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布的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公布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。 2025 年度中期業績 恒隆集團有限公司 HANG LUNG GROUP LIMITED ﹙於香港註冊成立之有限公司﹚ ﹙股份代號︰00010﹚ 2025 年度中期業績 2025 年度中期業績 目錄 | | 頁 | | --- | --- | | 財務摘要 | 1 | | 業務回顧 | 2 | | 綜合財務報表 | 24 | | 綜合財務報表附註 | 27 | | 其他資料 | 36 | | 詞彙 | 38 | 2025 年度中期業績 財務摘要 以港幣百萬元計算（除另有註明） 業績 截至 6 月 30 日止六個月 | | | 2025 | | | | 2024 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 物業 | 物業 | | | 物業 | 物業 | | | | | 租賃 | 銷售 | 酒店 | 總額 | 租賃 | ...

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布的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公布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。 恒隆地產有限公司 HANG LUNG PROPERTIES LIMITED ﹙於香港註冊成立之有限公司﹚ ﹙股份代號︰00101﹚ 2025 年度中期業績 2025 年度中期業績 目錄 | | 頁 | | --- | --- | | 財務摘要 | 1 | | 業務回顧 | 2 | | 綜合財務報表 | 23 | | 綜合財務報表附註 | 26 | | 其他資料 | 36 | | 詞彙 | 38 | 2025 年度中期業績 財務摘要 以港幣百萬元計算（除另有註明） 業績 截至 6 月 30 日止六個月 | | | 2025 | | | | 2024 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 物業 | 物業 | | | 物業 | 物業 | | | | | 租賃 | 銷售 | 酒店 | 總額 | 租賃 | 銷售 | 酒店 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部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。 2025 年 7 月 30 日 (香港股份代號 : 5) HSBC Holdings plc 滙豐控股有限公司 2025年中期業績 隨附之公告現正於 HSBC Holdings plc 滙豐控股有限公司上市之證券交易所發布。 代表 滙豐控股有限公司 公司秘書長 戴愛蘭 於本公告發表之日，滙豐控股有限公司董事會成員包括：杜嘉祺爵士*、艾橋智、鮑哲鈺†、段小纓†、 范貝恩女爵士†、傅偉思†、高安賢†、古肇華†、郭珮瑛、麥浩智博士†、莫佩娜†、梅愛苓†、利伯特†及 張瑞蓮†。 * 集團非執行主席 滙豐控股有限公司 2025年中期業績 集團⾏政總裁艾橋智表⽰： 「我們致⼒發揮集團核⼼優勢，建立架構精簡、靈活敏銳、聚焦重點的機構，⽬前正取得積極進展。上半年，我們繼續以嚴格紀律執⾏集團策略， 旗下四⼤業務均保持盈利勢頭，收入同⾒增⻑。這令我們對實現集團⽬標的能⼒充滿信⼼。我們將繼續憑藉雄厚實⼒，應對這個經濟前景不明 ...

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。 股份代號: 11（港幣櫃台）及 80011（⼈⺠幣櫃台） 2025 年中期業績 恒生銀行今日宣佈 2025 年上半年的財務業績。儘管宏觀經濟環境充滿挑戰，本行在拓展多元化業 務方面仍取得顯著進展。 在財富管理及投資服務強勁增⻑的驅動下，服務費和其他收入按年上升 34%，佔總收入 31.6%。 本行多元化發展收益的策略發展重點，令扣除預期信貸損失前之營業收入淨額增⻑ 3%，至 港幣 209.75 億元。 由於市場的不確定性持續，貿易關稅的威脅、持續利率高企以及商業房地產市場⻑期低迷，本行 審慎增加撥備，預期信貸損失錄得港幣 48.61 億元。於 2025 年 6 月 30 日，總減值貸款為 港幣 550 億元。 期內除稅前溢利為港幣 80.97 億元（2024 年上半年為港幣 113.07 億元）。每股盈利為港幣 3.34 元， 而平均普通股股東權益回報率為 7.9%。本行維持穩健資本基礎，於 2025 年 ...

[Financial Highlights](index=4&type=section&id=Financial%20Highlights) Still Goal Group Holdings Limited experienced a significant decline in revenue and total assets for the year ended March 31, 2025, with a narrowed loss and a substantial reduction in equity attributable to owners of the Company 2025 vs. 2024 Key Financial Data Comparison (Thousand HKD) | Metric | FY2025 | FY2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 41,559 | 53,318 | -22.06% | | Loss for the year | (45,971) | (114,648) | -59.92% | | Loss attributable to owners of the Company | (45,421) | (114,403) | -60.30% | | Total assets | 41,908 | 86,850 | -51.74% | | Total liabilities | (13,173) | (14,292) | -7.70% | | Equity attributable to owners of the Company | 29,530 | 72,803 | -59.44% | [Corporate Information](index=5&type=section&id=Corporate%20Information) This section lists Still Goal Group Holdings Limited's Board of Directors, company secretary, compliance officer, authorised representatives, and committee compositions, along with auditor, share registrars, offices, bankers, stock code, and website - The Board comprises four Executive Directors and four Independent Non-Executive Directors, with Mr. Cheung Leung resigning on April 10, 2025[10](index=10&type=chunk) - The Company has established Audit, Remuneration, and Nomination Committees to ensure effective corporate governance[10](index=10&type=chunk) - The Company's stock code is **8079**, and its principal bankers include Bank of China (Hong Kong), DBS Bank (Hong Kong), and The Bank of East Asia[11](index=11&type=chunk) [Chairman's Statement](index=6&type=section&id=Chairman%27s%20Statement) The Chairman's Statement reviews the Group's audited consolidated results for the year ended March 31, 2025, highlighting the money lending business as a core stable revenue source and outlining plans to enhance e-commerce, develop own-brand products, and expand into health and wellness markets amid global economic slowdowns - The money lending business remains the Group's core operation, generating stable revenue[13](index=13&type=chunk)[14](index=14&type=chunk)[18](index=18&type=chunk) - The Group will enhance its e-commerce system, develop own-brand products, and procure health and wellness products to meet market demand[13](index=13&type=chunk)[14](index=14&type=chunk)[18](index=18&type=chunk) - Facing a challenging operating environment, the Group's primary goals are to increase revenue, reduce costs, and achieve profitability[14](index=14&type=chunk) - The Group will continue to adopt a prudent money lending policy, closely monitor its loan portfolio quality, and actively seek investment opportunities for business diversification[14](index=14&type=chunk)[15](index=15&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) Management Discussion and Analysis details the Group's FY2025 business performance, operational review, impairment situation, unfulfilled profit guarantees, capital structure changes, and financial resources, demonstrating successful loss reduction through prudent management and cost control despite global economic challenges [Business Review](index=7&type=section&id=Business%20Review) The Group's money lending business remains a core revenue source, while it continues to develop retail and online sales, focusing on e-commerce system enhancements and own-brand products, and has secured distribution rights for Korean health supplements to meet growing demand amid global economic slowdowns and geopolitical tensions - The money lending business is the Group's core operation, generating stable revenue[18](index=18&type=chunk) - The Group has been developing retail and online sales since 2015, planning to improve its e-commerce system and develop own-brand products[18](index=18&type=chunk) - Distribution and sales rights for health supplement products from FromBio Co. Limited, Korea, covering liver, gut, and eye health, have been secured[18](index=18&type=chunk) - Facing global economic slowdown, high interest rates, and geopolitical tensions, the Group adopts a prudent and rigorous business management approach[18](index=18&type=chunk) [Operations Review](index=7&type=section&id=Operations%20Review) For the fiscal year ended March 31, 2025, the Group's revenue decreased to approximately HKD 41.6 million, but loss before tax significantly narrowed due to reduced fair value losses on financial assets, impairment losses on other assets, administrative expenses, and expected credit loss provisions; while money lending and retail/wholesale revenues declined, the Group is enriching its health supplement portfolio to boost income 2025 Operating Revenue Comparison (Thousand HKD) | Business Segment | FY2025 Revenue | FY2024 Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Money Lending Business | 7,500 | 14,000 | -46.43% | | Retail and Wholesale Business | 34,100 | 39,300 | -13.23% | | **Total Revenue** | **41,600** | **53,300** | **-22.06%** | - The decrease in money lending business revenue was primarily due to a reduction in the average amount of performance loans provided to borrowers, with the Group continuing to adopt a prudent loan assessment approach[20](index=20&type=chunk) - Retail and wholesale business revenue decreased by **13.23%**, mainly impacted by intense market competition and weak local consumption due to citizens traveling north for spending[36](index=36&type=chunk) - The Group plans to increase retail and wholesale business revenue by enriching its health supplement portfolio, having secured distribution and sales rights for FromBio Co. Limited's supplements[35](index=35&type=chunk) [Money Lending Business](index=7&type=section&id=Money%20Lending%20Business) Money lending business revenue decreased to approximately HKD 7.5 million in FY2025, primarily due to a reduction in average loan amounts, with the Group operating through Easy Repay Finance Limited, providing mortgage and personal loans to Hong Kong residents under strict credit assessment and monitoring measures - Money lending business revenue was approximately **HKD 7,500,000**, a decrease from the previous year, mainly due to a reduction in the average amount of performance loans provided to borrowers[20](index=20&type=chunk) - The Group operates its money lending business through Easy Repay Finance Limited (a licensed money lender), primarily offering loans to Hong Kong residents, funded by internal resources[21](index=21&type=chunk) - Strict credit assessment policies consider borrowers' financial background, repayment ability, credit rating, and collateral value to determine loan terms[23](index=23&type=chunk)[24](index=24&type=chunk) FY2025 Loan Portfolio Overview (Thousand HKD) | Loan Type | Carrying Amount | Percentage | Annual Interest Rate Range | Term Range | | :--- | :--- | :--- | :--- | :--- | | Mortgage Loans | 5,323 | 23% | 14%-24% | 12-180 months | | Secured Car Loans | 18,124 (Total) | 77% (Total) | 10%-31% | 12-60 months | | Unsecured Personal Loans | 18,124 (Total) | 77% (Total) | 16%-48% | 6-180 months | | **Total** | **23,447** | **100%** | | | - The largest borrower accounted for approximately **14.9%** of the net loan portfolio, and the top five borrowers collectively accounted for approximately **35%**[29](index=29&type=chunk) - Internal control measures include regular monitoring of borrowers' financial status and collateral value, along with standard loan collection procedures to mitigate credit risk[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [Retail and Wholesale Business](index=10&type=section&id=Retail%20and%20Wholesale%20Business) The Group operates three retail stores and online grocery sales, focusing on health and wellness products and own-brand ready-to-eat foods, with wholesale operations reselling goods to other retailers; FY2025 revenue decreased by **13.23%** to approximately HKD 34.1 million due to market competition and weak local consumption, but the Group plans to boost income by expanding its health supplement portfolio, including distribution rights for FromBio Co. Limited's products - The Group operates three retail stores (Wan Chai, Lai Chi Kok, Kowloon Bay) and online grocery sales, focusing on health and wellness products and own-brand ready-to-eat foods[34](index=34&type=chunk) - Wholesale business sources goods from Hong Kong, Taiwan, Korea, Japan, and Malaysia, including snacks, groceries, frozen foods, imported fruits, ready-to-eat meals, and human/pet health supplements[35](index=35&type=chunk) - Retail and wholesale business revenue was approximately **HKD 34,100,000**, a **13.23%** decrease from the previous year, mainly due to intense market competition and weak local consumption caused by citizens traveling north for spending[36](index=36&type=chunk) - The Group aims to increase revenue by enriching its health supplement portfolio, having secured distribution and sales rights for FromBio Co. Limited's supplements[35](index=35&type=chunk) [Disposal of Property](index=11&type=section&id=Disposal%20of%20Property) The Group signed an agreement on February 9, 2024, to sell a commercial property in Chatham Road South, Kowloon, for HKD 1.6 million, with completion in April 2024, and net proceeds of approximately HKD 1.57 million used for general working capital to improve financial position - The Group sold a commercial property in Chatham Road South, Kowloon, for **HKD 1,600,000**, with completion in April 2024[37](index=37&type=chunk) - Net proceeds from the sale, approximately **HKD 1,570,000**, were used for the Group's general working capital to improve its financial position[37](index=37&type=chunk) [Impairment](index=11&type=section&id=Impairment) The Group recognized several impairment losses in FY2025, including approximately HKD 2.9 million net expected credit loss for loans and advances, HKD 3.45 million fair value loss on financial assets at fair value through profit or loss (film copyright investment), HKD 1.344 million goodwill impairment, and approximately HKD 8.049 million and HKD 4.15 million for property, plant and equipment and right-of-use assets, respectively, reflecting economic downturn, film industry slump, and recoverable amounts below carrying values - Net expected credit loss for loans and advances to customers was approximately **HKD 2,900,000**, significantly lower than last year but still impacted by economic downturn affecting borrowers' repayment ability[42](index=42&type=chunk) - A fair value loss of **HKD 3,450,000** was recognized on film copyright investment, as the Group decided to cease investment and dispose of it due to slow progress and a sluggish film industry[44](index=44&type=chunk) - Goodwill carrying amount was zero as of March 31, 2025, with an impairment loss of **HKD 1,344,000** recognized, as the recoverable amount of the cash-generating unit was below its carrying amount[45](index=45&type=chunk) - Impairment losses of approximately **HKD 8,049,000** for property, plant and equipment and **HKD 4,150,000** for right-of-use assets were recognized, primarily because the recoverable amounts of the operating segments were below their respective carrying amounts[46](index=46&type=chunk) [Impairment of Loans and Advances to Customers](index=11&type=section&id=Impairment%20of%20Loans%20and%20Advances%20to%20Customers) The Group assesses impairment of receivables using the expected credit loss model under HKFRS 9, categorizing loans into three stages based on credit quality deterioration, recognizing a net impairment loss of approximately HKD 2.9 million in FY2025 primarily due to delayed repayments from economic downturn, and maintaining internal credit ratings and regular credit risk monitoring - The Group applies the expected credit loss model under HKFRS 9 to assess impairment of receivables, categorizing loans into three stages: Stage 1 (12-month ECL), Stage 2 (lifetime ECL, no credit impairment), and Stage 3 (lifetime ECL, credit impaired)[38](index=38&type=chunk)[40](index=40&type=chunk)[43](index=43&type=chunk) - A net expected credit loss of approximately **HKD 2,900,000** for loans and advances to customers was recognized in FY2025, mainly due to delayed repayments caused by economic downturn affecting borrowers' repayment ability[42](index=42&type=chunk) Internal Credit Rating and Expected Credit Loss Basis | Internal Credit Rating | Description | Basis for Recognizing Expected Credit Loss | | :--- | :--- | :--- | | Normal | Borrower can fulfill loan terms, no repayment ability concerns | 12-month Expected Credit Loss | | Watchlist | Borrower can currently repay loans and interest, but specific factors may cause adverse effects | Lifetime Expected Credit Loss – Not Credit Impaired | | Substandard | Borrower's ability to repay loans is questionable, potential for losses | Lifetime Expected Credit Loss – Credit Impaired | | Doubtful | Borrower cannot fully repay principal and interest, significant losses will be recognized | Lifetime Expected Credit Loss – Credit Impaired | | Loss | Loan principal and interest are unrecoverable or only a small portion is recoverable | Amount written off | [Fair Value Loss on Financial Assets at Fair Value Through Profit or Loss](index=13&type=section&id=Fair%20Value%20Loss%20on%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The Group invested HKD 3.6 million in film copyrights in 2022 for a 15% interest, but due to slow film progress and a sluggish industry, it decided to cease investment and sold it for HKD 0.15 million on May 26, 2025, recognizing a fair value loss of HKD 3.45 million - The Group invested **HKD 3,600,000** in film copyrights in 2022, holding a **15%** interest[44](index=44&type=chunk) - Due to slow film progress and a sluggish film industry, the Group decided to cease investment and sold it for **HKD 150,000** on May 26, 2025[44](index=44&type=chunk) - A fair value loss of **HKD 3,450,000** was recognized[44](index=44&type=chunk) [Impairment of Goodwill](index=13&type=section&id=Impairment%20of%20Goodwill) As of March 31, 2025, the Group's goodwill carrying amount was zero (HKD 1.344 million in 2024), with a cumulative impairment loss of HKD 1.344 million recognized, based on the recoverable amount of the cash-generating unit being lower than its carrying amount - As of March 31, 2025, goodwill carrying amount was **zero HKD** (2024: **HKD 1,344,000**), with a cumulative impairment loss of **HKD 1,344,000** recognized[45](index=45&type=chunk) - Impairment assessment is based on the recoverable amount of the cash-generating unit (higher of value in use or fair value less costs of disposal) being lower than its carrying amount[45](index=45&type=chunk) [Impairment of Property, Plant and Equipment and Right-of-Use Assets](index=13&type=section&id=Impairment%20of%20Property%2C%20Plant%20and%20Equipment%20and%20Right-of-Use%20Assets) Due to significant losses in FY2025, the Group assessed impairment for property, plant and equipment and right-of-use assets, recognizing