目錄 | 3 | 公司資料 | | --- | --- | | 4 | 主席報告書 | | 6 | 摘要 | | 7 | 管理層討論及分析 | | 12 | 董事及高級管理人員履歷詳情 | | 16 | 董事會報告 | | 34 | 企業管治報告 | | 45 | 獨立核數師報告 | | 50 | 綜合損益及其他全面收益表 | | 51 | 綜合財務狀況表 | | 53 | 綜合權益變動表 | | 54 | 綜合現金流量表 | | 56 | 綜合財務報表附註 | | 120 | 五年財務概要 | ޞଙଶ䁭 香港聯合交易所有限公司（「聯交所」）GEM（「GEM」）的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司可能帶有較高投資風 險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於在GEM上市的公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣的證券承受較大的市場波動風險， 同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明， ...

Contents 目錄 | Corporate Information 公司資料 | 2-3 | | --- | --- | | Chairman's Statement 主席報告 | 4-15 | | Major Awards 主要獎項 | 16-18 | | Management Discussion and Analysis 管理層討論及分析 | 19-26 | | Report of the Directors 董事會報告 | 27-42 | | Corporate Governance Report 企業管治報告 | 43-65 | | Independent Auditor's Report 獨立核數師報告 | 66-73 | | Audited Financial Statements 經審核財務報告 | | | Consolidated Statement of Profit or Loss 綜合損益表 | 74 | | Consolidated Statement of Comprehensive Income 綜合全面收益表 | 75 | | Consolidated Statement ...

ANNUAL REPORT 2024-2025 目錄 2 公司資料 3 釋義 14 主席報告 17 管理層討論及分析 24 董事及高級管理層 28 企業管治報告 44 董事會報告 58 環境、社會及管治報告 獨立核數師報告 90 綜合損益及其他全面收益表 97 綜合財務狀況表 98 綜合權益變動表 100 綜合現金流量表 101 綜合財務報表附註 103 投資物業詳情 183 五年財務概要 184 公司資料 董事會 執行董事 蔡志輝先生 （主席兼聯席行政總裁） 何家敏女士 （副主席兼聯席行政總裁） 何俊傑先生（於2024年9月20日辭任） 區俊傑先生（於2024年9月20日辭任） 獨立非執行董事 陸定光教授 彭倩薇女士 尹祖伊博士 審核委員會 彭倩薇女士 （主席） 尹祖伊博士 陸定光教授 提名委員會 陸定光教授 （主席） 尹祖伊博士 蔡志輝先生 薪酬委員會 尹祖伊博士 （主席） 彭倩薇女士 蔡志輝先生 公司秘書 鄧穎珊女士 授權代表 蔡志輝先生 鄧穎珊女士 獨立核數師 久安（香港）會計師事務所有限公司 執業會計師 註冊公眾利益實體核數師 香港 銅鑼灣 高士威道8號 航空大廈8樓 律師 CLKW LAWYERS ...

Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Management Discussion and Analysis | 管理層討論與分析 | 4 | | Corporate Governance Report | 企業管治報告 | 18 | | Directors' Report | 董事會報告 | 34 | | Biographical Information of Directors and Senior Management | 董事及高級管理層個人資料 | 55 | | Independent Auditor's Report | 獨立核數師報告 | 57 | | Consolidated Statement of Profit or Loss and | 綜合損益及其他全面收益表 | 64 | | Other Comprehensive Income | | | | Consolidated Statement of Financial Position | 綜合財務狀況表 | 66 | | Consol ...

年 報 2024/25 ANNUAL REPORT 2024/25 ANNUAL REPORT 2024/25 年 報 | 公司資料 | 02 | | --- | --- | | 主席報告 | 03 | | 管理層討論及分析 | 04 | | 董事及高級管理層履歷 | 11 | | 董事會報告 | 14 | | 企業管治報告 | 28 | | 環境、社會及管治報告 | 43 | | 獨立核數師報告 | 72 | | 綜合損益及其他全面收益表 | 77 | | 綜合財務狀況表 | 78 | | 綜合權益變動表 | 79 | | 綜合現金流量表 | 80 | | 綜合財務報表附註 | 82 | | 財務摘要 | 146 | 公司資料 董事會 非執行董事 李青松先生 （主席） 執行董事 許文超先生 （行政總裁） 吳錫釗先生 獨立非執行董事 楊孫西博士 黎文星先生 曾傲嫣女士 審核委員會 目錄 黎文星先生 （主席） 楊孫西博士 曾傲嫣女士 薪酬委員會 楊孫西博士 （主席） 李青松先生 黎文星先生 提名委員會 李青松先生 （主席） 楊孫西博士 黎文星先生 曾傲嫣女士（於2025 年 6 月27日獲委任） 註冊辦事處 C ...

