LFG投资控股(03938) - 2025 - 年度业绩

Financial Performance Summary Overall Financial Performance For FY2025, total revenue significantly decreased, leading to a substantial expansion of loss for the year and a decline in net assets FY2025 vs. FY2024 Performance Summary Comparison | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue | 25,171 | 94,173 | -73.3% | | Loss Before Income Tax | (35,114) | (4,323) | +712.3% | | Loss for the Year | (35,140) | (4,229) | +731.1% | | Basic Loss Per Share | (8.6 HKD cents) | (1.0 HKD cents) | +760.0% | | Total Assets | 254,049 | 231,369 | +9.8% | | Net Assets | 98,421 | 133,754 | -26.4% | Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income In FY2025, total revenue significantly declined due to reduced core business income and financial asset losses, leading to an expanded loss for the year despite cost controls Key Items from Consolidated Statement of Profit or Loss (For the year ended March 31) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue | 25,171 | 94,173 | -73.3% | | Corporate Finance Advisory Services | 21,478 | 60,275 | -64.4% | | Securities and Underwriting Services | 4,041 | 8,531 | -52.6% | | Interest Income from Margin Financing Services | 7,117 | 11,127 | -36.0% | | Asset Management Services | 288 | 4,932 | -94.2% | | Net (Loss)/Gain on Financial Assets | (7,753) | 9,308 | -183.3% | | Staff Costs | (35,217) | (54,494) | -35.4% | | Other Expenses | (21,126) | (27,476) | -23.1% | | Loss Before Income Tax | (35,114) | (4,323) | +712.3% | | Loss for the Year | (35,140) | (4,229) | +731.1% | - Loss for the year attributable to owners of the Company was HKD 34.997 million, corresponding to a basic and diluted loss per share of 8.6 HKD cents, a significant increase from 1.0 HKD cents in the prior year[4] Consolidated Statement of Financial Position As of March 31, 2025, total assets slightly increased, but net assets decreased, primarily due to declining net current assets and rising current liabilities Key Items from Consolidated Statement of Financial Position (As of March 31) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 23,578 | 8,946 | +163.6% | | Current Assets | 230,471 | 222,423 | +3.6% | | Trade Receivables | 39,711 | 100,280 | -60.4% | | Cash and Bank Balances | 46,061 | 41,273 | +11.6% | | Total Assets | 254,049 | 231,369 | +9.8% | | Current Liabilities | 142,302 | 97,418 | +46.1% | | Trade Payables | 110,322 | 43,929 | +151.1% | | Bank Borrowings | 5,490 | 24,639 | -77.7% | | Total Liabilities | 155,628 | 97,615 | +59.4% | | Net Assets | 98,421 | 133,754 | -26.4% | Notes to the Consolidated Financial Statements Note 3: Revenue and Segment Information All Group revenue from Hong Kong financial services constitutes a single segment, with revenue from customer contracts significantly decreasing due to a sharp decline in corporate finance advisory services Revenue Breakdown (For the year ended March 31) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue from Contracts with Customers | 25,807 | 73,738 | | Corporate Finance Advisory Services | 21,478 | 60,275 | | Securities and Underwriting Services | 4,041 | 8,531 | | Asset Management Services | 288 | 4,932 | | Revenue from Other Sources | (636) | 20,435 | | Interest Income from Margin Financing Services | 7,117 | 11,127 | | Net Fair Value Changes on Financial Assets | (7,985) | 8,750 | | Total | 25,171 | 94,173 | - As of March 31, 2025, the aggregate transaction price allocated to unsatisfied performance obligations under existing contracts was approximately HKD 18.635 million, expected to be recognized as revenue within the next 1 to 11 months[26] Note 10: Trade Receivables As of March 31, 2025, total trade receivables significantly decreased by 60.4%, primarily from securities margin financing, with impairment losses recognized for the year Composition of Trade Receivables (As of March 31) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Securities Margin Financing Services | 35,660 | 85,421 | | Securities Trading from Clearing House | – | 6,788 | | Corporate Advisory and Other Services | 2,258 | 4,636 | | Receivables from Brokers | 1,791 | 3,435 | | Total | 39,711 | 100,280 | - The top five trade receivables from margin clients accounted for 72.9% of the total amount in this category, indicating concentrated credit risk[38] Movement in Impairment Allowance for Trade Receivables | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Balance at Beginning of Year | 14,618 | 10,605 | | Impairment Losses Recognized | 7,225 | 11,167 | | Written off from Receivables | (1,629) | (7,154) | | Balance at End of Year | 20,414 | 14,618 | Management Discussion and Analysis Business Review Amidst a challenging environment, all Group segments faced pressure, with core business revenue declining and asset management and investment funds recording significant losses - In the current