Corporate Information [Company Core Information and Management Changes](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) The report details the company's corporate information, key advisors, and significant changes in its board of directors and senior management - **Significant changes occurred in senior management** during and after the reporting period[6](index=6&type=chunk)[7](index=7&type=chunk) - Mr Zhou Zhe resigned as Chairman and CEO on February 20, 2025 - Mr Zhu Feng was appointed as Chairman on June 19, 2025 - Mr Tang Hongyang was appointed as CEO on February 20, 2025 - Mr Ngai Ming Tak resigned as President on March 25, 2025 - The board saw the addition of Mr Zhou Dingchen, Mr So Chun Kit and Ms Li Xiaoting, while Dr Huang Liping resigned Chairman's Statement [Financial Performance Summary](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) The Group's revenue slightly decreased while operating profit marginally increased, but basic earnings per share fell sharply in fiscal year 2025 Key Financial Indicators for FY2025 | Indicator | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Turnover | Approx HK$2,833 million | Approx HK$2,935 million | -3.5% | | Gross Profit | Approx HK$58.6 million | Approx HK$84.9 million | -31.0% | | Operating Profit | Approx HK$49.6 million | Approx HK$48.2 million | +2.9% | | Basic Earnings Per Share | Approx 2.51 HK cents | Approx 4.89 HK cents | -48.7% | [Business Review and Prospects](index=5&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%89%8D%E6%99%AF) The Group's core operations include supply chain management and construction, with a significant strategic move to dispose of the entire construction business segment - The supply chain management business, focusing on iron ore products, is the Group's core, maintaining inventories at multiple major ports in Mainland China to ensure timely delivery, with iron ore inventory valued at **approximately HK$83.2 million** as of March 31, 2025[13](index=13&type=chunk)[14](index=14&type=chunk) - The construction-related business faces challenges such as market slowdowns, high interest rates, and labor shortages, prompting a focus on cost control and risk mitigation[16](index=16&type=chunk) - On June 19, 2025, the company entered into an agreement to dispose of its construction-related business segment (Prosper Ace Investments Limited and its subsidiaries) for a consideration of **HK$1**, after which the Group will no longer hold any interest in this segment[17](index=17&type=chunk)[21](index=21&type=chunk) Management Discussion and Analysis [Operating Results](index=8&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) The supply chain segment's revenue grew but profit declined, while all construction-related segments experienced significant decreases in both revenue and profit Performance by Business Segment (HK$ million) | Business Segment | FY2025 Revenue | FY2024 Revenue | FY2025 Profit | FY2024 Profit | | :--- | :--- | :--- | :--- | :--- | | Supply Chain Management | 2,453 | 2,201 | 25.1 | 37.6 | | Building Construction | 1.4 | 2 | 0.4 | 1.7 | | Alteration and Addition Works | 44.5 | 116 | 2.9 | 13.5 | | Property Maintenance | 335.1 | 615.8 | 32.7 | 34.0 | - Although the supply chain management segment's revenue increased, its profit **decreased from HK$37.6 million to HK$25.1 million** due to a reduction in profit margin[28](index=28&type=chunk) - The decline in the property maintenance segment's revenue and profit was mainly due to the expiration of two large-scale long-term maintenance contracts in March and December 2024[33](index=33&type=chunk) [Liquidity and Financial Resources](index=9&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group maintained a solid financial position with an improved liquidity ratio and increased cash reserves, supported by adequate banking facilities Financial Position Indicators | Indicator | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | Current Assets | HK$662.1 million | HK$671.8 million | | Current Liabilities | HK$418.0 million | HK$469.7 million | | Current Ratio | 1.58 times | 1.43 times | | Cash and Bank Balances | HK$209.9 million | HK$150.0 million | | Gearing Ratio | 31.1% | 30.5% | [Significant Corporate Events and Use of Funds](index=10&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%AC%E5%8F%B8%E4%BA%8B%E4%BB%B6%E5%8F%8A%E8%B3%87%E9%87%91%E7%94%A8%E9%80%94) The company raised funds through a rights issue for investments and working capital and completed an acquisition to expand its iron ore processing services - The company completed a rights issue on April 16, 2024, raising net proceeds of **approximately HK$25.97 million**, of which HK$9.82 million had been used for general administrative expenses and working capital as of March 31, 2025[37](index=37&type=chunk)[38](index=38&type=chunk)[41](index=41&type=chunk) - In September 2024, the company completed the acquisition of Runpeng Holdings Limited to expand its iron ore pre-processing and blending services, strengthening its supply chain management business[43](index=43&type=chunk) [Principal Risks and Uncertainties](index=11&type=section&id=%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E5%8F%8A%E4%B8%8D%E7%A2%BA%E5%AE%9A%E5%9B%A0%E7%B4%A0) The Group faces distinct risks in its supply chain business, including margin and price volatility, and in its construction business, related to labor and project estimation - The supply chain management business faces risks such as **low gross profit margins**, impairment of receivables, and fluctuations in shipping and market prices[45](index=45&type=chunk) - The construction business is exposed to risks including **rising labor costs**, inaccuracies in project time and cost estimation, and the non-recurrent nature of project revenue[50](index=50&type=chunk) [Contract