北亚策略(08080) - 2025 - 年度业绩

Cover and Disclaimer GEM Characteristics and Directors' Responsibility Statement This section outlines the GEM market's higher investment risks and the Board's full responsibility for the accuracy and completeness of the announcement - The GEM market provides a listing platform for small and medium-sized companies, entailing higher investment risks, significant market volatility, and no guarantee of high liquidity[1] - The Board confirms the announcement's accuracy and completeness, free from misleading or fraudulent content, with no omissions that could be misleading, and assumes full collective and individual responsibility[2] Performance Overview Consolidated Statement of Profit or Loss For the year ended March 31, 2025, revenue grew 5.4% to HKD 1,375,299 thousand, gross profit increased 40.8%, and loss for the year narrowed 83.8% to HKD 7,904 thousand, with basic loss per share at 1.7 HK cents, despite an HKD 18,857 thousand impairment on investment properties Consolidated Statement of Profit or Loss Key Data (thousand HKD) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,375,299 | 1,305,420 | +5.4% | | Cost of sales | (1,085,898) | (1,099,853) | -1.3% | | Gross profit | 289,401 | 205,567 | +40.8% | | Operating loss | (1,268) | (55,216) | -97.7% | | Profit/(Loss) before income tax | 4,303 | (44,790) | Turnaround to profit | | Loss for the year | (7,904) | (48,735) | -83.8% | | Basic loss per share (HK cents) | (1.7) | (10.7) | -84.1% | - Investment property impairment of HKD 18,857 thousand was a significant factor contributing to the loss for the year, with no such impairment in the prior year[4] Consolidated Statement of Comprehensive Income For the year ended March 31, 2025, the Group's total comprehensive loss significantly narrowed by 82.7% to HKD 10,807 thousand, primarily due to a substantial reduction in loss for the year and a narrower foreign currency translation difference from overseas operations Consolidated Statement of Comprehensive Income Key Data (thousand HKD) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the year | (7,904) | (48,735) | -83.8% | | Exchange differences on translation of foreign operations | (2,903) | (13,728) | -78.9% | | Total comprehensive loss for the year | (10,807) | (62,463) | -82.7% | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets slightly increased to HKD 1,957,197 thousand, total liabilities rose to HKD 594,266 thousand, and total equity marginally decreased, with investment properties impaired and inventories and trade receivables in current assets increasing Consolidated Statement of Financial Position Key Data (thousand HKD) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total assets | 1,957,197 | 1,957,058 | +0.01% | | Total equity | 1,362,931 | 1,373,738 | -0.8% | | Total liabilities | 594,266 | 583,320 | +1.9% | | Investment properties | 207,702 | 231,609 | -10.3% | | Inventories | 258,089 | 215,810 | +19.6% | | Trade and other receivables (current) | 514,069 | 503,637 | +2.1% | | Trade and other payables (current) | 520,326 | 506,758 | +2.7% | Consolidated Statement of Changes in Equity For the year ended March 31, 2025, total equity attributable to equity holders of the Company decreased from HKD 1,373,738 thousand to HKD 1,362,931 thousand, primarily due to a loss for the year of HKD 7,904 thousand and foreign currency translation differences of HKD 2,903 thousand Consolidated Statement of Changes in Equity Key Data (thousand HKD) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Balance at beginning of year | 1,373,738 | 1,435,336 | | Loss for the year | (7,904) | (48,735) | | Exchange differences on translation of foreign operations | (2,903) | (13,728) | | Total comprehensive loss for the year | (10,807) | (62,463) | | Balance at end of year | 1,362,931 | 1,373,738 | Notes to the Financial Statements General Information North Asia Strategic Holdings Limited and its subsidiaries primarily engage in property and investment holding, listed on GEM in Hong Kong, with Sky Virtue Holdings Limited as its direct and ultimate controlling company - The Group's principal activities are property and investment holding[9] - The Company's ordinary shares are listed on GEM of The Stock Exchange of Hong Kong Limited[10] - The Company's direct and ultimate controlling company is Sky Virtue Holdings Limited[10] Summary of Significant Accounting Policies This section outlines the principal accounting policies applied in preparing the financial statements, including the basis of preparation under HKFRSs and historical cost convention, and the impact of newly adopted revised HKFRSs on financial position or performance Basis of Preparation - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance[13] - The financial statements are prepared under the historical cost convention, except