impairment losses of approximately HKD 8.049 million (2024: HKD 5.12 million) and HKD 4.15 million (2024: HKD 1.677 million) respectively, as the recoverable amounts of the money lending and grocery retail and wholesale operating segments were below their carrying values - Impairment loss of approximately **HKD 8,049,000** was recognized for property, plant and equipment (2024: **HKD 5,120,000**)[46](index=46&type=chunk) - Impairment loss of approximately **HKD 4,150,000** was recognized for right-of-use assets (2024: **HKD 1,677,000**)[46](index=46&type=chunk) - The impairment was due to the estimated recoverable amounts of the cash-generating units for the money lending business and the grocery retail and wholesale business operating segments being lower than their respective carrying amounts[46](index=46&type=chunk) [Profit Guarantee](index=14&type=section&id=Profit%20Guarantee) The sellers of Link Hope Limited and Pet Supermarket Limited, Mr. Chong Sai Chit and Ms. Li Yung, provided profit guarantees, but both companies recorded net losses during the guarantee period, resulting in the sellers owing HKD 4 million each to Link Hope and Pet Supermarket, with the Group currently negotiating repayment arrangements including offsetting service fees, extending service terms, selling remaining shares, or cash installments - The sellers of Link Hope Limited and Pet Supermarket Limited (Mr. Chong Sai Chit and Ms. Li Yung) provided a two-year profit guarantee, with guaranteed profits of not less than **HKD 1,000,000** for the first year and **HKD 3,000,000** for the second year[47](index=47&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk)[54](index=54&type=chunk) - Both companies recorded net losses during the guarantee period, resulting in the sellers owing **HKD 4,000,000** each to Link Hope and Pet Supermarket[48](index=48&type=chunk)[51](index=51&type=chunk) - The Group is negotiating repayment arrangements with the sellers, including offsetting service fees, extending service terms, selling remaining shares, or cash installments[48](index=48&type=chunk)[51](index=51&type=chunk) [Share Option Scheme](index=15&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on May 29, 2023, with a ten-year validity, aimed at rewarding and retaining employees, directors, and other participants who contribute to the Group's development, with no share options granted during the year ended March 31, 2025 - The Company adopted a share option scheme on May 29, 2023, with a ten-year validity, aimed at rewarding and retaining employees, directors, and other participants who contribute to the Group's development[52](index=52&type=chunk) - No share options were granted during the year ended March 31, 2025[53](index=53&type=chunk) [Liquidity and Financial Resources](index=16&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group's cash and cash equivalents were approximately HKD 4 million, a decrease from the previous year, with no borrowings and a zero debt-to-equity ratio; the Group primarily transacts in HKD and has not implemented hedging to mitigate currency risk Liquidity and Financial Resources Comparison (Thousand HKD) | Metric | March 31, 2025 | March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 4,000 | 4,900 | -18.37% | | Borrowings | 0 | 1,200 | -100% | | Debt-to-equity ratio | 0 | N/A | - | | Pledged financial instruments | None | 1,200 | -100% | - The Group primarily funds its operations through internally generated cash flows[55](index=55&type=chunk) - The majority of the Group's transactions are denominated in HKD, and no hedging or other arrangements have been implemented to mitigate currency risk[58](index=58&type=chunk)[59](index=59&type=chunk) [Employees and Retirement Benefit Schemes](index=16&type=section&id=Employees%20and%20Retirement%20Benefit%20Schemes) As of March 31, 2025, the Group had 37 full-time employees, a slight decrease from the previous year, with total employee remuneration of approximately HKD 14.1 million, also reduced from last year; the Group operates a Mandatory Provident Fund Scheme for employees in accordance with Hong Kong law, with remuneration determined by performance, experience, and industry practice Employees and Remuneration Comparison (Thousand HKD) | Metric | March 31, 2025 | March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of full-time employees | 37 | 38 | -1 | | Total employee remuneration (including Directors) | 14,100 | 20,800 | -32.21% | - The Group operates a Mandatory Provident Fund Scheme for employees under the Hong Kong Mandatory Provident Fund Schemes Ordinance, which is a defined contribution scheme[61](index=61&type=chunk) - Employee remuneration is determined based on work performance, experience, and prevailing industry practice[60](index=60&type=chunk) [Capital Structure](index=16&type=section&id=Capital%20Structure) The Group underwent capital structure changes in FY2025, including the successful allotment and issuance of 103.7 million subscription shares to six subscribers, raising approximately HKD 2.148 million net for general working capital, and a capital reorganisation effective November 27, 2024, involving share consolidation, capital reduction, and share premium reduction, with the resulting credit transferred to contributed surplus to offset accumulated losses - On October 4, 2024, **103,700,000** subscription shares were successfully allotted and issued at **HKD 0.021** per share, raising net proceeds of approximately **HKD 2,148,000** for general working capital[62](index=62&type=chunk) - A capital reorganisation effective November 27, 2024, included a share consolidation (every **20** existing shares consolidated into **1** consolidated share), changing issued shares from **622,344,031** to **31,117,201** shares[64](index=64&type=chunk)[65](index=65&type=chunk) - The capital reduction decreased the par value of each issued consolidated share from **HKD 0.20** to **HKD 0.01**, and reduced the share premium account by approximately **HKD 396,278,000** to zero[66](index=66&type=chunk)[67](index=67&type=chunk)[71](index=71&type=chunk) - The credit of **HKD 402,190,000** arising from the capital reduction and share premium reduction will be transferred to the contributed surplus account to offset accumulated losses[67](index=67&type=chunk) [Contingent Liabilities](index=17&type=section&id=Contingent%20Liabilities) As of March 31, 2025, the Company had no corporate guarantees provided to third parties - As of March 31, 2025, the Company had no corporate guarantees provided to third parties[69](index=69&type=chunk) [Dividends](index=17&type=section&id=Dividends) The Company's Directors do not recommend the payment of any dividends for the year ended March 31, 2025 - The Company's Directors do not recommend the payment of any dividends for the year ended March 31, 2025 (2024: nil)[70](index=70&type=chunk) - For the fiscal year ended March 31, 2025, the Group's revenue was approximately **HKD 41,600,000**, a decrease of approximately **22%** from the previous year[19](index=19&type=chunk) - Loss before tax decreased, primarily due to reduced fair value losses on financial assets, impairment losses on other assets, administrative expenses, and expected credit loss provisions[19](index=19&type=chunk) - The Group is actively seeking business diversification, having secured distribution and sales rights for health supplement products from FromBio Co. Limited, Korea[18](index=18&type=chunk)[35](index=35&type=chunk) [Biographical Details of Directors and Senior Management](index=18&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) This section provides detailed biographical information for the Group's Executive and Independent Non-Executive Directors, including their age, appointment dates, professional backgrounds, experience, and roles within the Company, highlighting their extensive expertise across health supplements, property investment, financial accounting, marketing, and retail management [Executive Directors](index=18&type=section&id=Executive%20Directors) Executive Directors include Chairman Mr. Chan Yan Tak, Mr. Lam Ming Shing, Ms. Siu Yeuk Hung, and Mr. Law Ka Kei, who possess extensive experience in health supplements, property investment, financial accounting, marketing, and retail management; Mr. Chan Yan Tak had a bankruptcy record that was discharged and his company shares were subject to compulsory share charge on December 16, 2024, and he is related to Mr. Lam Ming Shing by marriage - Mr. Chan Yan Tak is the Chairman and controlling shareholder, with experience in health supplement and pharmaceutical trading, property investment, and development[72](index=72&type=chunk) - Mr. Lam Ming Shing has over **22 years** of experience in financial and management accounting and is a member of the Hong Kong Institute of Certified Public Accountants[76](index=76&type=chunk) - Ms. Siu Yeuk Hung possesses extensive experience in marketing and business development[78](index=78&type=chunk) - Mr. Law Ka Kei has over **18 years** of experience in chain retail management[79](index=79&type=chunk) [Independent Non-Executive Directors](index=19&type=section&id=Independent%20Non-Executive%20Directors) Independent Non-Executive Directors include Mr. Lee Kan Fai, Mr. Law Yu Hin, and Ms. Ho Sau Ping, who bring expertise in accounting, corporate finance, consulting, entrepreneurship, investment, AI, media, and philanthropy, providing independent perspectives and professional advice to the Board, with Mr. Law Yu Hin actively involved in the startup and technology sectors and dedicated to philanthropy and mental health advocacy - Mr. Lee Kan Fai has over **20 years** of experience in accounting, corporate finance, and consulting services in Malaysia, Hong Kong, and China, and is a fellow member of the Hong Kong Institute of Certified Public Accountants[80](index=80&type=chunk)[81](index=81&type=chunk) - Mr. Law Yu Hin is an entrepreneur, investor, best-selling author, visiting professor, and philanthropist, serving as Chairman of Siu Hin International Group Limited and CEO of Worry-Free AI Limited[82](index=82&type=chunk) - Mr. Law Yu Hin is dedicated to philanthropy and mental health advocacy, serving as Chairman of the Hong Kong International Mental Health Association[83](index=83&type=chunk) - Ms. Ho Sau Ping held senior positions in media companies for over **14 years** and is involved in charitable work and operational management of social and cultural institutions[84](index=84&type=chunk) - Executive Directors include Chairman Mr. Chan Yan Tak, Mr. Lam Ming Shing, Ms. Siu Yeuk Hung, and Mr. Law Ka Kei, possessing extensive experience in health food, property investment, financial accounting, and retail management[72](index=72&type=chunk)[76](index=76&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - Independent Non-Executive Directors include Mr. Lee Kan Fai, Mr. Law Yu Hin, and Ms. Ho Sau Ping, specializing in accounting, corporate finance, consulting services, entrepreneurship, investment, AI, media, and philanthropy[80](index=80&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk) - Mr. Chan Yan Tak was adjudicated bankrupt on January 19, 2000, and discharged on January 19, 2004; his shares in the Company were subject to compulsory share charge on December 16, 2024[73](index=73&type=chunk)[74](index=74&type=chunk) - Mr. Chan Yan Tak and Mr. Lam Ming Shing are related by marriage (brother-in-law and brother-in-law)[75](index=75&type=chunk)[77](index=77&type=chunk) [Corporate Governance Report](index=20&type=section&id=Corporate%20Governance%20Report) This report outlines Still Goal Group Holdings Limited's corporate governance practices for the year ended March 31, 2025, confirming compliance with the GEM Listing Rules' Corporate Governance Code, detailing Board responsibilities, composition, meetings, and the operations of the Remuneration, Audit, and Nomination Committees, while also covering Board diversity, director training, financial reporting, auditor's remuneration, risk management, internal controls, inside information, investor relations, and shareholder rights [Corporate Governance Practices](index=20&type=section&id=Corporate%20Governance%20Practices) The Company is committed to high standards of corporate governance to safeguard shareholder interests and fully complied with the Corporate Governance Code in Appendix C1 of the GEM Listing Rules for the year ended March 31, 2025, with the Board responsible for formulating and reviewing governance policies, overseeing director and senior management training, ensuring regulatory compliance, establishing codes of conduct, and reviewing governance reports - The Company has consistently complied with the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules during FY2025[85](index=85&type=chunk) - The Board is responsible for formulating and reviewing corporate governance policies and practices, overseeing director and senior management training, ensuring compliance with laws and regulations, establishing codes of conduct, and reviewing corporate governance reports[86](index=86&type=chunk) [Directors' Securities Transactions](index=21&type=section&id=Directors%27%20Securities%20Transactions) The Company has adopted the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules and has confirmed, through inquiry with all Directors, their compliance with this standard for the fiscal year ended March 31, 2025 - The Company has adopted the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules[87](index=87&type=chunk) - All Directors have confirmed compliance with the required standard of dealings during FY2025[88](index=88&type=chunk) [Board of Directors](index=21&type=section&id=Board%20of%20Directors) The Board of Directors comprises talented and experienced members with a balanced mix of Executive and Non-Executive Directors, holding 5 meetings and 2 general meetings during the fiscal year ended March 31, 2025, with full attendance; the roles of Chairman and Chief Executive Officer are separate, held by Mr. Chan Yan Tak and Ms. Siu Yeuk Hung respectively, and all Independent Non-Executive Directors have submitted annual confirmations of independence and are considered independent by the Company - The Board members are talented and experienced, with a balanced composition of Executive and Non-Executive Directors[89](index=89&type=chunk) - During the fiscal year ended March 31, 2025, the Board held **5** meetings and **2** general meetings, with all Directors attending[89](index=89&type=chunk) - The roles of Chairman and Chief Executive Officer are separate, with Mr. Chan Yan Tak serving as Chairman and Ms. Siu Yeuk Hung as Chief Executive Officer, in compliance with Code Provision C.2.1[91](index=91&type=chunk)[92](index=92&type=chunk) - All Independent Non-Executive Directors have submitted annual confirmations of independence and are considered independent by the Company, in compliance with GEM Listing Rule 5.09[90](index=90&type=chunk) [Board Committees](index=22&type=section&id=Board%20Committees) The Company has established Remuneration, Audit, and Nomination Committees in accordance with the Corporate Governance Code, each with written terms of reference; the Remuneration Committee assesses director and senior management compensation, the Audit Committee reviews financial statements and monitors internal controls, and the Nomination Committee reviews Board structure, size, and composition, identifies suitable candidates, and assesses the independence of Independent Non-Executive Directors, with all committees holding regular meetings in FY2025 to fulfill their duties - The Remuneration Committee comprises four Independent Non-Executive Directors and three Executive Directors, responsible for assessing the performance of Executive Directors and senior management and making recommendations on remuneration packages to the Board[93](index=93&type=chunk)[95](index=95&type=chunk) - The Audit Committee comprises four Independent Non-Executive Directors, primarily responsible for reviewing annual reports, financial statements, and interim reports, and monitoring financial reporting and internal control procedures[96](index=96&type=chunk) - The Nomination Committee comprises four Independent Non-Executive Directors and three Executive Directors, responsible for reviewing the Board's structure, size, and composition, identifying suitable candidates, and providing recommendations for the re-election of retiring Directors[97](index=97&type=chunk)[98](index=98&type=chunk) [Diversity](index=24&type=section&id=Diversity) The Company has adopted a Board Diversity Policy to enhance Board effectiveness, ensuring a suitable and balanced mix of skills, experience, and perspectives, considering factors such as professional qualifications, experience, culture, educational background, gender, and age, and has set measurable objectives to implement this policy, believing its current Board composition is diverse in professional background and skills - The Company has adopted a Board