Progress](index=13&type=section&id=%E5%90%88%E7%B4%84%E9%80%B2%E5%BA%A6) The total value of uncompleted contracts decreased significantly, mainly due to the completion of a major property maintenance contract during the year Change in Value of Uncompleted Contracts (HK$'000) | Business Segment | 31 March 2024 | 31 March 2025 | | :--- | :--- | :--- | | Property Maintenance | 1,229,787 | 273,987 | | Alteration, Renovation, etc | 139,038 | 89,693 | | **Total** | **1,368,825** | **363,680** | - The alteration, renovation, improvement, and interior fitting-out works segment secured **6 new contracts** in FY2025 with a total value of approximately HK$46.55 million[57](index=57&type=chunk) - The property maintenance segment completed a term contract with the Hong Kong Hospital Authority in December 2024, with a contract value of **HK$955.8 million**[59](index=59&type=chunk) [Significant Events After the Reporting Period](index=17&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A0%85) Post-period events include a planned investment, the disposal of the construction business, and the extension of a related loan's maturity date - On June 18, 2025, the company announced its plan to subscribe for investor shares in Peijia Medical Group for up to **HK$11.6 million**[70](index=70&type=chunk) - On June 19, 2025, the company conditionally agreed to sell its target group engaged in building construction, alteration, and property maintenance for **HK$1**[70](index=70&type=chunk) - On June 20, 2025, the maturity date for loans owed by the target group (Magic Choice and Wang Zong) was extended to September 30, 2027, with an annual interest rate of 13%[72](index=72&type=chunk) Biographical Details of Directors and Senior Management [Profiles of Directors and Senior Management](index=19&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E5%B1%A4%E5%B1%A5%E6%AD%B7%E8%A9%B3%E6%83%85) This section details the extensive experience of the board and senior management in finance, steel trading, and the construction industry - The executive director team possesses a strong background in steel trading, banking, risk management, and corporate finance, including Chairman Mr Zhu Feng's long-term executive experience in a steel group and CEO Mr Tang Hongyang's over 20 years in banking[74](index=74&type=chunk)[75](index=75&type=chunk)[78](index=78&type=chunk) - The independent non-executive directors provide expertise in accounting, finance, and public administration, such as Mr Wong Wai Kwan's experience as a veteran accountant and Mr Zhang Shengman's senior roles at the World Bank and Citigroup[80](index=80&type=chunk)[83](index=83&type=chunk) Report of the Directors [Principal Activities and Financial Overview](index=23&type=section&id=%E4%B8%BB%E8%A6%81%E6%A5%AD%E5%8B%99%E5%8F%8A%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%BD) The Group's main businesses are supply chain management and construction, with no dividend declared for the year and a high concentration of customers and suppliers - The Board **does not recommend the payment of any dividend** for the year ended March 31, 2025[92](index=92&type=chunk) - The Group has a high concentration of customers and suppliers[100](index=100&type=chunk) - The **top five customers** accounted for approximately **61.9%** of total sales - The **top five suppliers** accounted for approximately **40.6%** of total purchases [Share Option Scheme](index=26&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The company operates a 2021 share option scheme to incentivize talent, while options granted under the terminated 2011 scheme remain partially outstanding Outstanding Share Options under the 2011 Scheme | Grantee Name | Outstanding at Beginning of Year | Changes During Year | Outstanding at End of Year | Lapsed After Reporting Date | Exercise Price | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr Ngai Ming Tak | 3,332,278 | 0 | 3,332,278 | (3,332,278) | HK$0.6752 | | Mr Fung Kar Lun | 3,332,278 | 0 | 3,332,278 | 0 | HK$0.6752 | | **Total** | **6,664,556** | **0** | **6,664,556** | **(3,332,278)** | | - As of March 31, 2025, a total of **37,499,999 shares** were available for issue under the 2021 Scheme, representing approximately 6.03% of the total issued shares, with no options granted since its adoption[111](index=111&type=chunk) [Directors' and Chief Executives' Interests in Shares](index=28&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%8C%81%E8%82%A1) Executive Director Mr Zhu Feng is the company's substantial shareholder, holding a combined interest of 28.11% as of the reporting date Directors' and Substantial Shareholders' Interests (31 March 2025) | Shareholder Name | Capacity | Number of Shares | Shareholding % | | :--- | :--- | :--- | :--- | | Mr Zhu Feng | Beneficial owner & interest of controlled corporation | 174,797,650 | 28.11% | | Ensure Prestige Limited | Beneficial owner | 96,276,700 | 15.48% | | Mega Start Limited | Beneficial owner | 46,912,500 | 7.54% | [Extract of Independent Auditor's Opinion and Board's Response](index=32&type=section&id=%E6%A0%B8%E6%95%B8%E5%B8%AB%E6%84%8F%E8%A6%8B%E6%91%98%E9%8C%84%E5%8F%8A%E8%91%A3%E4%BA%8B%E6%9C%83%E5%9B%9E%E6%87%89) The auditor highlighted a material uncertainty related to going concern due to a significant related party loan, which the board believes is manageable - The auditor noted that as of March 31, 2025, the Group had related party loans of approximately **HK$207 million**, with original maturity dates in October 2025 and September 2026, constituting a material uncertainty regarding the Group's ability to continue as a going concern[139](index=139&type=chunk) - The Board responded that if the disposal of the construction business subsidiaries is completed, the Group will be discharged from this debt; otherwise, the loan's maturity has been extended to September 30, 2027, ensuring sufficient working