Annual Report 年報 Contents 目錄 Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Chairman's Statement | 主席報告 | 4 | | Management Discussion and Analysis | 管理層討論及分析 | 7 | | Biographies of Directors and Senior Management | 董事及高級管理層履歷 | 23 | | Corporate Governance Report | 企業管治報告 | 28 | | Environmental, Social and Governance Report | 環境、社會及管治報告 | 51 | | Directors' Report | 董事會報告 | 81 | | Independent Auditor's Report | 獨立核數師報告 | 96 | | Consolidated Statement of Profit or Loss and | 綜合損益及其他全面收益 ...

目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論及分析 | 4 | | 企業管治報告 | 11 | | 環境 、社會 及管治報告 | 26 | | 董事及高級管理層履歷詳情 | 57 | | 董事會報告 | 60 | | 獨立核數師報告 | 69 | | 綜合損益及其他全面收益表 | 76 | | 綜合財務狀況表 | 77 | | 綜合權益變動表 | 78 | | 綜合現金流量表 | 79 | | 綜合財務報表附註 | 80 | | 財務概要 | 140 | 公司資料 董事會 執行董事 霍厚輝先生 （主席兼行政總裁） 宋聖恩先生 韋菊女士（於2024年8月2日獲委任） 獨立非執行董事 熊健生先生 李彥昇先生 温隽軍先生 公司秘書 胡嘉兒女士（於2024年12月13日辭任） 陳思雅女士（於2024年12月13日獲委任） 合規主任 霍厚輝先生 授權代表 霍厚輝先生 胡嘉兒女士（於2024年12月13日辭任） 陳思雅女士（於2024年12月13日獲委任） 審核委員會 李彥昇先生 （主席） 熊健生先生 温隽軍先生 薪酬委員會 熊健生先生 （主席） 宋聖恩先生 温隽軍 ...

[Five-Year Financial Summary](index=2&type=section&id=Five-Year%20Financial%20Summary) The report reviews key financial data over five years, showing revenue growth from HK$1,794.7 million to HK$2,842.7 million, but a significant decline in annual profit from HK$287.8 million to HK$79.8 million and profit margin from 16.0% to 2.8% Five-Year Financial Summary (HK$ Million) | Metric | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 2,842.7 | 2,748.4 | 2,594.6 | 2,275.3 | 1,794.7 | | **Annual Profit** | 79.8 | 118.6 | 141.0 | 203.0 | 287.8 | | **Profit Margin** | 2.8% | 4.3% | 5.4% | 8.9% | 16.0% | | **Basic Earnings Per Share (HK Cents)** | 6.0 | 8.9 | 10.5 | 17.5 | 28.8 | | **Full-Year Dividend (HK Cents)** | 1.35 | 8.9 | 10.5 | 11.4 | 28.0 | | **Total Assets** | 2,627.4 | 2,622.9 | 2,675.0 | 2,568.7 | 1,404.9 | | **Capital and Reserves** | 1,470.1 | 1,485.5 | 1,541.8 | 1,553.4 | 545.5 | | **Return on Equity** | 5.4% | 7.8% | 9.1% | 19.3% | 62.4% | - Dine-in revenue proportion steadily increased from **41.0% in FY2021 to 54.7% in FY2025**, while takeaway and delivery revenue proportion decreased, indicating a shift in consumption patterns[8](index=8&type=chunk) - The Group's self-operated restaurant network continuously expanded from **147 in FY2021 to 229 in FY2025**, with the Hong Kong market being the primary growth area[8](index=8&type=chunk) [Chairman's Statement](index=6&type=section&id=Chairman's%20Statement) The Chairman's report highlights a challenging FY2025, where the Group demonstrated resilience amidst economic slowdown and intense competition, achieving a 3.4% revenue growth despite profit decline, while actively pursuing global expansion, multi-brand strategy in Hong Kong, digital transformation, and network optimization in mainland China and Singapore Financial Performance Summary | Financial Metric | FY2025 | Year-on-Year Change | | :--- | :--- | :--- | | **Revenue** | HK$2,842.7 Million | +3.4% | | **Profit** | HK$79.8 Million | -32.7% | - Facing market headwinds, the company adopted several strategic initiatives: - **Global Expansion**: Opened two branches in Melbourne, Australia, and laid the groundwork for entering the Malaysian and Philippine markets[17](index=17&type=chunk) - **Network Optimization**: Strategically downsized the restaurant network in the highly competitive and less profitable mainland China and Singapore markets[18](index=18&type=chunk) - **Hong Kong Multi-Brand Strategy**: Introduced Japanese beef bowl brand 'Yama Ushi' and Udon noodle brand 'Marugame Seimen' as new engines for future growth[19](index=19&type=chunk)[20](index=20&type=chunk) - **Digital Transformation**: Advanced a new generation Customer Relationship Management (CRM) system for more refined and personalized marketing[21](index=21&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Business Overview](index=9&type=section&id=Business%20Overview) In FY2025, the Group's core markets faced economic downturn and intense competition, yet revenue slightly increased by 3.4% to HK$2,842.7 million due to net addition of 14 self-operated restaurants, though annual profit decreased to HK$79.8 million due to one-off closure expenses, while key cost ratios remained stable Financial Performance Overview | Financial Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | **Revenue** | HK$2,842.7 Million | HK$2,748.4 Million | | **Annual Profit** | HK$79.8 Million | HK$118.6 Million | - As of March 31, 2025, the Group's self-operated restaurant network expanded to **243 outlets** across Hong Kong, mainland China, Singapore, and