有限公 2024/25 Annual Report 年報 China Brilliant Global Limited 朗 華 國 際 集 團 司 Annual Report 2024/25 年報 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest on ...

2025 年報 GOLDEN RESOURCES 金源集團 金 源 發 展 國 際 實 業 有 限 公 司 (股份代號: 677) 於百慕達註冊成立之有限公司 CIRCLE CO 0 CIRCLE CO | 9 目錄 | 公司資料 | 2 | | --- | --- | | 使命、願景及戰略任務 | 3 | | 主席報告書 | 6 | | 董事會報告書 | 8 | | 企業管治報告 | 23 | | 環境、社會及管治報告 | 38 | | 獨立核數師報告 | 62 | | 綜合損益表 | 69 | | 綜合全面收益表 | 70 | | 綜合財務狀況表 | 71 | | 綜合權益變動表 | 73 | | 綜合現金流量表 | 75 | | 財務報表附註 | 77 | | 投資物業摘要 | 159 | | 集團財政概要 | 160 | 金源發展國際實業有限公司 年報2025 公司 資料 董事會 執行董事 林烱熾 （主席及集團執行主席） 林世豪 （副主席及集團行政總裁） 林世雯 源美棠 曾春曜 獨立非執行董事 林源道 余達志 林健鋒 公司秘書 卓育龍 核數師 畢馬威會計師事務所 執業會計師 根據會計及財務匯報局條例 ...

ANNUAL REPORT 2025 Microware Group Limited 美高域集團有限公司 (於開曼群島註冊成立的有限公司) 股份代號 : 1985 年報 2025 Microware Group Limited (incorporated in the Cayman Islands with limited liability) Stock Code: 1985 美高域集團有限公司 ANNUAL REPO RT 2025 二零二五年年報 Microwar e Grou p Limite d 美高域集團有限公司 目錄 | 公司資料 | 2 | | --- | --- | | 年度要事 | 4 | | 主席報告書 | 13 | | 管理層討論及分析 | 15 | | 董事及高級管理層履歷 | 19 | | 企業管治報告 | 23 | | 董事會報告 | 37 | | 獨立核數師報告 | 50 | | 綜合損益及其他全面收益表 | 55 | | 綜合財務狀況表 | 56 | | 綜合權益變動表 | 57 | | 綜合現金流量表 | 58 | | 綜合財務報表附註 | 60 | | 財務摘要 | 13 ...

Contents 目錄 | | | 頁次 | | --- | --- | --- | | | | Page | | 公司資料 | Corporate Information | 2-4 | | 主席報告書 | Chairman's Statement | 5-11 | | 董事會報告書 | Directors' Report | 12-24 | | 企業管治報告書 | Corporate Governance Report | 25-53 | | 獨立核數師報告書 | Independent Auditor's Report | 54-61 | | 綜合損益及其他 | Consolidated Statement of Profit or Loss | 62 | | 全面收入表 | and Other Comprehensive Income | | | 綜合財務狀況表 | Consolidated Statement of Financial Position | 63 | | 綜合權益變動表 | Consolidated Statement of Changes in Equity | 64-65 | | ...

