Singapore 新加坡 122 screens / 銀幕 Orange Sky Golden Harvest's Cinema Portfolio 橙天嘉禾影城組合 (As at 30 June 2025 於 2025年 6 月 30日 ) 目錄 首席執行官 | 2 | 公司資料 | | --- | --- | | 3 | 管理層討論及分析 | | 11 | 致董事會之審閱報告 | | 13 | 綜合收益表 | | 15 | 綜合全面收益表 | | 16 | 綜合財務狀況表 | | 19 | 綜合權益變動表 | | 21 | 簡明綜合現金流量表 | | 23 | 未經審核中期財務報告附註 | | 47 | 董事會組成 | | 47 | 買賣或贖回上市證券 | | 48 | 董事及主要行政人員於股份、相關股份或債權證 之權益及淡倉 | | 49 | 購股權 | | 50 | 主要股東及其他人士於股份及相關股份之權益及淡倉 | | 51 | 審核委員會審閱 | | 51 | 中期股息 | | 51 | 遵守企業管治守則 | | 52 | 遵守標準守則 | | 52 致謝 | | 公司資料 執行董事 伍克波 （ ...

CHINA FINANCIAL INTERNATIONAL INVESTMENTS LIMITED 中國金融國際投資有限公司 （於開曼群島註冊成立並遷冊往百慕達之有限公司） （股份代號：721） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 就 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 截至二零二五年六月三十日止年度全年業績公告 中 國 金 融 國 際 投 資 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 五 年 六 月 三 十 日 止 年 度（「本 年 度」） 之 綜 合 業 績，連 同 上 一 年 度 之 比 較 數 字 如 下： 綜合損益及其他全面收益表 截至六月三十日止年度 | | | | | | | | | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | --- ...

2025 目錄 | 公 | 司 | 資 | 料 | | | | | | | | 2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 管 | 理 | 層 | 討 | 論 | 及 | 分 | 析 | | | | 4 | | 權 | 益 | 披 | 露 | | | | | | | | 1 1 | | 企 | 業 | 管 | 治 | 及 | 其 | 他 | 資 | 料 | | | 1 7 | | 綜 | 合 | 損 | 益 | 及 | 其 | 他 | 全 | 面 | 收 益 | 表 | 1 9 | | 綜 | 合 | 財 | 務 | 狀 | 況 | 表 | | | | | 2 1 | | 綜 | 合 | 權 | 益 | 變 | 動 | 表 | | | | | 2 3 | | 簡 | 明 | 綜 | 合 | 現 | 金 | 流 | 量 | 表 | | | 2 4 | | 未 | 經 | 審 | 核 | 中 | 期 | 財 | 務 | 報 | 告 附 | 註 | 2 5 | 公司資料 執行董事 曹智銘先生 侯太生先 ...

海德園，柴灣柴灣道 391 號，柴灣內地段 178 號(該「物業」) 董事局將於 2025 年 12 月 5 日星期五召開的股東週年常會上，建議派發末期股息 每股港幣 1 角，董事局同時建議派發特別股息每股港幣 1 元 7 角，此兩宗股息連 同本年度已派發的第一次中期股息每股港幣 1 角，特別股息每股港幣 4 元 9 角， 及第二次中期股息每股港幣 3 角，本年度將共派息每股港幣 7 元 1 角，而去年則 為每股港幣 3 元 2 角。 集團之主要物業發展及投資開列如下:- 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文件的內容概不負責，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文件全部或任何部分內容而產生或因倚賴有關內容 而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號: 026） 截至 2025 年 6 月 30 日止年度 全年業績公告 董事局主席報告書 集團業績及股息 董事局宣佈截至 2025 年 6 月 30 日止的會計年度，本集團之營業盈利為港幣 7,700 萬元，而去年則為港幣 9,500 萬元，主要反映租金收入減少，其主因為於年中出 售了一項投資物業 ...

股份代號 : 00991 2025 中期報告 綠色 低 碳 高 質發展 目錄 公司業績 2 管理層討論與分析 3 股本及派息 7 重大事項 9 購買、出售和贖回公司上市證券 12 遵守企業管治守則 13 遵守上市發行人董事進行證券交易的標準守則 14 公眾持股量 15 審計委員會 16 其他事項 17 簡明合併損益表 18 簡明合併損益及其他綜合收益表 19 簡明合併財務狀況表 20 簡明合併權益變動表 22 簡明合併現金流量表 24 簡明合併財務報表附註 25 公司業績 經營及財務摘要： 大唐國際發電股份有限公司（「公司」或「本公司」）董事會（「董事會」）在此宣佈本公司及其子公司（「本集團」）截至2025 年6月30日止6個月期間（「該期間」或「本期」）按國際財務報告會計準則編製的未經審計合併經營結果以及與2024年上 半年（「上年同期」）之未經審計合併經營結果的比較。該經營業績已經本公司董事會審計委員會（「審計委員會」）審閱及 確認。 於該期間，本集團經營收入約為人民幣571.93億元，較上年同期減少約1.93%。於該期間，稅前利潤總額約為人民幣 76.71億元，較上年同期增加約37.92%。該期間歸屬於 ...

[Annual Results Announcement](index=1&type=section&id=Annual%20Results%20Announcement) [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended June 30, 2025, the Group's revenue significantly increased by **24.6%** to **SGD 22.98 million**, but gross profit margin declined due to changes in engineering business project mix and increased competition, leading to an expanded annual loss of **SGD 13.63 million** from increased administrative expenses and finance costs Consolidated Statement of Profit or Loss and Other Comprehensive Income (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 22,977,219 | 18,433,408 | +24.6% | | Cost of services provided/sales | (13,807,467) | (9,596,136) | +43.9% | | Gross profit | 9,169,752 | 8,837,272 | +3.8% | | Other income | 413,404 | 568,927 | -27.4% | | Net other gains and losses | 36,226 | 625,748 | -94.2% | | Administrative expenses | (22,973,877) | (22,472,788) | +2.2% | | Finance costs | (169,385) | (61,390) | +175.9% | | Loss before tax | (13,523,880) | (12,502,231) | +8.2% | | Income tax expense | (103,769) | (146,920) | -29.4% | | Loss for the year | (13,627,649) | (12,649,151) | +7.7% | | Basic loss per share (SGD cents) | (1.27) | (1.20) | +5.8% | | Diluted loss per share (SGD cents) | (1.29) | (1.20) | +7.5% | - Total comprehensive loss for the year increased from **SGD 12.71 million** in 2024 to **SGD 14.24 million** in 2025, primarily due to expanded exchange differences on translation of overseas operations[5](index=5&type=chunk) [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities slightly decreased, and net current assets reduced; non-current liabilities significantly increased due to new borrowings, leading to a decline in net assets from **SGD 26.83 million** in 2024 to **SGD 12.97 million** Consolidated Statement of Financial Position (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 7,508,292 | 7,268,607 | +3.3% | | Total current assets | 36,875,832 | 49,945,991 | -26.2% | | Total current liabilities | 18,219,349 | 30,053,022 | -39.4% | | Net current assets | 18,656,483 | 19,892,969 | -6.2% | | Total assets less current liabilities | 26,164,775 | 27,161,576 | -3.7% | | Total non-current liabilities | 13,199,218 | 334,076 | +3850.8% | | Net assets | 12,965,557 | 26,827,500 | -51.6% | - Non-current liabilities significantly increased, primarily due to new borrowings of **SGD 12.62 million** from the controlling shareholder[7](index=7&type=chunk)[38](index=38&type=chunk) [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [1. General Information](index=5&type=section&id=1.%20General%20Information) HKE Holdings Limited, incorporated in the Cayman Islands and listed on the HKEX Main Board, primarily operates engineering, fintech platform, and trading and asset management businesses in Singapore, with Mr. Lian Haomin as the ultimate controlling party - The Company is an investment holding company with principal businesses covering engineering, fintech platform, and trading and asset management[8](index=8&type=chunk) - The Company's functional currency is Hong Kong Dollars, while the presentation currency is Singapore Dollars[8](index=8&type=chunk) [2. Basis of Preparation](index=5&type=section&id=2.%20Basis%20of%20Preparation) The consolidated financial statements are prepared in accordance with International Financial Reporting Standards, HKEX Listing Rules, and Hong Kong Companies Ordinance disclosure requirements, primarily measured at historical cost convention - The consolidated financial statements comply with International Financial Reporting Standards, HKEX Listing Rules, and Hong Kong Companies Ordinance disclosure requirements[9](index=9&type=chunk) [3. Application of New and Revised IFRSs](index=6&type=section&id=3.%20Application%20of%20New%20and%20Revised%20IFRSs) The Group adopted all revised International Financial Reporting Standards effective July 1, 2024, with no significant changes to its accounting policies, financial statement presentation, or reported amounts - The adoption of new and revised International Financial Reporting Standards had no significant impact on the Group's financial statements[10](index=10&type=chunk) [4. New and Revised IFRSs Issued But Not Yet Effective](index=6&type=section&id=4.%20New%20and%20Revised%20IFRSs%20Issued%20But%20Not%20Yet%20Effective) The Group has not yet applied new and revised International Financial Reporting Standards issued but not yet effective, and is currently assessing their potential impact without determining materiality - The Group is evaluating the impact of International Financial Reporting Standards not yet effective, but cannot currently determine their materiality[11](index=11&type=chunk) [5. Revenue and Segment Information](index=6&type=section&id=5.%20Revenue%20and%20Segment%20Information) The Group operates four segments: engineering, fintech platform, trading and asset management, and investment holding; total revenue grew **24.6%** in FY2025, driven by engineering and trading and asset management, with Singapore contributing most revenue and high customer concentration - The Group operates four operating segments: engineering business, fintech platform business, trading and asset management business, and investment holding[13](index=13&type=chunk) External Customer Revenue by Segment for FY2025 (SGD) | Segment | 2025 (SGD) | | :--- | :--- | | Engineering business | 21,536,609 | | Fintech platform business | – | | Trading and asset management business | 1,440,610 | | Investment holding | – | | **Total** | **22,977,219** | - Revenue from Singapore accounted for **94%** of total revenue, indicating high geographical concentration[18](index=18&type=chunk) Revenue by Service Type for FY2025 (SGD) | Service Type | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Integrated design and build services | 20,485,073 | 16,131,316 | +27.0% | | Maintenance and other services | 1,051,536 | 1,017,980 | +3.3% | | Virtual asset custody solution services | – | 313,111 | -100.0% | | Asset management services | 573,698 | 313,780 | +82.8% | | Hedging services and transaction fee income | 59,529 | 18,088 | +229.1% | | Net trading income | 807,383 | 639,133 | +26.3% | | **Total revenue** | **22,977,219** | **18,433,408** | **+24.6%** | [6. Other Income](index=10&type=section&id=6.%20Other%20Income) The Group's other income for FY2025 was approximately **SGD 0.41 million**, a **27.4%** decrease from 2024, mainly due to lower interest and rental income Details of Other Income (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Government grants | 17,813 | 5,233 | +240.4% | | Interest income | 200,479 | 344,856 | -41.9% | | Rental income | 162,375 | 182,333 | -11.0% | | Others | 32,737 | 36,505 | -10.3% | | **Total** | **413,404** | **568,927** | **-27.4%** | [7. Net Other Gains and Losses](index=11&type=section&id=7.