Japan, introducing new brands 'Yama Ushi' and 'Marugame Seimen'[32](index=32&type=chunk) - Despite inflationary pressures, the Group's key cost ratios remained stable: - **Food and beverage costs as a percentage of revenue**: **23.7%** (FY2024: 23.6%) - **Staff costs as a percentage of revenue**: **32.4%** (FY2024: 32.4%)[34](index=34&type=chunk) [Regional Analysis](index=10&type=section&id=Regional%20Analysis) Regional market performance varied significantly, with Hong Kong achieving 4.3% revenue growth despite profit pressure, mainland China experiencing double-digit revenue decline and network restructuring, Singapore facing significant challenges with reduced outlets and increased losses, while Japan demonstrated strong revenue growth and improved profitability - **Hong Kong**: Net increase of **30 self-operated stores** to **219**, driving a **4.3% revenue growth**, with the introduction of 'Yama Ushi' and 'Marugame Seimen' brands, but profit declined due to increased discounts and higher third-party delivery platform commissions[40](index=40&type=chunk)[42](index=42&type=chunk) - **Mainland China**: Revenue recorded a **double-digit decline**, with strategic network restructuring leading to a net closure of **9 stores**, resulting in **17 stores** at year-end, where closure expenses exacerbated losses but laid a foundation for long-term development[43](index=43&type=chunk)[48](index=48&type=chunk) - **Singapore**: Business faced significant challenges, with the store network drastically reduced from **11 to 4 outlets**, and one-off closure expenses leading to expanded losses[50](index=50&type=chunk) - **Japan**: Performed best among all non-Hong Kong markets, achieving strong year-on-year revenue growth and improved profitability, benefiting from a stable local team and effective localized marketing[51](index=51&type=chunk) [Outlook and Strategies](index=12&type=section&id=Outlook%20and%20Strategies) The Group anticipates continued challenges in Hong Kong's F&B sector, responding with strategies focused on customer value creation through menu innovation, experience optimization, and digital upgrades, while slowing core brand expansion in Hong Kong to prioritize 'Marugame Seimen' and 'Yama Ushi', and optimizing mainland China and Singapore operations while pursuing international expansion via franchising in Australia, Malaysia, and the Philippines - **Hong Kong Strategy**: - Enhance customer value: Through menu innovation, optimizing store layouts, and improving service standards - Digitalization: Upgrade CRM system for more precise and personalized marketing - Shift in expansion focus: Slow down the pace of 'TamJai' and 'SamGor' store openings, accelerating the expansion of 'Marugame Seimen' and 'Yama Ushi' brand networks[55](index=55&type=chunk)[56](index=56&type=chunk) - **Mainland China and Overseas Market Strategy**: - Business Optimization: After strategically closing underperforming stores in mainland China and Singapore, resources will be reallocated to improve business performance - Continued Expansion: Following its debut in the Australian market, the Group has established partnerships for entry into the Malaysian and Philippine markets, and will continue international expansion through franchising and other collaborative models[58](index=58&type=chunk)[59](index=59&type=chunk) [Financial Review](index=13&type=section&id=Financial%20Review) In FY2025, Group revenue grew 3.4% to HK$2,842.7 million due to increased restaurant count, with stable food and staff cost ratios, but annual profit declined due to asset disposal losses from restaurant closures and a 29.6% surge in other expenses from closure costs and impairment provisions, while maintaining a strong financial position with HK$1,327.7 million in cash and no interest-bearing bank borrowings Income Statement Summary (HK$ Million) | Income Statement Item | FY2025 | FY2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Revenue** | 2,842.7 | 2,748.4 | +3.4% | | **Cost of Food and Beverages Consumed** | 672.9 | 648.1 | +3.8% | | **Staff Costs** | 921.9 | 889.5 | +3.6% | | **Other Expenses** | 105.9 | 81.7 | +29.6% | | **Annual Profit** | 79.8 | 118.6 | -32.7% | - The significant increase in other expenses was primarily due to higher restaurant closure costs and increased impairment provisions for underperforming restaurants[80](index=80&type=chunk) - The Group acquired the Hong Kong franchise business of 'Marugame Seimen', including its nine existing restaurants, on November 8, 2024[40](index=40&type=chunk)[108](index=108&type=chunk) - The