[Corporate Information](index=4&type=section&id=Corporate_Information) The report provides essential company registration details, headquarters address, board members, committee structures, and key auditors and banks - The report provides key information including the company's basic registration details, headquarters address, board members, committee composition, and primary auditors and banks[8](index=8&type=chunk)[9](index=9&type=chunk)[12](index=12&type=chunk) - The Board of Directors comprises executive and independent non-executive directors, with Mr. Ho Cheuk Fai serving as Chairman and Chief Executive Officer. Changes in board members and committees, including new appointments and resignations, occurred during and after the reporting period[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Key Information for Shareholders](index=6&type=section&id=Key_Information_for_Shareholders) This section provides key financial calendar dates, market capitalization overview, and listing details for shareholders Key Dates for Fiscal Year 2025 | Event | Date | | :--- | :--- | | 2024/25 Annual Results Announcement | June 25, 2025 | | Annual General Meeting | September 5, 2025 | | Final Dividend Last Registration Date | September 10, 2025 | | Estimated Final Dividend Payment Date | September 30, 2025 | Market Capitalization Overview | Date | Closing Price (HKD) | Market Capitalization (HKD) | | :--- | :--- | :--- | | March 31, 2025 | 0.82 | 1,657,312,824 | | June 30, 2025 | 0.88 | 1,778,579,616 | - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong with stock code 1050, and each board lot consists of **2,000 shares**[21](index=21&type=chunk)[22](index=22&type=chunk) [Corporate Calendar](index=8&type=section&id=Corporate_Calendar) The company expanded its production capacity in Thailand, secured new orders, and received multiple awards, demonstrating comprehensive strengths - In January 2025, the Group announced an investment of approximately **HKD 115 million** to acquire about **70,000 square meters** of land in Amata Industrial Park, Chonburi, Thailand, planning to build a new production base to expand overseas server chassis and related product capacity[27](index=27&type=chunk) - The Group's Thailand plant successfully delivered data center-related orders to new clients and continued to achieve business growth during the reporting period. Concurrently, the Group leased additional production facilities in Thailand to support capacity expansion[24](index=24&type=chunk)[27](index=27&type=chunk) - The Group received multiple accolades during the reporting period, including the 'Excellence Award' from Dell, and several awards for corporate social responsibility, talent development, and environmental protection, highlighting its comprehensive capabilities[24](index=24&type=chunk)[26](index=26&type=chunk) [Financial Highlights](index=11&type=section&id=Financial_Highlights) The company achieved significant revenue and profit growth in FY2025, driven by metal and plastic business and North American sales Key Financial Data for FY2025 | Metric | 2025 (million HKD) | 2024 (million HKD) | Change Percentage | | :--- | :--- | :--- | :--- | | Revenue | 3,231 | 2,916 | 11% | | Gross Profit | 472 | 370 | 28% | | Operating Profit | 285 | 228 | 25% | | Profit for the Year | 204 | 170 | 20% | | Basic Earnings Per Share (HK cents) | 10.1 | 8.4 | 20% | | Total Cash Dividend Per Share (HK cents) | 5.5 | 5.5 | — | | Gross Profit Margin (%) | 14.6 | 12.7 | 15% | | Net Profit Margin (%) | 6.3 | 5.8 | 9% | | Net Gearing Ratio (%) | 43 | 39 | 10% | - By business segment, revenue from the Metal and Plastic business increased its contribution from **59% in FY2024 to 63% in FY2025**, while Electronic Manufacturing Services (EMS) decreased from **41% to 37%**[36](index=36&type=chunk)[37](index=37&type=chunk) - By geographical region, North America was the largest revenue source, accounting for **37% of total revenue**, followed by Hong Kong (**21%**) and Mainland China (**19%**)[39](index=39&type=chunk)[40](index=40&type=chunk) [Chairman's Statement](index=14&type=section&id=Chairman's_Statement) The Chairman's Statement reviews the company's strong financial performance, dividend policy, future outlook, and financial resources [Business Review and Results](index=14&type=section&id=Business_Review_and_Results) FY2025 saw the Group's revenue grow **11%** to **HKD 3.23 billion** and profit increase **21%** to **HKD 204.48 million**, driven by AI server demand and Thailand plant expansion Overall Performance for FY2025 | Metric | FY2025 (HKD) | FY2024 (HKD) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Revenue | 3,231,329,000 | 2,915,981,000 | Approx. 11% | | Profit Attributable to Equity Holders | 204,481,000 | 169,659,000 | Approx. 