Stream Ideas Group Limited 源想集團有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock code: 8401) （股份代號：8401） NOTIFICATION LETTER 通知信函 Dear Non-Registered Holder (Note 1) , — Notice of publication of Supplemental Circular and Supplemental Notice of Annual General Meeting ( "Current Corporate Communications") on the Company's website The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.stream-ideas.c ...

Stream Ideas Group Limited 源想集團有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock code: 8401) （股份代號：8401） NOTIFICATION LETTER 通知信函 Dear Registered Shareholder, Stream Ideas Group Limited (the "Company") — Notice of publication of Supplemental Circular, Supplemental Notice of Annual General Meeting and Revised Proxy Form ( "Current Corporate Communications") on the Company's website The English and Chinese versions of the Company's Current Corporate Communications are no ...

此 乃 要 件 請 即 處 理 閣 下 如 對 本 補 充 通 函 任 何 方 面 或 應 採 取 的 行 動 有 任 何 疑 問，應 諮 詢 閣 下 之 持 牌證券交易商或註冊證券機構、銀行經理、律師、專業會計師或其他專業顧問。 閣 下 如 已 出 售 或 轉 讓 名 下 所 有 源 想 集 團 有 限 公 司（「本 公 司」）股 份，應 立 即 將 本 補 充 通 函 連 同 經 修 訂 代 表 委 任 表 格 送 交 買 主 或 承 讓 人，或 經 手 買 賣 或 轉 讓 的 銀 行、股 票 經 紀 或 其 他 代 理 商，以 便 轉 交 買 主 或 承 讓 人。 （股份代號：8401） 有 關 (1)建 議 授 出 購 回 股 份 及 發 行 新 股 份 之 一 般 授 權； (2)建 議 重 選 董 事； (3)建 議 續 聘 核 數 師； 及 股 東 週 年 大 會 補 充 通 告 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 補 充 通 函 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 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 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。 Stream Ideas Group Limited 源 想 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8401） 自願性公告 諒解備忘錄 茲 提 述 源 想 集 團 有 限 公 司（「 本 公 司 」）日 期 為 二 零 二 五 年 七 月 四 日 的 公 告（「 該 公 告」），內容有關（ 其中包括 ）與業務夥伴訂立不具法律約束力的戰略合作協議。除 另有界定外，本公告所用詞彙與該公告所界定者具有相同涵義。 我們欣然宣佈，本公司已於二零二五年八月二十一日與業務夥伴及深圳大白時代 科技有限公司（「新合作夥伴」）訂立諒解備忘錄（「諒解備忘錄」），以擴大我們在中 國及海外開發、生產、銷售及租賃飲水機的戰略合作範圍，重點整合先進的水務 管理解決方案，並增強我們在高流量城區的媒體及廣告能力。諒解備忘錄建立在 二零二五年 ...

（於開曼群島註冊成立的有限公司） （「本公司」） （股份代號：8401） 董事名單與其角色和職能 Stream Ideas Group Limited 源 想 集 團 有 限 公 司 本公司之董事會（「董事會」）成員載列如下，自二零二五年八月二十一日生效︰ 執行董事︰ 張莉女士 李永亮先生 蔡倩宜女士 蔡穎女士 伏淘先生 獨立非執行董事︰ 關志康先生 范德偉先生 何浩東先生 孟美女士 董事會已設立三個常務董事會委員會。下表提供若干董事會成員在這些委員會中 所擔任職位之資料︰ | | 董事會委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | --- | | 董事 | | | | | | 張莉女士 | | | | M | | 李永亮先生 | | | M | | | 蔡倩宜女士 | | | | | | 蔡穎女士 | | | | | | 伏淘先生 | | | | | | 關志康先生 | | M | | C | | 范德偉先生 | | M | C | | | 何浩東先生 | | C | M | M | | 孟美女士 | | M | M | M | 附註︰ C︰ ...

