快意智能股份有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8040） 年度報告 COOLPOINT INNONISM HOLDING LIMITED (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8040) 年度報告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市 的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經 過審慎周詳的考慮後方作出投資決定。 由 於GEM上 市 公 司 普 遍 為 中 小 型 公 司，在GEM買賣的證券可能會較於聯交所主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香 港 交 易 及 結 算 所 有 限 公 司 及 聯 交 所 對 本 報 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 報 告 全 部 或 任 何 ...

HUA YIN INTERNATIONAL HOLDINGS LIMITED 華音國際控股有限公司 ( 於百慕達註冊成立之有限公司 ) ( Incorporated in Bermuda with limited liability ) Stock Code 股份代號：989 年 報 HUA YIN INTERNATIONAL HOLDINGS LIMITED Room1305, 13th Floor, China Resources Building, No. 26 Harbour Road, Wanchai, Hong Kong www.huayininternational.com 華音國際控股有限公司 香港灣仔港灣道26號華潤大廈13樓1305室 Tel 電話: (852) 2209 2888 Fax 傳真: (852) 2209 2988 HUA YIN INTERNATIONAL HOLDINGS LIMITED 華音國際控股有限公司 ANNUAL REPO R T 年報 2 0 2 4/25 Contents 目 錄 | 2 | Corporate Information | | --- | - ...

於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 (股份代號: 8326) ANNUAL REPORT 2025 2025 年 報 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為相比起其他在聯交所上市的公司可能帶有較高投資風險的中小型公司提供一個上市的市場。 有意投資之人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於聯交所主板買賣之證券承受較大的市場波 動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本報告之資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關同景新能源集團控股有 限公司（「本公司」）的資料，本公司之各董事（「董事」）願就本報告共同及個別承擔全部責任。各董事在作出一切 合理查詢後，確認就彼等所深知及確信，本報告所載資料在各重大方面均屬準確完備，無誤導或 ...

（於開曼群島註冊成立的有限公司） 股份代號： 1251 僅供識別 2024 年報 目錄 | 公司資料 | 2 | | --- | --- | | 財務概要 | 4 | | 主席報告 | 6 | | 管理層討論與分析 | 13 | | 董事與高級管理層履歷 | 30 | | 董事會報告 | 35 | | 企業管治報告 | 55 | | 環境、社會及管治報告 | 73 | | 獨立核數師報告 | 98 | | 合併財務狀況表 | 104 | | 合併利潤表 | 106 | | 合併全面收益表 | 107 | | 合併權益變動表 | 108 | | 合併現金流量表 | 110 | | 合併財務報表附註 | 111 | 華油能源集團有限公司 二零二四年年報 2 公司資料 董事會 執行董事 吳東方先生 （主席兼行政總裁） （附註1） 李強先生 丁克臣先生（附註2） 非執行董事 王國強先生（附註1） 武吉偉先生 陳春花女士 獨立非執行董事 張渝涓女士 胡國強先生 馬小虎先生 審核委員會 胡國強先生 （主席） 陳春花女士 馬小虎先生 薪酬委員會 張渝涓女士 （主席） 吳東方先生（附註1） 胡國強先生 提名委員會 吳東方先生 ...

2024 年度報告 25 目 錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 董事長報告書 | 5 | | 管理層討論及分析 | 7 | | 董事及高級管理層履歷 | 36 | | 董事會報告 | 43 | | 企業管治報告 | 68 | | 環境、社會及管治報告 | 91 | | 獨立核數師報告 | 139 | | 綜合損益表 | 144 | | 綜合全面收益表 | 145 | | 綜合財務狀況表 | 146 | | 綜合權益變動表 | 148 | | 綜合現金流量表 | 150 | | 財務報表附註 | 152 | 盧伯卿先生 （主席） 汪建國先生 徐輝先生 頁 公司資料 董事會 執行董事 劉建國先生 （董事長兼總裁） 伊藤康樹先生 左軍先生 劉宏立先生 非執行董事 楊小平先生 何平僊先生(1) 謝吉人先生(2) 獨立非執行董事 盧伯卿先生 汪建國先生 徐輝先生 田青女士(3) 審核委員會 薪酬委員會 汪建國先生 （主席） 徐輝先生 左軍先生 提名委員會 劉建國先生 （主席） 汪建國先生 盧伯卿先生 田青女士(3) 公司秘書 岑影文女士 授權代表 左軍先生 岑影文女 ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section details key corporate information, including board members, committees, and significant personnel changes during the reporting period - The report details key corporate information including board members, committee compositions, authorized representatives, company secretary, investment managers, and auditors, noting multiple personnel changes within the board and committees during the reporting period[7](index=7&type=chunk)[8](index=8&type=chunk)[11](index=11&type=chunk) [Chairman's Statement](index=6&type=section&id=Chairman%27s%20Statement) Amidst a slowing global economy and increased uncertainty, the company achieved steady returns with controlled risks by adhering to a cautious, flexible, and balanced investment philosophy - Facing a slowing global economy and increased uncertainty, the company adopted a cautious and flexible approach, adhering to a balanced investment philosophy of stability and innovation, achieving steady returns with controlled risks in this fiscal year[17](index=17&type=chunk) - For the FY2024/2025, the company comprehensively optimized its investment strategy, building an investment system supported by four core strategies: **Unlisted Equity Investment** focusing on high-growth potential emerging enterprises; **Debt Investment** seeking stable fixed income to hedge market volatility; **Fund Investment** collaborating with excellent domestic and international fund managers for diversified allocation and risk dispersion; and **Listed Equity Investment** capturing short-term opportunities in the secondary market to optimize liquidity and return flexibility[18](index=18&type=chunk)[20](index=20&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operational performance, investment strategies, and financial results for the reporting period [WEALTHINK AI OVERVIEW](index=8&type=section&id=WEALTHINK%20AI%20OVERVIEW) WEALTHINK AI is a cross-border investment company focused on high-growth industries in China, generating returns primarily from interest, dividends, and capital appreciation, having re-established four core investment strategies since early 2024 - Since early 2024, the company has comprehensively adjusted and optimized its investment strategy, re-establishing four core strategies centered on core holdings: unlisted equity investment, debt investment, fund investment, and listed equity investment[25](index=25&type=chunk) [INVESTMENT REVIEW](index=8&type=section&id=INVESTMENT%20REVIEW) Amidst a complex macroeconomic environment, the company adhered to investment diversification and risk dispersion principles, with new investments totaling **HKD 1.234 billion** and divestments of **HKD 1.742 billion**, primarily comprising unlisted equity, debt, and fund investments Annual Investment and Divestment Activities | Item | Amount (HKD) | | :--- | :--- | | New Investment | 12.3394 billion HKD | | Divestment | 17.4173 billion HKD | Investment Portfolio by Strategy (As of March 31, 2025) | Investment Strategy | Percentage | | :--- | :--- | | Unlisted Equity Investment | 51.60% | | Debt Investment | 28.68% | | Fund Investment | 16.00% | | Listed Equity Investment | 0.94% | | Art Investment | 2.77% | | Other | 0.01% | [MAJOR INVESTMENT PORTFOLIO](index=11&type=section&id=MAJOR%20INVESTMENT%20PORTFOLIO) This section details the company's diverse investment portfolio, including unlisted equity, debt, fund, and listed equity investments, highlighting key holdings and their valuations [Unlisted Equity Investment](index=11&type=section&id=Unlisted%20Equity%20Investment) Unlisted equity investment, a key strategy with a total holding of **HKD 5.281 billion**, is divided into long-term core holdings (**HKD 0.839 billion**) and other unlisted equity investments (**HKD 4.442 billion**), including iCarbonX, CSOP, OPIM, Jiedaibao, Hengjia Meilian, and Honghu Education Long-Term Core Holdings Details (As of March 31, 2025) | Company Name | Investment Type | Equity Stake | Cost (HKD Billion) | Book Value (HKD Billion) | | :--- | :--- | :--- | :--- | :--- | | 碳云智能 (iCarbonX) | Core Holding | 7.73% | 10.89 | 6.90 | | 南方东英 (CSOP) | Core Holding | 22.5% | 0.60 | 1.22 | | 东英资管 (OPIM) | Core Holding | 30% | 0.59 | 0.27 | Other Major Unlisted Equity Investments (As of March 31, 2025) | Company Name | Investment Type | Equity/Beneficial Interest | Cost (HKD Billion) | Book Value (HKD Billion) | | :--- | :--- | :--- | :--- | :--- | | 借贷宝 (Jiedaibao) | Private Equity | 2.49% | 9.00 | 9.83 | | 恒嘉美联 | Private Equity | 14.9% | 4.50 | 4.43 | | 鸿鹄教育 | Beneficial Interest | 29.99% | 17.05 | 15.87 | [Debt Investment](index=19&type=section&id=Debt%20Investment) As of March 31, 2025, the company's debt investment holdings totaled **HKD 2.935 billion**, with new investments of **HKD 0.621 billion** and divestments of **HKD 1.399 billion**, generating **HKD 0.264 billion** in interest income at rates between 5% and 10% Debt Investment Key Metrics (FY2024/25) | Metric | Amount/Range | | :--- | :--- | | Period-end Holding | 2.93472 billion HKD | | New Investment | 0.62110 billion HKD | | Divestment | 1.39895 billion HKD | | Interest Income | 0.26440 billion HKD | | Loan Interest Rate | 5% - 10% | [Fund Investment](index=20&type=section&id=Fund%20Investment) As of March 31, 2025, the company's fund investment holdings amounted to **HKD 1.638 billion**, with **HKD 96.59 million** in divestments this year, primarily through Qingdao Wanfeng Times Leading Equity Investment Center, which focuses on emerging tech industries like cybersecurity and AI - The primary fund investment is Qingdao Wanfeng Times Leading Equity Investment Center, with a fund size of **RMB 1.539 billion**, focusing on emerging technology industries such as cybersecurity software, artificial intelligence, and integrated circuits. As of March 31, 2025, the Group's holding in this fund was **HKD 0.755 billion**[95](index=95&type=chunk) [Listed Equity Investment](index=21&type=section&id=Listed%20Equity%20Investment) As of March 31, 2025, the company's listed equity investment holdings totaled **HKD 96.69 million**, with new investments and divestments made during the year to enhance capital liquidity and realize capital gains - As of March 31, 2025, listed equity investment holdings totaled **HKD 96.69 million**[100](index=100&type=chunk) [FINANCIAL REVIEW](index=21&type=section&id=FINANCIAL%20REVIEW) As of March 31, 2025, the group's net assets were **HKD 9.948 billion**, with net assets per share of **HKD 0.95** and a debt-to-asset ratio of **0.07**, reporting total revenue of **HKD 0.273 billion** (down **11.44%**) and annual profit of **HKD 64.16 million** (up **19.6%**) driven by increased realized investment gains and improved associate performance Financial Position Summary (As of March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Assets | 9.94760 billion HKD | 9.91262 billion HKD | | Net Assets Per Share | 0.95 HKD | 0.94 HKD | | Debt-to-Asset Ratio | 0.07 | 0.15 | Annual Performance Summary (For the Year Ended March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Income | 0.27307 billion HKD | 0.30833 billion HKD | | Annual Profit | 64.16 million HKD | 53.65 million HKD | | Net Realized Investment Gain/(Loss) | 56.90 million HKD | (41.92) million HKD | | Net Unrealized Investment Loss | (0.19076) billion HKD | (38.80) million HKD | | Share of Profit/(Loss) of Associates and Joint Ventures | 53.98 million HKD | (99.10) million HKD | [LIQUIDITY AND FINANCIAL RESOURCES](index=25&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of March 31, 2025, the group held **HKD 58.47 million** in cash and bank balances, with total loans significantly reduced to **HKD 0.643 billion**, improving the equity-to-debt ratio from **14.30%** to **6.47%** and the current ratio from **4.35 times** to **7.48 times**, indicating enhanced liquidity and optimized financial structure Liquidity and Financial Resources Key Ratios (As of March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Cash and Bank Balances | 58.47 million HKD | 45.01 million HKD | | Total Loans | 0.64326 billion HKD | 1.41741 billion HKD | | Equity-to-Debt Ratio | 6.47% | 14.30% | | Current Ratio | 7.48 times | 4.35 times | [MATERIAL ACQUISITIONS AND DISPOSALS OF INVESTMENTS](index=26&type=section&id=MATERIAL%20ACQUISITIONS%20AND%20DISPOSALS%20OF%20INVESTMENTS) This year, the group made several investment adjustments, with new investments totaling **HKD 1.234 billion**, primarily in debt (**HKD 0.621 billion**) and art (**HKD 0.283 billion**), and divestments totaling **HKD 1.742 billion**, mainly from debt investments (**HKD 1.399 billion**) Annual Material Investment Changes (HKD Million) | Investment Type | New/Additional Investment | Divestment/Disposal | | :--- | :--- | :--- | | Unlisted Equity Investment | 270.00 | 5.77 | | Debt Investment | 621.10 | 1,398.95 | | Fund Investment | 0.59 | 96.59 | | Listed Equity Investment | 58.94 | 240.42 | | Art Investment | 283.17 | – | | **Total** | **1,233.94** | **1,741.73** | [EVENTS AFTER THE REPORTING PERIOD](index=28&type=section&id=EVENTS%20AFTER%20THE%20REPORTING%20PERIOD) Post-reporting period, the company signed an agreement on December 31, 2024, to sell its entire **22.50%** stake in CSOP to its major shareholder GoFintech for **HKD 1.11 billion**, payable via GoFintech's consideration shares, which constitutes a very substantial disposal and connected transaction subject to shareholder approval - The company signed an agreement to sell its **22.50%** stake in CSOP to its major shareholder GoFintech for **HKD 1.11 billion**. This transaction constitutes a very substantial disposal and connected transaction, subject to shareholder approval[148](index=148&type=chunk)[154](index=154&type=chunk) [Biographical Details of Directors and Senior Management](index=30&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) This section provides detailed biographical information for the company's directors and senior management, outlining their professional backgrounds and experience - This section details the background information of the company's directors and senior management, including their age, education, industry experience, and roles within and outside the company. The core management generally possesses deep backgrounds and many years of experience in finance, investment, and fund management[158](index=158&type=chunk)[171](index=171&type=chunk) [Directors' Report](index=34&type=section&id=Directors%27%20Report) This report provides an overview of the company's principal activities, business review, and significant corporate governance matters for the fiscal year [PRINCIPAL ACTIVITIES AND BUSINESS REVIEW](index=34&type=section&id=PRINCIPAL%20ACTIVITIES%20AND%20BUSINESS%20REVIEW) The company, an investment firm registered in the Cayman Islands, aims to achieve medium to long-term capital appreciation by investing in a diversified portfolio of global listed and unlisted enterprises - The company's primary investment objective is to achieve medium to long-term capital appreciation by investing in a diversified portfolio of global listed and unlisted enterprises[176](index=176&type=chunk) [CONNECTED TRANSACTIONS](index=45&type=section&id=CONNECTED%20TRANSACTIONS) During the reporting period, the company engaged in connected transactions, including an investment management