%20Net%20Other%20Gains%20and%20Losses) Net other gains and losses for FY2025 significantly decreased by **94.2%** to **SGD 0.04 million**, primarily due to reduced fair value gains on cryptocurrencies and the absence of a one-off gain from subsidiary disposal last year Details of Net Other Gains and Losses (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Net foreign exchange gains | 153,580 | 129,782 | +18.3% | | Loss on disposal of property, plant and equipment | (5,597) | (1,930) | +189.0% | | Gain on disposal of a subsidiary | – | 253,476 | -100.0% | | Gain on bargain purchase | – | 31,279 | -100.0% | | Impairment loss on long-term deposits | (202,236) | – | N/A | | Reversal of impairment loss on cryptocurrencies | 52,237 | – | N/A | | Fair value gain on convertible bonds designated at FVTPL | 348,937 | – | N/A | | Fair value loss on investment properties | (334,890) | (200,066) | +67.4% | | Realised gain on disposal of cryptocurrencies | 27,726 | – | N/A | | Fair value (loss)/gain on cryptocurrencies | (3,531) | 413,207 | -100.9% | | **Total** | **36,226** | **625,748** | **-94.2%** | [8. Loss Before Tax](index=11&type=section&id=8.%20Loss%20Before%20Tax) Loss before tax for FY2025 was **SGD 13.52 million**, an **8.2%** increase from last year, with finance costs significantly rising due to new loans and lease renewals, alongside increased depreciation expenses Components of Loss Before Tax (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 169,385 | 61,390 | +175.9% | | Depreciation of right-of-use assets | 745,525 | 647,181 | +15.2% | | Depreciation of property, plant and equipment | 501,602 | 370,916 | +35.2% | | Loss on disposal of property, plant and equipment | 5,597 | 1,930 | +189.0% | | Reversal of impairment loss on cryptocurrencies | (52,237) | – | N/A | | Impairment loss on long-term deposits | 202,236 | – | N/A | [9. Income Tax Expense](index=12&type=section&id=9.%20Income%20Tax%20Expense) Income tax expense for FY2025 was **SGD 0.10 million**, a **29.4%** decrease from last year, primarily due to reduced Singapore corporate income tax and over-provision in prior years Details of Income Tax Expense (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Current tax: Singapore corporate income tax | 164,947 | 214,484 | -23.1% | | Current tax: Hong Kong profits tax | – | 2,415 | -100.0% | | Current tax: Over-provision in prior years | (60,405) | (52,985) | +14.0% | | Deferred tax | (773) | (16,994) | -95.5% | | **Total** | **103,769** | **146,920** | **-29.4%** | [10. Dividends](index=12&type=section&id=10.%20Dividends) The Board does not recommend a dividend for the year ended June 30, 2025, consistent with the prior year - No dividends were declared for the current or prior year[25](index=25&type=chunk) [11. Loss Per Share](index=12&type=section&id=11.%20Loss%20Per%20Share) Basic loss per share for FY2025 was **1.27 SGD cents** and diluted loss per share was **1.29 SGD cents**, both increasing from last year, primarily impacted by fair value gains on convertible bonds Loss Per Share Calculation (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Loss attributable to owners of the Company (for basic loss) | 13,626,988 | 12,648,291 | | Fair value gain on convertible bonds designated at FVTPL | 348,937 | – | | Loss attributable to owners of the Company (for diluted loss) | 13,975,925 | 12,648,291 | | Weighted average number of ordinary shares (for basic loss) | 1,076,757,051 | 1,052,467,201 | | Effect of conversion of convertible bonds | 3,761,096 | – | | Weighted average number of ordinary shares (for diluted loss) | 1,080,518,147 | 1,052,467,201 | | Basic loss per share (SGD cents) | 1.27 | 1.20 | | Diluted loss per share (SGD cents) | 1.29 | 1.20 | [12. Trade Receivables](index=13&type=section&id=12.%20Trade%20Receivables) Trade receivables increased to **SGD 5.12 million** in FY2025, with credit terms typically 30 to 90 days; the Group applies the simplified approach under IFRS 9 for expected credit losses and recognized no impairment losses this year Ageing Analysis of Trade Receivables (SGD) | Ageing | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Within 30 days | 1,588,723 | 1,403,441 | +13.2% | | 31 to 60 days | 798,519 | 1,139,072 | -29.9% | | 61 to 90 days | 1,757,337 | 682,063 | +157.6% | | 91 to 180 days | 892,740 | 175,196 | +409.6% | | Over 180 days | 85,723 | 41,101 | +108.6% | | **Total** | **5,123,042** | **3,440,873** | **+48.9%** | - The Group recognized no impairment losses on trade receivables[28](index=28&type=chunk) [13. Derivative Financial Instruments](index=14&type=section&id=13.%20Derivative%20Financial%20Instruments) The fair values of derivative financial instrument assets and liabilities both decreased in FY2025, primarily involving unlisted swap contracts Fair Value of Derivative Financial Instruments (SGD) | Item | 2025 Fair Value (SGD) | 2024 Fair Value (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Assets: Unlisted swap contracts | 308,053 | 430,229 | -28.4% | | Assets: Unlisted option contracts | – | 8,928 | -100.0% | | **Total assets** | **308,053** | **439,157** | **-29.9%** | | Liabilities: Unlisted swap contracts | 183,817 | 426,631 | -56.9% | | Liabilities: Unlisted option contracts | – | 8,928 | -100.0% | | **Total liabilities** | **183,817** | **435,559** | **-57.8%** | [14. Trade and Other Payables](index=14&type=section&id=14.%20Trade%20and%20Other%20Payables) Trade and other payables significantly decreased by **56.7%** to **SGD 12.03 million** in FY2025, primarily due to a substantial reduction in amounts due to customers Details of Trade and Other Payables (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 2,450,213 | 1,301,065 | +88.3% | | Amounts due to customers | 4,948,712 | 23,389,930 | -78.9% | | Accrued expenses | 932,856 | 487,205 | +91.5% | | Goods and services tax payable | 147,405 | 216,666 | -31.9% | | Staff costs payable | 3,300,746 | 1,820,732 | +81.3% | | Consideration payable for acquisition | – | 399,397 | -100.0% | | Others | 247,034 | 144,150 | +71.4% | | **Total** | **12,026,966** | **27,759,145** | **-56.7%** | - Credit terms for trade payables typically range from 14 to 90 days[31](index=31&type=chunk) [15. Convertible Bonds](index=15&type=section&id=15.%20Convertible%20Bonds) On February 19, 2025, the Company completed the issuance of convertible bonds with a principal amount of **HKD 26 million** (approximately **SGD 4.5 million**), an initial conversion price of **HKD 2.50** per share, and designated as a financial liability at fair value through profit or loss upon initial recognition - On February 19, 2025, the Company issued convertible bonds with a principal amount of **HKD 26 million** and an initial conversion price of **HKD 2.50** per share[33](index=33&type=chunk) - The convertible bonds were recognized as financial liabilities designated at fair value through profit or loss[35](index=35&type=chunk) Movements in Convertible Bonds (SGD) | Item | Amount (SGD) | | :--- | :--- | | At July 1, 2024 | – | | Issuance of convertible bonds | 4,512,151 | | Fair value adjustment | (348,937) | | Exchange adjustment | (282,300) | | At June 30, 2025 | 3,880,914 | [16. Borrowings](index=15&type=section&id=16.%20Borrowings) As of June 30, 2025, the Group obtained new unsecured loans of **SGD 12.62 million** from controlling shareholder Mr. Lian Haomin, bearing **2.5%** annual interest and repayable by May 15, 2027 Details of Borrowings (SGD) | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Loan from Mr. Lian Haomin, a controlling shareholder of the Company - unsecured | 12,620,510 | – | - The borrowing is unsecured, bears interest at **2.5%** per annum, and is repayable by May 15, 2027[38](index=38&type=chunk) [17. Share Capital](index=16&type=section&id=17.%20Share%20Capital) As of June 30, 2025, the Company's issued ordinary shares increased to **1,077,746,668**, and share capital rose to **SGD 1.82 million**, primarily due to the exercise of share options Movements in Share Capital (SGD) | Item | 2025 Number of Shares | 2025 Share Capital Equivalent (SGD) | 2024 Number of Shares | 2024 Share Capital Equivalent (SGD) | | :--- | :--- | :--- | :--- | :--- | | At July 1 | 1,076,078,524 | 1,812,705 | 1,050,030,000 | 1,767,677 | | Issue of shares | – | – | 25,550,000 | 44,166 | | Exercise of share options | 1,668,144 | 2,874 | 498,524 | 862 | | At June 30 | 1,077,746,668 | 1,815,579 | 1,076,078,524 | 1,812,705 | - In FY2025, **1,668,144** share options with a weighted average exercise price of **HKD 0.79** per share were exercised[40](index=40&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=17&type=section&id=Business%20Review) The Group's diversified businesses include healthcare engineering in Singapore, a fintech platform, and trading and asset management; engineering benefits from healthcare facility expansion, fintech secured a virtual asset trading license, and trading and asset management diversifies revenue through derivatives and asset management services - The Group is a specialized contractor in the healthcare industry, focusing on radiation shielding engineering and providing integrated design and build services primarily in Singapore[41](index=41&type=chunk) - The Group has developed a fintech services platform covering virtual assets and Web3 assets, and was granted a virtual asset trading platform operator license by the SFC in June 2025[41](index=41&type=chunk)[44](index=44&type=chunk) - The trading and asset management business primarily engages in derivative trading and provides advisory and asset management services to diversify revenue streams[41](index=41&type=chunk)[45](index=45&type=chunk) [Engineering Business](index=17&type=section&id=Engineering%20Business) Singapore government plans to expand healthcare facilities are expected to drive demand for medical-related radiation shielding engineering, with the Group actively involved in new hospital planning and existing facility upgrade projects - The Singapore government's plan to expand healthcare-related facilities is expected to drive demand for medical-related radiation shielding engineering[42](index=42&type=chunk)[43](index=43&type=chunk) - The Group is involved in planning a new hospital in eastern Singapore and anticipates participating in