capital[141](index=141&type=chunk) Corporate Governance Report [Corporate Governance Practices and Deviations](index=34&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F%E5%8F%8A%E5%81%8F%E9%9B%A2%E6%83%85%E6%B3%81) The company complied with most corporate governance code provisions but reported two deviations regarding director attendance and role separation - Deviations from the Corporate Governance Code were noted[145](index=145&type=chunk)[146](index=146&type=chunk) - **Code Provision C.1.6**: Two independent non-executive directors were unable to attend the Annual General Meeting on September 27, 2024 - **Code Provision C.2.1**: Prior to February 20, 2025, the roles of Chairman and CEO were not separate and were both performed by Mr Zhou Zhe [Board and Committee Operations](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83%E9%81%8B%E4%BD%9C) This section outlines the functions of the board and its committees, which held multiple meetings to review financial statements, remuneration, and nominations - The Audit Committee, comprising three independent non-executive directors, held three meetings during the year to review the interim and annual financial statements[163](index=163&type=chunk)[164](index=164&type=chunk) - The Remuneration Committee held four meetings to review director and senior management compensation, with senior management remuneration (excluding directors) ranging from **HK$1 million to HK$2.5 million**[165](index=165&type=chunk)[168](index=168&type=chunk) - The Nomination Committee held four meetings to review the board's structure, assess director independence, and recommend appointments[170](index=170&type=chunk) [Accountability, Risk Management, and Investor Relations](index=41&type=section&id=%E5%95%8F%E8%B2%AC%E3%80%81%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E5%8F%8A%E6%8A%95%E8%B3%87%E8%80%85%E9%97%9C%E4%BF%82) The company emphasizes its financial reporting responsibilities, maintains a comprehensive risk management system, and actively communicates with shareholders Auditor's Remuneration (FY2025) | Service Type | Amount (HK$) | | :--- | :--- | | Audit Services Fee | 1,655,000 | | Non-audit Services Fee | 220,000 | | **Total** | **1,875,000** | - The Board is fully responsible for maintaining a sound and effective risk management and internal control system and has engaged an external consultant to conduct an internal control review of specific risk management processes[178](index=178&type=chunk)[179](index=179&type=chunk) Independent Auditor's Report [Auditor's Opinion and Material Uncertainty Related to Going Concern](index=44&type=section&id=%E6%A0%B8%E6%95%B8%E5%B8%AB%E6%84%8F%E8%A6%8B%E8%88%87%E6%8C%81%E7%BA%8C%E7%B6%93%E7%87%9F%E4%B8%8D%E7%A2%BA%E5%AE%9A%E6%80%A7) The auditor issued an unmodified opinion but highlighted a material uncertainty related to the Group's going concern status due to a significant related party loan - The auditor issued an **unmodified opinion**, concluding that the consolidated financial statements give a true and fair view of the Group's financial position[191](index=191&type=chunk) - The report emphasizes a **"Material Uncertainty Related to Going Concern"** arising from related party loans of approximately **HK$207 million** as of March 31, 2025, whose original maturity dates could cast significant doubt on the Group's ability to continue as a going concern[193](index=193&type=chunk)[195](index=195&type=chunk) [Key Audit Matters](index=45&type=section&id=%E9%97%9C%E9%8D%B5%E5%AF%A9%E6%A0%B8%E4%BA%8B%E9%A0%85) The audit focused on revenue recognition for construction contracts and the provision for expected credit losses, both involving significant management judgment - **Key Audit Matter 1: Revenue recognition from construction contracts** was a focus due to the significant management judgment and estimation required to determine the progress of completion and budget costs[197](index=197&type=chunk)[199](index=199&type=chunk) - **Key Audit Matter 2: Provision for expected credit losses (ECL) on trade receivables and contract assets** was identified as critical because management's assessment involves significant judgment, considering historical default rates and forward-looking economic factors[198](index=198&type=chunk)[202](index=202&type=chunk) Consolidated Financial Statements [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=50&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's profit for the year decreased by 16.2% to HK$15.3 million, impacted by lower gross profit and higher finance costs despite controlled expenses Consolidated Statement of Profit or Loss Summary (HK$'000) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 2,833,486 | 2,934,565 | | Gross Profit | 58,640 | 84,934 | | Operating Profit | 49,553 | 48,173 | | Profit before Tax | 22,112 | 22,284 | | Profit for the Year | 15,254 | 18,206 | | Profit for the Year Attributable to Owners of the Company | 15,427 | 18,221 | [Consolidated Statement of Financial Position](index=52&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) The Group's net assets grew by 38% to HK$143.8 million, driven by an increase in net current assets and improved liquidity Consolidated Statement of Financial Position Summary (HK$'000) | Item | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 5,506 | 8,047 | | Current Assets | 662,102 | 671,813 | | **Total Assets** | **667,608** | **679,860** | | **Liabilities and Equity** | | | | Current Liabilities | 417,972 | 469,726 | | Non-current Liabilities | 105,824 | 105,898 | | **Total Liabilities** | **523,796** | **575,624** | | **Total Equity** | **143,812** | **104,236** | [Consolidated Statement of Changes in Equity](index=54&type=section&id=%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) Total equity attributable to owners increased to HK$148.0 million, primarily due to the profit