源想集团(08401) - 2025 - 年度业绩

Financial Highlights Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group achieved 11.8% revenue growth and 94.9% gross profit increase, significantly narrowing its annual loss from HKD 13.21 million to HKD 4.89 million Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | FY2025 (HKD thousands) | FY2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 13,157 | 11,767 | +11.8% | | Gross Profit | 7,818 | 4,012 | +94.9% | | Loss from Operating Activities | (4,874) | (13,192) | Loss narrowed by 63.1% | | Loss for the Year | (4,891) | (13,209) | Loss narrowed by 63.0% | | Basic Loss Per Share (HKD) | (0.02) | (0.07) | - | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets were approximately HKD 14.3 million and net assets HKD 5.45 million, with the current ratio improving from 1.5 to 1.6 times Consolidated Statement of Financial Position | Metric | As of March 31, 2025 (HKD thousands) | As of March 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 260 | 421 | -38.2% | | Current Assets | 14,040 | 14,836 | -5.4% | | Total Assets | 14,300 | 15,257 | -6.3% | | Current Liabilities | 8,854 | 9,679 | -8.5% | | Non-current Liabilities | - | 102 | -100% | | Total Liabilities | 8,854 | 9,781 | -9.5% | | Net Assets | 5,446 | 5,476 | -0.5% | - The Group's current ratio (current assets/current liabilities) improved to 1.6 times from 1.5 times in the prior year, indicating stable short-term liquidity[45] Consolidated Statement of Changes in Equity The Group's total equity slightly decreased to HKD 5.446 million, primarily due to a HKD 4.891 million loss for the year, partially offset by HKD 5.06 million from new share issuance - During the year, the company raised HKD 5.06 million through new share issuance, comprising HKD 400 thousand in share capital and HKD 4.66 million in share premium, bolstering its capital base[8] - Total equity slightly decreased from HKD 5.476 million at the beginning of the year to HKD 5.446 million at year-end, primarily due to a HKD 4.891 million loss for the year, offset by HKD 5.06 million from share issuance and HKD 199 thousand in other comprehensive expenses (e.g., exchange differences)[8] Management Discussion and Analysis Business Review and Outlook The Group's core online advertising business saw revenue growth across Hong Kong, Taiwan, and Southeast Asia, with future plans to expand into Southeast Asian markets like Thailand and enhance AI-driven data management using funds from rights issue Overall Business Review The Group, primarily providing online advertising services in Hong Kong, Taiwan, Malaysia, and the Philippines, achieved 11.8% revenue growth and 94.9% gross profit increase, significantly narrowing its annual loss to HKD 4.89 million - The Group's principal business is providing online advertising services, including dissemination, interactive engagement, and mass blogging services, across Hong Kong, Taiwan, Malaysia, and the Philippines[32] Overall Business Review | Metric | FY2025 (HKD thousands) | FY2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 13,157 | 11,767 | +11.8% | | Gross Profit | 7,818 | 4,012 | +94.9% | | Annual Loss | 4,891 | 13,209 | Loss narrowed by 63.0% | By Geographical Market Hong Kong remained the primary revenue source with 67.9% contribution and 5.8% growth, while Taiwan and Southeast Asia showed strong growth of 21.6% and 58.6% respectively, highlighting emerging market potential By Geographical Market | Region | FY2025 Revenue (HKD thousands) | Revenue Share | YoY Growth Rate | | :--- | :--- | :--- | :--- | | Hong Kong | 8,937 | 67.9% | +5.8% | | Taiwan | 3,416 | 26.0% | +21.6% | | Southeast Asia | 804 | 6.1% | +58.6% | Outlook The company successfully completed a rights issue, raising approximately HKD 35 million to fund future growth, with plans to allocate HKD 16.8 million for regional expansion in China and Southeast Asia (focusing on Thailand) and HKD 6.4 million for technology infrastructure, including AI-driven data management - The company plans to allocate approximately HKD 16.8 million from the rights issue proceeds for geographical expansion in China and Southeast Asia, with Thailand as a key focus market[39] - Approximately HKD 6.4 million will be allocated to strengthen technology infrastructure, including affiliate and advertising services, mobile application upgrades, and AI-driven data management[39] - The company will tailor advertising strategies for high-growth platforms like Xiaohongshu and Douyin to capture market opportunities[39] Financial Review Financial performance significantly improved this fiscal year with 11.8% revenue growth, while sales and distribution costs and administrative expenses decreased by 30.4% and 24.6% respectively, demonstrating strong cost control, though other net income declined due to reduced fair value gains on financial assets Revenue Analysis The Group's revenue increased by 11.8% year-over-year to approximately HKD 13.16 million, primarily driven by increased sales across all regional markets - In FY2025, the Group's revenue increased by approximately 11.8% to approximately HKD 13.157 million, primarily attributable to