Financial Performance - Revenue for 2025 decreased to HK$206 million, down 24% from HK$271 million in 2024[14] - Gross profit for 2025 was HK$38 million, a decline of 24% compared to HK$50 million in 2024[14] - Loss before interest expense and tax (LBIT) improved to HK$79 million in 2025 from HK$119 million in 2024[14] - The Group recorded a revenue of approximately HK$206 million for the year ended 31 March 2025, a decrease of 24% from HK$271 million in 2024[17] - Net loss attributable to owners of the Company was approximately HK$85 million, improving from a loss of HK$117 million in 2024, with loss per share decreasing to 1.47 HK cents from 2.03 HK cents[17] - The Group's gross profit decreased by 24% to approximately HK$38 million, but gross margin improved to 19% from 18% due to better margins in the printing business[35] - The Group recorded a loss before tax of approximately HK$86 million for the year, a decrease from HK$129 million in 2024[44] - Loss attributable to owners of the Company was approximately HK$85 million, with a loss per share of 1.47 HK cents, down from 2.03 HK cents in 2024[44] Assets and Liabilities - Total assets decreased to HK$609 million in 2025, down from HK$755 million in 2024[14] - Shareholders' funds dropped to HK$57 million in 2025, a significant decrease from HK$142 million in 2024[14] - Current ratio slightly decreased to 0.66 in 2025 from 0.70 in 2024[14] - Gearing ratio increased to 2.32 in 2025 compared to 1.10 in 2024, indicating higher leverage[14] - Net gearing ratio rose to 1.90 in 2025 from 0.85 in 2024, reflecting increased debt relative to equity[14] - Total assets decreased by 19% to approximately HK$609 million, primarily due to the recognition of carrying costs of properties sold and fair value losses on investment properties[47] - Net current liabilities amounted to approximately HK$183 million, with a current ratio of 0.66 times, down from 0.70 times in 2024[47] Cost Management - Selling and marketing expenses dropped to approximately HK$9 million from HK$15 million, while administrative and other operating expenses decreased to approximately HK$36 million from HK$66 million, reflecting effective cost control measures[37] - The Group's finance costs decreased to approximately HK$7 million from HK$10 million in 2024, attributed to lower bank borrowings and a drop in the Hong Kong Interbank Offered Rate[46] Investment and Growth Opportunities - The Group anticipates a stable reduction in interest rates and gradual improvements in key economic indicators in China, fostering a recovery in global economic growth[21] - The Group is actively seeking growth-enhancing investment opportunities across various industries, leveraging its effective risk management and internal control systems[27] - The Group is exploring opportunities in the financial and asset management services markets to capture growth in the Hong Kong asset management sector[72] Governance and Risk Management - The Board is committed to high standards of corporate governance, ensuring compliance with the Corporate Governance Code throughout the year ended March 31, 2025[127] - The Group has established an effective risk management system to manage key risks and response plans[99] - Key risks facing the Group have been assessed and identified in terms of strategic, operational, and financial aspects[95] - The Group's governance structure aims to effectively manage risks, including environmental, social, and governance (ESG) risks[129] Board Composition and Diversity - The composition of the Board as of March 31, 2025, includes a balanced mix of executive and independent non-executive directors, ensuring diverse expertise[135] - The Company has a strong focus on creating long-term sustainable growth and delivering value to stakeholders[128] - The Nomination Committee conducted two meetings during the year and maintained an appropriate balance of diversity perspectives on the Board[158] - The Company's measurable objective is to have at least one-sixth of the Board comprising females and at least one-third of the workforce (including senior management) comprising females[168] - As of March 31, 2025, one-fifth of the Board members are female, while approximately one-half of the workforce (including senior management) are female[170] Remuneration and Management - The Group's remuneration policy aims to provide fair market remuneration to attract, retain, and motivate high-quality staff[188] - The remuneration package and supplemental service agreements of executive Directors were reviewed and recommended for Board approval[199] - The annual remuneration of senior management members by band for the year ended 31 March 2025 is to be detailed in subsequent reports[195]

Supplemental Announcement to 2024 Annual Report [Supplemental Information on Share Award Scheme](index=1&type=section&id=Supplemental%20Information%20on%20Share%20Award%20Scheme) This announcement supplements the 2024 annual report with details on the 2021 share award scheme, including available shares at fiscal year start and end, confirming other report contents are unchanged - This announcement supplements Brilliant Tomorrow Technology Holdings Limited's 2024 annual report, providing additional information on the **share award scheme**[3](index=3&type=chunk) - All other information in the 2024 annual report remains unchanged, apart from the supplementary details disclosed herein[3](index=3&type=chunk) Total Award Shares Available | Metric | Quantity (shares) | | :--- | :--- | | Total award shares available at the beginning of the fiscal year | 42,693,121 | | Total award shares available at the end of the fiscal year | 42,771,890 |

2025 年報 ANNUAL REPORT OUR MISSION We have highlighted the mission of "invest for a better life", integrated the success of the culture of our management team into current operations, and adhered to the "customer-first, all wins, harmony- oriented, environmental friendly, result driven" philosophy, thus promoting sustainable corporate development. This proves that we proactively responded to stakeholders' concerns and, in particular, persisted with repaying investors' trust with increasing returns and lookin ...

