思博系统(08319) - 2025 - 年度财报
2025-07-25 08:51
香港聯合交易所有限公司(「聯交所」)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 不會就因本報告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 本年報的資料乃遵照聯交所GEM證券上市規則(「GEM上市規則」)而刊載,旨在提供有關思博系統控股有限公司(「本公司」) 的資料。本公司董事(「董事」)願就本年報的資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後,確認就彼 等所知及所信,本年報所載資料在各重要方面均屬準確完備,沒有誤導或欺詐成分,且並無遺漏其他事項,足以令致本 年報所載任何陳述或本年報產生誤導。 本年報將自其刊發日期起計至少於聯交所網站www.hkexnew ...
安保工程控股(01627) - 2025 - 年度财报
2025-07-25 08:43
ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 1 CONTENTS 目錄 The English text of this annual report shall prevail over the Chinese text in case of inconsistencies or discrepancies. 本年報之中英文版本如有任何歧義或差異,概以英文版本為準。 2 公司資料 Corporate Information 4 五年財務概要 Five-year Financial Summary 7 主席報告 Chairman's Statement 10 重大手頭合約概要 Summary of Substantial Contracts on Hand 12 牌照及資格 Licences and Qualifications 14 管理層討論及分析 Management Discussion and Analysis 25 董事及高級管理層履歷 Biographical Details of Directors and Senior Management 34 ...
快意智能(08040) - 2025 - 年度财报
2025-07-25 08:38
快意智能股份有限公司 (於開曼群島註冊成立之有限公司) (股份代號:8040) 年度報告 COOLPOINT INNONISM HOLDING LIMITED (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8040) 年度報告 香 港 聯 合 交 易 所 有 限 公 司(「聯 交 所」)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 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 就 因 本 報 告 全 部 或 任 何 ...
华音国际控股(00989) - 2025 - 年度财报
2025-07-25 08:36
HUA YIN INTERNATIONAL HOLDINGS LIMITED 華音國際控股有限公司 ( 於百慕達註冊成立之有限公司 ) ( Incorporated in Bermuda with limited liability ) Stock Code 股份代號:989 年 報 HUA YIN INTERNATIONAL HOLDINGS LIMITED Room1305, 13th Floor, China Resources Building, No. 26 Harbour Road, Wanchai, Hong Kong www.huayininternational.com 華音國際控股有限公司 香港灣仔港灣道26號華潤大廈13樓1305室 Tel 電話: (852) 2209 2888 Fax 傳真: (852) 2209 2988 HUA YIN INTERNATIONAL HOLDINGS LIMITED 華音國際控股有限公司 ANNUAL REPO R T 年報 2 0 2 4/25 Contents 目 錄 | 2 | Corporate Information | | --- | - ...
同景新能源(08326) - 2025 - 年度财报
2025-07-25 08:33
於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 (股份代號: 8326) ANNUAL REPORT 2025 2025 年 報 香港聯合交易所有限公司(「聯交所」)GEM的特色 GEM的定位,乃為相比起其他在聯交所上市的公司可能帶有較高投資風險的中小型公司提供一個上市的市場。 有意投資之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買賣之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 確表示概不就因本報告全部或任何部分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。 本報告之資料乃遵照聯交所GEM證券上市規則(「GEM上市規則」)而刊載,旨在提供有關同景新能源集團控股有 限公司(「本公司」)的資料,本公司之各董事(「董事」)願就本報告共同及個別承擔全部責任。各董事在作出一切 合理查詢後,確認就彼等所深知及確信,本報告所載資料在各重大方面均屬準確完備,無誤導或 ...