more projects for old equipment replacement and facility upgrades[43](index=43&type=chunk) [Fintech Platform Business](index=18&type=section&id=Fintech%20Platform%20Business) The Group is committed to developing a trusted, user-centric, and compliant fintech trading services platform covering traditional financial markets, virtual assets, and Web3 assets, having secured a virtual asset trading platform operator license from the SFC - The Group is dedicated to developing a trusted, user-centric, and compliance-driven fintech trading services platform, covering traditional financial markets, virtual assets, and Web3 assets[44](index=44&type=chunk) - The Group was granted a virtual asset trading platform operator license by the SFC on June 17, 2025[44](index=44&type=chunk) [Trading and Asset Management Business](index=18&type=section&id=Trading%20and%20Asset%20management%20Business) The Group enriches its core fintech trading services platform ecosystem and diversifies revenue streams by offering advisory and asset management services alongside derivative instrument trading - The Group enriches its core fintech trading services platform ecosystem by providing advisory and asset management services and derivative instrument trading[45](index=45&type=chunk) - Revenue sources for this segment include gains or losses from derivative financial instrument trading and asset management fees from managed funds[45](index=45&type=chunk) [Prospects](index=19&type=section&id=Prospects) The Group will maintain its market position in Singapore's healthcare engineering sector while actively developing its fintech platform, including a cryptocurrency mining equipment hashrate sales platform; Hong Kong's support for virtual assets and the Group's focus on regulatory compliance are expected to drive fintech growth, with trading and asset management also expanding under strict risk control - The Group will strive to maintain its market position in Singapore's healthcare engineering industry and diversify its business into the fintech platform[46](index=46&type=chunk) - The Group is preparing a new platform to assist cryptocurrency mining equipment holders in selling their hashrate[46](index=46&type=chunk) - The Group embraces virtual asset industry regulations, aiming to be a regulated and transparent market leader, and will closely monitor regulatory changes to seize market opportunities[47](index=47&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) The Group's FY2025 revenue grew **24.6%** to **SGD 22.98 million**, driven by changes in engineering business project mix and derivative trading and asset management services; however, declining gross margin, increased administrative expenses, and finance costs led to an expanded annual loss of **SGD 13.63 million** - The Group's revenue was approximately **SGD 23 million**, a **24.6%** year-on-year increase, primarily due to changes in the engineering business project mix[48](index=48&type=chunk) - Gross profit margin decreased from **47.9%** to **39.9%**, mainly due to increased pricing competition, higher project complexity, and increased costs in the engineering business[50](index=50&type=chunk) - Administrative expenses increased by **2.2%** to **SGD 23 million**, primarily for developing the fintech platform business and applying for licenses[53](index=53&type=chunk) - Finance costs increased by **175.9%** to **SGD 0.2 million**, mainly due to interest expenses from new borrowings and lease renewals[54](index=54&type=chunk) - The Group's annual loss expanded to **SGD 13.6 million**[55](index=55&type=chunk) [Revenue](index=20&type=section&id=Revenue) The Group's total revenue for FY2025 increased by **24.6%** to **SGD 22.98 million**, primarily driven by integrated design and build services and derivative trading and asset management services Revenue by Operating Activities (SGD) | Operating Activity | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Integrated design and build services | 20,485,073 | 16,131,316 | +27.0% | | Maintenance and other services | 1,051,536 | 1,017,980 | +3.3% | | Virtual asset custody solution services | – | 313,111 | -100.0% | | Derivative trading and asset management services | 1,440,610 | 971,001 | +48.4% | | **Total** | **22,977,219** | **18,433,408** | **+24.6%** | [Gross Profit](index=21&type=section&id=Gross%20Profit) The Group's gross profit for FY2025 was approximately **SGD 9.2 million**, with gross profit margin decreasing to **39.9%**, primarily impacted by changes in engineering business project mix, increased competition, and higher costs Gross Profit and Gross Profit Margin (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Gross Profit | 9,200,000 (approx) | 8,800,000 (approx) | | Gross Profit Margin | 39.9% | 47.9% | - The decline in gross profit margin was mainly due to changes in the engineering business project mix, leading to increased pricing competition, higher project complexity, and increased costs for large contracts[50](index=50&type=chunk) [Other Income](index=21&type=section&id=Other%20Income) The Group's other income for FY2025 was approximately **SGD 0.4 million**, representing **1.8%** of revenue, a decrease from the prior year Other Income (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Other Income | 400,000 (approx) | 600,000 (approx) | | Percentage of Revenue | 1.8% | 3.1% | [Net Other Gains and Losses](index=21&type=section&id=Net%20Other%20Gains%20and%20Losses) The Group's net other gains and losses for FY2025 were approximately **SGD 0.1 million**, representing **0.2%** of revenue, mainly due to reduced fair value gains on cryptocurrencies and the absence of a one-off gain from subsidiary disposal Net Other Gains and Losses (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Net Other Gains and Losses | 100,000 (approx) | 600,000 (approx) | | Percentage of Revenue | 0.2% | 3.4% | - The decrease was mainly due to reduced fair value gains on cryptocurrencies and the absence of a one-off gain from the disposal of a subsidiary last year[52](index=52&type=chunk) [Administrative Expenses](index=21&type=section&id=Administrative%20Expenses) The Group's administrative expenses for FY2025 were approximately **SGD 23 million**, representing **100.0%** of revenue, primarily for developing the fintech platform business and applying for a virtual asset trading license Administrative Expenses (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Administrative Expenses | 23,000,000 (approx) | 22,500,000 (approx) | | Percentage of Revenue | 100.0% | 121.9% | - The increase was mainly due to higher IT expenses and cloud service fees for developing the fintech platform business and applying for a virtual asset trading platform operator license[53](index=53&type=chunk) [Finance Costs](index=21&type=section&id=Finance%20Costs) The Group's finance costs for FY2025 were approximately **SGD 0.2 million**, a **175.9%** year-on-year increase, primarily due to higher interest expenses from new borrowings and lease renewals Finance Costs (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Finance Costs | 200,000 (approx) | 100,000 (approx) | | Change | +175.9% | N/A | - The increase was mainly due to interest expenses from new borrowings obtained in May 2025 and higher interest expenses recognized on lease renewals[54](index=54&type=chunk) [Loss for the Year](index=22&type=section&id=Loss%20for%20the%20Year) The Group's loss for the year in FY2025 was approximately **SGD 13.6 million**, an expansion from the prior year Loss for the Year (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Loss for the Year | 13,600,000 (approx) | 12,600,000 (approx) | [Liquidity and Financial Resources](index=22&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's shareholders' equity significantly decreased in FY2025, and the gearing ratio substantially increased due to new borrowings; the current ratio remained at **2.0**, with increased cash and cash equivalents, while the Group maintains prudent financial management but faces foreign exchange risk from HKD-denominated funds - Total shareholders' equity as of June 30, 2025, was approximately **SGD 13 million**, a significant decrease from **SGD 26.8 million** as of June 30, 2024[56](index=56&type=chunk) Financial Position Indicators | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Current Assets (SGD) | 36,900,000 (approx) | 49,900,000 (approx) | | Current Liabilities (SGD) | 18,200,000 (approx) | 30,100,000 (approx) | | Current Ratio | 2.0 | 1.7 | | Gearing Ratio | 31.2% | 1.2% | - The increase in gearing ratio was primarily due to new interest-bearing borrowings obtained from the controlling shareholder[57](index=57&type=chunk) - The Group's cash and cash equivalents were approximately **SGD 18.5 million**, primarily denominated in USD, SGD, and HKD[61](index=61&type=chunk) [Shareholders' Equity](index=22&type=section&id=Shareholders'%20Equity) The Group's total shareholders' equity as of June 30, 2025, was approximately **SGD 13 million**, a significant decrease from **SGD 26.8 million** as of June 30, 2024 Total Shareholders' Equity (SGD) | Year | Amount (SGD) | | :--- | :--- | | June 30, 2025 | 13,000,000 (approx) | | June 30, 2024 | 26,800,000 (approx) | [Financial Position](index=22&type=section&id=Financial%20Position) The Group's current ratio is **2.0**, and the gearing ratio significantly increased to **31.2%** due to new borrowings, indicating increased financial leverage Liquidity Ratios | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Current Assets (SGD) | 36,900,000 (approx) | 49,900,000 (approx) | | Current Liabilities (SGD) | 18,200,000 (approx) | 30,100,000 (approx) | | Current Ratio | 2.0 | 1.7 | | Gearing Ratio | 31.2% | 1.2% | [Borrowings](index=22&type=section&id=Borrowings) As of June 30, 2025, the Group had unsecured loans of approximately **SGD 12.6 million** from the controlling shareholder, bearing **2.5%** annual interest and repayable by May 15, 2027 - As of June 30, 2025, the Group had unsecured loans of approximately **SGD 12.6 million** from the controlling shareholder, bearing **2.5%** annual interest and repayable by May 15, 2027[58](index=58&type=chunk)[59](index=59&type=chunk) [Capital Structure](index=23&type=section&id=Capital%20Structure) The Company's shares were listed on the HKEX Main Board on April 18, 2018, with share placements in 2023 and 2024, and convertible bonds issued in February 2025, to optimize its capital structure - The Company's shares were listed on the Main Board of the Stock Exchange on April 18, 2018[62](index=62&type=chunk) - The Company conducted share placements in 2023 and 2024, and issued convertible bonds in February 2025[62](index=62&type=chunk) [Foreign Exchange Risk](index=24&type=section&id=Foreign%20Exchange%20Risk) The Group's primary transactions are SGD-denominated, but HKD-denominated proceeds from listing and convertible bonds expose it to foreign exchange risk, currently without derivative hedging - The Group's principal transactions are denominated in Singapore Dollars, but retained proceeds from the listing and convertible bond issuance are denominated in Hong Kong Dollars, exposing it to foreign exchange risk[66](index=66&type=chunk) - The Group currently does not use derivative financial instruments to hedge foreign exchange risk, but may consider adopting a significant foreign currency hedging policy in the future[66](index=66&type=chunk) [Employees and Remuneration Policy](index=25&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **113** employees with total staff costs of approximately **SGD 20.7 million**; the Group implements annual performance reviews, provides on-the-job training, and adjusts remuneration and discretionary bonuses based on performance and market conditions Employees and Staff Costs | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 113 | 149 | | Total Staff Costs (SGD) | 20,700,000 (approx) | 20,600,000 (approx) | - The Group attracts and retains employees through annual performance reviews, on-the-job training, salary increments, and discretionary bonuses[70](index=70&type=chunk) [Capital Commitments and Contingent Liabilities](index=25&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had no guarantees provided to customers, nor any significant capital commitments or contingent liabilities - The Group had no pledged assets, guarantees provided to customers, or significant capital commitments at the end of the reporting period[65](index=65&type=chunk)[71](index=71&type=chunk) [Use of Proceeds](index=25&type=section&id=Use%20of%20Proceeds) The Group detailed the planned and actual use of proceeds from its listing, 2023 and 2024 placements, and convertible bond issuance; most funds were allocated to fintech platform business and general working capital, with some listing proceeds remaining unutilized - Net proceeds from the listing were approximately **HKD 74 million**, primarily for property acquisition, staff recruitment, performance bonds, vehicle and machinery purchases, marketing, and general working capital[72](index=72&type=chunk) Use of Net Proceeds from Listing (HKD '000) | Purpose | Planned Use (HKD '000) | Actual Use (HKD '000) | Unutilized Balance (HKD '000) | Expected Date of Full Utilization | | :--- | :--- | :--- | :--- | :--- | | Acquisition of additional properties for workshop and office use | 34,000 | 29,623 | 4,377 | On or before June 30, 2026 | | Recruitment of additional staff | 21,500 | 21,500 | – | Not applicable | | Issuance of performance bonds | 4,800 | 144 | 4,656 | On or before June 30, 2026 | | Acquisition of additional vehicles and machinery | 5,100 | 1,100 | 4,000 | On or before June 30, 2026 | | Enhancement of marketing efforts | 2,300 | 1,659 | 641 | On or before June 30, 2026 | | General working capital | 6,300 | 6,300 | – | Not applicable | - Net proceeds from the 2023 placing, approximately **HKD 93.56 million**, were fully utilized, with **80%** for fintech platform business, **10%** for engineering business, and **10%** for general working capital[74](index=74&type=chunk) - Net proceeds from the 2024 placing, approximately **HKD 50.59 million**, were fully utilized, with **90%** for fintech platform business and **10%** for general working capital[75](index=75&type=chunk) - Net proceeds from convertible bonds, approximately **HKD 25.8 million**, were largely utilized, with **80%** for fintech platform business and **20%** for general working capital[76](index=76&type=chunk)[77](index=77&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) [Significant Events After Review Period](index=28&type=section&id=Significant%20Events%20After%20Review%20Period) Subsequent to the reporting period, Mr. Tsang Wing Fung resigned as Executive Director and ceased to be a member of the Remuneration and Nomination Committees, effective July 23, 2025 - Mr. Tsang Wing Fung resigned as Executive Director and a member of the Board's Remuneration and Nomination Committees[79](index=79&type=chunk) [Corporate Governance Code](index=28&type=section&id=Corporate%20Governance%20Code) The Company adopted and complied with all mandatory disclosure requirements and code provisions of the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules during the review period - The Company fully complied with all mandatory disclosure requirements and code provisions of the HKEX Corporate Governance Code[80](index=80&type=chunk) [Standard Code for Securities Transactions by Directors](index=28&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Standard Code for Securities Transactions by Directors in Appendix C3 of the Listing Rules as its code of conduct, with all directors confirming full compliance during the review period - All Directors confirmed full compliance with the Standard Code for Securities Transactions by Directors during the review period[81](index=81&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor its subsidiaries engaged in any purchase, sale, or redemption of listed securities during the review period[82](index=82&type=chunk) [Auditor's Scope of Work](index=29&type=section&id=Auditor%27s%20Scope%20of%20Work) The Group's auditor, ZHONGHUI ANDA CPA Limited, confirmed that the consolidated financial statement figures in this announcement align with the audited consolidated financial statements, though their work does not constitute an assurance engagement - Auditor ZHONGHUI ANDA confirmed that the financial figures in this announcement align with the audited consolidated financial statements[83](index=83&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Audit Committee, comprising all independent non-executive directors and chaired by Mr. Cheung Kwok Yan, reviewed and recommended the Board adopt the Group's annual results, deeming them compliant with applicable accounting standards and requirements - The Audit Committee, composed of four independent non-executive directors, is responsible for reviewing and approving financial reporting procedures, risk management, and internal control systems[84](index=84&type=chunk) - The Audit Committee reviewed and recommended the adoption of the Group's annual results[84](index=84&type=chunk) [Annual General Meeting](index=29&type=section&id=Annual%20General%20Meeting) The Company will hold its Annual General Meeting on or about November 27, 2025, with the relevant notice to be published and dispatched in due course - The Annual General Meeting is expected to be held on or about November 27, 2025[85](index=85&type=chunk) [Final Dividend](index=29&type=section&id=Final%20Dividend) The Board resolved not to declare a final dividend for the review period, consistent with the prior year - The Board resolved not to declare a final dividend for the review period[86](index=86&type=chunk) [Closure of Register of Members for AGM](index=30&type=section&id=Closure%20of%20Register%20of%20Members%20for%20AGM) To determine shareholders eligible to attend and vote at the Annual General Meeting, the Company will suspend its share transfer registration from November 24, 2025, to November 27, 2025 - Share transfer registration will be suspended from November 24 to November 27, 2025, to determine eligibility for voting at the Annual General Meeting[87](index=87&type=chunk) [Publication of Annual Results and Annual Report](index=30&type=section&id=Publication%20of%20Annual%20Results%20and%20Annual%20Report) This results announcement will be published on the HKEX and the Company's websites, with the annual report to be dispatched to shareholders and published on the same websites in due course - This results announcement and the annual report will be published on the HKEX website (www.hkexnews.hk) and the Company's website (hke.holdings)[88](index=88&type=chunk) [Board Information](index=30&type=section&id=Board%20Information) As of the date of this announcement, the Board comprises three executive directors, two non-executive directors, and four independent non-executive directors - Board members include Mr. Lian Haomin (Chairman and Executive Director), Mr. Koh Lee Huat, Mr. Zhou Peng, Mr. Zheng Yaowu, Mr. Lam Hoi Kai, Mr. Siu Man Ho, Professor Pang Kam Keung, Mr. Cheung Kwok Yan, and Ms. Lam Lam[89](index=89&type=chunk)

MANAGEMENT DISCUSSION AND ANALYSIS 管理層之討論及分析 BUSINESS AND FINANCIAL REVIEW (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號 : 760) * 僅 供 識 別 Add 地址 : Unit A704, 3rd Floor, Tower A, New Mandarin Plaza, No. 14 Science Museum Road, Tsim Sha Tsui East, Kowloon, Hong Kong 香港九龍尖沙咀東部科學館道十四號 新文華廣場 A 座 3 樓 A704 室 Tel 電話 : 2620 6028 Fax 傳真 : 2620 6098 目錄 CONTENTS | Management Discussion and Analysis | 2 | | --- | --- | | 管理層之討論及分析 | | | Other Information | 10 | | 其他資料 | | | Condensed ...