Financial Performance - The group's revenue for the year ending March 31, 2025, was approximately HKD 435.3 million, an increase of about HKD 135.9 million or 45.4% compared to HKD 299.4 million for the year ending March 31, 2024[9]. - The net profit for the year ending March 31, 2025, was approximately HKD 45.7 million, compared to HKD 40.8 million for the previous year[10]. - Other income and gains for the year ended March 31, 2025, were approximately HKD 5.1 million, up from HKD 2.2 million for the year ended March 31, 2024, primarily due to early lease termination income[23]. - Employee costs increased to approximately HKD 170.4 million for the year ended March 31, 2025, compared to HKD 100.3 million for the year ended March 31, 2024, due to an increase in the number of beauty centers[24]. - Other expenses for the year ended March 31, 2025, were approximately HKD 93.7 million, an increase of about HKD 30.8 million from HKD 62.9 million for the year ended March 31, 2024, driven by increased consultation fees and marketing expenses[29]. - The total equity of the group as of March 31, 2025, was approximately HKD 106.1 million, up from HKD 60.3 million as of March 31, 2024[33]. - The group incurred capital expenditures of approximately HKD 64.2 million for the year ended March 31, 2025, compared to HKD 13.5 million for the year ended March 31, 2024, due to an increase in the number of beauty centers[34]. - The debt-to-equity ratio as of March 31, 2025, was 87.1%, up from 75.6% as of March 31, 2024, primarily due to an increase in lease liabilities[38]. - The group had a bank balance and cash of approximately HKD 40.6 million as of March 31, 2025, compared to HKD 19.3 million as of March 31, 2024[33]. - As of March 31, 2025, the group had unsecured and secured bank borrowings of approximately HKD 13.0 million, an increase from HKD 10.0 million in 2024[45]. Business Operations and Strategy - The company opened several new centers in key locations, including a flagship center in Causeway Bay and additional centers in Tsim Sha Tsui, Shatin, and Kowloon Bay, to enhance market penetration and profitability[17]. - New brands were launched, including "Angus' Beauty Concept," "LASERKOOL," and "Face It," to diversify service offerings and attract a broader customer base[17]. - The business environment in Hong Kong improved compared to the previous year, contributing to the revenue growth[18]. - The increase in revenue was attributed to improved consumer sentiment and ongoing marketing efforts[12]. - The company plans to continue evaluating development opportunities to strengthen its competitive advantage and maintain its industry leadership[12]. - The strategic expansion of the medical beauty center network aims to enhance service variety and highlight competitive advantages[17]. - The company is optimistic about the industry's future and aims for sustained growth through brand image and effective marketing activities[12]. Corporate Governance - The company has adopted the corporate governance code as per GEM listing rules and has complied with all applicable provisions during the year[121]. - The audit committee has reviewed the audited consolidated financial statements for the year ending March 31, 2025, ensuring compliance with applicable accounting standards and GEM listing rules[118]. - The company has established three committees: audit committee, remuneration committee, and nomination committee, each with specific written terms of reference[138]. - The independent non-executive directors ensure high standards of regulatory reporting and provide independent judgment on corporate actions[134]. - The company provides training for newly appointed directors to ensure they understand their duties and the business operations[137]. - The board regularly reviews and manages its capital structure to ensure optimal shareholder returns, considering factors such as financial performance and capital needs[176]. - The company has engaged an independent auditor, with audit services costing HKD 480,000 for the fiscal year ending March 31, 2025[165]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to enhancing its environmental, social, and governance (ESG) reporting systems to improve data collection and reporting quality[177]. - The ESG report covers the company's performance for the fiscal year ending March 31, 2025, and aims to address stakeholder concerns regarding long-term sustainability[178]. - The company adheres to the latest ESG reporting guidelines as per the GEM listing rules, ensuring compliance with mandatory disclosure requirements[179]. - The board is responsible for monitoring and publishing the company's sustainability performance through annual ESG reports[180]. - The company aims to minimize the environmental and social impacts of its business development through regular reviews of ESG goals[183]. - Key ESG issues identified include greenhouse gas emissions, waste management, energy consumption, and employee welfare[192]. - The company engages with stakeholders to understand their expectations and concerns regarding its environmental and social activities[188]. - The board has approved the ESG working committee's assessment, integrating key ESG issues into the overall risk management framework[192]. Shareholder and Dividend Information - The company did not recommend a final dividend for the year ending March 31, 2025, consistent with the previous year[11]. - The company reported that the reserves available for distribution to shareholders as of March 31, 2025, are approximately zero HKD, consistent with the previous year[75]. - The company maintains a dividend policy that is regularly reviewed, although specific dividend payments cannot be guaranteed for any given period[175]. Risk Management - The group has identified various risks and uncertainties that may affect its financial condition, operating results, and business outlook[64]. - The board is responsible for evaluating the nature and extent of risks associated with achieving strategic objectives and maintaining effective risk management systems[152]. - An independent internal control consultant has been appointed to review the effectiveness of the internal control system annually, ensuring major risks are kept within acceptable limits[155]. - The Audit Committee assists the board in continuously reviewing the effectiveness of the company's risk management and internal control systems[156].

（於開曼群島註冊成立之有限公司） ANNUAL REPORT 2025 年報 ANNUAL REPORT 2025 AUDIT COMMITTEE 年報 Contents 目錄 | CORPORATE INFORMATION | | CONSOLIDATED STATEMENT OF PROFIT OR | | | --- | --- | --- | --- | | 公司資料 | 2 | LOSS AND OTHER COMPREHENSIVE INCOME | | | | | 綜合損益及其他全面收益表 | 95 | | STATEMENT OF CHAIRMAN | | | | | 主席報告書 | 4 | CONSOLIDATED STATEMENT OF | | | | | FINANCIAL POSITION | | | MANAGEMENT DISCUSSION AND ANALYSIS | | 綜合財務狀況表 | 97 | | 管理層討論及分析 | 5 | | | | | | CONSOLIDATED STATEMENT OF | | | DIRECTORS' REPORT | | CHANGES ...

香港聯合交易所有限公司GEM（分別為「聯交所」及「GEM」）的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。有意 投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波動風險， 同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概 不就因本報告全部或任何部份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。 民信國際控股有限公司（「本公司」）董事（「董事」）就本報告共同及個別承擔全部責任。本報告載有遵照GEM證券上市規則 （「GEM上市規則」）提供的詳情，旨在提供有關本公司的資料。董事在作出一切合理查詢後，確認就其深知及確信，本報 告所載資料在各重大方面均屬準確及完整，並無誤導或欺詐成分，且本報告並無遺漏任何其他事項，致使本報告所載任 何陳述或本報告產生誤導。 1 民信國際控股有限公司 2024/25年度報告 目 ...