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。 Stream Ideas Group Limited 源 想 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8401） 委任獨立非執行董事 及 源 想 集 團 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團 」）董 事（「 董 事 」）會 （「董事會」）欣然宣佈，孟美女士（「孟女士」）已獲委任為本公司獨立非執行董事以 及審核委員會（「審核委員會」）、薪酬委員會（「薪酬委員會」）及提名委員會（「提名 委員會」）成員，自二零二五年八月二十一日起生效。 孟女士的履歷詳情如下： 孟 女士 ，37 歲 ，於 保 健及 美容 行業 擁有 逾 5 年經 驗， 一直 從 事企 業管 理、 人才 發 展及營銷工作。自二零一九年九月至二零二三年六月，孟女士於北京黛木生物科 技有限公司、廣州黛木生物科技有限公司及廣州黛木超凡藥業科技有限公司擔任 ...

Group 1 - The core point of the article highlights that the shareholders of Yuanxiang Group (08401) transferred shares from Softbank China Financial Services to Ruicheng Securities, with a market value of HKD 5.6905 million, accounting for 7.43% of the total shares [1] - Yuanxiang Group has entered into a non-binding strategic cooperation agreement with Shenzhen Shangshan Zhenxuan Supply Chain Co., Ltd., a leading innovative water machine supplier, to jointly develop, produce, sell, and lease water dispensers in China and overseas [1] - This partnership aims to enhance the company's media and advertising coverage in China's central business districts [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 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 08401 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 677,675,506 | | 0 | | 677,675,506 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 677,675,506 | | 0 | | 677,675,506 | 致：香港交易及結算所有限公司 公司名稱: 源想集團有限公司（於開曼群島註冊成立的有限公司） 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 ...

Stream Ideas Group Limited 源 想 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （「本公司」） （股份代號：8401） 董事名單與其角色和職能 本公司之董事會（「董事會」）成員載列如下，自二零二五年七月三十一日生效︰ 執行董事︰ 張莉女士 李永亮先生 蔡倩宜女士 蔡穎女士 伏淘先生 獨立非執行董事︰ 關志康先生 范德偉先生 何浩東先生 董事會已設立三個常務董事會委員會。下表提供若干董事會成員在這些委員會中 所擔任職位之資料︰ | | 董事會委員會 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 董事 | | | | | 張莉女士 | | | M | | 李永亮先生 | | M | | | 蔡倩宜女士 | | | | | 蔡穎女士 | | | | | 伏淘先生 | | | | | 關志康先生 | M | | C | | 范德偉先生 | M | C | | | 何浩東先生 | C | M | M | 附註︰ C︰有關委員會主席 二零二五年七月三十一日 M︰有關委員會成員 ...

[Corporate Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) The report details the company's basic information, including board members, committee compositions, and key advisors - The report provides comprehensive details on the company's corporate structure, including the Board of Directors, committee compositions, registered office, principal bankers, and auditor[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) [Financial Highlights](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's financial performance improved significantly, with revenue growth and a substantial reduction in net loss - For the year ended March 31, 2025, the Group's financial performance showed marked improvement, with **gross profit increasing by nearly 95%** and the **annual loss narrowing significantly from approximately HK$13.21 million to HK$4.89 million**, driven by higher revenue and cost reductions[9](index=9&type=chunk) - The Board of Directors has recommended that no final dividend be paid for the year[9](index=9&type=chunk) Financial Performance Summary | Metric | For the year ended March 31, 2025 | For the year ended March 31, 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. HK$13,157,000 | Approx. HK$11,767,000 | +11.8% | | Gross Profit | Approx. HK$7,818,000 | Approx. HK$4,012,000 | +94.9% | | Loss for the year | Approx. HK$4,891,000 | Approx. HK$13,209,000 | -63.0% | | Proposed Dividend | Nil | Nil | - | [Chairman's Statement](index=7&type=section&id=%E8%91%A3%E4%BA%8B%E5%A0%B1%E5%91%8A%E6%9B%B8) The Group achieved stable growth in key markets and strengthened its financial base through a successful rights issue - The Group achieved stable and moderate growth in its key markets of Hong Kong, Taiwan, and Southeast Asia, with a strategic focus on revitalizing sales, enhancing brand awareness, and strengthening sales support[10](index=10&type=chunk)[11](index=11&type=chunk) - The company successfully completed a rights issue, raising **net proceeds of approximately HK$35.0 million**, which provides a solid financial foundation for future expansion[11](index=11&type=chunk) Regional Revenue Growth | Region | Revenue Growth (Y-o-Y) | | :--- | :--- | | Hong Kong | +5.8% | | Taiwan | +21.6% | | Southeast Asia | +58.6% | [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section reviews the Group's business performance, financial results, and future outlook, highlighting growth strategies and risk management [Business Review](index=8&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's core online advertising business saw an 11.8% revenue increase, with Hong Kong remaining the primary market - Despite economic challenges and market competition, the Group successfully boosted client engagement and revenue by launching targeted promotions, trial incentives, and new services on emerging platforms like Threads[17](index=17&type=chunk)[19](index=19&type=chunk) Geographical Revenue Breakdown | Region | FY2025 Revenue Contribution | FY2024 Revenue Contribution | FY2025 Revenue (HK$) | Y-o-Y Growth | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 67.9% | 71.8% | 8,937,000 | +5.8% | | Taiwan | 26.0% | 23.9% | 3,416,000 | +21.6% | | Southeast Asia | 6.1% | 4.3% | 804,000 | +58.6% | [Outlook](index=9&type=section&id=%E5%89%8D%E6%99%AF) The Group is optimistic about future growth, planning to use its HK$35 million in new capital for regional expansion and technology upgrades - The company plans to allocate approximately **HK$16.8 million** from the rights issue proceeds for geographical expansion in China and Southeast Asia, focusing on replicating its success in the Thai market and tailoring strategies for platforms like Xiaohongshu and Douyin[20](index=20&type=chunk) - Approximately **HK$6.4 million** will be used to enhance technological infrastructure, including affiliate and advertising services on platforms like Facebook and Instagram, and to upgrade its mobile application and AI-driven data management capabilities[20](index=20&type=chunk) [Financial Review](index=10&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) Financial performance improved significantly as the net loss narrowed to HK$4.89 million, driven by revenue growth and cost reductions Key Financial Metrics | Financial Item | FY2025 (HK$ '000) | FY2024 (HK$ '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 13,157 | 11,767 | +11.8% | | Cost of services | (5,339) | (7,755) | -31.2% | | Gross profit | 7,818 | 4,012 | +94.9% | | Selling and distribution costs | (4,138) | (5,944) | -30.4% | | Administrative and other operating expenses | (8,613) | (11,430) | -24.6% | | Net loss for the year | (4,891) | (13,209) | -63.0% | [Liquidity and Financial Resources](index=11&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group maintained a stable liquidity position with a current ratio of 1.6, zero bank borrowings, and no significant contingent liabilities Liquidity Position | Metric | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Total Assets | Approx. HK$14,300,000 | Approx. HK$15,257,000 | | Total Liabilities | Approx. HK$8,854,000 | Approx. HK$9,781,000 | | Shareholders' Equity | Approx. HK$5,446,000 | Approx. HK$5,476,000 | | Current Ratio | 1.6 times | 1.5 times | | Gearing Ratio | Zero | Zero | [Capital Structure and Financing Activities](index=12&type=section&id=%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B%E8%88%87%E8%9E%8D%E8%B3%87%E6%B4%BB%E5%8B%95) The company strengthened its capital structure through a share placement and a rights issue, raising significant funds for operations and growth - In April 2024, the company raised **net proceeds of approximately HK$5.01 million** through a new share issuance under the general mandate, which were used to settle trade payables and for working capital[38](index=38&type=chunk) - A rights issue was proposed in February 2025 and completed post-reporting period in May, raising **gross proceeds of approximately HK$37.2 million** and **net proceeds of approximately HK$35.0 million** for business expansion and working capital[39](index=39&type=chunk)[46](index=46&type=chunk) [Principal Risks and Uncertainties](index=14&type=section&id=%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E5%8F%8A%E4%B8%8D%E7%A2%BA%E5%AE%9A%E5%9B%A0%E7%B4%A0) The Group identifies key risks including currency fluctuations, market competition, and regulatory changes, with corresponding mitigation measures in place Key Risks and Mitigation Measures | Identified Principal Risks | Key Mitigation Measures | | :--- | :--- | | Adverse foreign currency fluctuations | Convert