中期報告 2025 目 錄 2 公司資料 4 業績摘要 5 管理層討論與分析 20 企業管治及其他資料 33 簡明綜合財務報表審閱報告 35 簡明綜合損益及其他全面收入表 37 簡明綜合財務狀況表 39 簡明綜合權益變動表 40 簡明綜合現金流量表 42 簡明綜合財務報表附註 69 釋義 公司資料 董事會 執行董事 陳杰女士 （主席） 付英波先生 鄒岩先生 金鑫女士 非執行董事 黃淼先生 刁雋桓先生 獨立非執行董事 田立新先生 武長海博士 宋華博士 吳國賢先生 監事 李雲峰先生 史海霞女士 羅文宏先生 審核委員會 吳國賢先生 （主席） 田立新先生 宋華博士 薪酬與考核委員會 武長海博士 （主席） 付英波先生 吳國賢先生 提名委員會 陳杰女士 （主席） 宋華博士 田立新先生 公司秘書 趙明璟先生 註冊辦事處 授權代表 陳杰女士 付英波先生（於2025年6月3日獲委任） 替任授權代表 趙明璟先生 核數師 容誠（香港）會計師事務所有限公司 執業會計師 註冊公共利益實體核數師 香港金鐘 金鐘道89號 力寶中心 2座3203A-05室 合規顧問 國泰君安融資有限公司 香港 皇后大道中181號 新紀元廣場 低座26樓至2 ...

AMCO UNITED HOLDING LIMITED (Stock Code 股份代號 : 630) (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） 2025 Interim Report 中期報告 * For identification purposes only 僅供識別 Contents 目錄 | Management Discussion and Analysis | 管理層討論及分析 | 2 | | --- | --- | --- | | Corporate Governance and Other Information | 企業管治及其他資料 | 11 | | Interim Condensed Consolidated Statement of Profit or Loss and | 簡明綜合中期損益及其他全面收益表 | 18 | | Other Comprehensive Income | | | | Interim Condensed Consolidated Statement of Financia ...

[Company Announcements and Financial Highlights](index=1&type=section&id=公司公告及财务摘要) This section provides an overview of the company's annual results, including key financial statements and performance metrics [Company Announcement](index=1&type=section&id=全年業績公佈) Sitoy Group Holdings Limited announced its audited consolidated annual results for the year ended June 30, 2025 - Sitoy Group Holdings Limited (Stock Code: 1023) announced its audited consolidated annual results for the year ended June 30, 2025[2](index=2&type=chunk) [Consolidated Statement of Profit or Loss](index=1&type=section&id=綜合損益表) For the year ended June 30, 2025, Sitoy Group Holdings Limited reported a loss before tax of HK$168,871 thousand, a significant turnaround from a profit of HK$128,165 thousand in FY2024, with a loss for the year of HK$178,074 thousand and basic loss per share of 18.50 HK cents Consolidated Statement of Profit or Loss Key Financial Data (HK$ thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 1,584,240 | 1,606,481 | | Cost of sales | (1,068,177) | (1,034,206) | | Gross profit | 516,063 | 572,275 | | Other income and gains | 17,331 | 18,255 | | Selling and distribution expenses | (273,723) | (212,269) | | Administrative expenses | (228,500) | (232,584) | | Other expenses | (197,889) | (15,876) | | Finance costs | (1,317) | (2,079) | | (Loss)/Profit before tax | (168,871) | 128,165 | | Income tax expense | (9,203) | (26,277) | | (Loss)/Profit for the year | (178,074) | 101,888 | | Basic (loss)/earnings per share (HK cents) | (18.50) | 10.58 | | Diluted (loss)/earnings per share (HK cents) | (18.50) | 10.45 | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=綜合全面收益表) In FY2025, the company recorded a total comprehensive loss for the year of HK$176,067 thousand, compared to a total comprehensive income of HK$108,960 thousand in FY2024, primarily due to the loss for the year Consolidated Statement of Comprehensive Income Key Data (HK$ thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/Profit for the year | (178,074) | 101,888 | | Other comprehensive income (exchange differences) | 2,007 | 7,072 | | Total comprehensive (loss)/income for the year | (176,067) | 108,960 | [Consolidated Statement of Financial Position](index=4&type=section&id=綜合財務狀況表) As of June 30, 2025, the company's total net assets decreased to HK$1,570,731 thousand, approximately 13% lower than the same period in 2024, with declines in both non-current and current assets and a slight increase in current liabilities Consolidated Statement of Financial Position Key Data (HK$ thousand) | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total non-current assets | 948,476 | 1,060,144 | | Total current assets | 934,426 | 1,053,992 | | Total current liabilities | 296,399 | 284,306 | | Net current assets | 638,027 | 769,686 | | Net assets | 1,570,731 | 1,805,399 | | Total equity | 1,570,731 | 1,805,399 | [Notes to the Consolidated Financial Statements](index=5&type=section&id=綜合財務報表附註) This section details the company's background, accounting policies, segment information, and specific financial statement items [Company and Group Information](index=5&type=section&id=1.%20公司及集團資料) Sitoy Group Holdings Limited, incorporated in the Cayman Islands, is primarily engaged in the design, manufacturing, sales, and retail of handbags, small leather goods, travel products, and footwear, alongside advertising and property investment - The company was incorporated in the Cayman Islands on February 21, 2008, with Mr. Yeung Wah Keung and Dr. Yeung Wo Fai as controlling shareholders[7](index=7&type=chunk) - Principal activities include the design, research and development, manufacturing, sales, retail, and wholesale of handbags, small leather goods, travel products, and footwear, as well as advertising and marketing services and property investment[7](index=7&type=chunk) - The company's shares were listed on the Main Board of the Stock Exchange of Hong Kong on December 6, 2011[7](index=7&type=chunk) [Significant Accounting Policies](index=5&type=section&id=2.%20會計政策) The consolidated financial statements are prepared in accordance with IFRS and Hong Kong Companies Ordinance, using the historical cost convention, with investment properties measured at fair value, and control assessed based on rights to variable returns and ability to influence those returns - The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and the disclosure requirements of the Hong Kong Companies Ordinance, presented in HK dollars[8](index=8&type=chunk) - Consolidated accounts are based on the company's direct or indirect control over subsidiaries, with assessment criteria including rights to variable returns and the ability to influence those returns[9](index=9&type=chunk) - Revised IFRS 16 (Lease Liabilities in a Sale and Leaseback), IAS 1 (Classification of Liabilities as Current or Non-current, Non-current Liabilities with Covenants), and IAS 7/IFRS 7 (Supplier Finance Arrangements) were adopted for the first time this year, with no significant impact on the Group's financial position or performance[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) [Operating Segment Information](index=7&type=section&id=3.%20經營分部資料) The Group has three reportable operating segments: retail, manufacturing, and property investment; in FY2025, retail revenue grew but incurred a loss, manufacturing revenue declined and turned to a loss, and property investment revenue decreased and recorded a loss due to fair value losses - The Group's three reportable operating segments are retail, manufacturing, and property investment, with management allocating resources and assessing performance based on each segment's results[16](index=16&type=chunk)[20](index=20&type=chunk) - Inter-segment sales and transfers are conducted at prevailing market prices[19](index=19&type=chunk) FY2025 Segment Revenue and Results (HK$ thousand) | Segment | Sales to External Customers | Total Segment Revenue | Segment Results (Pre-tax) | | :--- | :--- | :--- | :--- | | Retail | 654,970 | 654,970 | (62,265) | | Manufacturing | 918,077 | 1,057,725 | (3,768) | | Property Investment | 11,193 | 14,385 | (101,787) | | **Total** | **1,584,240** | **1,727,080** | **(167,820)** | FY2024 Segment Revenue and Results (HK$ thousand) | Segment | Sales to External Customers | Total Segment Revenue | Segment Results (Pre-tax) | | :--- | :--- | :--- | :--- | | Retail | 527,741 | 527,741 | 26,755 | | Manufacturing | 1,066,341 | 1,200,042 | 110,234 | | Property Investment | 12,399 | 15,471 | (3,359) | | **Total** | **1,606,481** | **1,743,254** | **133,630** | Revenue from External Customers by Geographical Location (HK$ thousand) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Mainland China, Hong Kong, Macau and Taiwan | 901,237 | 820,518 | | North America | 144,935 | 278,819 | | Europe | 269,242 | 262,384 | | Other Asian Countries | 245,384 | 224,166 | | Other Countries/Regions | 23,442 | 20,594 | | **Total Revenue** | **1,584,240** | **1,606,481** | Non-current Assets by Geographical Location (HK$ thousand) | Region | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Mainland China, Hong Kong | 853,961 | 1,005,550 | | Indonesia | 70,390 | 40,876 | | **Total** | **924,351** | **1,046,426** | Sales Revenue from Major Customers (HK$ thousand) | Year | Sales Revenue | % of Group Revenue | | :--- | :--- | :--- | | 2025 | 184,294 | >10% | | 2024 | 293,961 | >10% | - Sales revenue from a major customer in the manufacturing segment decreased by approximately **37.3%** year-on-year in FY2025[25](index=25&type=chunk) [Revenue, Other Income and Gains](index=11&type=section&id=4.%20收益、其他收入及收益) In FY2025, the Group's total revenue slightly decreased, primarily from goods sales, while other income and gains also slightly reduced, though net exchange gains offset some decline in interest income Revenue Sources Analysis (HK$ thousand) | Revenue Category | 2025 | 2024 | | :--- | :--- | :--- | | Sales of goods | 1,573,047 | 1,594,082 | | Gross rental income | 11,193 | 12,399 | | **Total** | **1,584,240** | **1,606,481** | - Revenue from goods sales is primarily recognized upon transfer of goods, with payment terms typically **30 to 150 days** for the manufacturing segment and **60 days** for the retail segment[29](index=29&type=chunk) Other Income and Gains Analysis (HK$ thousand) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Interest income | 6,864 | 10,420 | | Compensation and disposal income | 2,069 | 3,346 | | Government grants | 1,680 | 2,809 | | Net exchange gains | 5,374 | – | | Others | 1,344 | 1,680 | | **Total** | **17,331** | **18,255** | [Finance Costs](index=14&type=section&id=5.