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。 SING TAO NEWS CORPORATION LIMITED 星島新聞集團有限公司 * （於百慕達註冊成立之有限公司） （股份代號：1105） 有關二零二四年年報之補充公告 茲提述星島新聞集團有限公司（「本公司」）於二零二五年四月二十二日刊發的截至二零二 四年十二月三十一日止年度的年報（「二零二四年年報」）。除另有界定外，本公告所用詞彙 與二零二四年年報所界定者具有相同涵義。本公告為二零二四年年報提供補充資料，並應 與二零二四年年報一併閱讀。 本公司謹此向本公司股東及潛在投資者提供以下有關於二零二三年五月十二日採納的購股 權計劃（「二零二三年計劃」）之額外資料。 二零二三年計劃 本公司於二零二三年五月十二日（「採納日期」）採納二零二三年計劃，由二零二三年五月 十二日起計為期十年，除非另行根據二零二三年計劃的條款終止。 二零二三年計劃概要如下： (a) 目的 二零二三年計劃旨在吸引及挽留本集團最優秀 ...

[Company Information](index=2&type=section&id=Company%20Information) During the reporting period, the company's board and committee members underwent several changes, including appointments and resignations of the Chairman, independent non-executive directors, and company secretary - During the reporting period, the company's board and committee members underwent several changes, including appointments and resignations of the Chairman, independent non-executive directors, and company secretary[8](index=8&type=chunk) [Chairman's Statement and Management Discussion and Analysis](index=4&type=section&id=Chairman%27s%20Statement%20and%20Management%20Discussion%20and%20Analysis) The Group achieved a turnaround to profit this year, primarily due to the reversal of expected credit losses on loans and interest receivables, with the lending business showing continuous growth and becoming the main profit contributor, while the jewelry design and marketing business declined due to macroeconomic uncertainties, maintaining a robust financial position with enhanced liquidity and a low gearing ratio [Financial Review](index=4&type=section&id=Financial%20Review) For the year ended March 31, 2025, the Group's total revenue slightly increased by 1.86% to HKD 67.28 million, gross profit grew by 15.6% to HKD 34.53 million with gross margin improving to 51.32%, and the most significant change was achieving an annual profit of HKD 30.39 million, a turnaround from a loss of HKD 18.51 million in the prior year, primarily driven by a reversal of expected credit losses of approximately HKD 16.31 million compared to a provision of HKD 30.72 million in the previous year Key Financial Indicators for FY2025 | Indicator | 2025 Fiscal Year ('000 HKD) | 2024 Fiscal Year ('000 HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Revenue** | 67,280 | 66,050 | +1.86% | | - Jewelry Design and Marketing | 34,430 | 37,900 | -9.16% | | - Lending Business | 32,860 | 28,150 | +16.73% | | **Gross Profit** | 34,530 | 29,870 | +15.6% | | **Gross Margin** | 51.32% | 45.22% | +6.1 pp | | **Annual Profit/(Loss)** | 30,390 | (18,510) | Turnaround to Profit | | **Expected Credit Loss Reversal/(Provision)** | 16,310 | (30,720) | N/A | [Business Review](index=4&type=section&id=Business%20Review) The Group primarily operates in jewelry design and marketing and lending businesses, with the jewelry segment experiencing revenue decline and a shift from profit to loss due to economic uncertainties in mainland China, while the lending business demonstrated strong performance with increased interest income, borrower numbers, and total loan principal, becoming the main driver of the Group's results, supported by strict compliance with moneylenders ordinances and a robust credit assessment and risk monitoring system [Jewelry Design and Marketing Business](index=4&type=section&id=Jewelry%20Design%20and%20Marketing%20Business) This year, jewelry business revenue decreased to HKD 34.43 million, resulting in a pre-tax operating loss of HKD 1.13 million, compared to a profit of HKD 0.28 million in the prior year, primarily due to consumer conservatism on non-essential spending amid economic uncertainties in mainland China after the lifting of pandemic restrictions Jewelry Business Performance | Indicator | 2025 Fiscal Year ('000 HKD) | 2024 Fiscal Year ('000 HKD) | | :--- | :--- | :--- | | Revenue | 34,430 | 37,900 | | Operating Profit/(Loss) Before Tax | (1,130) | 280 | - Despite the lifting of COVID-19 restrictions in mainland China, economic, employment, and income uncertainties led consumers to be more conservative in spending on non-essential items like jewelry, impacting business performance[17](index=17&type=chunk) [Lending Business](index=5&type=section&id=Lending%20Business) The lending business, operated by wholly-owned subsidiary Wai Cheung Finance in Hong Kong, generated significant year-on-year growth in interest income to HKD 32.86 million, with total loan principal increasing to approximately HKD 343 million and borrower numbers rising to 142 by year-end, supported by stringent credit assessment, due diligence, and loan monitoring mechanisms, and benefiting from a reversal of expected credit losses on loans and interest receivables of approximately HKD 24.26 million due to reduced global economic risk factors, with no actual bad debts incurred this year Lending Business Operating Data (as of Fiscal Year-End) | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Interest Income (Annual) | HKD 32.86 million | HKD 28.15 million | | Number of Borrowers | 142 | 122 | | Total Loan Principal | HKD 342.88 million | HKD 311.14 million | | Average Annual Interest Rate | 10.70% | 10.58% | | Loan Tenor | 1 to 3 years | 1 to 4 years | | Expected Credit Loss Provision | HKD 46.54 million | HKD 63.10 million | - The Group has established a comprehensive policy and procedure manual covering loan approval, renewal, recovery, compliance monitoring, and anti-money laundering, conducting detailed credit assessments and due diligence on potential clients before granting loans[19](index=19&type=chunk)[20](index=20&type=chunk) - This year's reversal of expected credit losses on loans and interest receivables amounted to approximately **HKD 24.26 million**, primarily due to reduced global economic risk factors, with the Group incurring no actual bad debts during the year[23](index=23&type=chunk) [Liquidity and Financial Resources](index=8&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group's net current assets significantly increased to approximately HKD 269 million from HKD 115 million in the prior year, with total interest-bearing borrowings at approximately HKD 32.97 million, and the gearing ratio (net debt/total equity + net debt) slightly rising from 6.77% to 9.03%, remaining at a healthy level Liquidity and Financial Position (as of Fiscal Year-End) | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net Current Assets | HKD 268.67 million | HKD 114.86 million | | Cash and Cash Equivalents | HKD 0.22 million | HKD 0.35 million | | Total Interest-Bearing Borrowings | HKD 32.97 million | HKD 26.26 million | | Gearing Ratio | 9.03% | 6.77% | [Prospects and Other Matters](index=8&type=section&id=Prospects%20and%20Other%20Matters) Looking ahead, the Board will continue to review the existing