Diversity Policy aimed at enhancing Board effectiveness and ensuring a suitable and balanced mix of skills, experience, and perspectives[99](index=99&type=chunk) - Diversity considerations include professional qualifications, experience, cultural and educational background, gender, and age[99](index=99&type=chunk) - The Board has set measurable objectives (in terms of gender, skills, and experience) to implement the diversity policy and reviews it regularly[99](index=99&type=chunk) [Directors' Training and Continuous Professional Development](index=24&type=section&id=Directors%27%20Training%20and%20Continuous%20Professional%20Development) All Directors are required to participate in continuous professional development to update their skills and ensure understanding of the Group's business, operations, and responsibilities under the GEM Listing Rules; the Company continuously updates Directors on legal and regulatory requirements and arranges briefings and professional development as needed to enhance compliance awareness and good corporate governance practices - All Directors are required to participate in continuous professional development to develop and update their skills, ensuring an understanding of the Group's business, operations, and responsibilities under the GEM Listing Rules[101](index=101&type=chunk) - The Company continuously updates Directors on the latest developments in GEM Listing Rules and other regulatory requirements to ensure compliance and enhance awareness of good corporate governance practices[102](index=102&type=chunk) [Responsibility for Financial Reporting and Auditor's Remuneration](index=24&type=section&id=Responsibility%20for%20Financial%20Reporting%20and%20Auditor%27s%20Remuneration) The Board is responsible for presenting comprehensive, clear, and understandable annual, interim, and quarterly reports, acknowledging its responsibility for preparing financial statements; the external auditor, Ascent Partners CPA Limited, received HKD 0.88 million in remuneration for statutory audit services in FY2025 - The Board is responsible for presenting comprehensive, clear, and understandable annual, interim, and quarterly reports, and acknowledges its responsibility for preparing financial statements[103](index=103&type=chunk)[104](index=104&type=chunk) Auditor's Remuneration (Thousand HKD) | Service Type | FY2025 Remuneration | | :--- | :--- | | Statutory audit services | 880 | [Risk Management and Internal Control](index=25&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board bears overall responsibility for the internal control system and has established risk management and internal control systems, with the Audit Committee assisting in overseeing their design, implementation, and monitoring; the Group employs a three-line-of-defence model to identify, assess, and manage risks and engages an independent third-party internal control consultant for annual system reviews, with the Board and Audit Committee deeming the systems effective and adequate, identifying no significant control deficiencies - The Board bears overall responsibility for the internal control system and has established risk management and internal control systems[108](index=108&type=chunk) - The Group employs a three-line-of-defence model to identify, assess, and manage various types of risks, including operating management, compliance officer/financial controller/company secretary/IT department, and independent consultants[109](index=109&type=chunk) - The Group engages an independent third-party internal control consultant to review the internal control system annually and propose improvements[110](index=110&type=chunk) - The Board and Audit Committee consider the risk management and internal control systems effective and adequate, having identified no significant issues that could affect shareholders[110](index=110&type=chunk) [Inside Information and Investor Relations](index=25&type=section&id=Inside%20Information%20and%20Investor%20Relations) The Company has established a disclosure policy to guide Directors, officers, and employees on handling confidential information, monitoring disclosures, and responding to inquiries, implementing control procedures to strictly prohibit unauthorised access and use of inside information; the Company values effective communication with shareholders, ensuring timely and public dissemination of information through HKEX announcements, annual reports, interim reports, its website, and general meetings - The Company has established a disclosure policy providing guidance on handling confidential information, monitoring information disclosure, and responding to inquiries, and has implemented control procedures to strictly prohibit unauthorised access and use of inside information[111](index=111&type=chunk)[112](index=112&type=chunk) - The Company values effective communication with shareholders, ensuring timely and public dissemination of information through HKEX announcements, annual reports, interim reports, its website, and other channels[113](index=113&type=chunk) [Shareholders' Rights](index=26&type=section&id=Shareholders%27%20Rights) Shareholder rights and procedures for demanding a poll vote at general meetings are outlined in the Company's Bye-laws; shareholders holding at least one-tenth of the paid-up share capital with voting rights can requisition an extraordinary general meeting, and the Company has adopted a shareholder communication policy to provide information through general meetings, financial reports, and its website, encouraging direct shareholder inquiries - Shareholder rights and procedures for demanding a poll vote at general meetings are set out in the Company's Bye-laws[114](index=114&type=chunk) - Shareholders holding not less than one-tenth of the paid-up share capital carrying voting rights may requisition an extraordinary general meeting[114](index=114&type=chunk)[115](index=115&type=chunk) - The Company has adopted a shareholder communication policy, providing information through general meetings, financial reports, and its website, and encourages shareholders to ask questions directly[115](index=115&type=chunk) [Environmental Matters and Stakeholder Relationships](index=26&type=section&id=Environmental%20Matters%20and%20Stakeholder%20Relationships) The Company is committed to environmental and social sustainability, complying with environmental laws and regulations and implementing effective environmental policies; it recognizes employees, customers, suppliers, and business partners as key stakeholders for its success, striving for corporate sustainability by providing quality products and services, fostering cooperation, and supporting society - The Company is committed to environmental and social sustainability, complying with environmental laws and regulations and implementing effective environmental policies[116](index=116&type=chunk) - The Company recognizes employees, customers, suppliers, and business partners as key stakeholders for its success, striving for corporate sustainability by providing quality products and services, fostering cooperation, and supporting society[117](index=117&type=chunk) [Company Secretary](index=26&type=section&id=Company%20Secretary) Company Secretary Mr. To Chi has confirmed undertaking no less than 15 hours of relevant professional training for the year ended March 31, 2025, in compliance with GEM Listing Rule 5.15 - Company Secretary Mr. To Chi has confirmed undertaking no less than **15 hours** of relevant professional training in FY2025, in compliance with GEM Listing Rule 5.15[118](index=118&type=chunk) - The Company consistently complied with the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules during FY2025[85](index=85&type=chunk) - The Board is responsible for formulating and reviewing corporate governance policies, overseeing director and senior management training, ensuring regulatory compliance, establishing codes of conduct, and reviewing corporate governance reports[86](index=86&type=chunk) - The roles of Chairman and Chief Executive Officer are separate, with Mr. Chan Yan Tak serving as Chairman and Ms. Siu Yeuk Hung as Chief Executive Officer, in compliance with code provisions[91](index=91&type=chunk)[92](index=92&type=chunk) - The Board has adopted a diversity policy, considering professional qualifications, experience, cultural and educational background, gender, and age, and has set measurable objectives to implement this policy[99](index=99&type=chunk) - The Group employs a three-line-of-defence model to identify, assess, and manage risks, and engages an independent third-party internal control consultant for annual system reviews[109](index=109&type=chunk)[110](index=110&type=chunk) [Directors' Report](index=27&type=section&id=Directors%27%20Report) The Directors' Report provides information for the year ended March 31, 2025, on the Group's principal activities, business review, results and appropriations, financial summary, property, plant and equipment, issued share capital, reserves, distributable reserves, major customers and suppliers, donations, Directors, service contracts, remuneration policy, share option scheme, substantial shareholders' interests, pre-emptive rights, listed securities transactions, connected transactions, competing interests, independence confirmation, public float, and auditor, reiterating key financial performance and corporate governance aspects [Principal Activities and Business Review](index=27&type=section&id=Principal%20Activities%20and%20Business%20Review) The Group primarily engages in money lending, investment in financial instruments and listed securities, and retail and wholesale businesses; the business review and future development are discussed in the Chairman's Statement and Management Discussion and Analysis, financial key performance indicators are presented in the Financial Highlights, and environmental matters and regulatory compliance are detailed in the Corporate Governance Report and Environmental, Social and Governance Report - The Group primarily engages in money lending business, investment in financial instruments and listed securities, and retail and wholesale business[120](index=120&type=chunk) - The business review and future development discussions are provided in the Chairman's Statement and Management Discussion and Analysis[121](index=121&type=chunk) - Environmental matters and regulatory compliance are detailed in the Corporate Governance Report and Environmental, Social and Governance Report[121](index=121&type=chunk) [Results and Appropriations](index=27&type=section&id=Results%20and%20Appropriations) The Group's results for the year ended March 31, 2025, are presented in the Consolidated Statement of Profit or Loss and Other Comprehensive Income, with the Directors not recommending any dividend payment for the year - The Group's results for the year ended March 31, 2025, are presented in the Consolidated Statement of Profit or Loss and Other Comprehensive Income[122](index=122&type=chunk) - The Company's Directors do not recommend the payment of any dividends for the year ended March 31, 2025 (2024: nil)[123](index=123&type=chunk) [Financial Summary](index=27&type=section&id=Financial%20Summary) A summary of the Group's results, assets, and liabilities for the past five years is provided in the Financial Summary on page 3 of the report - A summary of the Group's results, assets, and liabilities for the past five years is provided on page 3 of the report[124](index=124&type=chunk) [Property, Plant and Equipment](index=27&type=section&id=Property%2C%20Plant%20and%20Equipment) Details of changes in the Group's property, plant and equipment are provided in Note 14 to the consolidated financial statements - Details of changes in the Group's property, plant and equipment are provided in Note 14 to the consolidated financial statements[125](index=125&type=chunk) [Share Capital and Reserves](index=27&type=section&id=Share%20Capital%20and%20Reserves) Details of changes in the Company's issued share capital are provided in Note 31 to the consolidated financial statements, with changes in the Group's reserves during the year detailed on page 62 of the consolidated financial statements; as of March 31, 2025, the Company's distributable reserves to shareholders amounted to HKD 26.313 million - Details of changes in the Company's issued share capital are provided in Note 31 to the consolidated financial statements[126](index=126&type=chunk) - Details of changes in the Group's reserves during the year are provided on page 62 of the consolidated financial statements[127](index=127&type=chunk) - As of March 31, 2025, the Company's distributable reserves to shareholders amounted to **HKD 26,313,000**[128](index=128&type=chunk) [Major Customers and Suppliers](index=28&type=section&id=Major%20Customers%20and%20Suppliers) For the year ended March 31, 2025, the Group's top five suppliers accounted for approximately **56.7%** of cost of sales, with the largest accounting for **22.8%**; sales to the top five customers accounted for approximately **29.9%** of turnover, with the largest accounting for **27.3%**; none of the Directors, their associates, or shareholders holding more than **5%** of the Company's issued share capital had any beneficial interest in the top five suppliers or customers - The Group's top five suppliers accounted for approximately **56.7%** of cost of sales, with the largest supplier accounting for **22.8%**[129](index=129&type=chunk) - Sales to the top five customers accounted for approximately **29.9%** of turnover, with the largest customer accounting for **27.3%**[129](index=129&type=chunk) - None of the Directors, their associates, or shareholders holding more than **5%** of the Company's issued share capital had any beneficial interest in the top five suppliers or customers[129](index=129&type=chunk) [Donations](index=28&type=section&id=Donations) The Group made no donations during the year ended March 31, 2025 - The Group made no donations during the year ended March 31, 2025 (2024: nil)[130](index=130&type=chunk) [Directors' and Officers' Liability Insurance](index=28&type=section&id=Directors%27%20and%20Officers%27%20Liability%20Insurance) The Company has purchased appropriate insurance for Directors and officers against liabilities arising from the Group's business and reviews the scope of coverage annually - The Company has purchased appropriate insurance for Directors and officers against liabilities arising from the Group's business and reviews the scope of coverage annually[131](index=131&type=chunk) [Directors' Service Contracts and Management Contracts](index=29&type=section&id=Directors%27%20Service%20Contracts%20and%20Management%20Contracts) All Directors have entered into service contracts with the Company for a one-year term, automatically renewable unless terminated with three months' written notice, and are required to retire by rotation at least once every three years; no management and administration contracts involving the whole or any substantial part of the Company's business were entered into or existed during the year ended March 31, 2025 - All Directors have entered into service contracts with the Company for a one-year term, automatically renewable unless terminated with three months' written notice[132](index=132&type=chunk) - Directors are required to retire by rotation at least once every three years[132](index=132&type=chunk) - No management and administration contracts involving the whole or any substantial part of the Company's business were entered into or existed during the year ended March 31, 2025[133](index=133&type=chunk) [Remuneration Policy](index=29&type=section&id=Remuneration%20Policy) The Remuneration Committee has been established to review the Group's remuneration policy and the remuneration structure for Directors and senior management, considering the Group's operating results, individual performance, and comparable market practices - The Remuneration Committee has been established to review the Group's remuneration policy and the remuneration structure for Directors and senior management[134](index=134&type=chunk) - Remuneration is determined considering the Group's operating results, individual performance, and comparable market practices[134](index=134&type=chunk) [Remuneration of Directors, Senior Management and Five Highest Paid Individuals](index=29&type=section&id=Remuneration%20of%20Directors%2C%20Senior%20Management%20and%20Five%20Highest%20Paid%20Individuals) Details of the remuneration for Directors, senior management, and the five highest paid individuals are provided in Notes 9 and 10 to the consolidated financial statements, respectively - Details of the remuneration for Directors, senior management, and the five highest paid individuals are provided in Notes 9 and 10 to the consolidated financial statements, respectively[135](index=135&type=chunk) [Share Option Scheme](index=29&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on May 29, 2023, with a