金源发展国际实业(00677) - 2025 - 年度业绩

Performance Overview and Consolidated Financial Statements This section provides a comprehensive summary of the Group's financial performance and position for the fiscal year Consolidated Financial Performance The Group's total revenue remained stable at approximately HKD 2.08 billion in FY2024/2025, but a revaluation loss on investment properties, increased impairment losses, and higher cost of sales led to a net loss of HKD 14.47 million attributable to shareholders, compared to a profit of HKD 107 million in the prior year, resulting in a basic loss per share of 0.9 HK cents Consolidated Income Statement Summary (For the Year Ended March 31) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 2,078,872 | 2,072,294 | +0.3% | | Gross Profit | 794,496 | 804,527 | -1.2% | | Operating Profit | 4,699 | 148,897 | -96.8% | | (Loss)/Profit for the Year | (11,005) | 110,737 | Turned from Profit to Loss | | (Loss)/Profit Attributable to Company Shareholders | (14,466) | 106,848 | Turned from Profit to Loss | | Basic (Loss)/Earnings Per Share | (0.9) HK cents | 6.3 HK cents | Turned from Profit to Loss | Consolidated Statement of Financial Position Summary (As of March 31) | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Non-current Assets | 1,356,459 | 1,333,586 | | Current Assets | 744,021 | 747,634 | | Total Assets | 2,100,480 | 2,081,220 | | Current Liabilities | 432,087 | 401,026 | | Non-current Liabilities | 358,453 | 320,522 | | Equity Attributable to Shareholders | 1,266,509 | 1,319,781 | - The primary reasons for the shift from profit to loss include: (i) revaluation of investment properties turning from surplus to loss; (ii) increased impairment losses on right-of-use assets and equipment; and (iii) higher selling and distribution costs[39] Chairman's Statement and Management Discussion and Analysis This section provides an overview of the Group's strategic direction, operational highlights, and financial performance across its various business segments Business Review and Outlook Despite a challenging macroeconomic environment, the Group maintained stable revenue across Hong Kong, Macau, Southeast Asia, and North Asia, driven by solid performance in its core food and convenience store retail businesses, while preparing for its 80th anniversary and expressing confidence in future expansion - The Group maintained stable overall revenue despite unfavorable market conditions, supported by its core food business, convenience store retail business, and the Niseko project in Japan[6] - The Group expanded its Japan operations in June 2023 by acquiring the Niseko Hirafu project, completing preliminary planning for a "Leisure Lifestyle Resort" and introducing seven restaurants[9] - The Group Chairman remains optimistic about the future, believing that prudent management and innovative development strategies will help the Group withstand short-term economic fluctuations and achieve new milestones[6][10] Segment Business Performance This fiscal year saw the convenience store business turn to loss due to increased costs and asset impairment despite revenue growth, while the food business remained profitable, packaging materials declined, retail entertainment profits significantly decreased from reduced investment property revaluation gains, and property investment recorded a loss due to a weak market Circle K Convenience Store Business Despite weak local consumer sentiment and exchange rate fluctuations in Vietnam, convenience store revenue grew by 2.2%, but the segment turned to a loss of HKD 36.14 million due to increased operating costs and asset impairment, while the company expanded customer reach through loyalty programs and online platforms, opening over 500 stores in Vietnam Convenience Store Business Financial Performance | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue | 1,198,636 | 1,172,906 | | Segment (Loss)/Profit | (36,144) | 10,862 | - Circle K Vietnam became the first convenience store brand in the country to exceed 500 stores, with plans for continued expansion[7] Food Business The food business remained stable this fiscal year with revenue of HKD 711 million and segment profit of HKD 64.09 million, largely consistent with the prior year, as the Group, a leading packaged rice producer in Hong Kong, prepares for the China market by introducing fully automated production and targets younger consumers with new marketing campaigns Food Business Financial Performance | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue | 711,242 | 717,478 | | Segment Profit | 64,087 | 66,324 | - The Group plans to introduce a fully automated rice milling and packaging system to improve production costs, enhance capacity, and prepare for entry into the China market[8][41] Packaging Materials Business The packaging materials business recorded revenue of HKD 154 million and segment profit of HKD 11.74 million, both declining from the prior year, yet benefited from increased export demand from overseas clients in Japan and Korea, with plans to continue driving growth