business portfolio and seek suitable investment opportunities to broaden revenue streams and diversify the business, with no significant acquisition, disposal, or major investment plans during the reporting period, and no annual dividend recommended, while the Group's employee count significantly decreased to 7 from 25 in the prior year - The Directors will continue to review the existing business portfolio and seek suitable investment opportunities to broaden revenue streams and achieve business portfolio diversification[28](index=28&type=chunk) - The Board does not recommend the payment of a dividend for the year ended March 31, 2025[36](index=36&type=chunk) - As of March 31, 2025, the Group's employee count was **7**, a significant reduction from **25** in the prior year[38](index=38&type=chunk) [Corporate Governance Report](index=10&type=section&id=Corporate%20Governance%20Report) The Company is committed to maintaining high levels of corporate transparency and accountability, having adopted the principles of the HKEX Corporate Governance Code and complied with its code provisions throughout the reporting period, with the report detailing the Board's structure and responsibilities, the composition and work of various committees (Executive, Remuneration, Audit, Nomination), risk management and internal control systems, and communication mechanisms with shareholders to protect their rights [Board of Directors](index=10&type=section&id=A.%20Board%20of%20Directors) The Board is responsible for leading, controlling, and managing the Company, overseeing the Group's business, strategy, and performance, and is composed of executive, non-executive, and independent non-executive directors in compliance with Listing Rules, having reviewed corporate governance policies, director training, securities dealing code compliance, and board diversity policy during the reporting period, deeming them appropriate and effective - The Board believes that the Company has complied with the code provisions set out in the Corporate Governance Code for the year ended March 31, 2025[42](index=42&type=chunk) - The Board currently comprises **7** members, including **3** executive directors, **1** non-executive director, and **3** independent non-executive directors, complying with Listing Rules regarding the number and professional qualifications of independent non-executive directors[47](index=47&type=chunk) - During the reporting period, attendance at Board and committee meetings was generally high, and all directors confirmed compliance with continuous professional development requirements[53](index=53&type=chunk)[54](index=54&type=chunk) [Board Committees](index=15&type=section&id=B.%20Board%20Committees) The Board has four committees: Executive, Remuneration, Audit, and Nomination, with the Executive Committee handling daily management, the Remuneration Committee reviewing compensation policies and director/senior management remuneration, the Audit Committee overseeing financial reporting, internal controls, and risk management, and the Nomination Committee reviewing board structure and nominating directors, all composed of directors with relevant expertise and fulfilling their duties during the reporting period - The Audit Committee, composed of **three** independent non-executive directors, is primarily responsible for reviewing financial statements, assessing internal control and risk management systems, and recommending the appointment of external auditors to the Board[65](index=65&type=chunk)[66](index=66&type=chunk) - The Remuneration Committee, with a majority of independent non-executive directors, is responsible for recommending the Company's remuneration policy and the compensation of executive directors and senior management to the Board[63](index=63&type=chunk) - The Nomination Committee, with a majority of independent non-executive directors, is responsible for regularly reviewing the Board's structure, size, and composition, and recommending the appointment or re-appointment of directors to the Board[70](index=70&type=chunk) [Risk Management and Internal Control](index=18&type=section&id=D.%20Risk%20Management%20and%20Internal%20Control) The Board bears ultimate responsibility for the Group's risk management and internal control systems, which are designed to manage rather than eliminate risks, with a top-down and bottom-up risk management framework encompassing identification, assessment, internal control, mitigation, and monitoring, and an annual independent evaluation by external consultants, leading the Board to conclude the system was effective and sound as of the fiscal year-end - The Board confirms its responsibility to continuously review the effectiveness of the risk management and internal control systems, which are designed to manage rather than eliminate the risk of failing to achieve business objectives[74](index=74&type=chunk) - The Group engaged external consultants to conduct an annual independent assessment of the risk management and internal control systems, with the Board concluding that the system was effective and sound as of the fiscal year-end[81](index=81&type=chunk) [Communication with Shareholders and Investors](index=22&type=section&id=H.%20Communication%20with%20Shareholders%20and%20Investors) The Company prioritizes effective communication with shareholders, disclosing information promptly through its website, general meetings, announcements, and financial reports, and clearly outlining shareholders' rights and procedures for convening extraordinary general meetings, proposing resolutions, and nominating director candidates to safeguard their interests - The Company maintains a website (www.dufu.com.hk) as a communication platform with shareholders and investors, providing contact information for written inquiries[88](index=88&type=chunk) - The report details the specific procedures and requirements for shareholders to convene extraordinary general meetings, propose resolutions, and nominate directors, safeguarding shareholder rights[89](index=89&type=chunk)[90](index=90&type=chunk) [Environmental, Social and Governance Report](index=24&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This report outlines the Group's Environmental, Social, and Governance (ESG) strategies, initiatives, and performance, with a governance structure overseen by the Board and executed by the ESG working group, demonstrating commitment to reducing emissions and resource consumption with set targets, and addressing employee rights, health and safety, supply chain management, product responsibility, and anti-corruption through relevant policies to fulfill corporate social responsibility [A. Environment](index=28&type=section&id=A.