for financial assets at fair value through profit or loss[13] - The financial statements are presented in Hong Kong dollars, with all values rounded to the nearest thousand[14] Changes in Accounting Policies and Disclosures - The initial adoption of amendments to HKFRS 16 had no impact on financial position or performance due to the absence of relevant sale and leaseback transactions[16][17] - The initial adoption of amendments to HKAS 1 had no impact on financial position or performance after reassessing liability classification[16][17] - The initial adoption of amendments to HKAS 7 and HKFRS 7 had no impact on the financial statements due to the absence of supplier finance arrangements[16] Revenue and Segment Information The Group's revenue grew 5.4% to HKD 1,375,299 thousand in FY2025, primarily from high-tech product distribution and services, with operating segments including leasing and e-payment solutions, mainly from China (including Hong Kong) and other Asian regions, and significant contribution from a single major customer Revenue Analysis Revenue by Source (thousand HKD) | Revenue source | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Sales of goods | 1,232,224 | 1,210,242 | +1.8% | | Sales support services | 40,220 | 14,810 | +171.6% | | E-payment services income | 2,838 | 3,082 | -7.9% | | Other services income | 37,370 | 39,326 | -5.0% | | Income from finance lease arrangements | 9,216 | 8,744 | +5.4% | | Income from operating lease arrangements | 53,431 | 29,216 | +82.9% | | Total revenue | 1,375,299 | 1,305,420 | +5.4% | Total Revenue from Contracts with Customers by Geographical Region (thousand HKD) | Geographical market | 2025 | 2024 | | :--- | :--- | :--- | | China, including Hong Kong | 1,229,495 | 1,213,528 | | Asia — Other | 83,157 | 53,932 | | Total revenue | 1,312,652 | 1,267,460 | Performance Obligations - Performance obligations for sales of goods are satisfied upon transfer of control, with payments typically due 5 to 180 days after installation, often requiring upfront payment[22] - Performance obligations for e-payment services are satisfied upon completion of payment processing services by the platform, with payments made according to agreed terms[24] - Amounts of unsatisfied performance obligations primarily represent contract liabilities, expected to be recognized within one year[25] Operating Segment Information - The Group is organized into three principal reportable operating segments: high-tech product distribution and services, leasing, and e-payment solutions[26] Operating Segment Results (thousand HKD) | Segment | 2025 Segment Results | 2024 Segment Results | | :--- | :--- | :--- | | High-tech product distribution and services business | 49,114 | (7,336) | | Leasing business | 21,967 | 8,095 | | E-payment solutions | (5,119) | (4,154) | | Total | 65,962 | (3,395) | Operating Segment Assets and Liabilities (thousand HKD) | Segment | 2025 Segment Assets | 2024 Segment Assets | 2025 Segment Liabilities | 2024 Segment Liabilities | | :--- | :--- | :--- | :--- | :--- | | High-tech product distribution and services business | 1,035,090 | 948,266 | 538,921 | 509,060 | | Leasing business | 278,053 | 299,083 | 38,523 | 60,016 | | E-payment solutions | 20,904 | 20,567 | 1,488 | 1,446 | | Total segments | 1,334,047 | 1,267,916 | 578,932 | 570,522 | Geographical Information - The Group's operations are primarily conducted in Hong Kong, Mainland China, and other parts of Asia[31] Revenue Analysis by Geographical Location (thousand HKD) | Region | 2025 | 2024 | | :--- | :--- | :--- | | China, including Hong Kong | 1,292,142 | 1,251,488 | | Asia — Other | 83,157 | 53,932 | | Total | 1,375,299 | 1,305,420 | - No geographical information for non-current assets is presented as over 90% of the Group's non-current assets are located in China (including Hong Kong)[33] Information about Major Customers - In FY2025, sales revenue from one customer (Customer 2) in the high-tech product distribution and services segment amounted to HKD 152,914 thousand, representing more than 10% of the Group's total revenue[34][35] Finance Income and Expenses In FY2025, the Group's finance income, primarily from bank deposit interest, decreased to HKD 8,985 thousand, while total finance expenses, mainly from lease liabilities interest, amounted to HKD 3,414 thousand Finance Income and Expenses Analysis (thousand HKD) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Interest income from bank deposits | 8,985 | 13,530 | -33.6% | | Interest on bank borrowings | 775 | 119 | +551.3% | | Interest on lease liabilities | 2,639 | 2,985 | -11.6% | | Total finance expenses | 3,414 | 3,104 | +10.0% | Profit/(Loss) Before Income Tax In FY2025, the Group achieved a profit before income tax of HKD 4,303 thousand, a significant improvement from a HKD 44,790 thousand loss in the prior