华油能源(01251) - 2025 - 年度财报

2025-07-25 08:30
(於開曼群島註冊成立的有限公司) 股份代號: 1251 僅供識別 2024 年報 目錄 | 公司資料 | 2 | | --- | --- | | 財務概要 | 4 | | 主席報告 | 6 | | 管理層討論與分析 | 13 | | 董事與高級管理層履歷 | 30 | | 董事會報告 | 35 | | 企業管治報告 | 55 | | 環境、社會及管治報告 | 73 | | 獨立核數師報告 | 98 | | 合併財務狀況表 | 104 | | 合併利潤表 | 106 | | 合併全面收益表 | 107 | | 合併權益變動表 | 108 | | 合併現金流量表 | 110 | | 合併財務報表附註 | 111 | 華油能源集團有限公司 二零二四年年報 2 公司資料 董事會 執行董事 吳東方先生 (主席兼行政總裁) (附註1) 李強先生 丁克臣先生(附註2) 非執行董事 王國強先生(附註1) 武吉偉先生 陳春花女士 獨立非執行董事 張渝涓女士 胡國強先生 馬小虎先生 審核委員會 胡國強先生 (主席) 陳春花女士 馬小虎先生 薪酬委員會 張渝涓女士 (主席) 吳東方先生(附註1) 胡國強先生 提名委員會 吳東方先生 ...
METASPACEX(01796) - 2025 - 年度财报
2025-07-25 08:30
目錄 | 2–3 | 公司資料 | | --- | --- | | 4–5 | 行政總裁報告 | | 6–12 | 管理層討論及分析 | | 13–16 | 董事及高級管理層履歷資料 | | 17–29 | 企業管治報告 | | 30–41 | 環境、社會及管治報告 | | 42–51 | 董事會報告 | | 52–56 | 獨立核數師報告 | | 57 | 綜合損益及其他全面收益表 | | 58 | 綜合財務狀況表 | | 59 | 綜合權益變動表 | | 60 | 綜合現金流量表 | | 61–111 | 綜合財務報表附註 | | 112 | 財務資料概要 | Metaspacex Limited (前稱Yield Go Holdings Ltd. 耀高控股有限公司) (於開曼群島註冊成立的有限公司) (股份代號: 1796) 2025 年 報 非執行董事 陳怡冬先生(於二零二四年八月二十三日退任) 周丹青先生(於二零二四年八月二十三日退任) 獨立非執行董事 何建宇先生(於二零二五年六月六日辭任) 周地先生(於二零二四年十一月六日辭任) 孟小楹女士(於二零二四年十一月六日辭任) 鄭柏林先生 牙莉女士(於二 ...
华科智能投资(01140) - 2025 - 年度财报
2025-07-25 08:30
2024/25 ANNUAL REPORT 年 報 Wealthink AI-Innovation Capital Limited 華科智能技資有限公司 ANNUAL REPORT 2024/25 年報 CONTENTS 目錄 | | | Pages | | --- | --- | --- | | | | 頁碼 | | • | CORPORATE INFORMATION | 2 | | | 公司資料 | | | • | CHAIRMAN'S STATEMENT | 5 | | | 主席報告書 | | | • | MANAGEMENT DISCUSSION AND ANALYSIS | 7 | | | 管理層討論及分析 | | | • | BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT | 29 | | | 董事及高級管理人員簡歷 | | | • | DIRECTORS' REPORT | 33 | | | 董事會報告 | | | • | CORPORATE GOVERNANCE REPORT | 49 | | | 企業管治報告 | | | • | ...