ten-year validity, to incentivise or reward eligible participants who contribute to the Group's development; the maximum number of shares authorised for issue under the scheme is 2,593,220 shares, representing 10% of the total issued shares at the adoption date, with a sub-limit of 0.5% for service providers; the exercise price of share options must not be less than the closing price on the date of grant or the average closing price for the preceding five business days, whichever is higher; as of the reporting date, no share options have been granted, cancelled, exercised, or lapsed under the scheme - The Company adopted a share option scheme on May 29, 2023, with a ten-year validity, to incentivise or reward eligible participants who contribute to the Group's development[136](index=136&type=chunk) - The scheme authorises a maximum of **2,593,220** shares (post-capital reorganisation) for issue, representing **10%** of the total issued shares at the adoption date[138](index=138&type=chunk) - The exercise price of share options must not be less than the closing price on the date of grant or the higher of the average closing price for the preceding five business days[141](index=141&type=chunk) - As of the reporting date, no share options have been granted, cancelled, exercised, or lapsed under the share option scheme[142](index=142&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares or Debentures of the Company or any Associated Corporation](index=30&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20or%20Debentures%20of%20the%20Company%20or%20any%20Associated%20Corporation) As of March 31, 2025, none of the Directors or the Chief Executive of the Company held any interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations that are required to be notified to the Company and the Stock Exchange under Part XV of the Securities and Futures Ordinance - As of March 31, 2025, none of the Directors or the Chief Executive of the Company held any interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations that are required to be notified to the Company and the Stock Exchange under Part XV of the Securities and Futures Ordinance[143](index=143&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=31&type=section&id=Substantial%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20any%20Associated%20Corporation) As of March 31, 2025, substantial shareholder Mr. Chan Tsz Hong held 9,059,843 shares, representing approximately **29.12%** of the issued share capital, while Mr. Chong Sai Chit held 3,952,500 shares, representing approximately **12.70%**; Mr. Chong Sai Chit is related by marriage to Executive Directors Mr. Chan Yan Tak and Mr. Lam Ming Shing Substantial Shareholders' Shareholdings (as of March 31, 2025) | Name | Number of Shares | Approximate Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | | Mr. Chan Tsz Hong | 9,059,843 | 29.12% | | Mr. Chong Sai Chit | 3,952,500 | 12.70% | - Mr. Chong Sai Chit is related by marriage to Executive Directors Mr. Chan Yan Tak and Mr. Lam Ming Shing[145](index=145&type=chunk) [Pre-emptive Rights](index=31&type=section&id=Pre-emptive%20Rights) There are no provisions for pre-emptive rights in the Company's Bye-laws or Bermuda law, meaning the Company is not required to offer new shares pro-rata to existing shareholders - There are no provisions for pre-emptive rights in the Company's Bye-laws or Bermuda law, meaning the Company is not required to offer new shares pro-rata to existing shareholders[146](index=146&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=31&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the year ended March 31, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the year ended March 31, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[147](index=147&type=chunk) [Connected Transactions](index=31&type=section&id=Connected%20Transactions) Details of connected transactions during the period are set out in Note 33 to the consolidated financial statements; save as disclosed, there were no other transactions required to be disclosed as connected transactions under the GEM Listing Rules - Details of connected transactions during the period are set out in Note 33 to the consolidated financial statements[148](index=148&type=chunk) - Save as disclosed, there were no other transactions required to be disclosed as connected transactions under the GEM Listing Rules[149](index=149&type=chunk) [Competing Interests](index=31&type=section&id=Competing%20Interests) None of the Directors or controlling shareholders of the Company had any interest in any business that competes or may compete with the Group's business - None of the Directors or controlling shareholders of the Company had any interest in any business that competes or may compete with the Group's business[150](index=150&type=chunk) [Confirmation of Independence and Sufficiency of Public Float](index=31&type=section&id=Confirmation%20of%20Independence%20and%20Sufficiency%20of%20Public%20Float) The Company has received annual confirmations of independence from each Independent Non-Executive Director in accordance with GEM Listing Rule 5.09 and considers all Independent Non-Executive Directors to be independent; based on publicly available information, the Company maintained the public float required by the GEM Listing Rules as of the reporting date - The Company has received annual confirmations of independence from each Independent Non-Executive Director in accordance with GEM Listing Rule 5.09 and considers all Independent Non-Executive Directors to be independent[151](index=151&type=chunk) - The Company maintained the public float required by the GEM Listing Rules as of the reporting date[152](index=152&type=chunk) [Auditor](index=32&type=section&id=Auditor) The consolidated financial statements for the years ended March 31, 2025, 2024, and 2023 were audited by Ascent Partners CPA Limited; the auditor's tenure will expire at the Annual General Meeting, and a resolution will be proposed for re-appointment - The consolidated financial statements for the years ended March 31, 2025, 2024, and 2023 were audited by Ascent Partners CPA Limited[153](index=153&type=chunk) - Ascent Partners CPA Limited's tenure will expire at the Annual General Meeting, and a resolution will be proposed for re-appointment[153](index=153&type=chunk) - The Group primarily engages in money lending business, investment in financial instruments and listed securities, and retail and wholesale business[120](index=120&type=chunk) - The Company's Directors do not recommend the payment of any dividends for the year ended March 31, 2025[123](index=123&type=chunk) - As of March 31, 2025, the Company's distributable reserves to shareholders amounted to **HKD 26,313,000**[128](index=128&type=chunk) - The Group's top five suppliers accounted for approximately **56.7%** of cost of sales, with the largest accounting for **22.8%**; sales to the top five customers accounted for approximately **29.9%** of turnover, with the largest accounting for **27.3%**[129](index=129&type=chunk) - As of March 31, 2025, substantial shareholder Mr. Chan Tsz Hong held approximately **29.12%** of the Company's shares, and Mr. Chong Sai Chit held approximately **12.70%** of the shares[145](index=145&type=chunk) [Environmental, Social and Governance Report](index=33&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This Environmental, Social and Governance Report, prepared in accordance with Appendix C2 of the HKEX Listing Rules, covers Still Goal Group Holdings Limited's environmental protection, employment and labour policies, operating practices, and community engagement performance for the period from April 1, 2024, to March 31, 2025; the Group integrates sustainability into its business strategy, with the Board responsible for setting and overseeing sustainability direction, and through stakeholder engagement and materiality assessment, identified employee remuneration, product health and safety, and supplier selection and monitoring as highly material issues [About This Report](index=33&type=section&id=About%20This%20Report) This report, prepared in accordance with Appendix C2 of the HKEX Listing Rules, covers Still Goal Group Holdings Limited's environmental, social, and governance performance for the period from April 1, 2024, to March 31, 2025, adhering to principles of materiality, quantitative assessment, balance, and consistency; the Group integrates sustainability into its business strategy, with the Board responsible for setting and overseeing sustainability direction, and through stakeholder engagement and materiality assessment, identified employee remuneration, product health and safety, and supplier selection and monitoring as highly material issues - This report is prepared in accordance with Appendix C2 – Environmental, Social and Governance Reporting Guide of the HKEX Listing Rules, covering the period from April 1, 2024, to March 31, 2025[154](index=154&type=chunk)[155](index=155&type=chunk) - The report adheres to four principles: materiality, quantitative assessment, balance, and consistency[158](index=158&type=chunk) - The Group integrates sustainability into its daily operations as a key part of its corporate strategic objectives[156](index=156&type=chunk) - Through materiality assessment, the Group identified "employee remuneration, benefits, and rights," "product health and safety," and "supplier selection and monitoring" as highly material issues[166](index=166&type=chunk) [A. Environment](index=37&type=section&id=A.%20Environment) The Group is committed to sustainable development and environmental management, complying with all environmental laws and regulations related to air emissions, greenhouse gas emissions, and waste management; due to its business nature, the Group's direct environmental impact is minimal, but it actively monitors and implements measures to reduce emissions and resource consumption; in FY2025, total air emissions, greenhouse gas emissions, and non-hazardous waste significantly decreased, primarily due to reduced vehicle fuel consumption and retail store closures; the Group also promotes energy and water conservation and incorporates ESG considerations into investment decisions - The Group is committed to sustainable development and environmental management, complying with all environmental laws, regulations, and ordinances related to air emissions and greenhouse gas emissions[168](index=168&type=chunk) - The Group's operations have minimal direct environmental impact and do not generate significant hazardous waste[168](index=168&type=chunk) - In FY2025, total air emissions (sulfur oxides, nitrogen oxides, respirable suspended particulates) decreased by **50%**, **38%**, and **36%** respectively[170](index=170&type=chunk) - Total greenhouse gas emissions were approximately **256.58 tonnes of CO2e**, a **35%** decrease from the previous year, primarily due to reduced vehicle fuel consumption and electricity consumption[171](index=171&type=chunk)[172](index=172&type=chunk) - Total non-hazardous waste decreased by **53%**, mainly from general office waste and paper, with the Group promoting paper saving and recycling[173](index=173&type=chunk)[174](index=174&type=chunk) - Total energy consumption decreased by **34%**, and water consumption decreased by **40%**, primarily due to the closure of several retail stores[178](index=178&type=chunk)[182](index=182&type=chunk)[184](index=184&type

Financial Performance - Revenue for the Media Content Distribution Business increased by 9.9% to HK$354,405,000, while the Brand Licensing Business surged by 76.4% to HK$293,401,000, leading to a total revenue growth of 32.5% to HK$647,806,000[12]. - Profit attributable to shareholders rose by 6.8% to HK$52,311,000, with a proposed final dividend of HK$0.28 per share, down from HK$0.32 per share in the previous year[12]. - The gross profit margin slightly decreased to 47.9% from 48.3%[12]. - The company reported a total revenue of HK$647.8 million for the year, with a net profit of HK$52.3 million, representing a 6.8% increase in net profit[20][30]. - The media content distribution business generated revenue of HK$354.4 million, reflecting a growth of 9.9% compared to the previous year[30][31]. - The brand licensing business achieved revenue of HK$293.4 million, marking a significant increase of 76.4%[30]. - Revenue for the year ended March 31, 2025, increased by 32.5% to HK$647.8 million, driven by a 9.9% increase in Media Content Distribution Business and a 76.4% increase in Brand Licensing Business[78][79]. - Media Content Distribution Business contributed 54.7% of total revenue, while Brand Licensing Business accounted for 45.3%[78]. Market Expansion and Strategy - The company plans to continue expanding its media content and brand licensing segments to capitalize on the growing market demand[12]. - Future outlook remains positive with expectations of further revenue growth driven by new product launches and market expansion strategies[12]. - The company plans to continue its "GO GLOBAL" strategy, focusing on mergers and acquisitions to expand its market presence[21][24]. - The company aims to innovate and create new products and services by breaking conventional modes and identifying market needs[22][25]. - The Group plans to invest in new management and expand content portfolios and sales territories for the year 2025/26[61]. - The company will actively extend its footprint to emerging markets like Vietnam and India through acquisitions and joint ventures[74]. Content and Licensing Developments - Ani-One® expanded its YouTube presence with two new localized sub-channels for Indonesia and India, growing its network to seven channels and achieving over 8.4 million subscribers[35]. - The company has initiated a new partnership with South Korean video streamer Laftel to enhance content distribution in Asia[31]. - The Group secured top-performing anime titles such as "Solo Leveling Season 2" and "Kaiju No. 8," with "Solo Leveling Season 2" consistently ranking in the Top 10 TV Shows on Netflix in multiple territories since its launch[44]. - The Group acquired several blockbuster movies, including "Detective Chinatown 1900," which became the first Mainland franchise movie to surpass RMB 10 billion at the Chinese box office[48]. - The Group's affiliate, Sunrise eMarketing Limited, positively contributed to profits through trading and e-commerce of licensed anime products, including brands like "Jujutsu Kaisen" and "Chainsaw Man"[49]. - The Group entered into a master license agreement with SUNLEMON for plush toys, expanding its licensing portfolio in Asia[51]. - Ani-One® launched original ACG-focused content, enhancing fan engagement through collaborations with YouTube for shopping events[39]. - The Group hosted successful pop-up events, including a "Haikyu!!" pop-up with over 200 SKUs, attracting significant fan participation[60]. Financial Position and Liquidity - The liquidity ratios remained stable, with a current ratio of 2.6 and a cash ratio improving to 0.9 from 0.7[12]. - Total equity increased from HK$588 million to HK$615 million[16]. - The company did not have any interest-bearing or external borrowings, making the debt to equity ratio not applicable[12]. - Net current assets increased by 8.3% to HK$556.4 million as of March 31, 2025, compared to HK$513.9 million as of March 31, 2024, primarily due to an increase in cash and cash equivalents[116]. - The net assets increased by 4.6% to HK$614.8 million as of March 31, 2025, compared to HK$587.7 million as of March 31, 2024[117]. - Cash and cash equivalents amounted to HK$326.4 million as of March 31, 2025, up from HK$235.7 million in the previous year[118]. - Trade receivables decreased by 4.3% due to strengthened collection practices, resulting in faster payments from customers during the year[113]. - Current assets increased by 8.3% to HK$556.4 million as of March 31, 2025, compared to HK$513.9 million as of March 31, 2024[123]. Corporate Governance - The Board is committed to maintaining good corporate governance practices and has complied with the CG Code provisions throughout the reporting period[151][152]. - The Board consists of a mix of executive and independent non-executive directors, meeting the requirements of the Listing Rules[158][159]. - The Audit Committee comprises one non-executive Director and three independent non-executive Directors, ensuring oversight of financial reporting and compliance[191]. - The Company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with specific written terms of reference[196]. - The Company reviewed its corporate governance policies and compliance with legal and regulatory requirements[195]. - The Audit Committee's responsibilities are aligned with the corporate governance code, ensuring effective oversight of financial reporting and internal controls[197]. - The Company has arrangements for employees and stakeholders to report potential improprieties in financial reporting and internal controls[197].