for the year and the issuance of shares from a rights issue - Key drivers for the increase in total equity during the year include[221](index=221&type=chunk) - Total comprehensive income for the year: **+HK$13.6 million** - Issuance of shares by way of rights issue: **+HK$26.0 million** [Consolidated Statement of Cash Flows](index=55&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The Group generated a net cash inflow from operations of HK$57.9 million, leading to a significant increase in year-end cash and cash equivalents Consolidated Statement of Cash Flows Summary (HK$'000) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Cash generated from operations | 57,929 | 51,819 | | Net cash from (used in) investing activities | 6,220 | (2,342) | | Net cash used in financing activities | (5,474) | (28,829) | | **Increase in cash and cash equivalents** | **58,675** | **20,648** | | Cash and cash equivalents at beginning of year | 86,688 | 66,278 | | **Cash and cash equivalents at end of year** | **144,101** | **86,688** | Notes to the Consolidated Financial Statements [Note 2: Basis of Preparation and Going Concern](index=57&type=section&id=%E9%99%84%E8%A8%BB2%EF%BC%9A%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E8%88%87%E6%8C%81%E7%BA%8C%E7%B6%93%E7%87%9F) This note reiterates the material uncertainty related to going concern from the HK$207 million related party loan, which the directors believe is manageable - The note highlights that a material uncertainty exists regarding the Group's ability to continue as a going concern, which depends on[228](index=228&type=chunk)[230](index=230&type=chunk) 1. The successful disposal of the construction business subsidiaries which hold the significant loan 2. The continued extension of the loan's maturity (now extended to September 2027) if the disposal fails 3. The successful drawdown of available banking facilities when needed [Note 8: Revenue](index=85&type=section&id=%E9%99%84%E8%A8%BB8%EF%BC%9A%E6%94%B6%E7%9B%8A) The Group's revenue is dominated by the supply chain management business, with Mainland China being the primary geographical market Revenue by Business Segment (HK$'000) | Business Segment | FY2025 | FY2024 | | :--- | :--- | :--- | | Supply Chain Management | 2,452,473 | 2,200,632 | | Building Construction and Others | 1,360 | 1,963 | | Alteration, Renovation, etc | 44,541 | 116,177 | | Property Maintenance | 335,112 | 615,793 | | **Total** | **2,833,486** | **2,934,565** | Revenue by Geographical Market (HK$'000) | Geographical Market | FY2025 | FY2024 | | :--- | :--- | :--- | | Hong Kong | 646,425 | 892,516 | | China (excluding Hong Kong) | 2,187,061 | 2,042,049 | | **Total** | **2,833,486** | **2,934,565** | [Note 11: Segment Information](index=88&type=section&id=%E9%99%84%E8%A8%BB11%EF%BC%9A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The supply chain segment is the largest contributor to revenue and assets, though its profit declined, and the Group has a high concentration of major customers Revenue from Major Customers (HK$'000) | Customer | Segment | FY2025 Revenue | | :--- | :--- | :--- | | Customer A | Supply Chain Management | 559,296 | | Customer B | Construction and Maintenance | 348,884 | | Customer C | Supply Chain Management | 357,694 | [Notes 32 & 33: Borrowings](index=109&type=section&id=%E9%99%84%E8%A8%BB32%20%26%2033%EF%BC%9A%E5%80%9F%E6%AC%BE) The Group's primary borrowing is a HK$207 million loan from a related party, the maturity of which has been extended to September 2027 - The Group has a loan of approximately **HK$207 million** from a related party, Mr Huang, which is borne by subsidiaries Magic Choice and Wang Zong; the loan's maturity date was extended to September 30, 2027, with an annual interest rate of 13%[385](index=385&type=chunk)[386](index=386&type=chunk) [Note 35: Share Capital](index=110&type=section&id=%E9%99%84%E8%A8%BB35%EF%BC%9A%E8%82%A1%E6%9C%AC) The company's share capital increased following the completion of a rights issue, which also contributed to an improved debt-to-capital ratio - On April 16, 2024, the company completed a rights issue, issuing **171,876,373 new shares** and raising net proceeds of approximately HK$25.97 million[389](index=389&type=chunk) - The Group's debt-to-adjusted capital ratio **decreased from 78% to 66%**, mainly due to a reduction in debt and an increase in equity[391](index=391&type=chunk) [Note 43: Events After the Reporting Period](index=120&type=section&id=%E9%99%84%E8%A8%BB43%EF%BC%9A%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) This note details three major post-period events, including a planned investment, the disposal of the construction business, and a related loan extension - On June 19, 2025, the company signed an agreement to dispose of its target group engaged in construction and maintenance for a consideration of **HK$1**, aiming to divest the business segment and resolve its associated large related party debt[417](index=417&type=chunk)[420](index=420&type=chunk) Five-Year Financial Summary [Five-Year Financial Summary](index=121&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) This section presents key financial data over the past five years, showing a trend of declining revenue but a recovery in profitability and equity since FY2023 Five-Year Financial Data Summary (HK$'000) | Item | 2021 | 2022 | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Results** | | | | | | | Revenue | 5,236,876 | 3,991,555 | 2,462,942 | 2,934,565 | 2,833,486 | | Profit/(Loss) attributable to owners of the parent | 7,216 | (13,566) | (85,348) | 18,221 | 15,427 | | **Assets and Liabilities** | | | | | | | Total Assets | 858,846 | 880,680 | 664,257 | 679,860 | 667,608 | | Total Liabilities | (706,791) | (707,162) | (571,350) | (575,624) | (523,796) | | Total Equity | 152,055 | 173,518 | 92,907 | 104,236 | 143,812 |