Group maintained strong liquidity, holding **HK$1,327.7 million** in cash and cash equivalents as of March 31, 2025, with no interest-bearing bank borrowings[96](index=96&type=chunk)[97](index=97&type=chunk) Use of Net IPO Proceeds (HK$ Million) | Use of Net IPO Proceeds | Allocated Amount | Utilized as of 31/3/2025 | Unutilized | | :--- | :--- | :--- | :--- | | **Expansion of Restaurant Network** | 603.3 | 315.4 | 287.9 | | **Expansion of Central Kitchen** | 98.8 | 5.7 | 93.1 | | **Renovation of Restaurants and Upgrade of Equipment** | 110.4 | 73.4 | 37.0 | | **Upgrade of IT Infrastructure** | 53.6 | 41.0 | 12.6 | | **International Brand Building** | 82.0 | 82.0 | 0 | | **General Corporate Purposes** | 102.9 | 102.9 | 0 | | **Total** | 1,051.0 | 620.4 | 430.6 | [Board of Directors and Senior Management](index=17&type=section&id=Board%20of%20Directors%20and%20Senior%20Management) This chapter details the backgrounds and qualifications of the company's Board of Directors and Senior Management, comprising executive, non-executive, and independent non-executive directors with diverse industry experience, and a senior management team leading strategic execution and daily operations with extensive expertise in restaurant operations, human resources, and IT - **Executive Directors**: - **Mr. Lau Tat Man**: Chairman and Chief Executive Officer, with over **35 years of experience** in the catering industry[132](index=132&type=chunk)[133](index=133&type=chunk) - **Ms. Chan Ping**: Executive Director and Chief Financial Officer, with over **24 years of experience** in financial accounting in the catering industry[136](index=136&type=chunk)[137](index=137&type=chunk) - **Mr. Yeung Siu Cheong**: Executive Director, responsible for business development, with over **29 years of relevant experience**[143](index=143&type=chunk)[144](index=144&type=chunk) - **Non-Executive Directors**: Several members from the controlling shareholder Toridoll Holdings Corporation bring expertise in legal, corporate planning, and financial strategy to the Group[148](index=148&type=chunk)[154](index=154&type=chunk)[158](index=158&type=chunk) - **Independent Non-Executive Directors**: Members possess deep backgrounds in financial management, the finance industry, consumer retail, and catering, providing independent professional judgment to the Board[166](index=166&type=chunk)[174](index=174&type=chunk)[179](index=179&type=chunk) - **Senior Management**: Includes the Hong Kong Managing Director, Chief Human Resources Officer, and Chief Information Officer, each with extensive experience in restaurant operations, human resources strategy, and IT digital transformation, respectively[184](index=184&type=chunk)[191](index=191&type=chunk)[199](index=199&type=chunk) [Corporate Governance Report](index=30&type=section&id=Corporate%20Governance%20Report) This report outlines the company's corporate governance practices for FY2025, confirming adherence to listing rules with the sole deviation being the combined roles of Chairman and CEO, while detailing the Board's composition, responsibilities, committee structures, diversity policy, risk management, internal control systems, and shareholder communication policies [Board of Directors and Committees](index=33&type=section&id=Board%20of%20Directors%20and%20Committees) The Board of Directors, comprising three executive, three non-executive, and three independent non-executive directors, oversees company affairs with good attendance at meetings, supported by independent audit, remuneration, and nomination committees, each chaired by an independent non-executive director, ensuring professional oversight of financial review, compensation, and director nominations - The company deviated from the Corporate Governance Code's requirement for separate Chairman and Chief Executive Officer roles, with Mr. Lau Tat Man currently holding both positions, which the Board believes is in the best interest of the Group's effective management and operations[257](index=257&type=chunk)[258](index=258&type=chunk) - The company has adopted a Board Diversity Policy, and as of March 31, 2025, Board members range from **49 to 67 years old** and include **one female director**, with the company believing the current Board composition achieves a good balance of skills, experience, and diverse perspectives[288](index=288&type=chunk)[292](index=292&type=chunk)[294](index=294&type=chunk) [Risk Management and Internal Control](index=52&type=section&id=Risk%20Management%20and%20Internal%20Control) The Group has established comprehensive risk management