本间高尔夫(06858) - 2025 - 年度财报
2025-07-25 08:30
2024 年度報告 25 目 錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 董事長報告書 | 5 | | 管理層討論及分析 | 7 | | 董事及高級管理層履歷 | 36 | | 董事會報告 | 43 | | 企業管治報告 | 68 | | 環境、社會及管治報告 | 91 | | 獨立核數師報告 | 139 | | 綜合損益表 | 144 | | 綜合全面收益表 | 145 | | 綜合財務狀況表 | 146 | | 綜合權益變動表 | 148 | | 綜合現金流量表 | 150 | | 財務報表附註 | 152 | 盧伯卿先生 (主席) 汪建國先生 徐輝先生 頁 公司資料 董事會 執行董事 劉建國先生 (董事長兼總裁) 伊藤康樹先生 左軍先生 劉宏立先生 非執行董事 楊小平先生 何平僊先生(1) 謝吉人先生(2) 獨立非執行董事 盧伯卿先生 汪建國先生 徐輝先生 田青女士(3) 審核委員會 薪酬委員會 汪建國先生 (主席) 徐輝先生 左軍先生 提名委員會 劉建國先生 (主席) 汪建國先生 盧伯卿先生 田青女士(3) 公司秘書 岑影文女士 授權代表 左軍先生 岑影文女 ...
中国国家文化产业(00745) - 2025 - 年度财报
2025-07-25 08:24
[Company Information](index=3&type=section&id=Company%20Information) This section outlines the company's fundamental registration details, board composition, key officers, and listing information - Provides a list of executive directors, independent non-executive directors, and members of the audit, remuneration, and nomination committees[4](index=4&type=chunk) - The Company Secretary changed from Mr. Leung Cho Yi to Mr. Lam Chi Sum on July 2, 2024[4](index=4&type=chunk) - The company is listed on the Main Board of The Stock Exchange of Hong Kong Limited under stock code **745**[5](index=5&type=chunk) [Chairman's Statement](index=4&type=section&id=Chairman's%20Statement) [Annual Review](index=4&type=section&id=Annual%20Review) During the reporting period, the Group continued to focus on advertising and e-commerce, benefiting from Hong Kong's economic recovery, but recorded a net loss due to reduced gross profit and losses from subsidiary disposals - The Group continued to focus on advertising and e-commerce businesses, benefiting from Hong Kong's economic recovery and increased retail sales reflecting rising consumer demand[8](index=8&type=chunk) - The Group recorded a net loss for the year, primarily due to decreased gross profit and losses incurred from the disposal of a subsidiary[8](index=8&type=chunk) [Outlook](index=4&type=section&id=Outlook) The Group remains confident in future growth, seeing opportunities in Hong Kong's strong economic recovery and digital economy expansion, planning to develop existing businesses and explore new sectors like media and culture through acquisitions or collaborations - The Group remains confident in accelerating growth, driven by Hong Kong's strong economic recovery and the expanding digital economy[9](index=9&type=chunk) - Future plans include: - Continuing to develop advertising and e-commerce related businesses - Expanding related businesses through acquisitions, product portfolio expansion, and/or collaborations - Extending business into other sectors, such as media and culture-related businesses[12](index=12&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) [Business and Financial Review](index=5&type=section&id=Business%20Review) For the year ended March 31, 2025, total revenue grew **57%** to **HKD 43.71 million**, driven by advertising and e-commerce; despite a gross margin decline to **9.0%**, the annual loss significantly narrowed to **HKD 4.78 million** due to expense control Financial Performance Summary | Metric | FY2025 (HKD thousands) | FY2024 (HKD thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 43,708 | 27,883 | +57% | | Gross Profit | 3,947 | 5,439 | -27.4% | | Gross Margin | 9.0% | 19.5% | -10.5pp | | Loss Attributable to Owners of the Company | (4,782) | (43,668) | Loss narrowed by 89% | - The increase in revenue was primarily driven by higher turnover from the advertising and e-commerce segments[13](index=13&type=chunk) - The decline in gross margin was mainly due to an increased proportion of revenue generated from the lower-margin e-commerce segment[13](index=13&type=chunk) [Segment Business Analysis](index=5&type=section&id=Segment%20Business%20Analysis) The Group's core businesses are advertising and e-commerce; advertising revenue surged **136%** after a strategic shift to the Hong Kong market, while e-commerce, primarily focused on used iPhones and parts, saw significant growth driven by market demand and plans to diversify into non-electronic goods [Advertising Business](index=5&type=section&id=Advertising%20Business) Facing challenges in the Chinese market, the Group strategically shifted its advertising focus to Hong Kong from FY2024, achieving significant success