agreement with Honor Capital, a fully exempt continuing connected transaction with an annual management fee of **HKD 0.96 million**, and a post-period disposal of CSOP equity to a major shareholder, constituting a very substantial disposal and connected transaction - The company signed an investment management agreement with investment manager Honor Capital, with an annual management fee of **HKD 0.96 million**, which is a fully exempt continuing connected transaction[242](index=242&type=chunk)[243](index=243&type=chunk) - Post-reporting period, the company intends to sell its **22.50%** equity stake in CSOP to its major shareholder GoFintech, a transaction constituting a very substantial disposal and connected transaction subject to full compliance with Chapters 14 and 14A of the Listing Rules[249](index=249&type=chunk)[250](index=250&type=chunk) [Corporate Governance Report](index=50&type=section&id=Corporate%20Governance%20Report) This report outlines the company's corporate governance practices, including board structure, risk management, and internal control systems, ensuring compliance and transparency [THE BOARD](index=53&type=section&id=THE%20BOARD) The Board comprises seven members, including four non-executive and three independent non-executive directors, meeting listing rule requirements, with clear separation between the Chairman and CEO roles to ensure checks and balances, and a diversity policy that led to the appointment of a female director in November 2024 to enhance gender diversity - The Board currently comprises seven members, including four non-executive directors and three independent non-executive directors, meeting the Listing Rules' requirements for the number and proportion of independent non-executive directors[307](index=307&type=chunk)[308](index=308&type=chunk) - The roles of the Company Chairman (Dr. Wang Qin) and Chief Executive Officer (Dr. Qiao Bingya) are clearly separated to ensure power is not concentrated in one individual[322](index=322&type=chunk) [RISK MANAGEMENT AND INTERNAL CONTROLS](index=70&type=section&id=RISK%20MANAGEMENT%20AND%20INTERNAL%20CONTROLS) The Board is responsible for maintaining sound risk management and internal control systems, which were reviewed by external internal auditors during the period, focusing on prior control deficiencies from bond subscriptions, with remedial actions including compliance training and policy formulation now completed and deemed effective by the Board - The company's internal control deficiencies were exposed when it failed to timely aggregate transactions and fulfill disclosure and shareholder approval obligations for major transactions during the subscription of a series of bonds issued by Hong Kong Nanshan Development Co., Ltd. in 2023[408](index=408&type=chunk)[409](index=409&type=chunk) - In response to control deficiencies, the company implemented remedial measures including: providing compliance training on notifiable transactions for directors and employees; establishing written policies requiring the investment team to consult the legal and compliance department before making decisions; and mandating that potentially notifiable transactions be reported to the Board for approval. External auditors have confirmed the completion of rectification work[411](index=411&type=chunk) [Environmental, Social and Governance Report](index=72&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This report details the company's commitment to environmental, social, and governance principles, highlighting responsible investment, environmental protection, human resources, and social contributions [PRACTICING THE PHILOSOPHY OF RESPONSIBLE INVESTMENT](index=83&type=section&id=PRACTICING%20THE%20PHILOSOPHY%20OF%20RESPONSIBLE%20INVESTMENT) The company integrates ESG principles into its investment decisions through positive (e.g., new energy) and negative (e.g., military, tobacco) screening, actively pursuing green investment opportunities in areas like hazardous waste treatment (Dexing Yifeng), green healthcare (iCarbonX), and hydrogen technology (Chunhua Hydrogen), while strengthening information security, compliance, and anti-corruption management for robust operations - The company employs a combination of positive screening (focusing on new energy) and negative screening (strictly prohibiting investments in military, tobacco, gambling, and other industries) as investment decision tools to ensure its portfolio aligns with environmental and social standards[490](index=490&type=chunk)[494](index=494&type=chunk)[495](index=495&type=chunk) - By investing in companies such as Dexing Yifeng (hazardous waste treatment), iCarbonX (digital life sciences), and Chunhua Hydrogen (PEM water electrolysis for hydrogen production), the company actively positions itself in green and high-tech industries, promoting low-carbon transition and sustainable development for its investee companies[499](index=499&type=chunk)[502](index=502&type=chunk)[507](index=507&type=chunk) [ENVIRONMENTAL RESPONSIBILITY](index=104&type=section&id=ENVIRONMENTAL%20RESPONSIBILITY) The company promotes low-carbon environmental practices, significantly reducing its operational environmental impact in FY2024/25 through green office measures, achieving a **67.74%** decrease in gasoline consumption, a **25.93%** decrease in paper consumption, and a **12.40%** reduction in total greenhouse gas emissions to **15.54 tons CO2e** Key Resource Consumption and GHG Emissions Performance (Year-on-Year Change) | Metric | Unit | FY2024/25 | FY2023/24 | Y-o-Y Change | | :--- | :--- | :--- | :--- | :--- | | Gasoline Consumption | liters | 187.13 | 580.15 | -67.74% | | Electricity Consumption | thousand kWh | 25.06 | 24.55 | +2.08% | | Water Consumption | cubic meters | 86.94 | 214.00 | -59.37% | | Paper Consumption | tons | 0.20 | 0.27 | -25.93% | | Total GHG Emissions | tons CO2e | 15.54 | 17.74 | -12.40% | [HUMAN RESOURCES RESPONSIBILITY](index=117&type=section&id=HUMAN%20RESOURCES%20RESPONSIBILITY) The company prioritizes employee well-being, ensuring rights and a safe work environment, with **20 employees** as of March 31, 2025, a diverse workforce including **55%** female employees and **22%** female senior management, and **HKD 0.347 million** invested in occupational health and safety this year with no reported work-related injuries or fatalities Employee Profile (As of March 31, 2025) | Category | Quantity/Ratio | | :--- | :--- | | Total Employees | 20 people | | By Gender (Male/Female) | 9 / 11 (45% / 55%) | | Employee Turnover Rate | 105.00% | | Employee Contract Signing Rate | 100% | - During the reporting period, the company invested **HKD 0.347 million** in employee occupational health and safety for medical and labor insurance. No work-related fatalities or injuries occurred in the past three years (including this fiscal year)[622](index=622&type=chunk) [SOCIAL RESPONSIBILITY](index=123&type=section&id=SOCIAL%20RESPONSIBILITY) The