and internal control systems, including ESG risks, overseen by the Board and reviewed by the Audit Committee, with an independent internal audit function confirming their effectiveness and adequacy for FY2025, complemented by insider information disclosure, anti-bribery, and whistleblowing policies to ensure compliance and high ethical standards - The Board confirms its responsibility for the company's risk management and internal control systems, regularly reviewing their effectiveness, with these systems designed to manage rather than eliminate risks[348](index=348&type=chunk) - The Group has an independent internal audit function that reviews risk management and internal control systems semi-annually, reporting findings to the Audit Committee, and the FY2025 review found no material discrepancies, deeming the systems effective and adequate[343](index=343&type=chunk) - The company has established and implemented anti-bribery and whistleblowing policies, maintaining a zero-tolerance stance on misconduct and providing confidential reporting channels for employees and business partners[352](index=352&type=chunk)[353](index=353&type=chunk) [Report of the Directors](index=53&type=section&id=Report%20of%20the%20Directors) The Directors' Report outlines the Group's FY2025 business activities, financial performance, and dividend distribution, noting no final dividend recommendation, while detailing key risks, share incentive schemes, connected transactions with controlling shareholder Toridoll, and a significant post-reporting period event regarding a privatization proposal [Dividends and Business Review](index=55&type=section&id=Dividends%20and%20Business%20Review) This section summarizes the Group's performance, dividend policy, and business review, noting an interim dividend of 1.35 HK cents per share for FY2025 with no final dividend recommended, and highlights stakeholder engagement and key risks including epidemics, macroeconomic conditions, expansion uncertainties, and supply chain disruptions Dividend Distribution (HK Cents Per Share) | Dividend Type | FY2025 | FY2024 | | :--- | :--- | :--- | | **Interim Dividend** | 1.35 | 3.0 | | **Final Dividend** | Not Recommended | 5.9 | - Key risks faced by the Group include: - Outbreaks of infectious diseases and related negative publicity - Macroeconomic conditions and reduced consumer discretionary spending - Uncertainties associated with expansion plans - Supply chain management risks (e.g., impact of the Ukraine conflict) - Ability to recruit and retain frontline staff[381](index=381&type=chunk) [Share Incentive Schemes](index=59&type=section&id=Share%20Incentive%20Schemes) This section details the company's three share incentive schemes—Pre-IPO Option Scheme, Post-IPO Option Scheme, and Share Award Scheme—disclosing their objectives, eligibility, exercise prices, validity, and FY2025 movements, with 838,210 Pre-IPO options, 4,114,000 Post-IPO options, and 3,061,800 awarded shares unexercised or unvested at year-end Share Incentive Scheme Movements | Scheme Name | Unexercised/Unvested as of 31/3/2025 | FY2025 Movements | | :--- | :--- | :--- | | **Pre-IPO Option Scheme** | 838,210 options | 81,400 options exercised | | **Post-IPO Option Scheme** | 4,114,000 options | 417,000 options lapsed | | **Share Award Scheme** | 3,061,800 shares | 711,900 shares vested; 1,220,100 shares lapsed; 433,200 shares forfeited | [Connected Transaction and Continuing Connected Transactions](index=81&type=section&id=Connected%20Transaction%20and%20Continuing%20Connected%20Transactions) This section discloses continuing connected transactions between the Group and controlling shareholder Toridoll Japan, including business consulting, Japan market operational support, and 'Yama Ushi' master franchise, all within annual caps, and a significant connected transaction involving the Group's acquisition of Toridoll's 'Marugame Seimen' Hong Kong business in November 2024 - The Group has multiple continuing connected transactions with its controlling shareholder Toridoll and its subsidiaries, including business consulting, operational support, and brand franchising, all conducted within annual caps[528](index=528&type=chunk)[531](index=531&type=chunk)[549](index=549&type=chunk) - On November 8, 2024, the Group acquired the entire equity interest in Toridoll & Yi Holdings Limited (which holds the 'Marugame Seimen' Hong Kong business) from the controlling shareholder for a consideration of **HK$4.1 million**[558](index=558&type=chunk)[559](index=559&type=chunk) [Independent Auditor's