Company Information [Company Overview](index=2&type=section&id=公司資料) This section outlines the company's fundamental information, including its governance structure, key personnel, and principal professional partners - The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with three sub-committees: Audit, Remuneration, and Nomination[6](index=6&type=chunk) - The company's auditor is PricewaterhouseCoopers[7](index=7&type=chunk) - The company's principal bankers include Asian Development Bank, Bank of East Asia, and China Construction Bank[7](index=7&type=chunk) [Business Segments](index=4&type=section&id=業務分佈) The company operates across multiple Chinese provinces, focusing on urban water supply, piped direct drinking water, and environmental protection, serving millions of people - Urban water supply is the company's core business, estimated to serve over **30 million people** with approximately **151,000 kilometers** of pipelines[9](index=9&type=chunk) - Piped direct drinking water supply, a growth area, is estimated to serve approximately **12 million people**[9](index=9&type=chunk) - Environmental protection business covers wastewater treatment operations and construction, as well as drainage operations[9](index=9&type=chunk) Financial Summary [Overall Financial Performance](index=5&type=section&id=財務摘要) For the year ended March 31, 2025, the Group experienced a revenue decline of 9.4% and a 29.9% decrease in profit attributable to owners, yet maintained stable dividends per share Performance Summary (For the year ended March 31) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 11,655,565 | 12,858,515 | -9.4% | | Gross Profit | 4,404,978 | 4,775,964 | -7.8% | | Profit for the Year | 2,028,078 | 2,591,357 | -21.7% | | Profit Attributable to Owners of the Company | 1,074,633 | 1,533,543 | -29.9% | | Basic Earnings Per Share | 0.66 HKD | 0.94 HKD | -29.8% | | Total Dividend Per Share | 28 HK cents | 28 HK cents | – | Balance Sheet Summary and Ratios (As at March 31) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 65,891,643 | 63,242,070 | 4.2% | | Total Liabilities | 44,018,957 | 41,789,528 | 5.3% | | Net Assets | 21,872,686 | 21,452,542 | 2.0% | | Gearing Ratio | 66.8% | 66.1% | | [Segment Performance Analysis](index=6&type=section&id=分部業績分析) Urban water supply remained the core revenue and profit driver, while environmental protection business saw significant growth, contrasting with a substantial decline in piped direct drinking water supply Revenue and Profit Contribution by Business Segment in 2025 | Business Segment | Revenue Contribution | Profit Contribution | | :--- | :--- | :--- | | Urban Water Supply Business | 64.3% | 64.0% | | Piped Direct Drinking Water Supply Business | 5.6% | 6.2% | | Environmental Protection Business | 13.1% | 14.3% | | General Contracting Construction and Others | 17.0% | 15.5% | [Urban Water Supply Business Analysis](index=7&type=section&id=1.%20城市供水業務分析) Urban water supply revenue decreased by 9.4% due to reduced construction, but segment profit slightly increased by 0.1% due to cost control, with operating revenue becoming more prominent Urban Water Supply Business Financial Performance | Indicator | 2025 (HKD millions) | 2024 (HKD millions) | Change | | :--- | :--- | :--- | :--- | | Revenue | 7,498.1 | 8,276.4 | -9.4% | | Profit | 2,492.9 | 2,490.2 | +0.1% | - The increase in profit was primarily due to cost control over sales costs and the net effect of reduced overall installation, maintenance, and construction projects during the year[40](index=40&type=chunk) [Piped Direct Drinking Water Supply Business Analysis](index=8&type=section&id=2.%20管道直飲水供應業務分析) Piped direct drinking water supply business experienced significant adjustments this year, with revenue decreasing by 61.9% to HKD 0.66 billion and segment profit declining by 58.9% to HKD 0.24 billion, mainly due to reduced installation, maintenance, and construction projects Piped Direct Drinking Water Supply Business Financial Performance | Indicator | 2025 (HKD millions) | 2024 (HKD millions) | Change | | :--- | :--- | :--- | :--- | | Revenue | 656.8 | 1,721.9 | -61.9% | | Profit | 243.2 | 591.7 | -58.9% | - The decline in performance was primarily due to an overall decrease in installation, maintenance, and construction projects during the year[41](index=41&type=chunk) [Environmental Protection Business Analysis](index=9&type=section&id=3.%20環保業務分析) Environmental protection business was a growth highlight this year, with revenue increasing by 42.2% to HKD 1.52 billion and segment profit rising significantly by 56.9% to HKD 0.56 billion, driven by increased operating services from new wastewater treatment projects Environmental Protection Business Financial Performance | Indicator | 2025 (HKD millions) | 2024 (HKD millions) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,523.5 | 1,071.5 | +42.2% | | Profit | 555.8 | 354.2 | +56.9% | - The performance growth was primarily due to increased wastewater treatment operating services from new projects during the year[42](index=42&type=chunk) Chairman's Statement [Financial and Business Performance](index=10&type=section&id=財務表現) During the reporting period, the Group strategically optimized its development, prioritizing project returns, which led to a 9.4% decrease in total revenue to HKD 11.66 billion and a 29.9% decrease in profit attributable to owners to HKD 1.07 billion, while maintaining a stable dividend policy with a payout ratio increasing to 42.4% - The Group strategically slowed down construction business, prioritizing projects with better returns, leading to a decrease in related construction revenue[33](index=33&type=chunk)[39](index=39&type=chunk) Annual Key Financial Indicators | Indicator | Amount | Year-on-Year Change | | :--- | :--- | :--- | | Revenue | HKD 11.66 billion | -9.4% | | Gross Profit | HKD 4.41 billion | -7.8% | | Profit Attributable to Owners | HKD 1.08 billion | -29.9% | | Basic Earnings Per Share | HKD 0.66 | -29.8% | - Total annual dividend remained at **28 HK cents per share**, with the dividend payout ratio increasing from approximately **29.8%** to approximately **42.4%**[35](index=35&type=chunk) - In January 2025, the company successfully issued **RMB 1 billion** of 3.45% secured blue bonds for offshore debt repayment and projects under the blue-green financing framework[45](index=45&type=chunk) [Future Outlook](index=13&type=section&id=未來展望) Looking ahead, the Group anticipates benefiting from domestic water price marketization reforms and declining financing costs, continuing to deepen the synergistic development of its "water supply + direct drinking water" dual core businesses, and expanding value-added services to consolidate its industry leadership - Accelerated market-oriented water pricing mechanisms are expected to improve the company's profitability, with reforms in Guangzhou and Shenzhen serving as catalysts[47](index=47&type=chunk) - The core strategy is to strengthen the synergistic development of water supply and direct drinking water dual core businesses, promoting a quality leap from "safe water" to "healthy water"[47](index=47&type=chunk) - The Group aims to seize green and low-carbon transformation opportunities, expand value-added services like direct drinking water, and cultivate new sustainable growth drivers[47](index=47&type=chunk) [Liquidity and Financial Resources](index=14&type=section&id=流動資金及財務資源) The Group maintained a healthy liquidity position with HKD 5.45 billion in cash and equivalents at year-end, and despite a net current liability of HKD 3.79 billion, the directors believe the Group has sufficient working capital to meet its financial obligations for the next 12 months Liquidity and Financial Position (As at March 31, 2025) | Indicator | Amount | | :--- | :--- | | Cash and cash equivalents and pledged deposits | Approximately HKD 5.45 billion | | Gearing Ratio | 66.8% | | Net current liabilities | HKD 3.79 billion | | Total outstanding borrowings | HKD 25.19 billion | | Undrawn loan facilities | HKD 13.35 billion | - The Group manages foreign exchange risk arising from RMB exchange rate fluctuations through measures such as entering into currency swap contracts with banks[54](index=54&type=chunk) - The Group has various assets pledged as collateral for loan financing, including water supply concession rights, shares in subsidiaries, property, plant and equipment, and investment properties[55](index=55&type=chunk) Biographies of Directors and Senior Management [Directors and Senior Management Profiles](index=17&type=section&id=董事及高級管理人員履歷) This section details the backgrounds, qualifications, and industry experience of the company's executive directors, non-executive directors, independent non-executive directors, and senior management, highlighting the core management team's extensive experience in water affairs, financial management, investment, and corporate governance - Mr. Duan Chuanliang, Chairman and Executive Director, is the founder of the Group's water business and possesses over **30 years** of experience in China's water industry[61](index=61&type=chunk) - The executive director team members have professional backgrounds in financial management, infrastructure project investment and operation, smart water solutions, and corporate management[62](index=62&type=chunk)[63](index=63&type=chunk) - Non-executive and independent non-executive directors come from diverse backgrounds, including financial services, insurance, securities, and accounting, bringing varied professional perspectives to the Board[64](index=64&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) Corporate Governance Report [Corporate Governance Practices](index=21&type=section&id=企業管治常規) The company is committed to maintaining high standards of corporate governance, having complied with most provisions of the Corporate Governance Code during the reporting period, with explained deviations regarding the roles of Chairman and CEO and directors' retirement by rotation - The company complied with all applicable provisions of the Corporate Governance Code, with deviations only from Rule C.2.1 (roles of Chairman and Chief Executive), B.2.2 (Chairman's retirement by rotation), and C.1.6 (some directors' attendance at general meetings)[73](index=73&type=chunk)[74](index=74&type=chunk) - The company explained that the structure where Chairman and Chief Executive duties are jointly undertaken by executive directors contributes to strong and consistent leadership, and the Chairman's re-election provides consistent leadership for executing long-term strategies[73](index=73&type=chunk)[74](index=74&type=chunk) - The Group's core values are "Water as the Foundation, Achieving Social Good," embodying virtues of fairness, resilience, and purity, guiding the company's relationships with stakeholders[76](index=76&type=chunk) [Board and Committees](index=23&type=section&id=董事會及董事委員會) The Board comprises twelve directors, including four executive, four non-executive, and four independent non-executive directors, meeting listing rule requirements, with Audit, Remuneration, and Nomination Committees predominantly or entirely composed of independent non-executive directors to ensure independence and professionalism - The Board consists of **12 members**, including **4 independent non-executive directors**, complying with Listing Rules requirements[79](index=79&type=chunk) - The Audit Committee and Remuneration Committee members are all independent non-executive directors, while the Nomination Committee comprises one executive director and three independent non-executive directors[83](index=83&type=chunk)[85](index=85&type=chunk)[89](index=89&type=chunk) - The company has adopted a Board Diversity Policy, considering factors such as gender, age, and professional experience; as of the reporting period end, there are **four female members** on the Board[91](index=91&type=chunk) Board Meeting Attendance Record (Partial) | Director Name | Board | Audit Committee | Remuneration Committee | Nomination Committee | | :--- | :--- | :--- | :--- | :--- | | Mr. Duan Chuanliang (Chairman) | 4/(4) | Not Applicable | Not Applicable | 3/(3) | | Mr. Zhou Jinrong (Independent Director) | 4/(4) | 2/(2) | 3/(3) | 3/(3) | | Mr. Shao Ziming (Independent Director) | 4/(4) | 2/(2) | 3/(3) | 3/(3) | | Ms. He Ping (Independent Director) | 4/(4) | 2/(2) | 3/(3) | 3/(3) | [Risk Management and Internal Control](index=28&type=section&id=風險管理及內部監控) The Board holds ultimate responsibility for the Group's risk management and internal control systems, continuously reviewing their effectiveness, with a structured framework involving the Board, Audit Committee, management, and internal audit team, which was deemed effective and sufficient during the reporting period - The Group's risk management framework is structured into four levels: the Board (strategy formulation), Audit Committee (oversight), management (design and implementation), and internal audit team (evaluation and reporting)[104](index=104&type=chunk)[105](index=105&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[111](index=111&type=chunk) - The Board has reviewed the effectiveness of the risk management and internal control systems for the current year and deemed them effective and sufficient[109](index=109&type=chunk) - The Group has an anti-corruption and whistleblowing system, allowing employees and other stakeholders to report misconduct via hotline or email to the internal audit department or Audit Committee[110](index=110&type=chunk) [Shareholder Rights and Communication](index=30&type=section&id=股東權利及與股東溝通) The company communicates with shareholders through various channels, including reports and announcements, and has an investor relations team, allowing shareholders to exercise rights through general meetings, with a dividend policy targeting a payout ratio of no less than 30% of basic earnings per share - Shareholders holding not less than **10%** of the paid-up capital may request the Board to convene an extraordinary general meeting[114](index=114&type=chunk) - The company has adopted a dividend policy, targeting a dividend payout ratio of no less than **30%** of basic earnings per share for each financial year[118](index=118&type=chunk) Directors' Report [Principal Risks and Uncertainties](index=33&type=section&id=主要風險及不明朗因素) The Group faces principal risks including operational, liquidity, and legal and regulatory compliance risks, which are managed through established mechanisms such as standardized operating procedures, close monitoring of cash flow and compliance status, and regular risk assessments - Operational risk refers to the risk of loss resulting from inadequate internal processes, people, or systems, or from external events, managed through standardized operating procedures across functional divisions and departments[129](index=129&type=chunk) - Liquidity risk refers to the risk of being unable to meet loan agreement obligations, mitigated by closely monitoring compliance and cash flow levels[130](index=130&type=chunk) - Legal and regulatory compliance risk refers to risks arising from changes in government laws and regulations, addressed by closely monitoring market regulatory developments and consulting external advisors[131](index=131&type=chunk) [Share Repurchases](index=35&type=section&id=購買、贖回或出售本公司之上市證券) During the year ended March 31, 2025, the company repurchased a total of 4,774,000 ordinary shares on the Stock Exchange for approximately HKD 27.52 million, all held as treasury shares Details of Share Repurchases During the Year | Year/Month | Number of Shares Repurchased | Highest Price Per Share (HKD) | Lowest Price Per Share (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | October 2024 | 380,000 | 5.17 | 4.90 | 1,918,000 | | February 2025 | 2,160,000 | 6.05 | 5.78 | 12,948,000 | | March 2025 | 2,234,000 | 5.80 | 5.45 | 12,649,000 | | **Total for the Year** | **4,774,000** | | | **27,515,000** | [Major Shareholders](index=40&type=section&id=主要股東) As of March 31, 2025, the company's major shareholders included Chairman Mr. Duan Chuanliang (approximately 27.29% stake) and ORIX Corporation (approximately 27.27% stake), with Qingdao Haifa State-owned Capital Investment and Operation Group Co., Ltd. and Great Wall Life Insurance Co., Ltd. also holding over 5% Major Shareholder Holdings (As at March 31, 2025) | Shareholder Name | Approximate Percentage of Shareholding | | :--- | :--- | | Mr. Duan Chuanliang | 27.29% | | ORIX Corporation | 27.27% | | Qingdao Haifa State-owned Capital Investment and Operation Group Co., Ltd. | 7.52% | | Great Wall Life Insurance Co., Ltd. | 5.02% | [Connected Transactions](index=41&type=section&id=關連交易) During the reporting period, the Group engaged in a continuing connected transaction involving the purchase of piped direct drinking water system equipment and services