company fulfills its corporate social responsibility by integrating green procurement into supply chain management, prioritizing local and environmentally friendly suppliers, with **21 suppliers** this fiscal year, **20** of which are Hong Kong-based, and **1** in Mainland China, ensuring supply chain sustainability through rigorous screening and actively engaging in community philanthropy - The company implements green procurement in supplier management, prioritizing local suppliers. In FY2024/25, the company had **21 suppliers**, with **20** located in Hong Kong, China, and **1** in Mainland China[629](index=629&type=chunk)[634](index=634&type=chunk) [Independent Auditor's Report](index=142&type=section&id=Independent%20Auditor%27s%20Report) This report presents the independent auditor's opinion on the consolidated financial statements and identifies key audit matters, ensuring financial transparency and reliability [Auditor's Opinion](index=143&type=section&id=Auditor%27s%20Opinion) Auditor Zhonghui Anda CPA Limited issued an unqualified opinion on the company's FY2024/25 consolidated financial statements, affirming they fairly present the group's financial position, performance, and cash flows, prepared in compliance with Hong Kong Companies Ordinance disclosure requirements - The auditor believes that the consolidated financial statements fairly and truly present the Group's consolidated financial position as of March 31, 2025, and its consolidated financial performance and cash flows for the year then ended, and have been properly prepared in accordance with Hong Kong Financial Reporting Standards[681](index=681&type=chunk) [Key Audit Matters](index=144&type=section&id=Key%20Audit%20Matters) Auditors identified two key audit matters: the valuation of Level 3 fair value investments, significant at **HKD 5.952 billion** and involving substantial management judgment; and impairment testing of debt investments, significant at **HKD 2.935 billion** and also requiring judgment and estimation, for which appropriate audit procedures were performed - **Valuation of Level 3 Fair Value Investments**: As of March 31, 2025, the balance of these investments amounted to **HKD 5.952 billion**, and their valuation involves significant judgment and assumptions, thus being considered a key audit matter[688](index=688&type=chunk) - **Impairment Testing of Debt Investments**: As of March 31, 2025, the debt investment balance was **HKD 2.935 billion**, a significant amount. Its impairment testing involves management's judgment and estimation, thus constituting a key audit matter[695](index=695&type=chunk) [Consolidated Financial Statements](index=147&type=section&id=Consolidated%20Financial%20Statements) This section presents the comprehensive financial statements, including the consolidated statement of profit or loss, financial position, and cash flows, providing a complete overview of the group's financial performance and health [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=147&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, the group's revenue was **HKD 0.273 billion**, a **11.4%** decrease year-on-year, but annual profit increased to **HKD 64.16 million**, up **19.6%**, driven by a shift from realized investment losses to gains and improved associate performance, with basic earnings per share of **0.61 HK cents** Consolidated Statement of Profit or Loss Summary | Item (HKD Thousand) | 2025 | 2024 | | :--- | :--- | :--- | | Income | 273,067 | 308,329 | | Net Unrealized Investment Loss | (190,761) | (38,801) | | Net Realized Investment Gain/(Loss) | 56,898 | (41,918) | | Profit Before Tax | 72,110 | 54,608 | | **Profit for the Year** | **64,158** | **53,653** | | **Earnings Per Share (HK cents)** | **0.61** | **0.51** | [Consolidated Statement of Financial Position](index=149&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the group's total assets were **HKD 10.668 billion**, total liabilities **HKD 0.721 billion**, and total equity **HKD 9.948 billion**, with a **52.3%** decrease in liabilities primarily due to reduced borrowings, while net asset value remained stable at **HKD 0.95** per share Consolidated Statement of Financial Position Summary | Item (HKD Thousand) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **10,668,387** | **11,422,397** | | Non-Current Assets | 5,299,231 | 4,885,664 | | Current Assets | 5,026,708 | 6,191,789 | | **Total Liabilities** | **720,783** | **1,509,777** | | Current Liabilities | 717,908 | 1,504,304 | | **Total Equity** | **9,947,604** | **9,912,620** | | **Net Assets Per Share** | **0.95 HKD** | **0.94 HKD** | [Consolidated Statement of Cash Flows](index=152&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This year, the group reported a net cash outflow of **HKD 21.55 million** from operating activities, a net cash inflow of **HKD 0.798 billion** from investing activities primarily from debt investment settlements (**HKD 1.317 billion**), and a net cash outflow of **HKD 0.763 billion** from financing activities mainly due to loan repayments (**HKD 1.098 billion**), resulting in a year-end cash and cash equivalents balance of **HKD 58.47 million** Consolidated Statement of Cash Flows Summary | Item (HKD Thousand) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (21,550) | (47,006) | | Net Cash From/(Used in) Investing Activities | 798,009 | (658,923) | | Net Cash (Used in)/From Financing Activities | (762,993) | 642,575 | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | **13,466** | **(63,354)** | | Cash and Cash Equivalents at Year-End | 58,472 | 45,006 | [Financial Summary](index=256&type=section&id=Financial%20Summary) This section provides a concise overview of the company's key financial performance indicators and financial position over a five-year period Five-Year Financial Summary | For the Year Ended March 31 (HKD Thousand) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Performance** | | | | | | | Revenue | 598,364 | 522,006 | 469,589 | 271,503 | 624,258 | | Income | 273,067 | 308,329 | 192,741 | 93,929 | 110,522 | | Profit for the Year | 64,158 | 53,653 | 146,383 | 221,273 | 372,556 | | **Assets and Liabilities** | | | | | | | Total Assets | 10,668,387 | 11,422,397 | 11,366,205 | 7,441,213 | 5,368,288 | | Total Liabilities | (720,783) | (1,509,777) | (1,355,450) | (1,912,969) | (841,109) | | Net Assets | 9,947,604 | 9,912,620 | 10,010,755 | 5,528,244 | 4,527,179 |

目錄 | 2–3 | 公司資料 | | --- | --- | | 4–5 | 行政總裁報告 | | 6–12 | 管理層討論及分析 | | 13–16 | 董事及高級管理層履歷資料 | | 17–29 | 企業管治報告 | | 30–41 | 環境、社會及管治報告 | | 42–51 | 董事會報告 | | 52–56 | 獨立核數師報告 | | 57 | 綜合損益及其他全面收益表 | | 58 | 綜合財務狀況表 | | 59 | 綜合權益變動表 | | 60 | 綜合現金流量表 | | 61–111 | 綜合財務報表附註 | | 112 | 財務資料概要 | Metaspacex Limited (前稱Yield Go Holdings Ltd. 耀高控股有限公司) (於開曼群島註冊成立的有限公司) (股份代號: 1796) 2025 年 報 非執行董事 陳怡冬先生（於二零二四年八月二十三日退任） 周丹青先生（於二零二四年八月二十三日退任） 獨立非執行董事 何建宇先生（於二零二五年六月六日辭任） 周地先生（於二零二四年十一月六日辭任） 孟小楹女士（於二零二四年十一月六日辭任） 鄭柏林先生 牙莉女士（於二 ...