Report](index=89&type=section&id=Independent%20Auditor's%20Report) KPMG issued an unmodified opinion on the Group's consolidated financial statements as of March 31, 2025, affirming their true and fair presentation in accordance with HKFRS and the Companies Ordinance, with the most critical audit matter being the assessment of potential impairment of right-of-use assets and property, plant, and equipment due to significant management judgments on future cash flows - Auditor KPMG issued an **unmodified opinion** on the financial statements, deeming them to fairly present the Group's financial position[595](index=595&type=chunk) - The key audit matter identified was the "assessment of potential impairment of right-of-use assets and property, plant and equipment", which auditors focused on due to the reliance on subjective assumptions such as future revenue, cost inflation, and discount rates in the assessment process[600](index=600&type=chunk)[601](index=601&type=chunk)[608](index=608&type=chunk) [Consolidated Financial Statements](index=97&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's core financial statements, showing FY2025 revenue of HK$2,842.7 million (up 3.4%) but annual profit of HK$79.8 million (down 32.7%), with a strong financial position reflected by total assets of HK$2,627.4 million and total equity of HK$1,470.1 million, and healthy operating cash flow of HK$596.7 million, ending with HK$1,327.7 million in cash and cash equivalents [Consolidated Statement of Profit or Loss](index=97&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) In FY2025, Group revenue increased 3.4% to HK$2,842.7 million due to restaurant network expansion, but profit before tax decreased from HK$152.0 million to HK$100.2 million, and annual profit ultimately fell 32.7% to HK$79.8 million, with basic earnings per share declining from 8.9 HK cents to 6.0 HK cents, primarily due to rising costs and finance expenses Consolidated Statement of Profit or Loss (HK$ Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | **Revenue** | 2,842,681 | 2,748,406 | | **Operating Profit** | 124,005 | 174,728 | | **Profit Before Tax** | 100,171 | 151,992 | | **Profit for the Year** | 79,843 | 118,649 | | **Basic Earnings Per Share (HK Cents)** | 6.0 | 8.9 | [Consolidated Statement of Financial Position](index=99&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets remained stable at HK$2,627.4 million, comprising HK$1,116.0 million in non-current assets and HK$1,511.5 million in current assets, including HK$1,327.7 million in cash and bank balances, while total liabilities stood at HK$1,157.3 million (HK$653.8 million current), resulting in total equity of HK$1,470.1 million, indicating a healthy balance sheet structure Consolidated Statement of Financial Position (HK$ Thousand) | Item | 2025/3/31 | 2024/3/31 | | :--- | :--- | :--- | | **Non-current Assets** | 1,115,958 | 1,116,291 | | **Current Assets** | 1,511,453 | 1,506,633 | | **Total Assets** | 2,627,411 | 2,622,924 | | **Current Liabilities** | 653,828 | 646,278 | | **Non-current Liabilities** | 503,448 | 491,145 | | **Total Liabilities** | 1,157,276 | 1,137,423 | | **Total Equity** | 1,470,135 | 1,485,501 | [Consolidated Cash Flow Statement](index=103&type=section&id=Consolidated%20Cash%20Flow%20Statement) In FY2025, the Group generated a strong net cash inflow of HK$596.7 million from operating activities, with net cash outflow of HK$55.2 million from investing activities primarily for property, plant, and equipment, and HK$565.3 million from financing activities for lease payments and dividends, resulting in a net decrease of HK$23.8 million in cash and cash equivalents, ending the year with HK$1,327.7 million Consolidated Cash Flow Statement (HK$ Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | **Net Cash Generated from Operating Activities** | 596,721 | 623,605 | | **Net Cash Used in Investing Activities** | (55,207) | (22,275) | | **Net Cash Used in Financing Activities** | (565,326) | (625,457) | | **Net Decrease in Cash and Cash Equivalents** | (23,812) | (24,127) | | **Cash and Cash Equivalents at End of Year** | 1,327,711 | 1,351,523 | [Notes to the Financial Statements](index=104&type=section&id=Notes%20to%20the%20Financial%20Statements) This chapter provides detailed explanations and supplementary information for consolidated financial statement items, covering key accounting policies, judgments, revenue and segment information, asset and liability movements, related party transactions, capital management, and share-based payment schemes, with specific notes on revenue