more foreign currency cash into HKD; monitor currency trends daily | | Increased competition from changing market trends | Engage with micro-influencers for business opportunities; revamp existing service packages | | Loss of customers or members | Maintain good member relationships; launch new reward programs | | Rapid technological advancements | Adopt agile marketing strategies; continuously monitor market and technology changes | | Difficulty in retaining employees | Conduct semi-annual appraisals and salary reviews; improve work environment and team building | | Non-compliance with laws and regulations | Stay updated on regulatory changes; regularly review and update policies | [Biographical Details of Directors and Senior Management](index=16&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E5%B1%A4%E5%B1%A5%E6%AD%B7%E8%A9%B3%E6%83%85) This section provides detailed biographies of the company's directors and senior management, outlining their professional experience and qualifications - This section provides detailed biographies of the company's executive directors, independent non-executive directors, and senior management, covering their professional backgrounds, work experience, and academic qualifications in marketing, advertising, IT, and financial management[51](index=51&type=chunk)[55](index=55&type=chunk)[58](index=58&type=chunk)[64](index=64&type=chunk) [Report of the Directors](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A) This report covers the Group's principal activities, share option scheme, director interests, and major customer and supplier relationships [Principal Activities and Results](index=21&type=section&id=%E4%B8%BB%E8%A6%81%E6%A5%AD%E5%8B%99%E5%8F%8A%E6%A5%AD%E7%B8%BE) The company is an investment holding company primarily engaged in providing online advertising services, with no final dividend proposed for the year - The company's core business is the provision of online advertising services[69](index=69&type=chunk) - The Board does not recommend the payment of any final dividend for the year ended March 31, 2025[70](index=70&type=chunk) [Share Option Scheme](index=23&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The company's share option scheme, adopted in 2018, had no options granted, exercised, lapsed, or cancelled during the reporting year - **No share options were granted, exercised, lapsed, or cancelled** under the scheme during the year, and none were outstanding as at the report date[82](index=82&type=chunk) - The total number of shares available for issue under the scheme is **20,000,000**, representing approximately **2.95%** of the issued shares as at the report date[84](index=84&type=chunk) [Directors' and Substantial Shareholders' Interests](index=27&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%8C%81%E8%82%A1) Executive Directors Ms. Zhang Li and Mr. Li Yongliang each indirectly hold a 23.45% interest in the company Shareholder Interests | Shareholder Name | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Issued Share Capital* | | :--- | :--- | :--- | :--- | | Ms. Zhang Li | Interest in a controlled corporation | 56,280,000 | 23.45% | | Mr. Li Yongliang | Interest in a controlled corporation | 56,280,000 | 23.45% | | N-Dynamic Limited | Beneficial interest | 56,280,000 | 23.45% | | Mr. Ru Wenzhen | Beneficial interest | 24,000,000 | 10.00% | | Mr. Wang Zenglin | Beneficial interest | 14,000,000 | 5.83% | *Percentage is based on the number of issued shares as at March 31, 2025 [Major Customers and Suppliers](index=29&type=section&id=%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B6%E5%8F%8A%E4%BE%9B%E6%87%89%E5%95%86) The Group exhibits a high concentration of customers and suppliers, with the top five accounting for significant portions of revenue and costs Customer and Supplier Concentration | Concentration Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Largest customer's % of revenue | 22.5% | 11.7% | | Top 5 customers' % of revenue | 48.0% | 37.2% | | Largest supplier's % of cost of services | 31.0% | 48.6% | | Top 5 suppliers' % of cost of services | 62.3% | 79.0% | [Corporate Governance Report](index=32&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) This report details the company's governance practices, board structure, and risk management framework, confirming