[Company Information](index=3&type=section&id=Company%20Information) This section outlines the company's fundamental registration details, board composition, key officers, and listing information - Provides a list of executive directors, independent non-executive directors, and members of the audit, remuneration, and nomination committees[4](index=4&type=chunk) - The Company Secretary changed from Mr. Leung Cho Yi to Mr. Lam Chi Sum on July 2, 2024[4](index=4&type=chunk) - The company is listed on the Main Board of The Stock Exchange of Hong Kong Limited under stock code **745**[5](index=5&type=chunk) [Chairman's Statement](index=4&type=section&id=Chairman's%20Statement) [Annual Review](index=4&type=section&id=Annual%20Review) During the reporting period, the Group continued to focus on advertising and e-commerce, benefiting from Hong Kong's economic recovery, but recorded a net loss due to reduced gross profit and losses from subsidiary disposals - The Group continued to focus on advertising and e-commerce businesses, benefiting from Hong Kong's economic recovery and increased retail sales reflecting rising consumer demand[8](index=8&type=chunk) - The Group recorded a net loss for the year, primarily due to decreased gross profit and losses incurred from the disposal of a subsidiary[8](index=8&type=chunk) [Outlook](index=4&type=section&id=Outlook) The Group remains confident in future growth, seeing opportunities in Hong Kong's strong economic recovery and digital economy expansion, planning to develop existing businesses and explore new sectors like media and culture through acquisitions or collaborations - The Group remains confident in accelerating growth, driven by Hong Kong's strong economic recovery and the expanding digital economy[9](index=9&type=chunk) - Future plans include: - Continuing to develop advertising and e-commerce related businesses - Expanding related businesses through acquisitions, product portfolio expansion, and/or collaborations - Extending business into other sectors, such as media and culture-related businesses[12](index=12&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) [Business and Financial Review](index=5&type=section&id=Business%20Review) For the year ended March 31, 2025, total revenue grew **57%** to **HKD 43.71 million**, driven by advertising and e-commerce; despite a gross margin decline to **9.0%**, the annual loss significantly narrowed to **HKD 4.78 million** due to expense control Financial Performance Summary | Metric | FY2025 (HKD thousands) | FY2024 (HKD thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 43,708 | 27,883 | +57% | | Gross Profit | 3,947 | 5,439 | -27.4% | | Gross Margin | 9.0% | 19.5% | -10.5pp | | Loss Attributable to Owners of the Company | (4,782) | (43,668) | Loss narrowed by 89% | - The increase in revenue was primarily driven by higher turnover from the advertising and e-commerce segments[13](index=13&type=chunk) - The decline in gross margin was mainly due to an increased proportion of revenue generated from the lower-margin e-commerce segment[13](index=13&type=chunk) [Segment Business Analysis](index=5&type=section&id=Segment%20Business%20Analysis) The Group's core businesses are advertising and e-commerce; advertising revenue surged **136%** after a strategic shift to the Hong Kong market, while e-commerce, primarily focused on used iPhones and parts, saw significant growth driven by market demand and plans to diversify into non-electronic goods [Advertising Business](index=5&type=section&id=Advertising%20Business) Facing challenges in the Chinese market, the Group strategically shifted its advertising focus to Hong Kong from FY2024, achieving significant success with advertising revenue surging **136%** year-on-year to approximately **HKD 13.7 million** in FY2025, benefiting from Hong Kong's robust economic growth - Facing multiple challenges in the Chinese market, the Group strategically shifted its focus to the Hong Kong market starting from FY2024[14](index=14&type=chunk) Advertising Revenue | Fiscal Year | Advertising Revenue (HKD) | Y-o-Y Growth | | :--- | :--- | :--- | | 2025 | 約13,700,000 | +136% | | 2024 | 約5,800,000 | - | [E-commerce Business](index=5&type=section&id=E-commerce%20Business) The Group's e-commerce wholesale business, primarily in used iPhones and parts, experienced significant revenue growth driven by increased market demand; the Group is diversifying its product portfolio to include non-electronic goods such as apparel, frozen seafood, and food - The e-commerce business primarily involves wholesale of used iPhones and components, with significant revenue growth mainly due to increased market demand[15](index=15&type=chunk) - The Group is diversifying its product portfolio to include non-electronic goods, such as apparel, frozen seafood, and food (e.g., health foods and tea)[16](index=16&type=chunk) [Significant Investments](index=6&type=section&id=Significant%20Investments) As of March 31, 2025, the Group held financial assets at fair value through profit or loss valued at approximately **HKD 17.12 million** and equity instruments at fair value through other comprehensive income valued at approximately **HKD 1.08 million**, primarily including Hong Kong-listed Capital Strategic Investment Limited and Asia Resources Holdings Limited Financial Assets at Fair Value Through Profit or Loss (As of March 31, 2025) | Financial Assets at FVTPL (As of March 31, 2025) | Fair Value (HKD thousands) | % of Total Group Assets | | :--- | :--- | :--- | | Capital Strategic Investment Limited | 1,838 | 3.5% | | Asia Resources Holdings Limited | 948 | 1.8% | | Other Listed Securities | 14,338 | 27.6% | | **Total** | **17,124** | **32.9%** | Equity Instruments at Fair Value Through Other Comprehensive Income (As of March 31, 2025) | Equity Instruments at FVOCI (As of March 31, 2025) | Fair Value (HKD thousands) | % of Total Group Assets | | :--- | :--- | :--- | | Regal Time Group Limited | 514 | 1.0% | | Other Listed Securities | 567 | 1.1% | | **Total** | **1,081** | **2.1%** | [Capital Structure and Use of Proceeds](index=8&type=section&id=Capital%20Structure) During the reporting period, the company completed a capital reorganization (involving capital reduction and share split) and a rights issue, raising net proceeds of approximately **HKD 15.1 million** at **HKD 0.1** per share, primarily allocated for e-commerce business development (**HKD 11.3 million**) and general working capital (**HKD 3.8 million**) - During the year, the company completed a capital reorganization (capital reduction