recognition, geographical revenue breakdown, asset impairment losses from underperforming stores, and transactions with controlling shareholder Toridoll Group Revenue by Region (HK$ Thousand) | Region | FY2025 Revenue | FY2024 Revenue | | :--- | :--- | :--- | | **Hong Kong** | 2,680,464 | 2,570,897 | | **Mainland China and Overseas Markets** | 162,217 | 177,509 | | **Total** | 2,842,681 | 2,748,406 | - Due to underperforming restaurants, the Group recognized impairment losses of **HK$3,443,000** on right-of-use assets and **HK$6,667,000** on property, plant, and equipment in FY2025[861](index=861&type=chunk) - The Group engaged in several significant transactions with related parties, primarily the controlling shareholder Toridoll Group, including management fee income and expenses, and procurement service fees[1060](index=1060&type=chunk) - A significant non-adjusting event occurred after the reporting period: the controlling shareholder proposed to privatize the company by way of a scheme of arrangement in February 2025[1070](index=1070&type=chunk)[1071](index=1071&type=chunk) [Corporate Information](index=183&type=section&id=Corporate%20Information) This chapter provides essential company information, including lists of Board and committee members, authorized representatives, company secretary, website, registered office address, share registrar, principal bankers, and auditor details, noting changes in Board membership during and after the reporting period - Auditor: **KPMG**[1084](index=1084&type=chunk) - Stock Code: **2217**[1084](index=1084&type=chunk)

2025 2025 年 報 Annual Report Ev D y n a mics (H oldin gs) Limited Ev Dynamics (Holdings) Limited 科軒動力（控股）有限公司 (Incorporated in Bermuda with limited liability) (Stock Code: 476) 目 錄 | | 頁 次 | | --- | --- | | 公司資料 | 2 | | 主席報告 | 3 | | 管理層討論與分析 | 5 | | 董事會報告書 | 33 | | 企業管治報告 | 48 | | 獨立核數師報告 | 63 | | 經審核綜合財務報表 | | | 綜合損益及其他全面收益表 | 65 | | 綜合財務狀況表 | 67 | | 綜合權益變動表 | 69 | | 綜合現金流量表 | 70 | | 綜合財務報表附註 | 72 | 科軒動力（控股）有限公 司 Annual Report 2025 年報 1 科軒動力（控股）有限公司 二零二五年年報 公司資料 董 事 執行董事 張韌先生 （主席兼行政總裁） 陳凱盈小姐 孫景春先生 獨立非執行董事 陳 ...

Company Information [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) Fuyu Holdings Limited is a Cayman Islands-incorporated company listed on GEM, with key information on its board, legal representatives, and auditors disclosed - The Company is incorporated in the Cayman Islands and listed on GEM of the Stock Exchange of Hong Kong Limited, stock code 8269[8](index=8&type=chunk)[9](index=9&type=chunk) - The Board of Directors includes Executive Director Ms. Lin Su and three Independent Non-Executive Directors: Mr. Lau Wing Sing, Mr. Tam Chak Chi, and Mr. Chan Ka Hung[8](index=8&type=chunk) - Ms. Tam Tsz Yan is the Company Secretary, and Treasure Trust CPA Limited is the auditor[8](index=8&type=chunk) Directors' Report [Annual Results and Business Overview](index=5&type=section&id=Annual%20Results%20and%20Business%20Overview) The Group's FY2025 business focused on natural resources, fashion product sales, and money lending, with investments in listed securities and diversification efforts - For the financial year ended March 31, 2025, the Group's business primarily focused on natural resources and commodity trading, fashion product sales, and money lending business[11](index=11&type=chunk) - The Group utilized short-term idle funds for investments in listed securities and actively sought other suitable investment opportunities for business diversification[11](index=11&type=chunk)[12](index=12&type=chunk) - The Group continued to focus on fashion product sales and distribution in Hong Kong and Asia, including electronic accessories, storage boxes, and fashion apparel, actively participating in marketing activities and enhancing R&D capabilities[11](index=11&type=chunk) Management Discussion and Analysis [Financial Review](index=6&type=section&id=Financial%20Review) FY2025 revenue grew 9.6% to HK$35.4 million, gross profit increased to HK$7.3 million, and loss attributable to owners significantly reduced to HK$3.6 million due to cost control and higher gross profit Key Financial Indicators for FY2025 (HK$ thousand) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 35,400 | 32,300 | +9.6% | | Operating Gross Profit | 7,300 | 2,600 | +180.8% | | Other Income and Losses | 2,900 (Net Gain) | (60) (Net Loss) | - | | Operating Expenses | 10,400 | 15,500 | -32.9% | | Finance Costs | 400 | 400 | 0% | | Loss Attributable to Owners | (3,600) | (30,700) | -88.3% | - Revenue growth was primarily driven by increased sales and distribution of consumer goods, while