compliance with most code provisions [Corporate Governance Practices](index=32&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The company complied with the Corporate Governance Code, with the only deviation being the absence of a separate Chairman and CEO - The company complied with all code provisions of the Corporate Governance Code, with the sole deviation being the lack of separate Chairman and CEO roles (deviation from code provision C.2.1), with duties shared by Executive Directors Ms. Zhang Li and Mr. Li Yongliang[122](index=122&type=chunk)[128](index=128&type=chunk) [Board of Directors and Committees](index=32&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83) The Board comprises five executive and three independent non-executive directors, with Audit, Remuneration, and Nomination committees in place - During the year, the Audit Committee held 4 meetings, the Remuneration Committee held 3 meetings, and the Nomination Committee held 2 meetings to fulfill their respective duties[141](index=141&type=chunk)[142](index=142&type=chunk)[144](index=144&type=chunk) Board Committee Composition | Committee | Chairman | Members | | :--- | :--- | :--- | | Audit Committee | Mr. Ho Ho Tung (INED) | Mr. Fan Tak Wai (INED), Mr. Kwan Chi Hong (INED) | | Remuneration Committee | Mr. Fan Tak Wai (INED) | Mr. Ho Ho Tung (INED), Mr. Li Yongliang (ED) | | Nomination Committee | Mr. Kwan Chi Hong (INED) | Mr. Ho Ho Tung (INED), Ms. Zhang Li (ED) | [Risk Management and Internal Control](index=41&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E5%8F%8A%E5%85%A7%E9%83%A8%E7%9B%A3%E6%8E%A7) The Board is responsible for the Group's risk management and internal control systems, which it deems adequate and effective - The Group's risk management framework is based on a 'Three Lines of Defence' model, with the first line being executive directors and management, the second being the Financial Controller and Company Secretary, and the third being the outsourced internal audit function[158](index=158&type=chunk)[160](index=160&type=chunk) - The Board reviewed the effectiveness of the risk management and internal control systems for the year ended March 31, 2025, and considered them **adequate and effective**[161](index=161&type=chunk) [Independent Auditor's Report](index=44&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A) The auditor issued an unmodified opinion on the financial statements, identifying the provision for ECL on trade receivables as a key audit matter - The auditor, HLB Hodgson Impey Cheng Limited, issued an **unmodified opinion**, stating that the financial statements give a true and fair view of the Group's financial position, financial performance, and cash flows[171](index=171&type=chunk) - The **Key Audit Matter** was the 'provision for expected credit losses (ECL) on trade receivables' due to the significant management judgment and subjectivity involved, which increases the risk of error or potential management bias[173](index=173&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk) [Consolidated Financial Statements](index=48&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the Group's consolidated statements of profit or loss, financial position, and cash flows for the financial year [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=48&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's revenue grew to HK$13.16 million, and the loss for the year narrowed significantly to HK$4.89 million Statement of Profit or Loss | Item (HK$ '000) | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 13,157 | 11,767 | | Gross profit | 7,818 | 4,012 | | Loss from operations | (4,874) | (13,192) | | Loss for the year | (4,891) | (13,209) | | Basic loss per share (HK$) | (0.02) | (0.07) | [Consolidated Statement of Financial Position](index=49&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As at March 31, 2025, the Group's total assets were HK$14.30 million, with net assets remaining stable at HK$5.45 million Statement of Financial Position | Item (HK$ '000) | As at Mar 31, 2025 | As at Mar 31, 2024 | | :--- | :--- | :--- | | Non-current assets | 260 | 421 | | Current assets | 14,040 | 14,836 | | **Total assets** | **14,300** | **15,257** | | Current liabilities | 8,854 | 9,679 | | Non-current liabilities | – | 102 | | **Total liabilities** | **8,854** | **9,781** | | **Net assets** | **5,446** | **5,476** | [Consolidated Statement of Cash Flows](index=52&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The year saw a net cash outflow from operating activities of HK$8.37 million, with year-end cash standing at HK$6.30 million Statement of Cash Flows | Item (HK$ '000) | FY2025 | FY2024 | | :--- | :--- | :--- | | Net cash used in operating activities | (8,372) | (8,299) | | Net cash from investing activities | 45 | 5,753 | | Net cash from/(used in) financing activities | 4,696 | (357) | | Net decrease in cash and cash equivalents | (3,631) | (2,903) | | Cash and cash equivalents at end of year | 6,299 | 9,938 | [Notes to the Financial Statements](index=53&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed disclosures on significant accounting policies and specific items in the financial statements [Note 5: Revenue and Segment Reporting](index=64&type=section&id=Note%205%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E5%A0%B1%E5%91%8A) The Group operates as a single reportable segment, with Hong Kong being the largest geographical market, contributing 67.9% of total revenue - Revenue from the Group's largest customer was **HK$2.96 million**, accounting for **22.5% of total revenue**, an increase in concentration from the prior year's 11.7%[245](index=245&type=chunk) Revenue by Geographical Location | Region | FY2025 Revenue (HK$ '000) | FY2024 Revenue (HK$ '000) | | :--- | :--- | :--- | | Hong Kong | 8,937 | 8,450 | | Taiwan | 3,416 | 2,810 | | Southeast Asia | 804 | 507 | | **Total** | **13,157** | **11,767** | [Note 9: Directors' Remuneration](index=69&type=section&id=Note%209%20%E8%91%A3%E4%BA%8B%E8%96%AA%E9%85%AC) Total directors' remuneration for the year was HK$3.78 million, a significant decrease from the previous year's HK$6.21 million Directors' Remuneration Breakdown | Remuneration Category (HK$ '000) | FY2025 | FY2024 | | :--- | :--- | :--- | | Directors' fees | 807 | 945 | | Discretionary bonus | 37 | 37 | | Salaries, allowances and benefits in kind | 2,860 | 5,142 | | Retirement scheme contributions | 71 | 90 | | **Total** | **3,775** | **6,214** | [Note 24: Capital and Reserves](index=79&type=section&id=Note%2024%20%E8%B3%87%E6%9C%AC%E5%8F%8A%E5%84%B2%E5%82%99) The company increased its capital through a share placement in April 2024, raising net proceeds of approximately HK$5.06 million - On April 30, 2024, the company completed a subscription of 39,999,996 shares at HK$0.1265 per share, raising **net proceeds of approximately HK$5.06 million**, which increased share capital by approximately HK$0.40 million and the share premium account by approximately HK$4.66 million[284](index=284&type=chunk) [Note 31: Events After the Reporting Period](index=88&type=section&id=Note%2031%20%E5%A0%B1%E5%91%8A%E6%97%A5%E5%BE%8C%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, the company completed a rights issue in May 2025, raising net proceeds of approximately HK$35.0 million - On May 15, 2025, the company completed a rights issue, raising **gross proceeds of approximately HK$37.2 million** and **net proceeds (after expenses) of approximately HK$35.0 million**[308](index=308&type=chunk) [Financial Summary](index=89&type=section&id=%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) This five-year summary shows a rebound in revenue this year, the lowest net loss in five years, and a continuing decline in net assets - The five-year financial summary shows that after a period of decline, **Group revenue rebounded in the current year**, while the **annual loss was the lowest in five years**, though the net asset base has continued to shrink over the period[309](index=309&type=chunk) Five-Year Financial Summary | Item (HK$ '000) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Results** | | | | | | | Revenue | 13,157 | 11,767 | 15,105 | 18,320 | 23,408 | | Loss before tax | (4,891) | (13,206) | (15,997) | (13,069) | (9,417) | | Loss for the year attributable to owners | (4,891) | (13,209) | (16,349) | (13,128) | (9,535) | | **Assets and Liabilities** | | | | | | | Total assets | 14,300 | 15,257 | 25,920 | 42,763 | 56,243 | | Total liabilities | (8,854) | (9,781) | (8,226) | (9,262) | (9,400) | | Net assets | 5,446 | 5,476 | 17,694 | 33,501 | 46,843 |