%20Environment) The Group is committed to sustainable development and has set environmental targets, achieving year-on-year reductions in greenhouse gas emissions and total energy consumption intensity, meeting its goals, while waste gas emissions decreased, but non-hazardous waste intensity did not meet targets, and the Group has implemented an Environmental Protection Policy covering emissions management, resource use, environmental protection, and climate change response, continuously monitoring relevant performance Key Environmental Performance Indicators | Indicator | Unit | 2025 Fiscal Year | 2024 Fiscal Year | | :--- | :--- | :--- | :--- | | Total Greenhouse Gas Emissions | tonnes of CO2e | 10.83 | 13.58 | | Greenhouse Gas Emissions Intensity | tonnes of CO2e/HKD million revenue | 0.16 | 0.21 | | Total Non-Hazardous Waste | kg | 385.28 | 387.28 | | Non-Hazardous Waste Intensity | kg/HKD million revenue | 5.73 | 5.86 | | Total Energy Consumption | MWh | 30.95 | 38.78 | | Energy Consumption Intensity | MWh/HKD million revenue | 0.46 | 0.59 | - The Group has formulated a Climate Change Policy to assess and address physical risks like extreme weather and transition risks such as tightening climate-related regulations, integrating these considerations into business planning[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) [B. Society](index=36&type=section&id=B.%20Society) In terms of social responsibility, the Group prioritizes employee equality, health, and safety, providing training and development opportunities, with a significant reduction in employee numbers by year-end, but an increase in the percentage of trained employees to 100%, strictly adhering to labor standards, prohibiting child and forced labor, assessing environmental and social risks of suppliers, focusing on product quality, customer privacy protection, and intellectual property, and establishing an anti-corruption policy and whistleblowing mechanism with relevant training for directors and employees Employee Profile (as of Fiscal Year-End) | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Employees | 7 | 25 | | Overall Employee Turnover Rate | 19% | 64% | | Percentage of Trained Employees | 100% | 28% | | Average Training Hours per Employee | 8.29 hours | 2.32 hours | - The Group has formulated Sales and Procurement Policy and Sustainable Supply Chain Policy to regularly assess suppliers' performance in environmental, social, corporate governance, and business ethics aspects[143](index=143&type=chunk) - The Group has established an anti-corruption system, including a Code of Conduct, Anti-Fraud Policy, and Whistleblowing Policy, providing approximately **3.5 hours** of anti-corruption training to **5** directors and **1** employee[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) [Directors' Report](index=54&type=section&id=Directors%27%20Report) This report outlines the Company's statutory disclosures for the year ended March 31, 2025, covering principal activities, business review, a five-year financial summary, compliance, director and senior management information, major customers and suppliers, share capital structure, and public float, noting that the Group's top five customers accounted for 35.6% of total sales, and top five suppliers accounted for 100% of total purchases, with the Company complying with Listing Rules regarding public float [Financial Summary](index=54&type=section&id=Financial%20Summary) The report provides a summary of results, assets, and liabilities for the past five fiscal years, showing the Group achieved an annual profit of HKD 30.39 million in FY2025, a significant improvement from losses in the preceding two years, and net assets increased from HKD 332 million in FY2024 to HKD 367 million Five-Year Financial Summary (Continuing Operations) | For the Year Ended March 31 ('000 HKD) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 67,283 | 66,052 | 68,472 | 108,907 | 105,651 | | **Profit/(Loss) for the Year** | 30,386 | (18,513) | (14,461) | 604 | 4,447 | | **Net Assets** | 367,133 | 332,004 | 366,564 | 374,153 | 309,437 | [Major Customers and Suppliers](index=56&type=section&id=Major%20Customers%20and%20Suppliers) During the reporting period, the Group's customer concentration was relatively moderate, with the top five customers accounting for 35.6% of total sales and the largest customer at 8.5%, while supplier concentration was extremely high, with the top five suppliers accounting for 100% of total purchases and the largest supplier at 78.5% - The top five customers accounted for approximately **35.6%** of total sales, with the largest customer accounting for approximately **8.5%**[187](index=187&type=chunk) - The top five suppliers accounted for approximately **100.00%** of total purchases, with the largest supplier accounting for approximately **78.5%**[189](index=189&type=chunk) [Independent Auditor's Report](index=62&type=section&id=Independent%20Auditor%27s%20Report) Longview (Hong Kong) CPA Limited issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, affirming they present a true and fair view of the Group's financial position, performance, and cash flows in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance, highlighting three key audit matters: inventory valuation, impairment assessment of trade receivables, and impairment assessment of loans and interest receivables [Audit Opinion](index=62&type=section&id=Opinion) The auditor believes that the consolidated financial statements present a true and fair view of the Group's consolidated financial position as of March 31, 2025, and its consolidated financial performance and cash flows for the year then ended, and have been properly prepared in accordance with Hong Kong Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance - The auditor issued a standard unmodified opinion on the Group's consolidated financial statements[213](index=213&type=chunk) [Key Audit Matters](index=63&type=section&id=Key%20Audit%20Matters) The auditor identified three matters as most significant to the current period's audit: inventory valuation due to its materiality and judgment involved in determining provisions, impairment assessment of trade receivables due to their significant balance and the substantial judgment required for Expected Credit Loss (ECL) determination, and impairment assessment of loans and interest receivables due to their materiality and the significant judgments and estimates required in the ECL model - Key audit matters include: - **Inventory Valuation**: Involves judgment and estimation of the net realizable value of inventory, with the auditor engaging a professional valuation firm for assistance[216](index=216&type=chunk) - **Impairment Assessment of Trade Receivables**: Requires significant judgment in determining Expected Credit Loss (ECL) provisions, with