and share split) and a rights issue[27](index=27&type=chunk) Use of Rights Issue Proceeds | Use of Rights Issue Proceeds | Planned Amount (HKD) | Amount Utilized (As of 2025/3/31) | | :--- | :--- | :--- | | Development of e-commerce business | 約11,300,000 | - | | General working capital | 約3,800,000 | 約800,000 | | **Net Proceeds** | **約15,100,000** | **約800,000** | [Liquidity, Financing and Others](index=8&type=section&id=Liquidity%20and%20Financing) As of March 31, 2025, the Group's total cash and bank balances significantly increased to approximately **HKD 15.04 million**, with a notable improvement in net current assets; the Group had no bank borrowings, resulting in a zero gearing ratio, and the number of employees decreased from **22** to **17** during the year Liquidity Position | Liquidity Position | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Cash and bank balances | 15,042 | 727 | | Total current assets | 50,795 | 29,772 | | Total current liabilities | 7,301 | 15,289 | | Bank borrowings | 0 | 0 | - As of March 31, 2025, the Group had **17** employees, a decrease from **22** in the previous year[38](index=38&type=chunk) [Directors' Report](index=9&type=section&id=Directors'%20Report) [Business and Financial Review](index=10&type=section&id=Principal%20Businesses) The Company's principal business is investment holding, with subsidiaries engaged in advertising and e-commerce; as the Group recorded a loss for the year, the Board does not recommend paying any dividends - The Company's principal business is investment holding, with details of its subsidiaries' main businesses provided in Note 21 to the financial statements[40](index=40&type=chunk) - The Board does not recommend paying any dividends for the year ended March 31, 2025[42](index=42&type=chunk) [Share Option Scheme](index=10&type=section&id=Share%20Option%20Scheme) The company's share option scheme adopted on August 29, 2014, expired on August 28, 2024; during the reporting year, no new share options were granted, exercised, or cancelled, but **9,665,200** options lapsed, leaving **5,888,400** unexercised as of the reporting date - The company's share option scheme adopted on August 29, 2014, expired on August 28, 2024[46](index=46&type=chunk)[61](index=61&type=chunk) - During the review year, no share options were granted, exercised, or cancelled, but **9,665,200** share options lapsed; as of the reporting date, **5,888,400** share options remained unexercised[46](index=46&type=chunk)[49](index=49&type=chunk) [Major Customers and Suppliers](index=13&type=section&id=Major%20Customers%20and%20Suppliers) This year, sales to the top five customers accounted for **44.93%** of total sales, with the largest customer at **9.15%**, a significant decrease from last year's **89.96%** and **53.07%** respectively; for suppliers, the top five accounted for **100%** of total purchases, with the largest supplier's share decreasing from **73.91%** to **43.01%** Customer and Supplier Concentration | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Sales to Top 5 Customers % | 44.93% | 89.96% | | Sales to Largest Customer % | 9.15% | 53.07% | | Purchases from Top 5 Suppliers % | 100.00% | 100.00% | | Purchases from Largest Supplier % | 43.01% | 73.91% | [Key Risks and Uncertainties](index=14&type=section&id=Key%20Risks%20and%20Uncertainties) The Group's key risks include operational risk from non-recurring contracts and customer churn, equity price risk from financial asset market fluctuations, and liquidity risk related to meeting payment obligations - **Operational Risk**: Revenue primarily derives from non-recurring contracts, and failure to secure new contracts continuously will adversely affect operations and financial performance[69](index=69&type=chunk) - **Equity Price Risk**: Arises from fluctuations in market prices of the Group's financial asset investments[70](index=70&type=chunk) - **Liquidity Risk**: Refers to the possibility of the Group failing to meet its payment obligations when due, managed by monitoring cash flows and maintaining sufficient cash[71](index=71&type=chunk) [Directors' and Shareholders' Interests](index=17&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) The report discloses four directors each holding interests in **490,700** unlisted share options; as of the reporting date, no substantial shareholders held **5%** or more interests requiring disclosure under the SFO, and the company maintained a sufficient public float of not less than **25%** of its issued shares Directors' Interests in Unlisted Share Options | Director Name | Number of Unlisted Share Options | % of Issued Share Capital | | :--- | :--- | :--- | | Ms. Sun Wei | 490,700 | 0.21% | | Ms. Man Hau Chun | 490,700 | 0.21% | | Ms. Wong Miu Kwan | 490,700 | 0.21% | | Ms. Wong Yuk Kit | 490,700 | 0.21% | - As of March 31, 2025, no person held **5%** or more of the share capital requiring disclosure under the Securities and Futures Ordinance[96](index=96&type=chunk) - As of the date of this annual report, the Company maintained a sufficient public float of not less than **25%** of its issued shares[97](index=97&type=chunk) [Corporate Governance Report](index=20&type=section&id=Corporate%20Governance%20Report) [Board and Committees](index=20&type=section&id=Board%20of%20Directors) The Board comprises six directors, including three executive and three independent non-executive directors, meeting Listing Rules requirements; during the reporting period, the Board held **6** meetings, and the audit, remuneration, and nomination committees also met, fulfilling their respective duties with **100%** attendance from all members - The Board currently comprises **six** directors, including **three** executive directors and **three** independent non-executive directors, complying with Listing Rules requirements[104](index=104&type=chunk) - The company has established a Remuneration Committee, Audit Committee, and Nomination Committee to enhance Board functions[108](index=108&type=chunk) Board and Committee Meeting Attendance | Committee/Board | Meetings Held (During the Year) | Member Attendance Rate | | :--- | :--- | :--- | | Board of Directors | 6 | 100% | | Remuneration Committee | 1 | 100% | | Audit Committee | 2 | 100% | | Nomination Committee | 1 | 100% | [Director Nomination and Diversity Policy](index=23&type=section&id=Board%20Diversity%20Policy) The company has adopted director nomination and board diversity policies to ensure a diverse range of backgrounds, skills, and experiences, considering factors like gender, age, and