from Jiangxi Yinli Direct Drinking Water Equipment Co., Ltd., a connected subsidiary, with the transaction amount of approximately HKD 27.79 million falling below the annual cap and confirmed by independent non-executive directors as fair and reasonable - The Group entered into a framework agreement with Jiangxi Yinli, a connected subsidiary, for the procurement of piped direct drinking water equipment and services[176](index=176&type=chunk) Continuing Connected Transactions with Jiangxi Yinli | Period | Annual Cap | Actual Transaction Amount for the Year | | :--- | :--- | :--- | | April 1, 2024 to March 31, 2025 | RMB 80,000,000 | Approximately RMB 25,563,000 | - Independent non-executive directors and the company's auditor have reviewed these transactions and confirmed they were conducted on normal commercial terms, are fair and reasonable, and comply with Listing Rules requirements[179](index=179&type=chunk)[181](index=181&type=chunk) Independent Auditor's Report [Opinion](index=44&type=section&id=意見) PricewaterhouseCoopers, the auditor, issued an unmodified opinion on the Group's consolidated financial statements, affirming they present a true and fair view of the Group's consolidated financial position as at March 31, 2025, and its financial performance and cash flows for the year then ended, in compliance with the disclosure requirements of the Hong Kong Companies Ordinance - PricewaterhouseCoopers, the auditor, believes that the consolidated financial statements present a true and fair view of the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants[192](index=192&type=chunk) [Key Audit Matters](index=45&type=section&id=關鍵審計事項) The auditor identified three key audit matters due to significant management judgment and estimation uncertainty: accounting for concession service arrangements, impairment testing of goodwill and other intangible assets, and net realizable value assessment of properties under development and properties held for sale, for which appropriate audit procedures were performed - Key Audit Matter 1: Accounting for concession service arrangements, as determining the appropriateness of accounting treatment requires significant management judgment and assumptions, especially regarding revenue recognition for construction services[199](index=199&type=chunk)[202](index=202&type=chunk) - Key Audit Matter 2: Impairment testing of goodwill and other intangible assets, due to high uncertainty in significant assumptions applied when calculating recoverable amounts, such as usage growth, water tariffs, and discount rates[205](index=205&type=chunk)[207](index=207&type=chunk) - Key Audit Matter 3: Net realizable value assessment of properties under development and properties held for sale, as determining net realizable value involves inherent estimation uncertainty regarding future selling prices and completion costs[215](index=215&type=chunk) Consolidated Financial Statements [Consolidated Statement of Profit or Loss](index=53&type=section&id=綜合損益表) For the year ended March 31, 2025, the Group recorded revenue of HKD 11.66 billion, a 9.4% decrease from HKD 12.86 billion last year, with operating profit at HKD 3.53 billion, down 12.9% year-on-year, and profit for the year at HKD 2.03 billion, of which profit attributable to owners was HKD 1.07 billion, a 29.9% decrease Consolidated Statement of Profit or Loss Summary | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 11,655,565 | 12,858,515 | | Gross Profit | 4,404,978 | 4,775,964 | | Profit from operations | 3,527,513 | 4,050,171 | | Profit before income tax | 2,750,145 | 3,369,658 | | Profit for the year | 2,028,078 | 2,591,357 | | Profit attributable to owners of the Company | 1,074,663 | 1,533,543 | [Consolidated Statement of Financial Position](index=55&type=section&id=綜合財務狀況表) As at March 31, 2025, the Group's total assets were HKD 65.89 billion, total liabilities were HKD 44.02 billion, and net assets were HKD 21.87 billion, with non-current assets comprising the majority at HKD 48.27 billion, primarily other intangible assets (mainly concession rights) at HKD 34.16 billion, and a net current liability of HKD 3.79 billion Consolidated Statement of Financial Position Summary (As at March 31) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 48,271,896 | 46,366,408 | | Current assets | 17,619,747 | 16,875,662 | | **Total Assets** | **65,891,643** | **63,242,070** | | **Liabilities and Equity** | | | | Current liabilities | 21,409,424 | 20,747,409 | | Non-current liabilities | 22,609,533 | 21,042,119 | | **Total Liabilities** | **44,018,957** | **41,789,528** | | **Total Equity** | **21,872,686** | **21,452,542** | [Consolidated Statement of Cash Flows](index=59&type=section&id=綜合現金流量表) For the current year, the Group generated net cash from operating activities of HKD 3.39 billion, an increase from the previous year, while net cash used in investing activities was HKD 2.87 billion, significantly lower than last year, and net cash used in financing activities was HKD 0.44 billion, resulting in a net increase in cash and cash equivalents of HKD 82.26 million, with a year-end balance of HKD 4.77 billion Consolidated Statement of Cash Flows Summary | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Net cash generated from operating activities | 3,393,646 | 2,777,301 | | Net cash used in investing activities | (2,873,195) | (5,433,838) | | Net cash (used in) / generated from financing activities | (438,196) | 605,348 | | Net increase / (decrease) in cash and cash equivalents | 82,255 | (2,051,189) | | Cash and cash equivalents at end of year | 4,771,795 | 4,804,799 |

MODERN INNOVATIVE DIGITAL TECHNOLOGY COMPANY LIMITED 新質數字科技有限公司 (formerly known as Hong Kong ChaoShang Group Limited 香港潮商集團有限公司) (Incorporated in Bermuda with limited liability) (Stock Code 股份代號 : 2322) （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （前稱 Hong Kong ChaoShang Group Limited 香港潮商集團有限公司） Annual Report 年報 2025 新質數字科技有限公司 Annual Report 2025 年報 MODERN INNOVATIVE DIGITAL 新質數字科技有限公司 TECHNOLOGY COMPANY LIMITED Modern Innovative Digital Technology Company Limited 新質數字科技有限公司 （前稱香港潮商集團有限公司） Contents 目錄 | Corporate Informa ...

[Corporate Information](index=4&type=section&id=Corporate%20Information) This report provides basic corporate information for Global Printing Holdings Limited, including key contacts for the board, committees, legal advisors, bankers, auditor, and share registrar[5](index=5&type=chunk)[6](index=6&type=chunk) [Chairman's Statement](index=6&type=section&id=Chairman's%20Statement) [Business Review and Prospects](index=6&type=section&id=Business%20Review%20and%20Prospects) The Group achieved a significant turnaround in FY2025 with a 134.4% revenue increase and a return to profitability, driven by successful overseas expansion that offset local market challenges FY2025 Performance Highlights | Indicator | FY2025 | FY2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. HK$163.9 million | Approx. HK$69.9 million | ▲ 134.4% | | Total comprehensive income/(loss) attributable to equity holders | Income approx. HK$0.5 million | Loss approx. HK$28.4 million | Turnaround to profit | - To counter price competition and high production costs in Hong Kong, the Board terminated the final construction phase of the new Tsing Yi production base to ensure the company's operational continuity and long-term stability[9](index=9&type=chunk) - Despite challenges in the Hong Kong market, the company's overseas expansion in Mainland China, Taiwan, and the US progressed well, enhancing overall profitability and diversifying revenue streams[11](index=11&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Review](index=8&type=section&id=Financial%20Review) In FY2025, the Group's financial performance rebounded strongly, with revenue soaring 134.4% to HK$164 million and achieving a turnaround to profitability through market expansion and cost control Key Financial Indicators for FY2025 | Financial Indicator | FY2025 (HK$ million) | FY2024 (HK$ million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | 163.9 | 69.9 | ▲ 134.4% | | Cost of Sales | 128.9 | 60.5 | ▲ 113.1% | | Gross Profit | 35.0 | 9.4 | ▲ 272.3% | | Gross Profit Margin | 21.3% | 13.5% | ▲ 7.8pp | | Administrative and Other Expenses | 25.3 | 32.3 | ▼ 14.4% | | Comprehensive Income/(Loss) Attributable to Equity Holders | 0.5 | (28.4) | Turnaround to profit | - The substantial revenue growth was primarily attributed to the Group's expansion into new geographic segments and the introduction of business in selling printing-related raw materials and machinery[15](index=15&type=chunk) - Trade receivables increased from HK$4.6 million to HK$58.2 million, leading to a higher impairment loss of HK$2.5 million; however, most receivables were settled post-reporting date, and the loss is expected to be reversed[21](index=21&type=chunk)[29](index=29&type=chunk) - Cash and cash equivalents decreased from HK$9.8 million to HK$1.8 million, mainly due to the utilization of proceeds from the rights issue[33](index=33&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=12&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Capital%20Structure) As of 31 March 2025, the Group recorded net current liabilities of approximately HK$8.0 million and improved its current ratio to 0.91, while undertaking a capital reorganization to optimize its structure Liquidity and Capital Structure Indicators (as at 31 March) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Net Current Liabilities | Approx. HK$8.0 million | Approx. HK$6.8 million | | Cash and Cash Equivalents | Approx. HK$1.8 million | Approx. HK$9.8 million | | Current Ratio | 0.91 | 0.77 | | Gearing Ratio | 3.8 | 4.8 | - On 18 March 2025, the company implemented a share consolidation, combining every five shares of HK$0.05 each into one consolidated share of HK$0.25[39](index=39&type=chunk) - On 29 May 2025, the company further implemented a capital reduction and share subdivision as part of its capital reorganization[40](index=40&type=chunk) [Principal Risks and Uncertainties](index=13&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces key risks including reliance on customer retention, concentration on a single largest customer (31.93% of revenue), cost volatility, and macroeconomic changes in key markets - The Group's largest customer accounted for **31.93% of total revenue** in FY2025, indicating a customer concentration risk[47](index=47&type=chunk) - Profitability is affected by fluctuating costs of raw materials and subcontracting services, which are subject to uncontrollable factors like government policies and market competition[48](index=48&type=chunk) - The business is susceptible to economic conditions in key markets such as Hong Kong, Mainland China, Taiwan, and the US, including recessions, inflation, and trade policies[51](index=51&type=chunk) [Use of Proceeds](index=15&type=section&id=Use%20of%20Proceeds) The Group fully utilized the HK$24.0 million net proceeds from the 2018 share offer in FY2025 and has used most of the HK$32.7 million from the 2023 rights issue, with HK$1.0 million remaining - The net proceeds of HK$24.0 million from the 2018 share offer were fully utilized during FY2025 after two changes in their intended use[56](index=56&type=chunk)[58](index=58&type=chunk) Use of Proceeds from 2023 Rights Issue (HK$ million) | Intended Use | Planned Amount (Approx.) | Utilized in FY2025 (Approx.) | Unutilized Balance (Approx.) | Expected Full Utilization Date | | :--- | :--- | :--- | :--- | :--- | | Repayment of trade and other payables | 8.6 | 8.6 | – | Completed | | Partial repayment of a shareholder's loan | 16.2 | 16.2 | – | Completed | | Settlement of additional staff salaries | 4.6 | 3.6 | 1.0 | Before 31 March 2026 | | Settlement of rental payments | 3.3 | 3.3 | – | Completed | | **Total** | **32.7** | **31.7** | **1.0** | | [Biographical Details of Directors and Senior Management](index=20&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) [Profiles of Directors and Senior Management](index=20&type=section&id=Profiles%20of%20Directors%20and%20Senior%20Management) This section details the professional backgrounds of the company's directors and senior management, led by Chairman and CEO Mr. Lam Shing Tai, who has extensive industry experience - Mr. Lam Shing Tai, aged 58, serves as Executive Director, Chairman, and CEO, responsible for the Group's overall management and strategic planning, holding approximately **65.54%** of the company's shares[65](index=65&type=chunk)[66](index=66&type=chunk) - The Board members possess diverse industry backgrounds, including expertise in import/export, financial leasing, printing, accounting, and information technology[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) - The three Independent Non-executive Directors provide professional oversight in accounting, business advisory, and corporate governance[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) [Report of the Directors](index=23&type=section&id=Report%20of%20the%20Directors) [Business and Financial Position](index=23&type=section&id=Business%20and%20Financial%20Position) The Group's principal activities are general printing services and trading of printing equipment; the Board does not recommend a dividend for the year ended 31 March 2025 - The Group's principal activities are providing general printing services and trading printing equipment and consumables[75](index=75&type=chunk) - The Board does not recommend the payment of a final dividend for FY2025[78](index=78&type=chunk)[41](index=41&type=chunk) - During the year, the company implemented a share consolidation, merging every five shares of HK$0.05 each into one share of HK$0.25[80](index=80&type=chunk) [Directors' and Shareholders' Interests](index=26&type=section&id=Directors'%20and%20Shareholders'%20Interests) Chairman Mr. Lam Shing Tai holds a combined interest of approximately 65.54% of the company's shares through controlled corporations and concert party arrangements Equity Distribution of Major Directors and Shareholders as at 31 March 2025 | Shareholder Name | Capacity/Nature of Interest | Number of Shares Held (Post-Consolidation) | Approx. Shareholding Percentage | | :--- | :--- | :--- | :--- | | Mr. Lam Shing Tai | Interest in controlled corporations and jointly held | 65,410,466 | 65.54% | | New Metro Inc. | Beneficial owner and jointly held | 65,410,466 | 65.54% | | Mr. Chow Man Keung | Beneficial owner and jointly held | 65,410,466 | 65.54% | | Mr. Koh Ching Her | Beneficial owner and jointly held | 65,410,466 | 65.54% | [Supplier, Customer, and Employee Relations](index=30&type=section&id=Supplier%2C%20Customer%2C%20and%20Employee%20Relations) The Group has a highly concentrated supplier and customer base, with its top supplier and customer accounting for 77.0% of purchases and 31.9% of sales, respectively - Supplier concentration is very high, with the **largest supplier accounting for 77.0%** of total purchases[102](index=102&type=chunk) - Customer concentration is high, with the **largest customer representing 31.9%** of total revenue[102](index=102&type=chunk) Employee Information | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 39 | 39 | | Staff Costs | Approx. HK$14.9 million | Approx. HK$20.3 million | [Corporate Governance Report](index=35&type=section&id=Corporate%20Governance%20Report) [Corporate Governance Practices and the Board](index=35&type=section&id=Corporate%20Governance%20Practices%20and%20the%20Board) The company complied with the Corporate Governance Code, with the sole deviation being the combined role of Chairman and CEO, a structure the Board deems beneficial for strategic execution - During the reporting period, the company complied with all applicable provisions of the Corporate Governance Code except for one deviation: the roles of Chairman and CEO are both held by Mr. Lam Shing Tai, which does not conform to code provision C.2.1[122](index=122&type=chunk)[134](index=134&type=chunk) - The Board believes that despite this deviation, the balance of power is adequately ensured by the presence of three Independent Non-executive Directors and collective decision-making processes[134](index=134&type=chunk) - The Board composition is diverse, with members possessing professional experience in printing, corporate governance, accounting, business advisory, and information technology[130](index=130&type=chunk)[131](index=131&type=chunk) [Board Committees](index=39&type=section&id=Board%20Committees) The Board has established four committees—Audit, Remuneration, Nomination, and Risk Management—each chaired by and composed of Independent Non-executive Directors to ensure effective oversight - The Audit Committee, chaired by Mr. Wong Chun Kwok, oversees financial reporting processes, internal controls, and risk management systems[139](index=139&type=chunk) - The Remuneration Committee, chaired