the auditor engaging a professional valuation firm for assistance[219](index=219&type=chunk) - **Impairment Assessment of Loans and Interest Receivables**: Due to the materiality of the balance and the significant judgments and estimates involved in the ECL model, the auditor also engaged a professional valuation firm for assistance[222](index=222&type=chunk) [Audited Consolidated Financial Statements](index=67&type=section&id=Audited%20Consolidated%20Financial%20Statements) This section contains the Group's detailed financial statements for the year ended March 31, 2025, including the Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows, and detailed notes to these statements, comprehensively presenting the Group's operating results, financial position, and cash flows [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=68&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This year, the Group recorded revenue of HKD 67.28 million, a slight year-on-year increase, and achieved a pre-tax profit of HKD 32.01 million, with a final annual profit of HKD 30.39 million, successfully turning around from a loss, primarily due to a reversal of expected credit losses compared to a large provision last year, resulting in basic earnings per share of 2.35 HK cents Consolidated Statement of Profit or Loss Summary | Indicator ('000 HKD) | 2025 Fiscal Year | 2024 Fiscal Year | | :--- | :--- | :--- | | Revenue | 67,283 | 66,052 | | Gross Profit | 34,527 | 29,874 | | Profit/(Loss) Before Tax | 32,010 | (18,587) | | **Profit/(Loss) for the Year** | **30,386** | **(18,513)** | | Total Comprehensive Income/(Expense) for the Year | 35,129 | (34,560) | | Basic Earnings/(Loss) Per Share (HK cents) | 2.35 | (1.43) | [Consolidated Statement of Financial Position](index=69&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were HKD 439 million, total liabilities were HKD 72.08 million, and net assets (total equity) increased to HKD 367 million from HKD 332 million in the prior year, with loans and interest receivables and inventories being the main components of the asset structure Consolidated Statement of Financial Position Summary | Indicator ('000 HKD) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Non-current Assets** | 125,114 | 229,381 | | **Current Assets** | 314,098 | 158,037 | | **Total Assets** | **439,212** | **387,418** | | **Current Liabilities** | 54,372 | 43,181 | | **Non-current Liabilities** | 17,707 | 12,233 | | **Total Liabilities** | **72,079** | **55,414** | | **Net Assets (Total Equity)** | **367,133** | **332,004** | [Consolidated Statement of Cash Flows](index=72&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This year, the Group experienced a net cash outflow of HKD 3.58 million from operating activities, a net cash inflow of HKD 0.12 million from investing activities, and a net cash inflow of HKD 3.32 million from financing activities, resulting in a net decrease of HKD 0.14 million in cash and cash equivalents, with an ending balance of HKD 0.22 million Consolidated Statement of Cash Flows Summary | Indicator ('000 HKD) | 2025 Fiscal Year | 2024 Fiscal Year | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (3,579) | (4,187) | | Net Cash Generated from Investing Activities | 123 | 2 | | Net Cash Generated from Financing Activities | 3,318 | 3,186 | | **Net Decrease in Cash and Cash Equivalents** | **(138)** | **(999)** | | Cash and Cash Equivalents at Beginning of Period | 354 | 1,353 | | Cash and Cash Equivalents at End of Period | 216 | 354 | [Notes to the Consolidated Financial Statements](index=74&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes to the financial statements provide detailed explanations and supplementary information for each item, including significant accounting policies adopted, key accounting estimates and judgments, financial risk management, segment information, detailed composition of various assets and liabilities, and related party transactions, serving as the foundation for understanding the financial statements - Note 8 discloses that the Group's revenue primarily derived from jewelry sales (**HKD 34.43 million**) and lending interest income (**HKD 32.86 million**)[363](index=363&type=chunk) - Note 9's segment information indicates that the lending business was the primary source of profit this year, with segment results of **HKD 47.50 million**, while the jewelry business recorded a loss of **HKD 1.13 million**[365](index=365&type=chunk) - Note 35 on capital risk management shows that the Group's capital gearing ratio (net debt/capital and net debt) increased from **7.35%** last year to **8.42%**[424](index=424&type=chunk)

[Performance Summary](index=1&type=section&id=Performance%20Summary) [H1 2025 Performance Highlights](index=1&type=section&id=H1%202025%20Performance%20Highlights) HKT achieved robust H1 2025 growth in key financials, driven by expanding broadband, 5G, and strong enterprise business performance H1 2025 Key Financial and Operational Metrics | Metric | H1 2025 Performance | | :--- | :--- | | **Total Revenue** | HKD 17.322 billion (4% growth) | | **Total Revenue (excluding mobile product sales)** | HKD 16.311 billion (4% growth) | | **Total EBITDA** | HKD 6.380 billion (>3% growth) | | **Adjusted Funds Flow** | HKD 2.562 billion (3% growth) | | **Profit Attributable to Stapled Unitholders** | HKD 2.070 billion (4% growth) | | **Basic Earnings Per Stapled Unit** | 27.32 HK cents | | **Interim Distribution Per Stapled Unit** | 33.80 HK cents | | **Total Fiber-to-the-Home Connections** | 1.055 million lines (3% growth) | | **5G Customer Base** | 1.894 million (21% growth) | - Enterprise business achieved **11% revenue growth** and secured over **HKD 2.2 billion** in new project orders during the first half[3](index=3&type=chunk) [Letter to Stapled Unitholders](index=2&type=section&id=Letter%20to%20Stapled%20Unitholders) [Operating Environment and Overall Performance](index=2&type=section&id=Operating%20Environment%20and%20Overall%20Performance) Despite geopolitical instability and weak local consumption, the company achieved robust 4% total revenue and over 3% EBITDA growth, with adjusted funds flow expected to accelerate Key Financial Performance (H1 2025) | Financial Metric | Amount (HKD) | YoY Growth | | :--- | :--- | :--- | | Total Revenue | 17.322 billion | 4% | | EBITDA | 6.380 billion | >3% | | Adjusted Funds Flow | 2.562 billion | 3% | [AI Innovation Drives Growth](index=2&type=section&id=AI%20Innovation%20Drives%20Growth) AI integration across operations enhances efficiency, optimizes costs, and drives productivity, achieving 7% annual cost savings - The company is integrating AI into business operations to deliver superior services, expand enterprise offerings, and optimize internal processes, driving