and launching more eco-friendly products Packaging Materials Business Financial Performance | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue | 154,383 | 166,754 | | Segment Profit | 11,739 | 13,214 | Retail Entertainment Business The retail entertainment business generated revenue of HKD 9.93 million and profit of HKD 8.66 million, with profit significantly decreasing from the prior year primarily due to reduced revaluation surplus on investment properties Retail Entertainment Business Financial Performance | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue | 9,930 | 11,515 | | Segment Profit | 8,656 | 72,437 | Property Investment The property investment segment's total rental income grew by 35.5% to HKD 4.68 million, but the segment recorded a loss of HKD 37.17 million due to revaluation losses on investment properties caused by a weak property market Property Investment Business Financial Performance | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue (Rental) | 4,681 | 3,455 | | Segment Loss | (37,169) | (22,064) | Liquidity and Financial Resources The Group maintained a robust financial position with a cash balance of HKD 357 million and a current ratio of 1.7 times as of March 31, 2025, possessing ample financial resources to meet working capital needs and future development without outstanding bank loans Liquidity Ratios (As of March 31, 2025) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Cash and Deposits (Thousand HKD) | 356,959 | 351,227 | | Current Ratio | 1.7 Times | 1.9 Times | | Outstanding Bank Loans (Thousand HKD) | 0 | 0 | - The Group believes it possesses ample financial resources, along with available bank facilities, to meet its commitments and working capital requirements[46] Notes to the Financial Statements This section provides detailed disclosures and explanations supporting the consolidated financial statements Segment Information The Group's operations are divided into seven segments, with primary revenue sources from Vietnam (HKD 1.2 billion) and Hong Kong (HKD 710 million), and the convenience store business being the largest contributor, accounting for approximately 57.7% of total revenue Revenue by Geographical Market (Thousand HKD) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Vietnam | 1,198,636 | 1,173,092 | | Hong Kong | 711,946 | 732,696 | | Mainland China and Other Regions | 168,290 | 166,506 | | Total | 2,078,872 | 2,072,294 | - The Group's operating segments include convenience stores, food, packaging materials, securities investment, property investment, retail entertainment, and corporate and other businesses[16][17] Dividends The Board proposes a final dividend of 1.2 HK cents per share, consistent with the prior year, bringing the total dividend for the year to 2.3 HK cents per share, unchanged from the previous fiscal year Annual Dividend Summary | Dividend Type | 2025 Fiscal Year (HK cents per share) | 2024 Fiscal Year (HK cents per share) | | :--- | :--- | :--- | | Interim Dividend | 1.1 | 1.1 | | Proposed Final Dividend | 1.2 | 1.2 | | Total for the Year | 2.3 | 2.3 | Loss/Earnings Per Share The basic loss per share for the current year is 0.9 HK cents, compared to a basic earnings per share of 6.3 HK cents in the prior year, calculated based on a loss attributable to shareholders of HKD 14,466,000 and approximately 1.697 billion ordinary shares outstanding, with no potential dilutive effects in either year - Basic loss per share is calculated based on the loss attributable to company shareholders of HKD 14,466,000 and 1,697,406,458 ordinary shares outstanding[33] - There were no dilutive ordinary shares for either year[34] Corporate Governance and Other Information This section details the company's adherence to corporate governance principles, compliance with regulations, and information regarding its employees and remuneration policies Corporate Governance and Compliance The company adopted and complied with all code provisions of the Corporate Governance Code under the Hong Kong Listing Rules during the year, with directors confirming compliance with the standard code for securities transactions, and no purchases, sales, or redemptions of the company's listed shares by the company or its subsidiaries occurred during the year - The Company complied with all code provisions of the Corporate Governance Code for the year ended March 31, 2025[53] - The Audit Committee reviewed the Group's audited financial report for the year ended March 31, 2025[51] - During the year, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed shares[55] Employees and Remuneration Policy As of the reporting period end, the Group employed approximately 4,203 staff and implemented a regularly reviewed remuneration policy that includes salaries, retirement benefits, medical insurance, and accommodation allowances for some employees - The Group's total number of employees was approximately 4,203[50] - Employee benefits include salaries, retirement benefit schemes, medical insurance plans, and dormitory and housing allowances for certain employees[50]