increased sales across all regions[41] Cost and Expense Analysis The Group successfully implemented cost control strategies, with sales and distribution costs decreasing by 30.4% due to reduced advertising and staff costs, and administrative and other operating expenses declining by 24.6% due to lower directors' remuneration, staff costs, and net exchange losses - Sales and distribution costs decreased by 30.4% from HKD 5.944 million to HKD 4.138 million, primarily due to reduced advertising expenditure and staff costs[42] - Administrative and other operating expenses decreased by 24.6% from HKD 11.43 million to HKD 8.613 million, mainly due to reduced directors' remuneration, staff costs, and net exchange losses[43] Other Net Income Other net income significantly decreased from HKD 170 thousand in the prior year to HKD 59 thousand this year, primarily due to reduced fair value gains on financial assets at fair value through profit or loss - Other net income decreased from HKD 170 thousand to HKD 59 thousand, primarily attributable to a reduction in fair value gains on financial assets at fair value through profit or loss[44] Liquidity and Capital Management The Group maintained a robust financial position with a 1.6x current ratio, actively enhancing its capital base and liquidity through new share issuance and rights issue financing activities to support future development Liquidity and Financial Resources As of March 31, 2025, the Group's current ratio was 1.6 times, up from 1.5 times last year, indicating good liquidity, with total assets of approximately HKD 14.3 million funded by total liabilities and shareholders' equity - As of March 31, 2025, the Group's current ratio was 1.6 times (2024: 1.5 times)[45] Capital Structure and Financing Activities To strengthen its financial position, the company completed a new share issuance in April 2024, raising approximately HKD 5.01 million net, and subsequently launched a rights issue in February 2025 to support business development and working capital - In April 2024, the company raised net proceeds of approximately HKD 5.01 million through new share issuance, utilized for settling accounts payable and general working capital[48][49] - In February 2025, the company proposed a rights issue to offer up to approximately 480 million rights shares at HKD 0.085 per share, aiming to fund new business opportunities and product development[50] Human Resources As of March 31, 2025, the Group's employee count decreased from 25 to 23, with total staff costs (including directors' remuneration) significantly declining by 23.4% from HKD 11.475 million to HKD 8.786 million due to personnel optimization Human Resources | Metric | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Number of Employees (Period-end) | 23 | 25 | -8.0% | | Staff Costs (HKD thousands) | 8,786 | 11,475 | -23.4% | Other Important Information Dividend Policy The Board of Directors has decided not to recommend the payment of any dividend for the year ended March 31, 2025 - The Directors do not recommend the payment of a dividend for the year ended March 31, 2025[27][64] Events After the Reporting Period Subsequent to the reporting period, the company completed a rights issue on May 15, 2025, successfully raising approximately HKD 35 million net proceeds, primarily allocated for business expansion (HKD 23.2 million) and general working capital (HKD 11.8 million), supporting future strategic development - On May 15, 2025, the company completed a rights issue, raising net proceeds of approximately HKD 35 million[62] - Of the net proceeds, HKD 23.2 million is intended for expanding and developing online advertising services, and HKD 11.8 million for general working capital, expected to be fully utilized by the end of 2026[63] Corporate Governance The company maintains high corporate governance standards, largely complying with the code, with one deviation: the roles of Chairman and Chief Executive are not separated but jointly performed by two executive directors, an arrangement the Board believes ensures efficient decision-making - The company deviates from Corporate Governance Code Provision C.2.1, which requires separation of Chairman and Chief Executive roles; these duties are currently jointly performed by Executive Directors Ms. Zhang Li and Mr. Li Yongliang[57][58] - The Board believes that the joint performance of Chairman and Chief Executive duties by the two founders ensures effective business planning and decision-making[58] Audit and Publication The company's Audit Committee has reviewed the annual consolidated financial results, and auditor Ober International CPA has reconciled the financial figures in this announcement with the Group's draft consolidated financial statements, confirming their consistency - The Audit Committee, comprising three independent non-executive directors, has reviewed the annual consolidated financial results and related reports[65] - Auditor Ober International CPA has confirmed the consistency of financial data in this results announcement with the draft financial statements, though their work does not constitute an audit or review[68]