future growth[5](index=5&type=chunk) - By reshaping workflows with AI technologies like intelligent automation and predictive analytics, productivity has significantly improved, leading to **7% annual cost savings** overall[10](index=10&type=chunk) [Core Business Growth Drivers](index=2&type=section&id=Core%20Business%20Growth%20Drivers) Core businesses saw significant 5G and fiber subscriber growth, alongside strong enterprise performance with over HKD 2.2 billion in new orders Key Core Business Metrics | Business Metric | Performance | YoY Growth | | :--- | :--- | :--- | | 5G Mobile Customers | 1.894 million | 21% | | 2.5G Fiber Service Customers | N/A | 141% | - HKT Enterprise Solutions secured new project orders totaling over **HKD 2.2 billion** in the first half[9](index=9&type=chunk) - The company assisted mainland Chinese enterprises in establishing footholds in Southeast Asian markets like Thailand, Malaysia, Indonesia, and Vietnam via SD-WAN solutions[9](index=9&type=chunk) [Outlook](index=3&type=section&id=Outlook) Continued investment in AI innovation and global network connectivity will support Hong Kong's digital economy and create long-term value - The company plans to participate in developing the Pan Asia Express and Asia-Africa-Europe-2 submarine cable systems, expanding its global network through low-earth orbit satellite connectivity[9](index=9&type=chunk) - The company is committed to continuous investment in AI innovation to drive HKT's growth and enable customer success[12](index=12&type=chunk) [Financial and Operational Review](index=5&type=section&id=Financial%20and%20Operational%20Review) [Financial Summary](index=5&type=section&id=Financial%20Summary) The Group achieved 4% revenue growth and over 3% EBITDA increase in H1 2025, with profit attributable to unitholders also rising 4% due to lower finance costs Group Financial Summary | Metric (HKD million) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 17,322 | 16,669 | 4% | | Total EBITDA | 6,380 | 6,168 | 3% | | Profit Before Tax | 2,712 | 2,334 | 16% | | Adjusted Funds Flow | 2,562 | 2,495 | 3% | [Operating Data Summary](index=6&type=section&id=Operating%20Data%20Summary) As of June 2025, total broadband lines slightly increased, postpaid mobile subscribers grew 1%, and The Club membership expanded 3% Key Operating Data | Operating Item (thousand) | June 30, 2025 | June 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Telephone Lines | 2,070 | 2,168 | (5)% | | Total Broadband Lines | 1,657 | 1,646 | 1% | | Mobile Customers | 4,875 | 4,884 | ‒ | | - Postpaid Customers | 3,478 | 3,433 | 1% | | - Prepaid Customers | 1,397 | 1,451 | (4)% | | Installed Pay TV Customers | 1,448 | 1,430 | 1% | | The Club Members | 4,070 | 3,939 | 3% | [Segment Performance](index=8&type=section&id=Segment%20Performance) Both core telecommunications and mobile segments achieved year-on-year revenue and EBITDA growth, driven by local data services, roaming recovery, and 5G upgrades [Telecommunications Services](index=8&type=section&id=Telecommunications%20Services) Telecommunications services revenue grew 4% to HKD 12.527 billion and EBITDA 3% to HKD 4.421 billion, driven by local data services and strong enterprise business Telecommunications Services Segment Performance | Metric (HKD million) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Local Telecommunications Services Revenue | 8,714 | 8,289 | 5% | | International Telecommunications Services Revenue | 3,813 | 3,774 | 1% | | **Total Telecommunications Services Revenue** | **12,527** | **12,063** | **4%** | | **EBITDA** | **4,421** | **4,296** | **3%** | - Local data services revenue increased **8%** year-on-year to **HKD 6.867 billion**, primarily driven by broadband and enterprise business growth[18](index=18&type=chunk)[19](index=19&type=chunk) - Fiber-to-the-home (FTTH) connections reached **1.055 million**, a **3%** year-on-year increase, while the 2.5G service customer base grew **141%** year-on-year[20](index=20&type=chunk) - Enterprise business local data revenue grew **11%** year-on-year, with new orders totaling over **HKD 2.2 billion** in the first half[21](index=21&type=chunk)[22](index=22&type=chunk) [Mobile](index=11&type=section&id=Mobile) Mobile business revenue grew 5% to HKD 5.200 billion and EBITDA 5% to HKD 2.412 billion, driven by roaming recovery, 5G upgrades, and enterprise solution demand Mobile Segment Performance | Metric (HKD million) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Mobile Services Revenue | 4,189 | 3,990 | 5% | | Mobile Product Sales | 1,011 | 986 | 3% | | **Total Mobile Revenue** | **5,200** | **4,976** | **5%** | | **EBITDA** | **2,412** | **2,302** | **5%** | - Total roaming revenue increased **7%** year-on-year, with personal outbound roaming revenue reaching **141%** of pre-pandemic levels[26](index=26&type=chunk) - 5G postpaid subscribers reached **1.894 million**, a **21%** year-on-year increase, accounting for over **54%** of the postpaid customer base[26](index=26&type=chunk) - Postpaid ARPU increased to **HKD 193** (YoY +1%), with core business postpaid churn remaining low at **0.7%**[27](index=27&type=chunk) [Other Businesses and Cost Analysis](index=12&type=section&id=Other%20Businesses%20and%20Cost%20Analysis) Other business revenue slightly increased by 3%, while operating costs excluding depreciation and amortization decreased 4% year-on-year through AI and streamlined structures - Other business revenue increased **3%** to **HKD 570 million**, with The Club membership expanding **3%** to **4.07 million** members[28](index=28&type=chunk) - Cost of sales increased **6%** to **HKD 9.021 billion** due to changes in revenue mix[30](index=30&type=chunk) - Operating costs excluding depreciation and amortization decreased **4%** year-on-year to **HKD 1.921 billion** through measures like AI-driven workflow re-engineering[31](index=31&type=chunk) [Key Financial Metrics Analysis](index=13&type=section&id=Key%20Financial%20Metrics%20Analysis) Total EBITDA grew over 3% due to business expansion and cost optimization, while net finance costs significantly decreased 19%, leading to a 4% increase in profit attributable to unitholders - Total EBITDA increased over **3%** to **HKD 6.380 billion**, with the overall EBITDA margin remaining stable at **37%**[32](index=32&type=chunk) - Net finance costs significantly decreased **19%** from **HKD 1.092 billion** to **HKD 885 million**[33](index=33&type=chunk) - Profit attributable to stapled unitholders increased **4%** to **HKD 2.070 billion**[36](index=36&type=chunk) [Capital Management and Liquidity](index=13&type=section&id=Capital%20Management%20and%20Liquidity) [Capital Structure and Liquidity](index=13&type=section&id=Capital%20Structure%20and%20Liquidity) As of