with advertising revenue surging **136%** year-on-year to approximately **HKD 13.7 million** in FY2025, benefiting from Hong Kong's robust economic growth - Facing multiple challenges in the Chinese market, the Group strategically shifted its focus to the Hong Kong market starting from FY2024[14](index=14&type=chunk) Advertising Revenue | Fiscal Year | Advertising Revenue (HKD) | Y-o-Y Growth | | :--- | :--- | :--- | | 2025 | 約13,700,000 | +136% | | 2024 | 約5,800,000 | - | [E-commerce Business](index=5&type=section&id=E-commerce%20Business) The Group's e-commerce wholesale business, primarily in used iPhones and parts, experienced significant revenue growth driven by increased market demand; the Group is diversifying its product portfolio to include non-electronic goods such as apparel, frozen seafood, and food - The e-commerce business primarily involves wholesale of used iPhones and components, with significant revenue growth mainly due to increased market demand[15](index=15&type=chunk) - The Group is diversifying its product portfolio to include non-electronic goods, such as apparel, frozen seafood, and food (e.g., health foods and tea)[16](index=16&type=chunk) [Significant Investments](index=6&type=section&id=Significant%20Investments) As of March 31, 2025, the Group held financial assets at fair value through profit or loss valued at approximately **HKD 17.12 million** and equity instruments at fair value through other comprehensive income valued at approximately **HKD 1.08 million**, primarily including Hong Kong-listed Capital Strategic Investment Limited and Asia Resources Holdings Limited Financial Assets at Fair Value Through Profit or Loss (As of March 31, 2025) | Financial Assets at FVTPL (As of March 31, 2025) | Fair Value (HKD thousands) | % of Total Group Assets | | :--- | :--- | :--- | | Capital Strategic Investment Limited | 1,838 | 3.5% | | Asia Resources Holdings Limited | 948 | 1.8% | | Other Listed Securities | 14,338 | 27.6% | | **Total** | **17,124** | **32.9%** | Equity Instruments at Fair Value Through Other Comprehensive Income (As of March 31, 2025) | Equity Instruments at FVOCI (As of March 31, 2025) | Fair Value (HKD thousands) | % of Total Group Assets | | :--- | :--- | :--- | | Regal Time Group Limited | 514 | 1.0% | | Other Listed Securities | 567 | 1.1% | | **Total** | **1,081** | **2.1%** | [Capital Structure and Use of Proceeds](index=8&type=section&id=Capital%20Structure) During the reporting period, the company completed a capital reorganization (involving capital reduction and share split) and a rights issue, raising net proceeds of approximately **HKD 15.1 million** at **HKD 0.1** per share, primarily allocated for e-commerce business development (**HKD 11.3 million**) and general working capital (**HKD 3.8 million**) - During the year, the company completed a capital reorganization (capital reduction and share split) and a rights issue[27](index=27&type=chunk) Use of Rights Issue Proceeds | Use of Rights Issue Proceeds | Planned Amount (HKD) | Amount Utilized (As of 2025/3/31) | | :--- | :--- | :--- | | Development of e-commerce business | 約11,300,000 | - | | General working capital | 約3,800,000 | 約800,000 | | **Net Proceeds** | **約15,100,000** | **約800,000** | [Liquidity, Financing and Others](index=8&type=section&id=Liquidity%20and%20Financing) As of March 31, 2025, the Group's total cash and bank balances significantly increased to approximately **HKD 15.04 million**, with a notable improvement in net current assets; the Group had no bank borrowings, resulting in a zero gearing ratio, and the number of employees decreased from **22** to **17** during the year Liquidity Position | Liquidity Position | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Cash and bank balances | 15,042 | 727 | | Total current assets | 50,795 | 29,772 | | Total current liabilities | 7,301 | 15,289 | | Bank borrowings | 0 | 0 | - As of March 31, 2025, the Group had **17** employees, a decrease from **22** in the previous year[38](index=38&type=chunk) [Directors' Report](index=9&type=section&id=Directors'%20Report) [Business and Financial Review](index=10&type=section&id=Principal%20Businesses) The Company's principal business is investment holding, with subsidiaries engaged in advertising and e-commerce; as the Group recorded a loss