21% | - Revenue from the Metal and Plastic (M&P) business increased by approximately **17%** to **HKD 2.03 billion**, primarily driven by increased demand for server chassis and mold orders, as well as large charging pile enclosure products[48](index=48&type=chunk) - Revenue from the Electronic Manufacturing Services (EMS) business saw a slight increase of approximately **1%** to **HKD 1.20 billion**, showing stable performance[48](index=48&type=chunk) - The Group's production facility in Thailand continued to expand and operate smoothly, with an investment of approximately **HKD 115 million** in January 2025 to acquire new land, planning to build a one-stop production base to optimize global capacity allocation[49](index=49&type=chunk)[50](index=50&type=chunk) [Dividend Policy](index=20&type=section&id=Dividend_Policy) The Board recommends a final dividend of **3.0 HK cents per share**, maintaining the full-year dividend at **5.5 HK cents per share** to uphold its consistent payment record FY2025 Dividend Details | Dividend Type | FY2025 (HK cents/share) | FY2024 (HK cents/share) | | :--- | :--- | :--- | | Interim Dividend | 2.5 | 1.5 | | Final Dividend (Proposed) | 3.0 | 4.0 | | **Total Full-Year Dividend** | **5.5** | **5.5** | - The company has maintained a record of continuous dividend payments for **29 consecutive years** since its listing in 1996, with a dividend policy target of distributing **30% or more** of profit attributable to shareholders[107](index=107&type=chunk) [Prospects](index=21&type=section&id=Prospects) The Group expects AI servers and charging pile products to drive future growth, focusing on Thailand plant completion to enhance global supply chain resilience and expand product lines - AI servers and charging pile-related products are expected to be the Group's primary drivers for future business growth[64](index=64&type=chunk)[66](index=66&type=chunk) - Completing the construction of the Thailand plant is a strategic focus for the Group's future development, aiming to strengthen global supply chain resilience and responsiveness through synergy between China and Thailand production lines[65](index=65&type=chunk)[66](index=66&type=chunk) - The Group has completed the preparation of new-generation AI server prototypes (including air-cooled and liquid-cooled configurations) and continues to invest in R&D to expand server peripheral product lines such as racks, brackets, rails, and liquid cooling systems[68](index=68&type=chunk) [Financial Resources](index=23&type=section&id=Financial_Resources) As of March 31, 2025, the Group's net interest-bearing borrowings were approximately **HKD 466 million**, with a **43%** net gearing ratio, supported by strong cash and unutilized banking facilities Financial Position Overview (As of March 31, 2025) | Metric | Amount (million HKD) | | :--- | :--- | | Net Interest-Bearing Borrowings | 466.3 | | Net Gearing Ratio | 43% | | Cash and Bank Balances | 191.2 | | Unutilized Banking Facilities | 853.7 | - The preliminary capital expenditure (CAPEX) budget for FY2025/26 is approximately **HKD 217 million**, primarily allocated for plant construction, machinery and equipment purchases, and computer systems[79](index=79&type=chunk)[83](index=83&type=chunk) [Corporate Governance Report](index=32&type=section&id=Corporate_Governance_Report) The Corporate Governance Report details the company's adherence to governance codes, board composition, committee functions, and risk management frameworks [Compliance and Deviations](index=32&type=section&id=Compliance_and_Deviations) The Group largely complied with the Corporate Governance Code, noting deviations regarding the Chairman's retirement by rotation and the combined Chairman/CEO roles, which the Board deems provides strong leadership - The Group deviated from Code Provision B.2.2, where the Chairman is not subject to retirement by rotation, but the Chairman will consider voluntary retirement at least once every three years to align with the code's spirit[119](index=119&type=chunk)[120](index=120&type=chunk)[122](index=122&type=chunk) - The Group deviated from Code Provision C.2.1, where the roles of Chairman and Chief Executive Officer are not separated, both held by founder Mr. Ho Cheuk Fai. The Board believes this provides strong and consistent leadership, and the Board's composition ensures a balance of power[124](index=124&type=chunk)[125](index=125&type=chunk)[128](index=128&type=chunk) [Board of Directors](index=33&type=section&id=Board_of_Directors) As of March 31, 2025, the Board comprises seven directors, including four executive and three independent non-executive directors, meeting listing rules and overseeing strategy, finance, and governance - The Board of Directors consists of **7 directors**, including **3 independent non-executive directors**, complying with listing rule requirements. The Board is responsible for leading and overseeing the Group's affairs[131](index=131&type=chunk)[168](index=168&type=chunk) - The company has adopted a Board Diversity Policy and believes the current Board composition is balanced in terms of skills, experience, and diverse perspectives. As of the reporting date, the Board includes at least