%20融資成本) Total finance costs in FY2025 amounted to HK$1,317 thousand, a decrease from FY2024, mainly due to reduced interest on lease liabilities Finance Costs Analysis (HK$ thousand) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Interest on bank borrowings | 210 | – | | Interest on lease liabilities | 1,107 | 2,079 | | **Total** | **1,317** | **2,079** | [(Loss)/Profit Before Tax](index=14&type=section&id=6.%20除稅前（虧損）╱溢利) The loss before tax in FY2025 was primarily impacted by the loss from the termination of the Cole Haan business and a significant increase in fair value losses on investment properties, alongside rising cost of sales and selling and distribution expenses Key Items Affecting (Loss)/Profit Before Tax (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 1,068,177 | 1,034,206 | | Total employee benefit expenses | 374,755 | 380,105 | | Loss from termination of Cole Haan business | 83,568 | – | | Fair value loss on investment properties | 109,216 | 9,400 | | Write-down/(reversal of write-down) of inventories to net realisable value | 5,546 | (4,146) | | Net exchange (gains)/losses | (5,374) | 2,385 | [Income Tax Expense](index=15&type=section&id=7.%20所得稅開支) Income tax expense significantly decreased in FY2025, mainly due to reduced current income tax expenses in Mainland China and Hong Kong, and a deferred tax credit - The Group is not subject to income tax in the Cayman Islands and the British Virgin Islands[35](index=35&type=chunk) - Hong Kong profits tax is provided at **16.5%**, and Mainland China corporate income tax at **25%**[35](index=35&type=chunk)[36](index=36&type=chunk) Income Tax Expense Analysis (HK$ thousand) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Current – Hong Kong | 14,032 | 15,087 | | Adjustment in respect of current income tax of prior years | (12) | 2,043 | | Current – Mainland China | 5,153 | 11,119 | | Adjustment in respect of current income tax of prior years | 13 | (4,057) | | Deferred tax | (9,983) | 2,085 | | **Total tax expense for the year** | **9,203** | **26,277** | [Dividends](index=15&type=section&id=8.%20股息) In FY2025, the company declared an interim dividend of 2 HK cents per share and proposed a special dividend of 4 HK cents per share, totaling HK$57,835 thousand in dividends Dividend Distribution (HK$ thousand) | Dividend Type | 2025 | 2024 | | :--- | :--- | :--- | | Interim dividend (2 HK cents per ordinary share) | 19,218 | 19,284 | | Proposed final dividend (4 HK cents per share) | – | 38,617 | | Proposed special dividend (4 HK cents per share) | 38,617 | – | | **Total** | **57,835** | **57,901** | - The Board proposed a special dividend of **4 HK cents** per share for FY2025, compared to a final dividend of 4 HK cents per share in FY2024[38](index=38&type=chunk) [(Loss)/Earnings Per Share Attributable to Ordinary Equity Holders of the Company](index=16&type=section&id=9.%20本公司普通權益持有人應佔每股（虧損）╱盈%20利) In FY2025, the company's basic and diluted loss per share were both 18.50 HK cents, a significant shift from earnings per share of 10.58 HK cents (basic) and 10.45 HK cents (diluted) in FY2024 (Loss)/Earnings Per Share Calculation (HK$ thousand/share) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/Profit attributable to ordinary equity holders of the company for the purpose of basic and diluted (loss)/earnings per share | (178,074) | 101,888 | | Weighted average number of ordinary shares in issue for the purpose of basic (loss)/earnings per share | 962,639,000 | 963,383,000 | | Dilutive effect – weighted average number of ordinary shares | – | 11,612,000 | | Weighted average number of ordinary shares in issue for the purpose of diluted (loss)/earnings per share | 962,639,000 | 974,995,000 | | **Basic (HK cents)** | **(18.50)** | **10.58** | | **Diluted (HK cents)** | **(18.50)** | **10.45** | - In FY2025, no adjustment was made for the dilutive effect on basic loss per share as unexercised share options had an anti-dilutive impact on the presented basic loss per share amount[40](index=40&type=chunk) [Trade Receivables](index=17&type=section&id=10.%20貿易應收賬款) As of June 30, 2025, total trade receivables amounted to HK$262,264 thousand, a decrease from 2024, with the company maintaining strict credit control policies and assessing expected credit losses based on overdue days and customer categories Trade Receivables and Impairment (HK$ thousand) | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Gross trade receivables | 264,642 | 300,681 | | Impairment | (2,378) | (3,496) | | **Total** | **262,264** | **297,185** | - Trade receivables are unsecured and non-interest bearing, with regular reviews of overdue balances to mitigate credit risk[43](index=43&type=chunk) Ageing Analysis of Trade Receivables (HK$ thousand) | Ageing | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Within 90 days | 245,097 | 277,581 | | 91 to 180 days | 16,293 | 13,668 | | Over 180 days | 874 | 5,936 | | **Total** | **262,264** | **297,185** | - Expected credit loss rates significantly increase with overdue periods, for example, a **46.92%** loss rate for over six months overdue in 2025[45](index=45&type=chunk) [Trade Payables and Bills Payable](index=18&type=section&id=11.%20貿易應付賬款及應付票據) As of June 30, 2025, total trade payables and bills payable amounted to HK$150,490 thousand, an increase from 2024 Ageing Analysis of Trade Payables and Bills Payable (HK$ thousand) | Ageing | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Within 90 days | 137,392 | 126,460 | | 91 to 180 days | 10,986 | 5,250 | | 181 to 365 days | 1,473 | 1,331 | | Over 365 days | 639 | 513 | | **Total** | **150,490** | **133,554** | - Trade payables are non-interest bearing and generally settled within **90 days**[46](index=46&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=管理層討論及分析) This section reviews the Group's business performance across retail, manufacturing, and property investment segments, and analyzes key financial metrics and operational strategies [Business Review](index=19&type=section&id=業務回顧) In FY2025, retail revenue grew but incurred a one-off loss from terminating Cole Haan business; manufacturing revenue declined and turned to a loss due to global economic uncertainty; property investment recorded a loss from fair value adjustments, while the Group responded with market and product diversification, core competency maintenance, and production flexibility - The Group's internal creative and R&D centers provide one-stop design, research, development, and manufacturing solutions to adapt to changing consumer preferences and enhance industry competitiveness[53](index=53&type=chunk) - Future plans include sourcing competitive quality raw materials, improving production machinery, tools, and systems, and optimizing production processes to ensure product quality and reduce labor dependency[53](index=53&type=chunk) [Retail Business](index=19&type=section&id=零售業務) In FY2025, retail business revenue increased by 24.1% to approximately HK$655.0 million, primarily driven by online and live streaming sales channels, but recorded a pre-tax loss of approximately HK$62.3 million due to a significant one-off loss from terminating the Cole Haan business - Retail business revenue increased by **24.1%** year-on-year to approximately **HK$655.0 million** in FY2025, primarily driven by online and live streaming sales channels[47](index=47&type=chunk) - The segment recorded a loss before tax of approximately **HK$62.3 million**, compared to a profit of approximately HK$26.8 million in the prior year, mainly due to a significant one-off loss of approximately **HK$83.6 million** from terminating the Cole Haan business[47](index=47&type=chunk) - The Group operates three proprietary brands: TUSCAN'S, Fashion & Joy, and Duffy[48](index=48&type=chunk) [Manufacturing Business](index=19&type=section&id=製造業務) In FY2025, manufacturing business received approximately 13.9% fewer purchase orders from external customers, with revenue of approximately HK$918.1 million, resulting in a pre-tax loss of approximately HK$3.8 million due to global economic uncertainty and inventory surplus - Manufacturing business received approximately **13.9% fewer** purchase orders from external customers in FY2025, with revenue of approximately **HK$918.1 million**[49](index=49&type=chunk) - The segment recorded a loss before tax of approximately **HK$3.8 million**, compared to a profit of approximately HK$110.2 million in the prior year, primarily affected by global economic uncertainty and inventory surplus[49](index=49&type=chunk) - The Group adopts a market and product diversification strategy, balancing revenue across North America, Europe, and Asia markets, and producing handbags, small leather goods, and travel products[50](index=50&type=chunk) - The Group operates factories in Mainland China, Hong Kong, and Indonesia, providing production flexibility, with the Indonesian overseas factory contributing revenue since Q1 2025, offering an alternative for new customers[51](index=51&type=chunk) [Property Investment Business](index=20&type=section&id=物業投資業務) In FY2025, property investment business generated revenue of approximately HK$11.2 million, with a pre-tax loss of approximately HK$101.8 million, primarily due to a net fair value loss on investment properties of approximately HK$109.2 million, reflecting intense competition and weak demand in the Hong Kong Grade A office market - Property investment business generated revenue of approximately **HK$11.2 million** in FY2025, with a segment loss before tax of approximately **HK$101.8 million**[52](index=52&type=chunk) - The loss was primarily driven by a net fair value loss on investment properties of approximately **HK$109.2 million**, reflecting intense competition, weak demand, and economic uncertainty in the Hong Kong Grade A office market[52](index=52&type=chunk) - The