June 30, 2025, the Group maintained ample liquidity with HKD 1.940 billion cash and HKD 15.973 billion undrawn facilities, alongside investment-grade credit ratings Capital Structure and Liquidity Overview | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Debt | HKD 43.433 billion | HKD 41.723 billion | | Cash and Short-Term Deposits | HKD 1.940 billion | HKD 2.145 billion | | Undrawn Bank Facilities | HKD 15.973 billion | N/A | - The company maintains investment-grade credit ratings of Moody's "Baa2" and S&P "BBB"[38](index=38&type=chunk) [Capital Expenditure](index=14&type=section&id=Capital%20Expenditure) H1 2025 capital expenditure was HKD 1.075 billion (6.2% of revenue), a year-on-year decrease, focused on enterprise solutions and network efficiency - Capital expenditure was **HKD 1.075 billion**, a year-on-year decrease, with its revenue ratio falling from **6.6%** in the prior period to **6.2%**[39](index=39&type=chunk) [Adjusted Funds Flow Analysis](index=14&type=section&id=Adjusted%20Funds%20Flow%20Analysis) Adjusted funds flow increased 3% year-on-year to HKD 2.562 billion, with operating adjusted funds flow growing 8% due to expanded EBITDA and improved capital efficiency - Total adjusted funds flow increased **3%** from **HKD 2.495 billion** in the prior period to **HKD 2.562 billion**[40](index=40&type=chunk) - Operating adjusted funds flow (excluding tax paid, net finance costs paid, and working capital changes) increased **8%** in H1 2025[40](index=40&type=chunk) [Other Important Matters](index=15&type=section&id=Other%20Important%20Matters) [Risk Management and Human Resources](index=15&type=section&id=Risk%20Management%20and%20Human%20Resources) The Group manages foreign currency and interest rate risks with derivatives, has no material asset pledges, reduced contingent liabilities, and over 12,500 global employees - The Group manages foreign currency exchange rate and interest rate risks through forward and swap contracts, deeming their impact immaterial[41](index=41&type=chunk)[42](index=42&type=chunk) - As of June 30, 2025, the Group had no pledged assets, and contingent liabilities amounted to **HKD 799 million**[43](index=43&type=chunk)[44](index=44&type=chunk) - As of June 30, 2025, the Group employed over **12,500** staff globally[45](index=45&type=chunk) [Interim Distribution and Shareholder Matters](index=16&type=section&id=Interim%20Distribution%20and%20Shareholder%20Matters) The Board declared an interim distribution of 33.80 HK cents per stapled unit, with no purchases, sales, or redemptions of listed securities during the period - An interim distribution of **33.80 HK cents** per stapled unit was declared[46](index=46&type=chunk) - During the reporting period, neither HKT Trust, the company, nor its subsidiaries purchased, sold, or redeemed any stapled units[48](index=48&type=chunk) [Corporate Governance](index=16&type=section&id=Corporate%20Governance) The company maintains high corporate governance standards, largely complying with the Code, with the Audit Committee reviewing interim financial information - The Audit Committee reviewed the accounting policies adopted by the Group and the Trustee-Manager, as well as the unaudited condensed consolidated interim financial information[49](index=49&type=chunk) - During the reporting period, the company applied the principles of the Corporate Governance Code and complied with all relevant code provisions, except for those related to establishing independent remuneration and nomination committees due to its unique trust structure[50](index=50&type=chunk) [Condensed Consolidated Financial Statements](index=18&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Consolidated Income Statement](index=18&type=section&id=Consolidated%20Income%20Statement) For H1 2025, profit for the period increased 15.4% to HKD 2.298 billion, with basic earnings per stapled unit rising to 27.32 HK cents Consolidated Income Statement Summary | Metric (HKD million) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 17,322 | 16,669 | | Profit Before Tax | 2,712 | 2,334 | | Profit for the Period | 2,298 | 1,992 | | Profit Attributable to Stapled Unitholders | 2,070 | 1,990 | | Basic Earnings Per Stapled Unit | 27.32 HK cents | 26.27 HK cents | [Consolidated Statement of Comprehensive Income](index=19&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Other comprehensive loss for the period was HKD 579 million, primarily due to fair value changes in financial assets and cash flow hedges, decreasing total comprehensive income - Other comprehensive loss for the period was **HKD 579 million**, mainly due to fair value changes in financial assets (loss of **HKD 225 million**) and net losses on cash flow hedges[53](index=53&type=chunk) [Consolidated Statement of Financial Position](index=20&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HKD 118.499 billion, total liabilities HKD 80.619 billion, and net assets HKD 37.880 billion Consolidated Statement of Financial Position Summary | Metric (HKD million) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **118,499** | **116,813** | | - Non-Current Assets | 107,812 | 105,928 | | - Current Assets | 10,687 | 10,885 | | **Total Liabilities** | **80,619** | **77,168** | | - Non-Current Liabilities | 58,369 | 51,347 | | - Current Liabilities | 22,250 | 25,821 | | **Net Assets** | **37,880** | **39,645** | [Notes to the Financial Statements](index=22&type=section&id=Notes%20to%20the%20Financial%20Statements) Financial statements are prepared under HKAS 34 on a going concern basis, with detailed disclosures on segments, taxation, dividends, and receivables/payables aging - The financial statements are prepared on a going concern basis, as management believes the Group can meet its obligations maturing within the next 12 months, considering operating cash inflows and undrawn bank facilities[63](index=63&type=chunk) - The Group's operations are managed and assessed across three main segments: Telecommunications Services, Mobile, and Other Businesses[66](index=66&type=chunk) - The Group has assessed the impact of the Global Anti-Base Erosion (GloBE) rules (Pillar Two) and determined there are no significant tax risks as of the reporting date[71](index=71&type=chunk)

年 報 Contents 目錄 | FINANCIAL HIGHLIGHTS | 財務重點 | 2 | | --- | --- | --- | | CORPORATE INFORMATION | 公司資料 | 4 | | CHAIRMAN'S STATEMENT | 主席致辭 | 6 | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論及分析 | 11 | | PROFILE OF DIRECTORS AND SENIOR MANAGEMENT | 董事及高級管理層履歷 | 19 | | DIRECTORS' REPORT | 董事會報告 | 23 | | CORPORATE GOVERNANCE REPORT | 企業管治報告 | 36 | | ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT | 環境、社會及管治報告 | 47 | | INDEPENDENT AUDITOR'S REPORT | 獨立核數師報告 | 88 | | AUDITED CONSOLIDATED FINANCIAL STATEMENTS | 經審核綜合財 ...