one female director[141](index=141&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) - All directors participated in continuous professional development activities and completed relevant training during the reporting year[160](index=160&type=chunk)[161](index=161&type=chunk) [Board Committees](index=45&type=section&id=Board_Committees) The Board's Remuneration, Audit, and Nomination Committees, all chaired by independent non-executive directors, oversee compensation, financial reporting, risk management, and board structure - The Remuneration Committee, chaired by Dr. Lau Kin Wah, is responsible for formulating remuneration policies and has reviewed the remuneration packages for directors and senior management for the current year[178](index=178&type=chunk)[179](index=179&type=chunk) - The Audit Committee, chaired by Mr. Fong Hoi Shing, comprises three independent non-executive directors and is responsible for reviewing financial reports, internal controls, and risk management systems[182](index=182&type=chunk)[183](index=183&type=chunk) - The Nomination Committee, chaired by Dr. Lau Kin Wah, is responsible for reviewing the Board's structure, size, and composition, and recommending director candidates to the Board based on the adopted nomination policy[188](index=188&type=chunk)[189](index=189&type=chunk) [Accountability and Audit](index=55&type=section&id=Accountability_and_Audit) The Board affirms its responsibility for preparing true and fair financial statements, maintaining effective risk management and internal control systems, and disclosing auditor remuneration - The Board is responsible for the Group's risk management and internal control systems and considers them effective and adequate during the reporting year[203](index=203&type=chunk)[204](index=204&type=chunk) - The Group's risk management framework categorizes risks into four main types: strategic, operational, compliance, and financial and reporting[215](index=215&type=chunk) Auditor's Remuneration | Service Type | Amount (HKD) | | :--- | :--- | | Audit Services | 3,417,000 | | Non-Audit Services (primarily tax) | 1,336,000 | [Senior Management Profile](index=69&type=section&id=Senior_Management_Profile) This section provides detailed profiles of the executive directors, independent non-executive directors, and key management personnel, outlining their backgrounds, experience, and responsibilities - This section details the backgrounds, experience, and responsibilities of executive directors, independent non-executive directors, and core management personnel. Founder Mr. Ho Cheuk Fai serves as Chairman and Chief Executive Officer, responsible for the Group's overall strategy. Other senior executives possess extensive experience in human resources, manufacturing, and marketing[254](index=254&type=chunk)[258](index=258&type=chunk)[264](index=264&type=chunk)[276](index=276&type=chunk) [Report of the Directors](index=76&type=section&id=Report_of_the_Directors) The Report of the Directors covers the company's principal activities, business analysis, share schemes, and disclosures regarding directors' and shareholders' interests [Principal Activities and Business Analysis](index=76&type=section&id=Principal_Activities_and_Business_Analysis) The Group operates in Metal and Plastic and EMS, facing risks like high customer concentration and supply volatility, mitigated by diversification and supply chain flexibility - The Group primarily engages in two main businesses: Metal and Plastic (M&P) and Electronic Manufacturing Services (EMS)[281](index=281&type=chunk)[285](index=285&type=chunk) - The Group faces key risks including high customer concentration, volatility in raw material supply, and uncertainties in the global macroeconomic environment[316](index=316&type=chunk)[319](index=319&type=chunk)[320](index=320&type=chunk) Key Customer and Supplier Concentration (FY2025) | Category | Percentage | | :--- | :--- | | **Sales** | | | Largest Customer | 37% | | Top Five Customers Combined | 90% | | **Procurement** | | | Largest Supplier | 49% | | Top Five Suppliers Combined | 63% | [Share Schemes](index=83&type=section&id=Share_Schemes) The company adopted new share option and share award schemes in August 2023, with **5.72 million** awarded shares and **1.15 million** outstanding options under the old scheme - The company adopted new share option and share award schemes on August 30, 2023, both with a **10-year validity period**[369](index=369&type=chunk)[378](index=378&type=chunk) - During the reporting year, **5,720,000** awarded shares were granted to directors and employees under the new share award scheme[378](index=378&type=chunk)[386](index=386&type=chunk)[387](index=387&type=chunk) - As of March 31, 2025, **1,150,000** share options remained unexercised under the old share option scheme, with a weighted average remaining contractual life of **1.57 years**[341](index=341&type=chunk)[940](index=940&type=chunk) [Directors and