仍志集团控股(08079) - 2025 - 年度业绩

Financial Performance Consolidated Statement of Profit or Loss and Other Comprehensive Income The company's FY2025 loss significantly narrowed due to reduced net other losses and lower expenses, despite a revenue decline Consolidated Statement of Profit or Loss Summary (HKD '000) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue (Lending + Goods Sales) | 41,559 | 53,318 | | Other Gains and Losses, Net | (14,399) | (46,302) | | Administrative Expenses | (37,885) | (49,151) | | Loss Before Tax | (45,971) | (114,662) | | Loss for the Year | (45,971) | (114,648) | | Loss Attributable to Owners of the Company | (45,421) | (114,403) | | Basic and Diluted Loss Per Share | (1.60) HKD | (4.52) HKD | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets and net assets significantly decreased, primarily due to reduced loans and advances to customers and other financial assets Consolidated Statement of Financial Position Summary (HKD '000) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Non-current Assets | 12,919 | 22,895 | | Current Assets | 28,989 | 63,955 | | Total Assets | 41,908 | 86,850 | | Current Liabilities | 11,290 | 13,909 | | Non-current Liabilities | 1,883 | 383 | | Total Liabilities | 13,173 | 14,292 | | Net Assets | 28,735 | 72,558 | | Total Equity | 28,735 | 72,558 | Notes to the Consolidated Financial Statements 2.1 General Information & Accounting Policies The Group primarily engages in lending, financial instrument investments, and retail and wholesale businesses in Hong Kong, with revised HKFRS standards applied this year having no significant impact on financial performance, and Mr. Chan Tsz Hong identified as the ultimate controlling shareholder - The Group primarily engages in three main businesses: (i) lending; (ii) investment in financial instruments and listed securities; and (iii) retail and wholesale[10] - The Company's directors consider Mr. Chan Tsz Hong to be the ultimate controlling shareholder[9] - The application of revised Hong Kong Financial Reporting Standards this year had no significant impact on the Group's financial position, performance, or disclosures[12] 2.2 Revenue and Segment Information The Group's total revenue decreased from HKD 53.32 million to HKD 41.56 million, primarily from lending and grocery retail/wholesale segments, both recording pre-tax losses, though the lending segment's loss significantly narrowed, with all operations based in Hong Kong Segment Performance Summary (HKD '000) | Segment | Revenue (2025) | Revenue (2024) | Loss Before Tax (2025) | Loss Before Tax (2024) | | :--- | :--- | :--- | :--- | :--- | | Lending | 7,494 | 14,029 | (2,594) | (16,830) | | Grocery Retail and Wholesale | 34,065 | 39,289 | (16,242) | (14,939) | | Total | 41,559 | 53,318 | (18,836) | (31,769) | - All of the Group's businesses, assets, and revenue are located in and derived from Hong Kong[25] 2.3 Notes on Key Financial Items This year, net other losses significantly decreased to HKD 14.4 million from HKD 46.3 million, primarily due to reduced fair value losses on financial assets, while total loans and advances to customers decreased from HKD 41.51 million to HKD 23.45 million, and trade payables also shrank - Net other gains and losses resulted in a loss of HKD 14.4 million, a significant reduction from the HKD 46.3 million loss in the prior year, primarily due to decreased fair value losses on financial assets measured at fair value through profit or loss[27] Loans and Advances to Customers (HKD '000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Gross Loans and Advances | 113,019 | 130,933 | | Credit Loss Provisions | (89,572) | (89,422) | | Net Carrying Amount | 23,447 | 41,511 | - Loans and advances to customers have a wide range of interest rates, with secured loans ranging from 10% to 31% per annum and unsecured loans from 5% to 48% per annum[35] Management Discussion and Analysis 3.1 Business Review and Outlook Facing a challenging operating environment with global economic slowdown and unstable Hong Kong recovery, the Group adopted a cautious approach, focusing on core lending while expanding e-commerce and retail, introducing health supplements from FromBio Co. Limited, and seeking new investment opportunities to maximize shareholder returns - The Group believes the operating environment is challenging due to global economic slowdown, high interest rates, and geopolitical tensions, with an unstable pace of economic recovery in Hong Kong[38] - The Group has obtained distribution and sales rights for health supplements produced by Korea's FromBio Co. Limited, covering areas such as liver, gut, and eye health[37][62] - The future outlook involves continuous improvement of existing businesses and exploration of new investment opportunities to broaden the business scope, with the ultimate goal of maximizing shareholder returns[65] 3.2 Operational Segment