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

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

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

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

富譽控股有限公司 香港聯合交易所有限公司（「聯交所」）GEM 的特性 GEM 的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的公司提供一個上市的市場。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。GEM 的較高風險及其他特色表示GEM 較適合專業及其他資深的投資者。 由於GEM 上市公司新興的性質使然，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，同時亦 無法保證在GEM 買賣的證券會有高流通量的市場。 年 報 2025 ANNUAL REPORT 2025 年報 WEALTH GLORY HOLDINGS LIMITED 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。 本報告的資料乃遵照聯交所GEM 證券上市規則而刊載，旨在提供有關富譽控股有限公司（「本公司」）的資料；本公司的 董事（「董事」）願就本報告的資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後，確認就其所深知及深信， (1) ...

年報 2025 Annual Report 2025 ANNUAL REPORT 2025 年 報 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為中小公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風 險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小公司，在GEM買賣的證券可能會較於主板買賣的證券承受較大的市場波動風 險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並 明確表示概不就因本報告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。本 報告載有有關民富國際控股有限公司（「本公司」）的資料，乃遵照聯交所GEM證券上巿規則（「GEM上市規則」） 而提供，本公司董事（統稱「董事」，各為一名「董事」）願就此共同及個別承擔全部責任。董事在作出一切合理查 詢後確認，就其所深知及盡信，本報告所載資料於所有重大方面均準確完整，並無誤導或欺騙，且並無遺漏其 他事宜致使本報告任何陳述或本 ...

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

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

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