by Mr. Ho Ka Ming, is responsible for recommending remuneration policies for directors and senior management[141](index=141&type=chunk)[143](index=143&type=chunk) - The Nomination Committee, chaired by Ms. So Shuk Yan, reviews the Board's structure and makes recommendations on director appointments[145](index=145&type=chunk)[146](index=146&type=chunk) - The Risk Management Committee, chaired by Mr. Wong Chun Kwok, is responsible for overseeing the risk management framework[155](index=155&type=chunk)[156](index=156&type=chunk) [Risk Management and Internal Control](index=47&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board is ultimately responsible for the Group's risk management and internal control systems, which it reviews annually and considered effective and adequate for the year ended 31 March 2025 - The Board has overall responsibility for establishing, implementing, monitoring, and reviewing the Group's internal control systems, assessing their effectiveness at least annually[172](index=172&type=chunk) - The Group's risk management system aims to identify potential risks, conduct assessments, develop mitigation measures, and continuously review internal control procedures[175](index=175&type=chunk) - The Board considers the risk management and internal control policies and procedures executed during the year ended 31 March 2025 to be effective and adequate[174](index=174&type=chunk) [Environmental, Social and Governance Report](index=50&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) [ESG Governance and Strategy](index=51&type=section&id=ESG%20Governance%20and%20Strategy) The Board holds full responsibility for the Group's ESG strategy, identifying six material ESG issues that form the foundation of its sustainability initiatives - The Board assumes full responsibility for the Group's ESG strategy and reporting, with oversight and execution managed by a Sustainability Committee and an ESG Taskforce[183](index=183&type=chunk)[185](index=185&type=chunk) - The Group has identified six material ESG issues as the focus of its sustainability strategy, including compliant operations, resource utilization, waste management, supply chain management, talent development, and occupational health and safety[186](index=186&type=chunk) [Operating Practices](index=53&type=section&id=Operating%20Practices) The Group implements comprehensive supply chain management, strict product quality controls, and robust anti-corruption measures, with no legal cases related to corruption during the year - The Group implements a stringent supplier selection and annual review mechanism and promotes green procurement, such as using FSC-certified paper[187](index=187&type=chunk)[189](index=189&type=chunk) - During the reporting period, there were **1,311 product re-execution incidents**, 79% of which were caused by human error, prompting ongoing reviews of production processes[197](index=197&type=chunk) - The Group has established an anti-corruption policy and whistle-blowing channels, with no material non-compliance or corruption-related legal cases identified during the period[204](index=204&type=chunk) [Employment and Labour Practices](index=58&type=section&id=Employment%20and%20Labour%20Practices) The Group is committed to an equal and diverse workplace for its 39 employees, strictly prohibiting child and forced labor, and recorded no work-related injuries during the reporting period Employee Structure as at 31 March 2025 | Category | Breakdown | Percentage/Number | | :--- | :--- | :--- | | **Total Headcount** | | **39** | | **By Gender** | Male | 46% | | | Female | 54% | | **By Age Group** | 18-29 | 10% | | | 30-50 | 64% | | | Above 50 | 26% | | **By Job Function** | Management | 21% | | | Staff | 79% | - The Group strictly prohibits the use of child and forced labor, verifying applicants' identities during recruitment to ensure compliance with legal age requirements[208](index=208&type=chunk) - During the reporting period, the Group had **no work-related fatalities** and received no reports of lost days due to work injury[218](index=218&type=chunk) [Environmental Performance](index=61&type=section&id=Environmental%20Performance) The Group focuses on reducing its environmental impact from electricity and paper consumption, with total GHG emissions of 357 tonnes of CO2e and a low assessed risk from climate change Key Environmental Performance Indicators for FY2025 | Indicator | Unit | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Total GHG Emissions | tonnes CO2e | 357 | 357 | | - Scope 2 (Indirect) | tonnes CO2e | 560 | 311 | | Electricity Consumption | kWh | 800,464 | 444,782 | | Paper Consumption | kg | 0 | 45,682 | - To reduce energy consumption, the Group has implemented several energy-saving measures, including zoned lighting, restricted air conditioning use, and energy-efficient office practices[220](index=220&type=chunk)[222](index=222&type=chunk) - The Group assesses its physical and transition risks related to climate change as low overall but acknowledges market opportunities and challenges from customer expectations for environmental responsibility[226](index=226&type=chunk)[228](index=228&type=chunk) [Independent Auditor's Report](index=67&type=section&id=Independent%20Auditor's%20Report) [Auditor's Opinion](index=67&type=section&id=Auditor's%20Opinion) The auditor issued an unqualified opinion on the financial statements but highlighted a material uncertainty related to going concern due to the Group's net current liability position - The auditor issued an **unqualified opinion**, stating that the financial statements give a true and fair view of the Group's financial position[236](index=236&type=chunk) - **Material Uncertainty Related to Going Concern**: The auditor drew attention to the Group's net current liabilities of HK$7,980,974 as of 31 March 2025, which indicates a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern, though the opinion is not modified in this respect[238](index=238&type=chunk) - **Key Audit Matter**: The auditor identified the "Impairment assessment of property, plant and equipment, intangible assets and right-of-use assets" as a key audit matter due to the significant management estimates and judgments involved in future cash flow projections[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk) [Consolidated Financial Statements](index=72&type=section&id=Consolidated%20Financial%20Statements) [Financial Statement Summary](index=72&type=section&id=Financial%20Statement%20Summary) The audited financial statements show the Group achieved revenue of HK$164 million and returned to a profit of approximately HK$0.68 million for the fiscal year Core Financial Data from FY2025 Statements (HK$) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | **Consolidated Statement of Comprehensive Income** | | | | Revenue | 163,861,815 | 69,930,379 | | Profit/(Loss) for the year | 677,089 | (28,670,570) | | Basic earnings/(loss) per share | 0.62 HK cents | (48.00) HK cents | | **Consolidated Statement of Financial Position** | | | | Total Assets | 109,352,000 | 52,515,843 | | Total Liabilities | 101,614,120 | 45,377,187 | | Total Equity | 7,737,868 | 7,138,656 | | **Consolidated Statement of Cash Flows** | | | | Net cash from operating activities | 6,153,316 | (32,839,105) | | Cash and cash equivalents at year end | 1,769,519 | 9,778,940 | [Consolidated Statement of Comprehensive Income](index=72&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) [Consolidated Statement of Financial Position](index=73&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) [Consolidated Statement of Changes in Equity](index=75&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) [Consolidated Statement of Cash Flows](index=76&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) [Notes to the Financial Statements](index=77&type=section&id=Notes%20to%20the%20Financial%20Statements) [Financial Summary](index=122&type=section&id=Financial%20Summary) [Five-Year Financial Summary](index=122&type=section&id=Five-Year%20Financial%20Summary) This section summarizes key financial data from FY2021 to FY2025, showing a return to profitability in the latest year after four consecutive years of losses Five-Year Summary of Results (HK$ thousand) | For the year ended 31 March | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 163,861 | 69,930 | 95,474 | 113,652 | 103,133 | | Gross Profit | 34,973 | 9,417 | 14,692 | 24,396 | 20,298 | | Profit/(Loss) for the year | 606 | (28,671) | (20,503) | (4,447) | (12,536) | Five-Year Summary of Assets, Liabilities, and Equity (HK$ thousand) | As at 31 March | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 109,352 | 52,516 | 32,814 | 49,358 | 54,641 | | Total Liabilities | 101,614 | 45,377 | 33,495 | 29,536 | 30,372 | | Total Equity | 7,738 | 7,139 | (681) | 19,822 | 24,269 |

[Company Information](index=4&type=section&id=Company%20Information) Provides essential corporate details and contact information [Chairman's Statement](index=6&type=section&id=Chairman's%20Statement) The Group achieved a significant turnaround this fiscal year with substantial revenue growth and a return to profitability, driven by stringent cost control and successful overseas market expansion despite intense local competition and the termination of a new production base project Key Performance for FY2025 | Metric | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. HKD 163.9 million | Approx. HKD 69.9 million | +134.4% | | Total Comprehensive Income Attributable to Equity Holders | Income Approx. HKD 0.5 million | Loss Approx. HKD 28.4 million | Turnaround to Profit | - To address intense price competition and unfeasible local production costs in the Hong Kong market, the Board decided to terminate the final construction phase of the Tsing Yi new production base to ensure the company's continued operation[10](index=10&type=chunk) - Despite challenges in the Hong Kong market, the company achieved positive results from overseas expansion in Mainland China, Taiwan, and the US, diversifying revenue streams and enhancing overall profitability by supplying printed materials, raw materials, and machinery[12](index=12&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) Provides a comprehensive review of the Group's financial performance, liquidity, capital structure, key risks, and the utilization of proceeds from fundraising activities [Financial Review](index=8&type=section&id=Financial%20Review) The Group achieved a strong financial turnaround in FY2025, with total revenue surging 134.4% due to new regional expansion and diversified sales, significantly improving gross profit margin and administrative cost control, leading to a return to profitability for equity holders Comparison of Key Income Statement Items for FY225 and FY2024 | Item | FY2025 (HKD million) | FY2024 (HKD million) | Reason for Change | | :--- | :--- | :--- | :--- | | **Revenue** | 163.9 | 69.9 | Expansion into new geographical segments and introduction of new businesses | | **Cost of Sales** | 128.9 | 60.5 | In line with revenue growth | | **Gross Profit** | 35.0 | 9.4 | Significant revenue growth and stable fixed costs | | **Gross Profit Margin** | 21.3% | 13.5% | Improved operational efficiency and economies of scale | | **Administrative and Other Expenses** | 25.3 | 32.3 | Decrease in staff costs and depreciation of right-of-use assets | | **Total Comprehensive Income Attributable to Equity Holders** | 0.5 (Profit) | -28.4 (Loss) | Increased turnover, improved operational efficiency, and cost reduction | Comparison of Key Balance Sheet Items for FY2025 and FY2024 | Item | As at March 31, 2025 (HKD million) | As at March 31, 2024 (HKD million) | Reason for Change | | :--- | :--- | :--- | :--- | | **Trade Receivables** | 58.2 | 4.6 | Increase in revenue and expansion into new business segments | | **Trade Payables** | 62.3 | 4.9 | Expansion into new business segments and increase in subcontracting services | | **Cash and Cash Equivalents** | 1.8 | 9.8 | Utilization of rights issue proceeds | [Liquidity, Financial Resources and Capital Structure](index=12&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of March 31, 2025, the Group reported a net current liability of approximately HKD 8.0 million and a current ratio of 0.91, with a gearing ratio of 3.8, following a capital restructuring including share consolidation and subsequent capital reduction Key Financial Ratios as at March 31, 2025 | Metric | Value | | :--- | :--- | | Net Current Liabilities | Approx. HKD 8.0 million | | Current Ratio | Approx. 0.91 | | Gearing Ratio | Approx. 3.8 | - The company implemented a share consolidation in March 2025, merging every five shares of HKD 0.05 par value into one consolidated share of HKD 0.25 par value[40](index=40&type=chunk) - The company implemented capital reduction and share subdivision in May 2025 as part of its capital restructuring[41](index=41&type=chunk) [Key Risks and Uncertainties](index=13&type=section&id=Key%20Risks%20and%20Uncertainties) The Group faces key risks including challenges in client retention, high reliance on its largest customer (31.93% of total revenue), volatility in raw material and subcontracting costs, dependence on subcontractors, and macroeconomic changes in key markets - The Group has a high dependency on its largest customer, which accounted for approximately **31.93% of total revenue** in FY2025[48](index=48&type=chunk) - Profitability is affected by fluctuations in raw material procurement and subcontracting service costs, with no guarantee of effectively passing on cost increases to customers[49](index=49&type=chunk) - Business is susceptible to changes in economic conditions in key markets such as Hong Kong, Mainland China, Taiwan, and the US, including recessions, inflation, and trade policies[52](index=52&type=chunk) [Use of Proceeds](index=15&type=section&id=Use%20of%20Proceeds) This section reviews the utilization of proceeds from the 2018 share offer and 2024 rights issue, with the HKD 24.0 million net proceeds from the share offer fully utilized and the HKD 32.7 million net proceeds from the rights issue largely used for debt repayment and rent settlement - The net proceeds of **HKD 24.0 million** from the 2018 share offer were fully utilized during FY2025[59](index=59&type=chunk) Summary of Use of Proceeds from 2024 Rights Issue (HKD million) | Estimated Use | Planned Amount (Approx.) | Utilized in FY2025 (Approx.) | Unutilized Balance (Approx.) | Expected Full Utilization Time | | :--- | :--- | :--- | :--- | :--- | | Repayment of trade and other payables | 8.6 | 8.6 | 0 | Completed | | Partial repayment of loan from a shareholder | 16.2 | 16.2 | 0 | Completed | | Settlement of additional staff salaries | 4.6 | 3.6 | 1.0 | Before March 31, 2026 | | Settlement of rental payments | 3.3 | 2.8 | 0 | Completed | | **Total** | **32.7** | **31.2** | **1.0** | | [Biographical Details of Directors and Senior Management](index=20&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) This section provides detailed biographical information for the company's executive directors, independent non-executive directors, and senior management, highlighting their diverse professional backgrounds and extensive experience in various fields - Mr. Lam Shing Tat, Chairman and CEO, is primarily responsible for the Group's overall management and strategic planning, holding approximately **65.54% of the company's share interest** through his controlled corporations and parties acting in concert as of the reporting date[66](index=66&type=chunk)[67](index=67&type=chunk) - Board members possess diverse professional backgrounds, encompassing the printing industry, import and export trade, finance leasing, accounting and finance, corporate governance, and information technology[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) - Mr. So Hang Fung, Financial Controller and Company Secretary, has over **16 years of experience** in financial and accounting management, holding multiple professional accountant and corporate governance qualifications[74](index=74&type=chunk) [Directors' Report](index=23&type=section&id=Directors'%20Report) Details the Group's business activities, financial performance, dividend policy, changes in share capital, and interests of directors and major shareholders, alongside compliance and related party matters [Business and Results](index=23&type=section&id=Business%20and%20Results) The Group primarily provides general printing services and trades printing equipment and consumables, with no dividends recommended for the year ended March 31, 2025, and no purchases, sales, or redemptions of listed securities by the company or its subsidiaries - The Board does not recommend the payment of a dividend for the year ended March 31, 2025[79](index=79&type=chunk) - On March 18, 2025, the company implemented a share consolidation, merging every five existing shares of HKD 0.05 par value into one consolidated share of HKD 0.25 par value[81](index=81&type=chunk) [Directors' and Shareholders' Interests](index=26&type=section&id=Directors'%20and%20Shareholders'%20Interests) This section discloses the interests of directors and major shareholders in the company's shares, including significant holdings by Chairman Mr. Lam Shing Tat, and confirms no material interests of directors in significant transactions or arrangements for profit from share acquisitions Directors' Interests in the Company's Shares (as at March 31, 2025) | Director's Name | Capacity / Nature of Interest | Number of Shares Held | Percentage of Shareholding (Approx.) | | :--- | :--- | :--- | :--- | | Mr. Lam Shing Tat | Interest in controlled corporation / Jointly held with others | 65,410,466 | 65.54% | | Mr. Yip Tsz Man | Spouse's interest | 950,000 | 0.95% | Concentration of Major Suppliers and Customers (for the year ended March 31, 2025) | Category | Percentage | | :--- | :--- | | Purchases from five largest suppliers as % of total purchases | Approx. 