Group's investment properties include Sitoy Centre, Public Industrial Building, and parts of New Port Centre, aimed at generating rental income and capital appreciation[52](index=52&type=chunk) [Product Research, Development and Design](index=20&type=section&id=產品研究、開發及設計) The Group's internal creative and R&D centers provide comprehensive design, research, development, and manufacturing solutions to adapt to evolving consumer preferences and enhance industry competitiveness - The Group's internal creative center and R&D center provide one-stop design, research, development, and manufacturing solutions to respond to changes in consumer preferences and enhance industry competitiveness[53](index=53&type=chunk) - Future efforts will focus on identifying competitive quality raw materials, improving production machinery, tools, and systems, and optimizing production processes to ensure product quality and reduce labor dependency[53](index=53&type=chunk) [Financial Review](index=21&type=section&id=財務回顧) In FY2025, the Group's revenue slightly decreased, while cost of sales increased, leading to a decline in gross profit and margin; selling and distribution expenses rose due to brand promotion, and other expenses significantly increased due to fair value losses on investment properties and the termination of Cole Haan business, ultimately resulting in a net loss for the year - The Group recorded a loss for the year of **HK$178.1 million**, primarily due to a significant decrease in the fair value of investment properties of approximately **HK$109.2 million** and a one-off significant loss of approximately **HK$83.6 million** from the termination of the Cole Haan business[63](index=63&type=chunk) [Revenue](index=21&type=section&id=收益) Revenue decreased by 1.4% to HK$1,584.2 million in FY2025, primarily due to the downturn in the manufacturing business Revenue (HK$ thousand) | Year | Revenue | Change | | :--- | :--- | :--- | | 2025 | 1,584,200 | -1.4% | | 2024 | 1,606,500 | | - The decrease in revenue was primarily due to the sluggish manufacturing business[54](index=54&type=chunk) [Cost of Sales](index=21&type=section&id=銷售成本) Cost of sales increased by 3.3% to HK$1,068.2 million in FY2025, mainly due to the lower sensitivity of fixed costs to sales volume Cost of Sales (HK$ thousand) | Year | Cost of Sales | Change | | :--- | :--- | :--- | | 2025 | 1,068,200 | +3.3% | | 2024 | 1,034,200 | | - The increase in cost of sales was primarily due to the lower sensitivity of fixed costs to sales volume[55](index=55&type=chunk) [Gross Profit and Gross Margin](index=21&type=section&id=毛利及毛利率) Gross profit decreased by 9.8% to HK$516.1 million, and gross margin declined by 3.0 percentage points to 32.6% in FY2025, mainly due to geopolitical tensions and changes in customer base Gross Profit and Gross Margin (HK$ thousand) | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Gross Profit | 516,100 | 572,300 | -9.8% | | Gross Margin | 32.6% | 35.6% | -3.0pp | - The decline in gross profit and gross margin was primarily due to uncertainties in the global economy caused by geopolitical tensions and changes in the customer base[56](index=56&type=chunk) [Other Income and Gains](index=21&type=section&id=其他收入及收益) Other income and gains decreased by 5.1% to HK$17.3 million in FY2025, as a reduction in interest income was offset by net exchange gains from the depreciation of RMB against USD Other Income and Gains (HK$ thousand) | Year | Other Income and Gains | Change | | :--- | :--- | :--- | | 2025 | 17,300 | -5.1% | | 2024 | 18,300 | | - The decrease in interest income was offset by net exchange gains of approximately **HK$5.4 million** from the depreciation of RMB against USD, whereas FY2024 incurred a net foreign exchange loss of approximately HK$2.4 million[57](index=57&type=chunk) [Selling and Distribution Expenses](index=21&type=section&id=銷售及分銷開支) Selling and distribution expenses increased by 29.0% to HK$273.7 million in FY2025, primarily due to costs associated with expanding brand market influence, building brand image, and various retail marketing activities Selling and Distribution Expenses (HK$ thousand) | Year | Selling and Distribution Expenses | Change | | :--- | :--- | :--- | | 2025 | 273,700 | +29.0% | | 2024 | 212,300 | | - The increase was primarily due to costs associated with expanding brand market influence, building brand image, and undertaking certain retail business marketing activities[58](index=58&type=chunk) [Administrative Expenses](index=21&type=section&id=行政開支) Administrative expenses slightly decreased by 1.8% to HK$228.5 million in FY2025 Administrative Expenses (HK$ thousand) | Year | Administrative Expenses | Change | | :--- | :--- | :--- | | 2025 | 228,500 | -1.8% | | 2024 | 232,600 | | [Other Expenses](index=22&type=section&id=其他開支) Other expenses significantly increased by 1146.5% to HK$197.9 million in FY2025, mainly due to increased fair value losses on investment properties and a one-off loss from terminating the Cole Haan business Other Expenses (HK$ thousand) | Year | Other Expenses | Change | | :--- | :--- | :--- | | 2025 | 197,900 | +1146.5% | | 2024 | 15,900 | | - The increase primarily stemmed from an increased fair value loss on investment properties of approximately **HK$109.2 million** (FY2024: HK$9.4 million) and a significant one-off loss of approximately **HK$83.6 million** from the termination of the Cole Haan business[60](index=60&type=chunk) [Income Tax Expense](index=22&type=section&id=所得稅開支) The Group is exempt from income tax in the Cayman Islands and British Virgin Islands, with Hong Kong profits tax at 16.5% and Mainland China corporate income tax at 25% - The Group is not subject to income tax in the Cayman Islands and the British Virgin Islands[61](index=61&type=chunk)[62](index=62&type=chunk) - Hong Kong profits tax rate is **16.5%**, and Mainland China corporate income tax rate is **25%**[61](index=61&type=chunk)[62](index=62&type=chunk) [(Loss)/Profit for the Year](index=22&type=section&id=年內（虧損）╱溢利) The Group recorded a loss for the year of HK$178.1 million in FY2025, a turnaround from profit, primarily due to a significant decrease in investment property fair value and a one-off loss from terminating the Cole Haan business (Loss)/Profit for the Year (HK$ thousand) | Year | (Loss)/Profit for the Year | Change | | :--- | :--- | :--- | | 2025 | (178,100) | Turnaround to loss | | 2024 | 101,900 | | - Primarily due to a significant decrease in the fair value of investment properties of approximately **HK$109.2 million** and a one-off significant loss of approximately **HK$83.6 million** from the termination of the Cole Haan business[63](index=63&type=chunk) [Investment Properties](index=23&type=section&id=投資物業) As of June 30, 2025, the carrying value of investment properties decreased to HK$558.4 million, primarily comprising Sitoy Centre, Public Industrial Building, and parts of New Port Centre, held for rental income and capital appreciation Carrying Value of Investment Properties (HK$ thousand) | Year | Carrying Value of Investment Properties | | :--- | :--- | | June 30, 2025 | 558,400 | | June 30, 2024 | 683,100 | - Investment properties include Sitoy Centre (partial floors), 4th to 5th floors of Public Industrial Building, and Unit 1011, 10th Floor, Tower 1, New Port Centre[64](index=64&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk) - Sitoy Centre has a total gross floor area of approximately **70,000 square feet**, with some floors for the Group's own use and others for lease[64](index=64&type=chunk) [Cash and Cash Equivalents](index=24&type=section&id=現金及現金等價物) As of June 30, 2025, cash and cash equivalents decreased by 5.0% to HK$437.4 million, primarily due to reduced net cash flow from operating activities Cash and Cash Equivalents (HK$ thousand) | Year | Cash and Cash Equivalents | | :--- | :--- | | June 30, 2025 | 437,400 | | June 30, 2024 | 460,600 | [Capital Expenditure](index=24&type=section&id=資本開支) Capital expenditure reached HK$40.3 million in FY2025, primarily allocated to expanding retail operations and upgrading and expanding manufacturing facilities in China and Indonesia Capital Expenditure (HK$ thousand) | Year | Capital Expenditure | | :--- | :--- | | 2025 | 40,300 | - Capital expenditure primarily involved expanding retail operations and upgrading and expanding manufacturing facilities in China and Indonesia[69](index=69&type=chunk) [Material Investments](index=24&type=section&id=重大投資) The Group held no material investments in FY2025 - The Group held no material investments in FY2025[70](index=70&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=24&type=section&id=重大收購及出售附屬公司、聯營公司及合營公司) The Group did not undertake any other material acquisitions or disposals of subsidiaries, associates, or joint ventures in FY2025 - The Group did not undertake any other material acquisitions or disposals of subsidiaries, associates, or joint ventures in FY2025[71](index=71&type=chunk) [Treasury Policy](index=24&type=section&id=庫務政策) The Group adopts a prudent treasury policy to effectively control treasury operations, reduce borrowing costs, and maintain sufficient cash and cash equivalents for short-term financing needs, with the Board regularly reviewing the policy for effectiveness - The treasury policy aims to effectively control treasury operations, reduce borrowing costs, and maintain sufficient cash to meet short-term financing needs[72](index=72&type=chunk) - The Board regularly reviews and evaluates the treasury policy to ensure financial resources are utilized in the most cost-effective and efficient manner[72](index=72&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=流動資金及財務資源) The Group maintains a robust liquidity and financial resources position