expand and enrich MPay user scenarios [1] - The collaboration is anticipated to create synergies, providing convenient integrated services for Macau residents and tourists in shopping, travel, and entertainment [1] - The partnership is expected to contribute to the development of Macau as a smart city and generate long-term returns for the company and its shareholders [1]