professional background during selection; the current board exhibits diversity in age, gender, educational background, and professional experience - The company has adopted a nomination policy and a board diversity policy, considering factors such as gender, age, cultural and educational background, professional qualifications, and skills when selecting director candidates[117](index=117&type=chunk)[121](index=121&type=chunk) - The current Board composition demonstrates diversity in age (**30 to 69 years**), gender (**4 female, 1 male**), educational background (e.g., finance, accounting), and professional experience (e.g., accounting, management, media)[122](index=122&type=chunk)[123](index=123&type=chunk) [Risk Management and Shareholder Communication](index=26&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board is fully responsible for establishing, maintaining, and reviewing the company's risk management and internal control systems, engaging an independent consultant for annual reviews; additionally, the company has formulated shareholder communication and dividend policies to ensure effective communication and sound dividend distribution decisions - The Board is fully responsible for the risk management and internal control systems, having appointed an independent internal control review consultant for annual reviews[130](index=130&type=chunk) - The company has established a shareholder communication policy, utilizing various channels such as annual reports, circulars, and general meetings to communicate with shareholders[133](index=133&type=chunk) - The company adopted a dividend policy in March 2019, where dividend decisions consider factors such as the Group's financial performance, capital requirements, and liquidity position[136](index=136&type=chunk)[138](index=138&type=chunk) [Biographies of Directors](index=29&type=section&id=Biographies%20of%20Directors) [Biographies of Directors](index=29&type=section&id=Biographies%20of%20Directors) This section provides detailed biographies of the executive and independent non-executive directors, including their personal backgrounds, academic qualifications, professional credentials, and extensive experience across various industries - **Ms. Sun Wei (Executive Director)**: Holds a Master of Science degree in Finance from Clark University, USA, with over **five** years of experience in accounting and administration[139](index=139&type=chunk) - **Mr. Liu Kwong Sang (Independent Non-Executive Director)**: A practicing accountant in Hong Kong with over **27** years of experience in the accounting profession and a fellow member of several professional accounting bodies[140](index=140&type=chunk) - **Ms. Wong Miu Kwan (Independent Non-Executive Director)**: Possesses over **10** years of experience in the information technology and media industries, with extensive operational and management expertise[143](index=143&type=chunk) [Environmental, Social and Governance Report](index=30&type=section&id=Environmental,%20Social%20and%20Governance%20Report) [Environmental Aspect](index=33&type=section&id=Environmental%20Aspect) The Group's environmental impact is limited, primarily from office electricity consumption; total greenhouse gas emissions were **2.4 tonnes CO2e** from purchased electricity, with a target to reduce Scope 2 emissions and energy intensity by **5%** from 2024 levels by 2028, and climate change-related physical and transition risks have been assessed Environmental Performance Indicators (2024/25) | Environmental Performance Indicator (2024/25) | Data | Unit | | :--- | :--- | :--- | | Total GHG Emissions (Scope 2) | 2.4 | tonnes CO2e | | GHG Emissions Intensity (per employee) | 0.14 | tonnes CO2e/employee | | Total Energy Consumption | 4.0 | MWh | | Energy Consumption Intensity (per employee) | 0.235 | MWh/employee | - The Group has set a target to reduce both Scope 2 emissions intensity and energy intensity by **5%** from the 2024 baseline year by **2028**[157](index=157&type=chunk)[162](index=162&type=chunk) - The Group has identified and assessed climate change risks, including physical risks from extreme weather and transition risks such as increased compliance costs and technological shifts[166](index=166&type=chunk)[167](index=167&type=chunk) [Social Aspect](index=37&type=section&id=Social%20Aspect) The Group strictly adheres to labor laws, committed to providing equal opportunities and a healthy, safe work environment; during the reporting period, total employees were **17** with a **6%** turnover rate, all receiving an average of **2.5** hours of training, with no work-related fatalities, and established supply chain management, product responsibility, and anti-corruption policies - The Group complies with labor laws in China and Hong Kong, adheres to "open, fair, and just" recruitment principles, and has adopted an equal employment opportunity policy[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk) Employment and Safety Indicators (2024/25) | Employment and Safety Indicator (2024/25) | Data | | :--- | :--- | | Total Employees | 17 persons | | Total Employee Turnover Rate | 6% | | Percentage of Employees Trained | 100% | | Average Training Hours per Employee | 2.5 hours | | Work-related Fatalities | 0 persons | - The Group has established supply chain management, product responsibility (including data privacy protection), and anti-corruption policies, with no significant violations or corruption cases reported during the period[179](index=179&type=chunk)[182](index=182&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) [Independent Auditor's Report](index=47&type=section&id=Independent%20Auditor's%20Report) [Independent Auditor's Report](index=48&type=section&id=Independent%20Auditor's%20Report) The auditor, BDO Limited, issued an unmodified opinion on the Group's consolidated financial statements, deeming them to fairly present the Group's financial position as of March 31, 2025, and its financial performance and cash flows for the year; "Expected credit losses on trade receivables" was identified as a key audit matter due to its significance and subjective management judgment - The auditor concluded that the consolidated financial statements fairly present the Group's financial position, performance, and cash flows in accordance with Hong Kong Financial Reporting Standards, issuing an unmodified opinion[194](index=194&type=chunk) - A key audit matter identified was "Expected credit losses on trade receivables" due to its material significance to the consolidated financial position and the