money lending business revenue decreased[14](index=14&type=chunk) - Operating expenses decreased by **32.9%**, mainly due to effective cost control measures and reduced marketing expenses[15](index=15&type=chunk) [Business Review](index=6&type=section&id=Business%20Review) The Group's business segments include natural resources, fashion and consumer goods, money lending, and securities investment, with a shift towards consumer goods and increased investment portfolio fair value - The Group's business is divided into four operating segments: natural resources and commodities, branded fashion products and other consumer goods, money lending, and securities investment[17](index=17&type=chunk) [Natural Resources and Commodities](index=6&type=section&id=Natural%20Resources%20and%20Commodities) Due to an unfavorable macro environment, the Group suspended natural resource trading in 2024, reallocating resources to consumer and fashion product sales, while monitoring for future re-engagement - In 2024, due to an unfavorable macro environment, the Group did not engage in crude palm oil trading business[18](index=18&type=chunk) - The Group reallocated more resources to the consumer and fashion product sales segment and will continue to monitor the business environment[18](index=18&type=chunk) [Branded Fashion Products and Other Consumer Goods](index=7&type=section&id=Branded%20Fashion%20Products%20and%20Other%20Consumer%20Goods) The Group is optimistic about its consumer and fashion business, which generated HK$34.2 million in FY2025, expanding through R&D, brand collaborations, marketing, and planned use of motion-sensing game technology Revenue from Consumer and Fashion Products (HK$ thousand) | Year | Revenue (HK$ thousand) | | :--- | :--- | | 2025 | 34,200 | | 2024 | 30,400 | - The Group continued to sell popular branded fashion products and its own brand products, enhancing product features through technology and R&D[21](index=21&type=chunk) - To enhance brand image, the Group will develop new intellectual property, participate in marketing activities, place internet advertisements, and plans to use motion-sensing game technology to increase brand awareness[21](index=21&type=chunk) [Money Lending Business](index=8&type=section&id=Money%20Lending%20Business) Money lending revenue decreased to HK$1.2 million in FY2025, but management sees continued demand, providing unsecured loans at 6-12% annual interest, repayable within 12 months Revenue from Money Lending Business (HK$ thousand) | Year | Revenue (HK$ thousand) | | :--- | :--- | | 2025 | 1,200 | | 2024 | 1,900 | - The Group's money lending business primarily provides secured or unsecured loans to individuals and corporations in Hong Kong and China, funded by internal resources[25](index=25&type=chunk) - Loans receivable bear annual interest rates ranging from **6% to 12%**, are all unsecured, and are repayable within 12 months after the reporting period end[26](index=26&type=chunk) [Securities Investment](index=9&type=section&id=Securities%20Investment) The securities investment segment reported a net loss of HK$1 million in FY2025, but the portfolio's fair value significantly increased to HK$11.3 million, with a diversified strategy focused on Hong Kong-listed securities Net Loss from Securities Investment and Investment Portfolio Fair Value (HK$ thousand) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Loss from Securities Investment | (1,000) | (60) | | Investment Portfolio Fair Value | 11,300 | 300 | - The increase in investment portfolio fair value was mainly due to borrowers repaying securities assets[31](index=31&type=chunk) - The Group will maintain a diversified investment portfolio across different market segments to minimize associated risks[32](index=32&type=chunk) [Financial Position](index=9&type=section&id=Financial%20Position) As of March 31, 2025, the Group's net assets decreased to HK$7.3 million, primarily due to increased trade payables, with non-current assets at zero Group Net Assets and Net Current Assets (HK$ thousand) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Assets | 7,300 | 10,800 | | Non-Current Assets | 0 | 13 | | Net Current Assets | 7,300 | 17,100 | - The decrease in net assets and net current assets was primarily due to an increase in trade payables of approximately **HK$8 million**[33](index=33&type=chunk)[35](index=35&type=chunk) [Liquidity and Financial Resources](index=10&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group's gearing ratio rose to 46.5%, current ratio fell to 1.2, mainly due to increased trade payables