for the year, the Board does not recommend paying any dividends - The Company's principal business is investment holding, with details of its subsidiaries' main businesses provided in Note 21 to the financial statements[40](index=40&type=chunk) - The Board does not recommend paying any dividends for the year ended March 31, 2025[42](index=42&type=chunk) [Share Option Scheme](index=10&type=section&id=Share%20Option%20Scheme) The company's share option scheme adopted on August 29, 2014, expired on August 28, 2024; during the reporting year, no new share options were granted, exercised, or cancelled, but **9,665,200** options lapsed, leaving **5,888,400** unexercised as of the reporting date - The company's share option scheme adopted on August 29, 2014, expired on August 28, 2024[46](index=46&type=chunk)[61](index=61&type=chunk) - During the review year, no share options were granted, exercised, or cancelled, but **9,665,200** share options lapsed; as of the reporting date, **5,888,400** share options remained unexercised[46](index=46&type=chunk)[49](index=49&type=chunk) [Major Customers and Suppliers](index=13&type=section&id=Major%20Customers%20and%20Suppliers) This year, sales to the top five customers accounted for **44.93%** of total sales, with the largest customer at **9.15%**, a significant decrease from last year's **89.96%** and **53.07%** respectively; for suppliers, the top five accounted for **100%** of total purchases, with the largest supplier's share decreasing from **73.91%** to **43.01%** Customer and Supplier Concentration | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Sales to Top 5 Customers % | 44.93% | 89.96% | | Sales to Largest Customer % | 9.15% | 53.07% | | Purchases from Top 5 Suppliers % | 100.00% | 100.00% | | Purchases from Largest Supplier % | 43.01% | 73.91% | [Key Risks and Uncertainties](index=14&type=section&id=Key%20Risks%20and%20Uncertainties) The Group's key risks include operational risk from non-recurring contracts and customer churn, equity price risk from financial asset market fluctuations, and liquidity risk related to meeting payment obligations - **Operational Risk**: Revenue primarily derives from non-recurring contracts, and failure to secure new contracts continuously will adversely affect operations and financial performance[69](index=69&type=chunk) - **Equity Price Risk**: Arises from fluctuations in market prices of the Group's financial asset investments[70](index=70&type=chunk) - **Liquidity Risk**: Refers to the possibility of the Group failing to meet its payment obligations when due, managed by monitoring cash flows and maintaining sufficient cash[71](index=71&type=chunk) [Directors' and Shareholders' Interests](index=17&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) The report discloses four directors each holding interests in **490,700** unlisted share options; as of the reporting date, no substantial shareholders held **5%** or more interests requiring disclosure under the SFO, and the company maintained a sufficient public float of not less than **25%** of its issued shares Directors' Interests in Unlisted Share Options | Director Name | Number of Unlisted Share Options | % of Issued Share Capital | | :--- | :--- | :--- | | Ms. Sun Wei | 490,700 | 0.21% | | Ms. Man Hau Chun | 490,700 | 0.21% | | Ms. Wong Miu Kwan | 490,700 | 0.21% | | Ms. Wong Yuk Kit | 490,700 | 0.21% | - As of March 31, 2025, no person held **5%** or more of the share capital requiring disclosure under the Securities and Futures Ordinance[96](index=96&type=chunk) - As of the date of this annual report, the Company maintained a sufficient public float of not less than **25%** of its issued shares[97](index=97&type=chunk) [Corporate Governance Report](index=20&type=section&id=Corporate%20Governance%20Report) [Board and Committees](index=20&type=section&id=Board%20of%20Directors) The Board comprises six directors, including three executive and three independent non-executive directors, meeting Listing Rules requirements; during the reporting period, the Board held **6** meetings, and the audit, remuneration, and nomination committees also met, fulfilling their respective duties with **100%** attendance from all members - The Board currently comprises **six** directors, including **three** executive directors and **three** independent non-executive directors, complying with Listing Rules requirements[104](index=104&type=chunk) - The company has established a Remuneration Committee, Audit Committee, and Nomination Committee to enhance Board functions[108](index=108&type=chunk) Board and Committee Meeting Attendance | Committee/Board | Meetings Held (During the Year) | Member Attendance Rate | | :--- | :--- | :--- | | Board of Directors | 6 | 100% | | Remuneration Committee | 1 | 100% | | Audit Committee | 2 | 100% | | Nomination Committee | 1 | 100% | [Director Nomination and Diversity Policy](index=23&type=section&id=Board%20Diversity%20Policy) The company has adopted director nomination and board diversity policies to ensure a diverse range of backgrounds, skills, and experiences, considering factors like gender, age, and professional background during selection; the current board exhibits diversity in age, gender, educational background, and professional experience - The company has adopted a nomination policy and a board diversity policy, considering factors such as gender, age, cultural and educational background, professional qualifications, and skills when selecting director candidates[117](index=117&type=chunk)[121](index=121&type=chunk) - The current Board composition demonstrates diversity in age (**30 to 69 years**), gender (**4 female, 1 male**), educational background (e.g., finance, accounting), and professional experience (e.g., accounting, management, media)[122](index=122&type=chunk)[123](index=123&type=chunk) [Risk Management and Shareholder Communication](index=26&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board is fully responsible for establishing, maintaining, and reviewing the company's risk management and internal control systems, engaging an independent consultant for annual reviews; additionally, the company has formulated shareholder communication and dividend policies to ensure effective communication and sound dividend distribution decisions - The Board is fully responsible for the risk management and internal control systems, having appointed an independent internal control review consultant for annual reviews[130](index=130&type=chunk) - The company has established a shareholder communication policy, utilizing various channels such as annual reports, circulars, and general meetings to communicate with shareholders[133](index=133&type=chunk) - The company adopted a dividend policy in March 2019, where dividend decisions consider factors such as the Group's financial performance, capital requirements, and liquidity position[136](index=136&type=chunk)[138](index=138&type=chunk) [Biographies of Directors](index=29&type=section&id=Biographies%20of%20Directors) [Biographies of Directors](index=29&type=section&id=Biographies%20of%20Directors) This section provides detailed biographies of the executive and independent non-executive directors, including their personal backgrounds, academic qualifications, professional credentials, and extensive experience across various industries - **Ms. Sun Wei (Executive Director)**: Holds a Master of Science degree in Finance from Clark University, USA, with over **five** years of experience in accounting and administration[139](index=139&type=chunk) - **Mr. Liu Kwong Sang (Independent Non-Executive Director)**: A practicing accountant in Hong Kong with over **27** years of experience in the accounting profession and a fellow member of several professional accounting bodies[140](index=140&type=chunk) - **Ms. Wong Miu Kwan (Independent Non-Executive Director)**: Possesses over **10** years of experience in the information technology and media industries, with extensive operational and management expertise[143](index=143&type=chunk) [Environmental, Social and Governance Report](index=30&type=section&id=Environmental,%20Social%20and%20Governance%20Report) [Environmental Aspect](index=33&type=section&id=Environmental%20Aspect) The Group's environmental impact is limited, primarily from office electricity consumption; total greenhouse gas emissions were **2.4 tonnes CO2e** from purchased electricity, with a target to reduce Scope 2 emissions and energy intensity by **5%** from 2024 levels by 2028, and climate change-related physical and transition risks have been assessed Environmental Performance