fiscal year, corporate finance advisory services contributed 85.3% of total revenue, securities and financing services contributed 44.3%, while asset management and financial asset investments recorded a negative contribution of -29.7%[53] Corporate Finance Advisory Services Corporate finance advisory services, the core business, saw revenue significantly decrease by 64.3% due to lower per-project contributions and declines in key service areas Corporate Finance Advisory Services Revenue Breakdown | Service Type | FY2025 Revenue (HKD million) | FY2024 Revenue (HKD million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | IPO Sponsorship | 3.2 | 7.9 | -59.5% | | Financial and Independent Financial Advisory | 17.9 | 51.5 | -65.2% | | Compliance Advisory | 0.4 | 0.9 | -55.6% | | Total | 21.5 | 60.3 | -64.3% | Securities and Financing Services Securities and financing services performed weakly, with trading and brokerage revenue declining and margin financing interest income decreasing due to a significant drop in outstanding loan balances - Securities trading and brokerage business revenue was approximately HKD 2.3 million, compared to HKD 6.7 million in the prior year[58] - Total outstanding margin loan balances were approximately HKD 35.7 million, a 58.2% year-on-year decrease; interest income generated was approximately HKD 7.1 million, a 36.0% year-on-year decrease[58] Asset Management Services and Investment Funds Asset management business contracted, with managed fund net asset value decreasing, causing service revenue to plummet, and investment funds recording a significant loss - As of March 31, 2025, the net asset value of funds under management and/or investment advisory was approximately USD 2.9 million, a 35.6% year-on-year decrease[59] - Investment funds recorded a loss of approximately HKD 7.8 million, primarily due to underperformance of the investment portfolio[59] Financial Review This fiscal year, the Group faced severe financial challenges, with total revenue down 73.3% and loss attributable to owners reaching HKD 35 million, despite cost controls Results Analysis Total revenue decreased from HKD 94.2 million to HKD 25.2 million, staff costs declined by 35.4%, and loss attributable to owners expanded from HKD 4 million to HKD 35 million - Total revenue decreased by 73.3%, primarily due to reduced revenue from corporate finance advisory services, securities and financing services, and investment fund losses[60] - Staff costs decreased by 35.4% to HKD 35.2 million, mainly due to a reduction in average headcount and discretionary bonuses[63] - Loss for the year attributable to owners of the Company was approximately HKD 35 million, compared to a loss of approximately HKD 4 million last year[68] Liquidity and Capital Structure As of March 31, 2025, net current assets were HKD 88.2 million, with the current ratio decreasing, while total debt was approximately HKD 22 million, maintaining a stable gearing ratio Liquidity and Capital Structure Indicators (As of March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Current Assets | HKD 88.2 million | HKD 125 million | | Current Ratio | 1.6 times | 2.3 times | | Cash and Bank Balances | HKD 56.1 million | HKD 51.3 million | | Total Debt | HKD 22 million | HKD 33 million | | Gearing Ratio | 22.4% | 24.7% | Prospects and Outlook The Group anticipates continued challenges from global economic uncertainties impacting client fundraising and M&A, but will leverage its expertise to seek new global opportunities and maintain prudent risk management - Global economic uncertainties may lead to reduced, delayed, or terminated client demand for fundraising and M&A activities[83] - The Group will actively seek business opportunities in resumption and restructuring projects to navigate the current market environment[84] - Future plans include enhancing marketing efforts, seeking new global business opportunities, and evaluating strategies for virtual assets and ESG-related businesses[85] Other Company Information Dividend Policy Given the current year's loss, the Board has resolved not to declare any final dividend for the year ended March 31, 2025, consistent with the prior year - The Board resolved not to declare any final dividend for the year ended March 31, 2025[86] Corporate Governance The Company maintains high corporate governance standards, complying with all applicable provisions except for the combined roles of Chairman and CEO, which the Board deems in the Group's and shareholders' best interests - The Company has complied with the Corporate Governance Code, but the roles of Chairman and Chief Executive Officer are not segregated, both held by Mr. Mui Ho Cheung[88][89] - The Audit Committee, comprising three independent non-executive directors, has reviewed the audited consolidated financial statements for the current year[92]