and reclassified bonds, with no available bank facilities Group Liquidity Indicators | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Gearing Ratio | 46.5% | 36.7% | | Current Ratio | 1.2 | 1.4 | - The decrease in the current ratio was mainly due to an increase in trade payables and the reclassification of bonds payable from non-current to current liabilities[36](index=36&type=chunk) - As of March 31, 2025, the Group had no available bank facilities[37](index=37&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries and Associates](index=10&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associates) The Group undertook no other significant acquisitions or disposals of subsidiaries and associates during the year ended March 31, 2025 - The Group had no significant acquisitions or disposals of subsidiaries and associates during the current year[38](index=38&type=chunk) [Significant Investments](index=10&type=section&id=Significant%20Investments) As of March 31, 2025, the Group's financial assets at fair value through profit or loss totaled HK$11.3 million, primarily Hong Kong-listed equity investments, managed with a passive, diversified strategy Details of Significant Investments (as of March 31, 2025) | Company Name | Fair Value (HK$ thousand) | Approximate Percentage of Financial Assets (%) | Approximate Percentage of Total Assets (%) | | :--- | :--- | :--- | :--- | | New Concepts Holdings Limited | 3,914 | 34.6 | 6.7% | | China Investment and Finance Group Limited | 3,570 | 31.5 | 6.1% | | Other Securities | 3,836 | 33.9 | 6.5% | | **Total** | **11,320** | **100.0** | **19.3%** | - The Group adopts a passive investment strategy and maintains a diversified investment portfolio to mitigate risks[41](index=41&type=chunk)

年報 2025 Annual Report 2025 ANNUAL REPORT 2025 年 報 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為中小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公司，在GEM買賣的證券可能會較於主板買賣的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。本 報告載有有關民富國際控股有限公司（「本公司」）的資料，乃遵照聯交所GEM證券上巿規則（「GEM上市規則」） 而提供，本公司董事（統稱「董事」，各為一名「董事」）願就此共同及個別承擔全部責任。董事在作出一切合理查 詢後確認，就其所深知及盡信，本報告所載資料於所有重大方面均準確完整，並無誤導或欺騙，且並無遺漏其 他事宜致使本報告任何陳述或本 ...

IR AP RENTALS HOLDINGS LIMITED 亞積邦租賃控股有限公司 * (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code 股份代號：1496 * For identification purposes only 僅供識別 THE LEAD COLLECT nt and and . 四国 AP POWER Art #UOB y ly 38 ia 1X TEL II THE FEATURE THE NULL ei A a in the le ■ H 2 d wo in alles LICE ■ TRET 87-1- LECTRAC E W B I LCC ra P I CONTENTS 目錄 | 4 | Corporate Information | 公司資料 | | --- | --- | --- | | 6 | Corporate Event Highlights | 企業活動摘要 | | 10 | Chairman's Statement | 主席報告 | | 14 ...

[Supplemental Announcement Regarding 2024 Annual Report](index=1&type=section&id=Supplemental%20Announcement%20Regarding%20the%20Annual%20Report%20for%20the%20Year%20Ended%20December%2031%2C%202024) This announcement provides supplementary information to the 2024 annual report, specifically detailing the share option scheme [Details of Share Option Scheme](index=1&type=section&id=Share%20Option%20Scheme) This section details the share option scheme, disclosing the number of options available for grant and the total shares issuable under the scheme as required by GEM Listing Rules - This announcement supplements the 2024 annual report, providing additional information on the share option scheme in accordance with GEM Listing Rule 23.07(2)[3](index=3&type=chunk)[4](index=4&type=chunk) Key Data of Share Option Scheme | Item | Quantity / Percentage | | :--- | :--- | | Number of Share Options Available for Grant as of January 1, 2024 | 8,000,000 options | | Number of Share Options Available for Grant as of December 31, 2024 | 8,000,000 options | | Number of Shares Available for Issue as of Annual Report Date | 18,775,352 shares | | Percentage of Issued Shares | 11.73% | - The company explicitly states that no sub-limit has been set for service providers under the share option scheme[4](index=4&type=chunk)

LANDRICH HOLDING LIMITED 譽燊豐控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號: 2132 2025 年 報 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 4 | | 管理層討論及分析 | 6 | | 董事會報告 | 10 | | 董事及高級管理層履歷詳情 | 25 | | 企業管治報告 | 29 | | 環境、社會及管治報告 | 42 | | 獨立核數師報告 | 64 | | 綜合損益及其他全面收益表 | 70 | | 綜合財務狀況表 | 71 | | 綜合權益變動表 | 73 | | 綜合現金流量表 | 74 | | 綜合財務報表附註 | 76 | | 財務概要 | 136 | 01 譽燊豐控股有限公司 目錄 公司資料 董事會 執行董事 徐繼光先生 （主席） 徐子揚先生 （行政總裁） 徐慧揚女士 獨立非執行董事 李殷傑先生 李建基先生 鄺炳文先生 董事委員會 審核委員會 李建基先生 （主席） 李殷傑先生 鄺炳文先生 薪酬委員會 李殷傑先生 （主席） 李建基先生 鄺炳文先生 徐繼光先生 提名委員會 鄺炳文先生 （主席） 李殷傑先生 李建基先生 ...

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