Indicators (2024/25) | Environmental Performance Indicator (2024/25) | Data | Unit | | :--- | :--- | :--- | | Total GHG Emissions (Scope 2) | 2.4 | tonnes CO2e | | GHG Emissions Intensity (per employee) | 0.14 | tonnes CO2e/employee | | Total Energy Consumption | 4.0 | MWh | | Energy Consumption Intensity (per employee) | 0.235 | MWh/employee | - The Group has set a target to reduce both Scope 2 emissions intensity and energy intensity by **5%** from the 2024 baseline year by **2028**[157](index=157&type=chunk)[162](index=162&type=chunk) - The Group has identified and assessed climate change risks, including physical risks from extreme weather and transition risks such as increased compliance costs and technological shifts[166](index=166&type=chunk)[167](index=167&type=chunk) [Social Aspect](index=37&type=section&id=Social%20Aspect) The Group strictly adheres to labor laws, committed to providing equal opportunities and a healthy, safe work environment; during the reporting period, total employees were **17** with a **6%** turnover rate, all receiving an average of **2.5** hours of training, with no work-related fatalities, and established supply chain management, product responsibility, and anti-corruption policies - The Group complies with labor laws in China and Hong Kong, adheres to "open, fair, and just" recruitment principles, and has adopted an equal employment opportunity policy[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk) Employment and Safety Indicators (2024/25) | Employment and Safety Indicator (2024/25) | Data | | :--- | :--- | | Total Employees | 17 persons | | Total Employee Turnover Rate | 6% | | Percentage of Employees Trained | 100% | | Average Training Hours per Employee | 2.5 hours | | Work-related Fatalities | 0 persons | - The Group has established supply chain management, product responsibility (including data privacy protection), and anti-corruption policies, with no significant violations or corruption cases reported during the period[179](index=179&type=chunk)[182](index=182&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) [Independent Auditor's Report](index=47&type=section&id=Independent%20Auditor's%20Report) [Independent Auditor's Report](index=48&type=section&id=Independent%20Auditor's%20Report) The auditor, BDO Limited, issued an unmodified opinion on the Group's consolidated financial statements, deeming them to fairly present the Group's financial position as of March 31, 2025, and its financial performance and cash flows for the year; "Expected credit losses on trade receivables" was identified as a key audit matter due to its significance and subjective management judgment - The auditor concluded that the consolidated financial statements fairly present the Group's financial position, performance, and cash flows in accordance with Hong Kong Financial Reporting Standards, issuing an unmodified opinion[194](index=194&type=chunk) - A key audit matter identified was "Expected credit losses on trade receivables" due to its material significance to the consolidated financial position and the subjective judgment and management estimates involved in its assessment[199](index=199&type=chunk)[201](index=201&type=chunk) - The consolidated financial statements for the prior year (ended March 31, 2024) were audited by another auditor, who issued an unmodified opinion[202](index=202&type=chunk) [Consolidated Financial Statements](index=52&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss](index=53&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2025, the Group's revenue was **HKD 43.71 million**, a **57%** year-on-year increase, while gross profit was **HKD 3.95 million**, down **27%**; the annual loss significantly narrowed from **HKD 43.67 million** to **HKD 4.78 million** due to reversal of impairment losses on trade receivables and controlled expenses, with basic loss per share at **4.84 HK cents** Consolidated Statement of Profit or Loss (For the Year Ended March 31) | Consolidated Statement of Profit or Loss (For the Year Ended March 31) | 2025 (HKD thousands) | 2024 (HKD thousands, Restated) | | :--- | :--- | :--- | | Revenue | 43,708 | 27,883 | | Gross Profit | 3,947 | 5,439 | | Net Reversal/(Provision) for Impairment Losses on Trade Receivables | 6,668 | (34,451) | | Loss Before Tax | (4,782) | (44,434) | | Loss for the Year Attributable to Owners of the Company | (4,782) | (43,668) | | Loss Per Share (Basic and Diluted) | (4.84) HK cents | (45.44) HK cents | [Consolidated Statement of Financial Position](index=55&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HKD 51.88 million**, a **62%** increase year-on-year, while total liabilities significantly decreased to **HKD 7.30 million**; total equity increased from **HKD 16.75 million** to **HKD 44.58 million** due to the rights issue and narrowed losses, indicating a substantial improvement in the financial position Consolidated Statement of Financial Position (As of March 31) | Consolidated Statement of Financial Position (As of March 31) | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 1,081 | 2,267 | | Current assets | 50,795 | 29,772 | | **Total Assets** | **51,876** | **32,039** | | **Equity and Liabilities** | | | | Total equity | 44,575 | 16,750 | | Current liabilities | 7,301 | 15,289 | | **Total Liabilities** | **7,301** | **15,289** | | **Total Equity and Liabilities** | **51,876** | **32,039** | [Consolidated Statement of Cash Flows](index=58&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the year ended March 31, 2025, net cash outflow from operating activities improved to **HKD 0.96 million** from **HKD 5.64 million** last year; financing activities generated a net cash inflow of **HKD 15.30 million** from the rights issue, leading to a significant increase in year-end cash and cash equivalents from **HKD 0.73 million** to **HKD 15.04 million** Consolidated Statement of Cash Flows (For the Year Ended March 31) | Consolidated Statement of Cash Flows (For the Year Ended March 31) | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (955) | (5,638) | | Net cash used in investing activities | (34) | – | | Net cash from financing activities | 15,304 | – | | Net increase/(decrease) in cash and cash equivalents | 14,315 | (5,638) | | Cash and cash equivalents at end of year | 15,042 | 727 | [Notes to the Consolidated Financial Statements](index=59&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the financial statements, covering accounting policies, segment information, financial instrument risks, related party transactions, and equity changes; key highlights include advertising and e-commerce as primary revenue sources, significant impairment provisions for aged trade receivables, and the completion of capital reorganization and rights issue during the year, which significantly altered the equity structure - The Group's principal businesses are advertising (revenue of **HKD 13.69 million**) and e-commerce (revenue of **HKD 30.02 million**)[331](index=331&type=chunk)[337](index=337&type=chunk) - As of March 31, 2025, total trade receivables amounted to **HKD 55.74 million**, with impairment provisions of **HKD 39.27 million**, including **HKD 43.01 million** for receivables aged over **365** days[366](index=366&type=chunk) - During the year, the company completed a capital reorganization (capital reduction and share split) and a rights issue, increasing issued ordinary shares from **78.12 million** to **234.37 million**, and changing the par value from **HKD 0.4** to **HKD 0.01**[374](index=374&type=chunk)[375](index=375&type=chunk) [Financial Summary](index=117&type=section&id=Financial%20Summary) [Five-Year Financial Summary](index=117&type=section&id=Financial%20Summary) This section summarizes the Group's key financial data over the past five fiscal years, showing a revenue rebound this year after several years of decline, though annual losses persisted; total assets and net assets also recovered this year following continuous decreases, partly due to the rights issue Five-Year Performance Summary | Five-Year Performance Summary (HKD thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 43,708 | 27,883 | 43,019 | 67,457 | 78,095 | | Loss for the Year Attributable to Owners of the Company | (4,782) | (43,668) | (1,498) | (34,551) | (56,317) | Five-Year Assets and Liabilities Summary | Five-Year Assets and Liabilities Summary (HKD thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 51,876 | 32,039 | 78,006 | 87,103 | 101,806 | | Total Liabilities | (7,301) | (15,289) | (17,025) | (30,768) | (35,956) | | Net Assets | 44,575 | 16,750 | 60,981 | 56,335 | 65,850 |