with sufficient cash, bank balances, and bank facilities to meet business development, operating, and capital expenditure requirements, reporting net debt less than zero as of June 30, 2025, thus no gearing ratio is presented Cash and Cash Equivalents (HK$ thousand) | Year | Cash and Cash Equivalents | | :--- | :--- | | June 30, 2025 | 437,400 | | June 30, 2024 | 460,600 | - Cash is primarily denominated in **HKD, RMB, EUR, USD, and IDR**[73](index=73&type=chunk) - As of June 30, 2025, the Group's net debt was less than zero, hence no gearing ratio is presented[73](index=73&type=chunk) [Foreign Exchange Risk](index=25&type=section&id=外匯風險) The Group faces foreign exchange risk from USD, EUR, RMB, and IDR against HKD, which it mitigates through centralized foreign exchange management, matching income and expense currencies, and using forward contracts when natural hedging is not possible - In FY2025, **56.5%** of the Group's sales were denominated in currencies other than the functional currency of the business unit, while approximately **86.8%** of costs were denominated in the functional currency of the unit[74](index=74&type=chunk) - Major transaction currencies include **HKD, USD, EUR, RMB, and IDR**[74](index=74&type=chunk) - The Group mitigates foreign exchange risk through centralized foreign exchange management, matching income and expense currencies, and using foreign exchange forward contracts when natural hedging is not possible[75](index=75&type=chunk) - As of June 30, 2025, and 2024, the Group had no outstanding foreign exchange forward contracts or other unexercised financial derivative instruments[75](index=75&type=chunk) [Pledged Assets](index=26&type=section&id=資產抵押) As of June 30, 2025, approximately HK$26.6 million in fixed deposits were pledged as security for bank facilities Pledged Deposits (HK$ thousand) | Year | Pledged Deposits | | :--- | :--- | | June 30, 2025 | 26,600 | | June 30, 2024 | 25,900 | [Inventory Turnover Days](index=26&type=section&id=存貨周轉天數) Inventory turnover days decreased to 70 days in FY2025, primarily due to a lower average inventory level after the termination of the Cole Haan business Inventory Turnover Days (Days) | Year | Inventory Turnover Days | | :--- | :--- | | 2025 | 70 | | 2024 | 79 | [Trade Receivables Turnover Days](index=26&type=section&id=貿易應收賬款周轉天數) Trade receivables turnover days decreased to 65 days in FY2025, reflecting the Group's strict credit control policies Trade Receivables Turnover Days (Days) | Year | Trade Receivables Turnover Days | | :--- | :--- | | 2025 | 65 | | 2024 | 78 | - The Group implements strict credit control policies and has not encountered any significant credit risks[78](index=78&type=chunk) [Trade Payables and Bills Payable Turnover Days](index=26&type=section&id=貿易應付賬款及應付票據周轉天數) Trade payables and bills payable turnover days decreased to 63 days in FY2025 Trade Payables and Bills Payable Turnover Days (Days) | Year | Trade Payables and Bills Payable Turnover Days | | :--- | :--- | | 2025 | 63 | | 2024 | 66 | - Trade payables are non-interest bearing and generally settled within **90 days**[79](index=79&type=chunk) [Off-Balance Sheet Commitments and Arrangements and Contingent Liabilities](index=26&type=section&id=資產負債表外承擔及安排及或然負債) As of June 30, 2025, the Group had no material off-balance sheet commitments, arrangements, or contingent liabilities - As of June 30, 2025, the Group had no material off-balance sheet commitments, arrangements, or contingent liabilities[80](index=80&type=chunk) [Employees](index=26&type=section&id=僱員) As of June 30, 2025, the Group employed approximately 5,000 staff, offering competitive remuneration, benefits, accommodation, recreational facilities, and training programs, alongside share option and share award schemes to recognize contributions - As of June 30, 2025, the Group had approximately **5,000 employees**[81](index=81&type=chunk) - The Group provides basic salaries, performance bonuses, social insurance, housing provident funds, staff accommodation, recreational facilities, and training programs[81](index=81&type=chunk) - Share option scheme (approved in 2011) and share award scheme (approved in 2018) have been adopted to recognize employee contributions[82](index=82&type=chunk) [Proposed Dividends](index=27&type=section&id=建議股息) An interim dividend of 2 HK cents per share was paid in FY2025, and a special dividend of 4 HK cents per share is proposed, payable on or before December 22, 2025, subject to shareholder approval - An interim dividend of **2 HK cents** per share was paid on April 28, 2025[83](index=83&type=chunk) - The Board proposed a special dividend of **4 HK cents** per share for FY2025, subject to approval at the Annual General Meeting on November 17, 2025[83](index=83&type=chunk) [Closure of Register of Members](index=27&type=section&id=暫停辦理股份過戶登記手續) The company will suspend its register of members from November 11 to November 17, 2025, to determine eligibility for attending the AGM, and from November 25 to November 28, 2025, to determine eligibility for receiving the proposed dividend - The register of members will be closed from Tuesday, November 11, 2025, to Monday, November 17, 2025, to determine shareholders' eligibility to attend the 2025 Annual General Meeting[84](index=84&type=chunk) - The register of members will be closed from Tuesday, November 25, 2025, to Friday, November 28, 2025, to determine shareholders' eligibility to receive the proposed dividend[85](index=85&type=chunk) [Corporate Governance and Others](index=27&type=section&id=企業管治及其他) This section outlines the company's commitment to corporate governance, including securities trading by directors, audit committee functions, auditor re-appointment, and publication of financial reports [Securities Transactions by Directors and Relevant Employees](index=27&type=section&id=董事及相關僱員的證券交易) The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers and requires relevant employees to adhere to no less exacting written guidelines, with all directors confirming full compliance in FY2025 and no non-compliance by relevant employees - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[86](index=86&type=chunk) - All directors confirmed full compliance with the Model Code in FY2025, and no non-compliance by relevant employees with these guidelines was noted[86](index=86&type=chunk)[87](index=87&type=chunk) [Corporate Governance](index=28&type=section&id=企業管治) The company is committed to establishing sound corporate governance practices and procedures to achieve transparency, accountability, and value creation for shareholders, with the Board adopting practices that meet or exceed the Corporate Governance Code and confirming compliance in FY2025 - The company is committed to establishing sound corporate governance practices and procedures to be a transparent and accountable enterprise, focusing on risk management, internal controls, fair disclosure, and accountability to all shareholders[88](index=88&type=chunk) - The Board has adopted a set of corporate governance practices that comply with or are no less exacting than the requirements of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, and confirmed compliance with the Code provisions in FY2025[89](index=89&type=chunk) [Audit Committee](index=28&type=section&id=審核委員會) The Audit Committee, established in accordance with the Corporate Governance Code, is responsible for reviewing and overseeing the Group's financial reporting process, risk management, and internal control systems, and has reviewed the FY2025 annual results - The Audit Committee comprises three independent non-executive directors: Mr. Yeung Chi Tat (Chairman), Mr. Kwan Po Chuen, and Ms. Li Po Yuk[90](index=90&type=chunk) - The Committee's primary responsibilities include reviewing and overseeing the Group's financial reporting process, risk management, and internal control systems related to financial reporting, and has reviewed and discussed the Group's annual results for FY2025[90](index=90&type=chunk) [Auditor](index=28&type=section&id=核數師) A resolution will be proposed at the upcoming Annual General Meeting to re-appoint Ernst & Young as the company's auditor - A resolution will be proposed to re-appoint Ernst & Young as the company's auditor until the conclusion of the next Annual General Meeting[91](index=91&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=購買、出售或贖回本公司上市證券) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during FY2025 - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during FY2025[92](index=92&type=chunk) [Publication of Annual Results Announcement and Annual Report](index=29&type=section&id=刊發全年業績公佈及年度報告) This annual results announcement has been published on the company's and Stock Exchange's websites, with the annual report to be dispatched to shareholders and posted on the same websites in due course - This annual results announcement has been published on the company's website (www.sitoy.com) and the Stock Exchange's website (www.hkexnews.hk)[93](index=93&type=chunk) - The company's annual report for FY2025 will be dispatched to shareholders and posted on the aforementioned websites in due course[93](index=93&type=chunk) [Board of Directors](index=29&type=section&id=董事會成員) As of the announcement date, the Board of Directors includes executive directors Mr. Yeung Wah Keung, Dr. Yeung Wo Fai, Mr. Yeung Kin, and Mr. Chan Tung Chit, along with independent non-executive directors Mr. Yeung Chi Tat, Mr. Kwan Po Chuen, and Ms. Li Po Yuk - Executive Directors are Mr. Yeung Wah Keung, Dr. Yeung Wo Fai, Mr. Yeung Kin, and Mr. Chan Tung Chit[95](index=95&type=chunk) - Independent Non-executive Directors are Mr. Yeung Chi Tat, Mr. Kwan Po Chuen, and Ms. Li Po Yuk[95](index=95&type=chunk)