subjective judgment and management estimates involved in its assessment[199](index=199&type=chunk)[201](index=201&type=chunk) - The consolidated financial statements for the prior year (ended March 31, 2024) were audited by another auditor, who issued an unmodified opinion[202](index=202&type=chunk) [Consolidated Financial Statements](index=52&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss](index=53&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2025, the Group's revenue was **HKD 43.71 million**, a **57%** year-on-year increase, while gross profit was **HKD 3.95 million**, down **27%**; the annual loss significantly narrowed from **HKD 43.67 million** to **HKD 4.78 million** due to reversal of impairment losses on trade receivables and controlled expenses, with basic loss per share at **4.84 HK cents** Consolidated Statement of Profit or Loss (For the Year Ended March 31) | Consolidated Statement of Profit or Loss (For the Year Ended March 31) | 2025 (HKD thousands) | 2024 (HKD thousands, Restated) | | :--- | :--- | :--- | | Revenue | 43,708 | 27,883 | | Gross Profit | 3,947 | 5,439 | | Net Reversal/(Provision) for Impairment Losses on Trade Receivables | 6,668 | (34,451) | | Loss Before Tax | (4,782) | (44,434) | | Loss for the Year Attributable to Owners of the Company | (4,782) | (43,668) | | Loss Per Share (Basic and Diluted) | (4.84) HK cents | (45.44) HK cents | [Consolidated Statement of Financial Position](index=55&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HKD 51.88 million**, a **62%** increase year-on-year, while total liabilities significantly decreased to **HKD 7.30 million**; total equity increased from **HKD 16.75 million** to **HKD 44.58 million** due to the rights issue and narrowed losses, indicating a substantial improvement in the financial position Consolidated Statement of Financial Position (As of March 31) | Consolidated Statement of Financial Position (As of March 31) | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 1,081 | 2,267 | | Current assets | 50,795 | 29,772 | | **Total Assets** | **51,876** | **32,039** | | **Equity and Liabilities** | | | | Total equity | 44,575 | 16,750 | | Current liabilities | 7,301 | 15,289 | | **Total Liabilities** | **7,301** | **15,289** | | **Total Equity and Liabilities** | **51,876** | **32,039** | [Consolidated Statement of Cash Flows](index=58&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the year ended March 31, 2025, net cash outflow from operating activities improved to **HKD 0.96 million** from **HKD 5.64 million** last year; financing activities generated a net cash inflow of **HKD 15.30 million** from the rights issue, leading to a significant increase in year-end cash and cash equivalents from **HKD 0.73 million** to **HKD 15.04 million** Consolidated Statement of Cash Flows (For the Year Ended March 31) | Consolidated Statement of Cash Flows (For the Year Ended March 31) | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (955) | (5,638) | | Net cash used in investing activities | (34) | – | | Net cash from financing activities | 15,304 | – | | Net increase/(decrease) in cash and cash equivalents | 14,315 | (5,638) | | Cash and cash equivalents at end of year | 15,042 | 727 | [Notes to the Consolidated Financial Statements](index=59&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the financial statements, covering accounting policies, segment information, financial instrument risks, related party transactions, and equity changes; key highlights include advertising and e-commerce as primary revenue sources, significant impairment provisions for aged trade receivables, and the completion of capital reorganization and rights issue during the year, which significantly altered the equity structure - The Group's principal businesses are advertising (revenue of **HKD 13.69 million**) and e-commerce (revenue of **HKD 30.02 million**)[331](index=331&type=chunk)[337](index=337&type=chunk) - As of March 31, 2025, total trade receivables amounted to **HKD 55.74 million**, with impairment provisions of **HKD 39.27 million**, including **HKD 43.01 million** for receivables aged over **365** days[366](index=366&type=chunk) - During the year, the company completed a capital reorganization (capital reduction and share split) and a rights issue, increasing issued ordinary shares from **78.12 million** to **234.37 million**, and changing the par value from **HKD 0.4** to **HKD 0.01**[374](index=374&type=chunk)[375](index=375&type=chunk) [Financial Summary](index=117&type=section&id=Financial%20Summary) [Five-Year Financial Summary](index=117&type=section&id=Financial%20Summary) This section summarizes the Group's key financial data over the past five fiscal years, showing a revenue rebound this year after several years of decline, though annual losses persisted; total assets and net assets also recovered this year following continuous decreases, partly due to the rights issue Five-Year Performance Summary | Five-Year Performance Summary (HKD thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 43,708 | 27,883 | 43,019 | 67,457 | 78,095 | | Loss for the Year Attributable to Owners of the Company | (4,782) | (43,668) | (1,498) | (34,551) | (56,317) | Five-Year Assets and Liabilities Summary | Five-Year Assets and Liabilities Summary (HKD thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 51,876 | 32,039 | 78,006 | 87,103 | 101,806 | | Total Liabilities | (7,301) | (15,289) | (17,025) | (30,768) | (35,956) | | Net Assets | 44,575 | 16,750 | 60,981 | 56,335 | 65,850 |

(於開曼群島註冊成立之有限公司) 股份代號 : 1559 2025 年 報 目錄 公司資料 2 主席報告 3 董事及高級管理層履歷 6 管理層討論與分析 10 企業管治報告 17 董事會報告 36 獨立核數師報告 47 綜合損益及其他全面收益表 53 綜合財務狀況表 55 綜合權益變動表 57 綜合現金流量表 59 綜合財務報表附註 61 五年財務摘要 164 公司資料 董事會 執行董事 陳正華先生 （主席） 張方兵先生 （行政總裁） 曹累先生 （於二零二四年九月二日辭任） 孫笑然先生 （於二零二五年四月十四日獲委任） 非執行董事 李玉萍女士 （於二零二四年十二月十一日獲委任） 獨立非執行董事 林誠光教授 林柏森先生 龔振志先生 公司秘書 馮國衛先生 監察主任 張方兵先生 授權代表 張方兵先生 馮國衛先生 審核委員會 林柏森先生 （主席） 林誠光教授 龔振志先生 薪酬委員會 林誠光教授 （主席） 林柏森先生 張方兵先生 提名委員會 龔振志先生 （主席） 林誠光教授 陳正華先生 風險管理委員會 林柏森先生 （主席） 林誠光教授 龔振志先生 核數師 國富浩華（香港）會計師事務所有限公司 法律顧問 姚黎李律師行 註 ...

2024/25 年報 目 錄 | 公司資料 | 2 | | --- | --- | | 董事及高層管理人員 | 3 | | 主席報告 | 5 | | 管理層討論及分析 | 7 | | 企業管治報告 | 14 | | 董事會報告書 | 26 | | 獨立核數師報告 | 40 | | 綜合損益及其他全面收益表 | 45 | | 綜合財務狀況表 | 47 | | 綜合權益變動表 | 49 | | 綜合現金流量表 | 52 | | 綜合財務報表附註 | 54 | | 財務概要 | 136 | 1 億都（國際控股）有限公司 • 年報2024/25 公司資料 董事會 執行董事 方仁德先生 李國偉先生 梁子權先生 張偉文先生（於二零二四年七月十二日獲委任） 獨立非執行董事 朱知偉先生 劉源新先生 劉紀美教授 公司秘書 劉紹基先生 核數師 德勤 •關黃陳方會計師行 註冊辦事處 Victoria Place, 5th Floor 31 Victoria Street Hamilton HM 10 Bermuda 總辦事處及主要營業地點 香港 新界 葵涌 華星街2-6 號 安達工業大廈 7樓 股份過戶登記分處 卓佳證券登記有限公 ...