Review Both core businesses faced challenges this year; lending revenue halved due to cautious strategies but segment loss significantly narrowed through strict credit risk control, while retail and wholesale revenue declined by 13.2% due to intense market competition - Total revenue for FY2025 was approximately HKD 41.6 million, a decrease from HKD 53.3 million in FY2024[39] - The reduction in loss before tax was attributed to factors such as decreased fair value losses on financial assets, reduced administrative expenses, and lower expected credit loss provisions[39] 3.2.1 Lending Business As a core business, lending revenue decreased from HKD 14 million to HKD 7.5 million due to cautious strategies and reduced average loan amounts, but strict internal controls led to a significant reduction in net expected credit loss recognized to HKD 2.9 million from HKD 22.6 million, demonstrating effective risk management Lending Business Performance (HKD '000) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 7,500 | 14,000 | | Net Expected Credit Loss Provisions | 2,900 | 22,600 | - The Group has detailed internal assessment and operational procedures, including verification of client identity, income, and address proof, along with legal and land searches, while adhering to anti-money laundering regulations[42][43] - The Group applies a three-stage model under HKFRS 9 for loan impairment assessment to measure expected credit losses[55][57][60] - As of March 31, 2025, the top five borrowers accounted for approximately 35% of the total net carrying amount of loans and advances, with the largest borrower representing about 14.9%, indicating some customer concentration risk[50] 3.2.2 Retail and Wholesale Business The Group operates three retail stores and an online business, focusing on health, supplements, and ready-to-eat foods; this segment's revenue decreased by 13.2% to HKD 34.1 million due to intense competition from new market entrants, with future revenue growth aimed through an enriched health supplement portfolio Retail and Wholesale Business Revenue (HKD '000) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 34,100 | 39,300 | - The primary reason for the approximately 13.23% revenue decrease was intense competition from numerous new market entrants with similar business models[62] - The Group continuously sources quality goods from Hong Kong, Taiwan, Korea, Japan, and Malaysia, with a greater focus on introducing health and wellness products[61] 3.3 Financial Position and Capital Management In FY2025, the Group underwent significant capital restructuring, including a 20-to-1 share consolidation and capital reduction to offset accumulated losses, while successfully raising approximately HKD 2.15 million net proceeds from new share placements for general working capital, resulting in zero borrowings and a zero gearing ratio by year-end - The Company implemented a capital reorganization in November 2024, including a 20-to-1 share consolidation, capital reduction, and share premium reduction, with proceeds used to offset accumulated losses[67][68][71][72] - In October 2024, the Company successfully allotted and issued 103.7 million subscription shares, raising approximately HKD 2.15 million in net proceeds, which were fully utilized for the Group's general working capital[66] Liquidity Position (HKD '000) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 4,000 | 4,900 | | Borrowings | 0 | 1,200 | | Gearing Ratio | Zero | Zero | Corporate Governance and Other Disclosures 4.1 Corporate Governance Practices The Company consistently complied with GEM Listing Rules' Corporate Governance Code throughout the reporting period; the Audit Committee, comprising four independent non-executive directors, reviewed the financial statements and internal controls, and the independent auditor confirmed consistency of financial data in this announcement with the annual consolidated financial statements - Throughout the year ended March 31, 2025, the Company consistently complied with the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules[82] - The Audit Committee, comprising four independent non-executive directors, has reviewed the annual results[88] - The independent auditor, Ascent Partners CPA Limited, has confirmed that the financial figures in this results announcement are consistent with the Group's consolidated financial statements[89] 4.2 Dividends and Shareholder Information The Board does not recommend any dividend for the year ended March 31, 2025; no share options were granted under the May 2023 share option scheme during the year, and neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities - The Board does not recommend the payment of any dividend for the year ended March 31, 2025[87] - No share options were granted during the year ended March 31, 2025[75] - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting year[83]