91.3% | | Purchases from largest supplier as % of total purchases | Approx. 77.0% | | Sales to five largest customers as % of total revenue | Approx. 44.6% | | Sales to largest customer as % of total revenue | Approx. 31.9% | [Compliance and Other Matters](index=31&type=section&id=Compliance%20and%20Other%20Matters) This section outlines the Group's stakeholder relationships, related party transactions, remuneration policy, and compliance, confirming no disclosable related party transactions, adherence to non-competition undertakings, and sufficient public float, with a post-period capital reduction and share subdivision completed - There were no disclosable connected transactions under Chapter 20 of the GEM Listing Rules during the year[107](index=107&type=chunk)[108](index=108&type=chunk) - Directors and controlling shareholders have confirmed compliance with non-competition undertakings, which have been reviewed by independent non-executive directors[112](index=112&type=chunk)[113](index=113&type=chunk) - Subsequent to the reporting period, the company's capital reduction and share subdivision officially became effective on May 29, 2025[119](index=119&type=chunk) [Corporate Governance Report](index=35&type=section&id=Corporate%20Governance%20Report) Details the company's corporate governance practices, board structure, committee functions, shareholder rights, and risk management and internal control systems, emphasizing adherence to governance codes [Corporate Governance Practices and the Board](index=35&type=section&id=Corporate%20Governance%20Practices%20and%20the%20Board) The company maintains high corporate governance standards, adhering to all applicable code provisions with the sole deviation being the combined roles of Chairman and CEO, a structure deemed beneficial for strategy execution and balanced by a diverse board with sufficient independent non-executive directors - During the reporting period, the company complied with the Corporate Governance Code, with the only deviation being the combined roles of Chairman and Chief Executive Officer held by Mr. Lam Shing Tat (deviation from Code Provision C.2.1), which the Board believes enhances execution efficiency and is balanced by the Board's independence[123](index=123&type=chunk)[135](index=135&type=chunk) - The Board comprises **8 directors**, including **5 executive directors** and **3 independent non-executive directors**, meeting the Listing Rules' requirements for the number of independent non-executive directors[126](index=126&type=chunk)[136](index=136&type=chunk) - All directors have participated in continuous professional development to update their knowledge and skills[134](index=134&type=chunk) [Board Committees](index=39&type=section&id=Board%20Committees) The Board has four committees—Audit, Remuneration, Nomination, and Risk Management—all chaired by independent non-executive directors, overseeing financial reporting, remuneration policies, director nominations, and risk management, respectively, with each committee holding meetings and fulfilling its duties during the year - The Audit Committee, composed of **three independent non-executive directors** and chaired by Mr. Wong Chun Kwok with appropriate professional qualifications, held **two meetings** during the year to review financial statements and results announcements[140](index=140&type=chunk)[141](index=141&type=chunk) - The Remuneration Committee, comprising **three independent non-executive directors**, held **one meeting** during the year to review the remuneration structure and make recommendations[144](index=144&type=chunk) - The Nomination Committee, consisting of **three independent non-executive directors**, held **one meeting** during the year to review directors' independence and re-appointment matters[147](index=147&type=chunk) - The Risk Management Committee, composed of **three independent non-executive directors**, held **one meeting** during the year to review the risk management and internal control systems[157](index=157&type=chunk)[158](index=158&type=chunk) [Shareholders' Rights and Communication](index=45&type=section&id=Shareholders'%20Rights%20and%20Communication) The company prioritizes shareholder communication through a dedicated policy, outlining rights and procedures for convening extraordinary general meetings (requiring at least 10% voting rights), making inquiries, and submitting proposals, with all resolutions at general meetings decided by poll - One or more shareholders holding not less than **one-tenth of the voting rights** in the company's shares have the right to request the Board to convene an extraordinary general meeting[166](index=166&type=chunk) - The company communicates with shareholders through various channels, including annual reports, interim reports, announcements, circulars, and the company website, ensuring equal access to information for all shareholders[169](index=169&type=chunk) [Risk Management and Internal Control](index=47&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board holds ultimate responsibility for the Group's risk management and internal control systems, reviewing their effectiveness at least annually, and has established policies to safeguard assets, ensure financial reporting reliability, and comply with regulations, deeming the systems effective and adequate for the year ended March 31, 2025 - The Board confirms its responsibility for the Group's risk management and internal control systems, reviewing their effectiveness at least annually[173](index=173&type=chunk) - The Group's risk management and internal control systems are designed to manage rather than eliminate risk, providing reasonable rather than absolute assurance[173](index=173&type=chunk) - Upon review, the Board considers the risk management and internal control systems for the current fiscal year to be effective and adequate[175](index=175&type=chunk) [Environmental, Social and Governance Report](index=50&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) Outlines the Group's commitment to sustainable development, detailing its ESG governance structure, key material issues, operating practices, employment policies, and environmental performance metrics [ESG Governance and Strategy](index=50&type=section&id=ESG%20Governance%20and%20Strategy) The Group is committed to sustainable development, with the Board overseeing ESG strategy and reporting through dedicated committees, identifying six material ESG issues—including compliant operations, energy consumption, and talent attraction—as cornerstones for its sustainability initiatives - The Board assumes full responsibility for the Group's ESG strategy, materiality assessment, policies, and reporting, overseeing and executing initiatives through the Sustainability Committee and ESG Working Group[184](index=184&type=chunk)[186](index=186&type=chunk) - The Group has identified **six material ESG issues**: compliant operations, energy consumption, waste management, supply chain management, talent attraction, and occupational health and safety[187](index=187&type=chunk) [Operating Practices](index=53&type=section&id=Operating%20Practices) The Group implements stringent operating practices, including supply chain management with over 95% of raw materials sourced from China and preference for FSC-certified paper, comprehensive product quality control, customer service, privacy protection, and a strict anti-corruption policy with no related legal cases reported - The Group implements stringent supplier screening mechanisms and emphasizes green procurement, such as using Forest Stewardship Council (FSC) certified paper[188](index=188&type=chunk)[190](index=190&type=chunk) - A total of **1,311 product re-execution incidents** occurred during the reporting period, with **79% caused by human error**, and no product recalls due to copyright or health and safety reasons[198](index=198&type=chunk)[200](index=200&type=chunk) - The Group prohibits all forms of corruption and has established an anti-corruption policy and whistleblowing procedures, with no corruption-related legal cases against the Group or its employees during the reporting period[205](index=205&type=chunk) [Employment and Labor Practices](index=58&type=section&id=Employment%20and%20Labor%20Practices) The Group values its employees as key assets, fostering an equal and diverse work environment with strict prohibitions against child and forced labor, providing competitive remuneration and training for its 39 full-time employees, and prioritizing occupational health and safety with no reported work-related injuries Employee Structure (as at March 31, 2025) | Category | Breakdown | Percentage | | :--- | :--- | :--- | | **Total Headcount** | | 39 employees | | **By Gender** | Male | 46% | | | Female | 54% | | **By Age Group** | 18-29 years | 10% | | | 30-50 years | 64% | | | Over 50 years | 26% | | **By Function** | Management | 21% | | | Staff | 79% | - The Group strictly prohibits the use of child and forced labor, verifying identities during recruitment to ensure compliance with legal age requirements[209](index=209&type=chunk) - During the reporting period, the Group recorded **no work-related injuries** and no lost days due to work injuries[219](index=219&type=chunk) [Environmental Performance and Climate Change](index=61&type=section&id=Environmental%20Performance%20and%20Climate%20Change) The Group is committed to environmental protection, focusing on reducing its carbon footprint through energy-saving measures and responsible waste management, assessing climate-related risks as low but continuously monitoring them, and reporting detailed environmental KPIs for emissions and resource consumption Key Environmental Performance Indicators for FY2025 | Indicator | Unit | FY2025 Value | Intensity (per HKD million revenue) | | :--- | :--- | :--- | :--- | | **Total GHG Emissions** | tonnes of CO2 equivalent | 357 | 2.18 | | Scope 2 (Indirect Emissions) | tonnes of CO2 equivalent | 560 | 3.42 | | **Electricity Consumption** | kWh | 800,464 | 4,884.15 | - The Group has implemented various energy-saving measures, including zoning lighting, maintaining eco-friendly office temperatures (**24-26℃**), and switching off non-essential equipment during lunch breaks, to reduce electricity consumption[221](index=221&type=chunk)[223](index=223&type=chunk) - Based on the assessment of climate-related risks, the Board believes the Group faces low substantive risks, but customer expectations regarding environmental image may present market and reputational risks and opportunities[227](index=227&type=chunk)[229](index=229&type=chunk) [Independent Auditor's Report](index=67&type=section&id=Independent%20Auditor's%20Report) The independent auditor, BDO Limited, issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, while highlighting a material uncertainty related to going concern due to net current liabilities and identifying impairment assessment of property, plant, equipment, intangible assets, and right-of-use assets as a key audit matter - The auditor issued an **unmodified opinion** on the consolidated financial statements, deeming them to present fairly the Group's financial position and performance[237](index=237&type=chunk) - The report specifically draws attention to a **"material uncertainty related to going concern"** as the Group recorded **net current liabilities of HKD 7,980,974** as of March 31, 2025[239](index=239&type=chunk) - A key audit matter is the **"impairment assessment of property, plant and equipment, intangible assets, and right-of-use assets"**, due to significant estimates and judgments made by management regarding cash flow forecasts[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk) [Financial Statements and Summary](index=72&type=section&id=Financial%20Statements%20and%20Summary) Presents the Group's consolidated financial statements, including income, balance sheet, and cash flow summaries, along with selected notes detailing accounting policies, segment reporting, and capital changes, concluding with a five-year financial overview [Consolidated Financial Statements](index=72&type=section&id=Consolidated%20Financial%20Statements) The Group's consolidated financial statements for the year ended March 31, 2025, show a significant turnaround from loss to profit, with revenue growing 134.4% to HKD 163.9 million, resulting in a profit of HKD 0.677 million for the year, and positive net cash flow from operations Summary of Consolidated Statement of Comprehensive Income | Item (HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 163,861,815 | 69,930,379 | | Gross Profit | 34,972,964 | 9,416,776 | | Operating Profit / (Loss) | 3,273,320 | (28,298,538) | | Profit / (Loss) for the Year | 677,089 | (28,670,570) | | Basic Earnings / (Loss) Per Share | 0.62 HK cents | (48.00) HK cents | Summary of Consolidated Statement of Financial Position | Item (HKD) | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Total Assets | 109,352,988 | 52,515,843 | | Total Liabilities | 101,614,120 | 45,377,187 | | **Total Equity** | **7,737,868** | **7,138,656** | | Current Assets | 83,282,613 | 22,879,705 | | Current Liabilities | 91,263,587 | 29,727,855 | | **Net Current Liabilities** | **(7,980,974)** | **(6,848,150)** | Summary of Consolidated Statement of Cash Flows | Item (HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash From / (Used In) Operating Activities | 6,153,316 | (32,839,105) | | Net Cash (Used In) / From Investing Activities | (5,315,337) | 2,000,875 | | Net Cash (Used In) / From Financing Activities | (8,890,806) | 35,658,315 | | Cash and Cash Equivalents at Year End | 1,769,519 | 9,778,940 | [Notes to the Financial Statements (Selected)](index=77&type=section&id=Notes%20to%20the%20Financial%20Statements%20(Selected)) Selected notes to the financial statements detail accounting policies and key estimates, including the going concern assumption despite net current liabilities, segment reporting for general printing services and trading of equipment, and significant changes in share capital and related party transactions during the year - Despite **net current liabilities of HKD 7.98 million**, the directors consider the preparation of financial statements on a going concern basis appropriate, based on plans to improve liquidity, including a **HKD 15 million loan facility** granted by controlling shareholder Mr. Lam Shing Tat[266](index=266&type=chunk)[267](index=267&type=chunk) - The Group's business has been reorganized into two reportable segments: **"Provision of general printing services"** (revenue **HKD 147 million**) and **"Trading of printing equipment and consumables"** (revenue **HKD 16.96 million**)[316](index=316&type=chunk)[317](index=317&type=chunk) - Multiple capital reorganizations occurred during the year, including the 2023 share consolidation, rights issue, and 2025 share consolidation, significantly altering the number of issued shares and par value[366](index=366&type=chunk) [Financial Summary](index=122&type=section&id=Financial%20Summary) This section provides a five-year financial summary, showing the Group's revenue reaching a five-year high in FY2025 and a return to profitability after four consecutive years of losses, with total equity recovering to positive values for two consecutive years Five-Year Financial Summary (HKD thousand) | For the Year Ended March 31 | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 163,861 | 69,930 | 95,474 | 113,652 | 103,133 | | **Profit / (Loss) for the Year** | 606 | (28,671) | (20,503) | (4,447) | (12,536) | | **Total Assets** | 109,352 | 52,516 | 32,814 | 49,358 | 54,641 | | **Total Liabilities** | 101,614 | 45,377 | 33,495 | 29,536 | 30,372 | | **Total Equity** | 7,738 | 7,139 | (681) | 19,822 | 24,269 |