Shareholders' Interests](index=112&type=section&id=Directors_and_Shareholders%27_Interests) This section details directors', chief executives', and substantial shareholders' interests in company shares, with Chairman Mr. Ho Cheuk Fai and his family holding approximately **72.57%** - Chairman Mr. Ho Cheuk Fai and his family collectively hold approximately **72.57%** of the company's share interests[435](index=435&type=chunk) - Major shareholders include New Sense (**24.12%**), Castfast Properties (**16.33%**), and The Wedding City (**12.86%**), all related to Mr. Ho Cheuk Fai's family trust or his personal interests[447](index=447&type=chunk) [Independent Auditor's Report](index=123&type=section&id=Independent_Auditor%27s_Report) KPMG issued an unqualified opinion on the consolidated financial statements for the year ended March 31, 2025, highlighting key audit matters related to revenue recognition timing and inventory valuation - KPMG, the auditor, issued an unqualified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, affirming that the statements present a true and fair view of the Group's financial position, performance, and cash flows[476](index=476&type=chunk) - The report identified two key audit matters: 1. **Timing of revenue recognition**: Due to diverse sales contract terms, there is an increased risk of errors in revenue recognition timing 2. **Inventory valuation**: Due to the Group holding significant inventory and the assessment of inventory provisions involving substantial management judgment[480](index=480&type=chunk)[483](index=483&type=chunk)[490](index=490&type=chunk) [Consolidated Financial Statements](index=132&type=section&id=Consolidated_Financial_Statements) This section presents the Group's consolidated financial statements, including the statement of financial position, profit or loss, and cash flows, providing a comprehensive overview of its financial health and performance [Consolidated Statement of Financial Position](index=132&type=section&id=Consolidated_Statement_of_Financial_Position) As of March 31, 2025, the Group's total assets increased **5%** to **HKD 2.53 billion**, total equity rose **9%** to **HKD 1.08 billion**, and the current ratio improved to **1.2** Consolidated Statement of Financial Position Summary (As of March 31) | Item (million HKD) | 2025 | 2024 | | :--- | :--- | :--- | | **Non-Current Assets** | 1,141.8 | 1,059.9 | | **Current Assets** | 1,390.9 | 1,342.8 | | **Total Assets** | **2,532.7** | **2,402.7** | | **Total Equity** | **1,078.8** | **993.0** | | **Current Liabilities** | 1,181.7 | 1,212.7 | | **Non-Current Liabilities** | 272.2 | 197.0 | | **Total Liabilities** | **1,453.9** | **1,409.7** | [Consolidated Statement of Profit or Loss](index=135&type=section&id=Consolidated_Statement_of_Profit_or_Loss) For FY2025, the Group's revenue grew **11%** to **HKD 3.23 billion**, gross profit surged **28%** to **HKD 472.1 million**, and net profit increased **20%** to **HKD 204.5 million** Consolidated Statement of Profit or Loss Summary (For the year ended March 31) | Item (million HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 3,231.3 | 2,916.0 | | Gross Profit | 472.1 | 370.1 | | Operating Profit | 285.0 | 228.4 | | Profit Before Tax | 247.6 | 187.0 | | **Profit for the Year** | **204.5** | **169.7** | [Consolidated Cash Flow Statement](index=139&type=section&id=Consolidated_Cash_Flow_Statement) In FY2025, net cash from operations was **HKD 261.8 million**, with net outflows from investing (**HKD 142.8 million**) and financing (**HKD 77.9 million**), increasing year-end cash to **HKD 191.2 million** Consolidated Cash Flow Statement Summary (For the year ended March 31) | Item (million HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 261.8 | 318.2 | | Net Cash Used in Investing Activities | (142.8) | (94.4) | | Net Cash Used in Financing Activities | (77.9) | (232.4) | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | **41.1** | **(8.7)** | | Cash and Cash Equivalents at Year-End | 191.2 | 149.4 | [Five-Year Financial Summary](index=289&type=section&id=Five-Year_Financial_Summary) This section provides a five-year summary of the Group's financial performance, assets, and liabilities, offering a historical perspective on its financial trends Five-Year Financial Performance Summary (Continuing Operations) | For the year ended March 31 (thousand HKD) | 2025 | 2024 | 2023 | 2022 (Restated) | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 3,231,329 | 2,915,981 | 3,081,697 | 3,075,013 | 3,472,798 | | Operating Profit | 285,026 | 228,372 | 210,785 | 303,296 | 743,992 | | Profit for the Year | 204,481 | 169,659 | 182,318 | 254,273 | 445,328 | Five-Year Assets and Liabilities Summary | As of March 31 (thousand HKD) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 2,532,706 | 2,402,721 | 2,550,779 | 5,066,066 | 4,430,888 | | Total Equity | 1,078,784 | 993,004 | 936,762 | 1,696,552 | 1,696,706 | | Total Liabilities | 1,453,922 | 1,409,717 | 1,614,017 | 3,369,514 | 2,734,182 |