year, influenced by cost of inventories sold, depreciation, investment property impairment, and fair value gains on financial assets Key Items Affecting Profit/(Loss) Before Income Tax (thousand HKD) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 1,054,828 | 1,074,227 | | Net foreign exchange loss | 7,435 | 4,694 | | Depreciation of property, plant and equipment | 41,873 | 40,135 | | Impairment of investment properties | 18,857 | — | | Fair value gains on financial assets at fair value through profit or loss | (4,265) | (4,269) | - An investment property impairment of HKD 18,857 thousand was recorded in FY2025, with no such impairment in the prior year[37] Income Tax Expense In FY2025, the Group's income tax expense increased to HKD 12,207 thousand, primarily from Mainland China corporate income tax, with Hong Kong profits tax applying a two-tiered rate and Bermuda companies being tax-exempt - The Company is exempt from Bermuda taxation until 2035[38] - Hong Kong profits tax applies a two-tiered rate, with the first HKD 2,000,000 of assessable profits taxed at 8.25% and the remainder at 16.5%[38] Income Tax Expense Analysis (thousand HKD) | Item | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Mainland China corporate income tax — Current year | 12,610 | 4,434 | +184.4% | | Deferred | (403) | (489) | -17.6% | | Total income tax expense | 12,207 | 3,945 | +209.4% | Loss Per Share Attributable to Ordinary Equity Holders of the Company In FY2025, basic and diluted loss per share attributable to ordinary equity holders of the Company significantly decreased to 1.7 HK cents from 10.7 HK cents in the prior year, primarily due to a substantial narrowing of the loss for the year Basis for Calculating Loss Per Share | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to equity holders of the Company for basic and diluted loss per share (thousand HKD) | (7,904) | (48,735) | | Weighted average number of ordinary shares in issue (shares) | 454,509,311 | 454,509,311 | | Basic and diluted loss per share (HK cents) | (1.7) | (10.7) | - Share options had an anti-dilutive effect on basic loss per share, thus no adjustment was made to the diluted loss per share amount[41] Dividends The Board does not recommend the payment of any dividends for the year ended March 31, 2025, consistent with the prior year - The Directors do not recommend the payment of any dividends for the year ended March 31, 2025 (2024: nil)[43] Trade and Other Receivables As of March 31, 2025, the Group's net trade and bills receivables increased to HKD 349,004 thousand, net finance lease receivables decreased to HKD 67,501 thousand, and total current portion amounted to HKD 514,069 thousand Trade and Other Receivables (thousand HKD) | Item | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Trade and bills receivables, net | 349,004 | 307,108 | +13.6% | | Finance lease receivables, net | 67,501 | 79,986 | -15.6% | | Prepayments, deposits and other receivables, net | 113,708 | 133,765 | -15.0% | | Total trade and other receivables, current portion | 514,069 | 503,637 | +2.1% | Ageing Analysis of Trade and Bills Receivables (thousand HKD) | Ageing | 2025 | 2024 | | :--- | :--- | :--- | | Three months or less | 223,336 | 162,599 | | Four to six months | 42,517 | 64,681 | | Seven to nine months | 20,997 | 51,375 | | Ten to twelve months | 45,626 | 12,103 | | Over twelve months | 16,528 | 16,350 | | Total | 349,004 | 307,108 | - Credit terms for high-tech product distribution and services customers range from 5 to 180 days, generally requiring upfront payment[45] Trade and Other Payables As of March 31, 2025, the Group's total trade and other payables slightly increased to HKD 520,326 thousand, with trade and bills payables decreasing while accrued expenses, other payables, and contract liabilities significantly increased Trade and Other Payables (thousand HKD) | Item | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Trade and bills payables | 206,493 | 267,154 | -22.7% | | Accrued expenses, other payables and contract liabilities | 313,833 | 239,604 | +31.0% | | Total | 520,326 | 506,758 | +2.7% | Ageing Analysis of Trade and Bills Payables (thousand HKD) | Ageing | 2025 | 2024 | | :--- | :--- | :--- | | Three months or less | 192,782 | 229,369 | | Four to six months | 5,214 | 20,651 | | Seven to nine months | 6,136 | 10,376 | | Ten to twelve months | 646 | 789 | | Over twelve months | 1,715 | 5,969 | | Total | 206,493 | 267,154 | Issued Share Capital As of March 31, 2025, the Company's issued ordinary share capital remained unchanged at HKD 45,450 thousand, comprising 454,509 thousand shares Issued Share Capital (thousand HKD/thousand shares) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Issued ordinary share capital | 45,450 | 45,450 | | Number of ordinary shares in issue | 454,509 | 454,509 | Reserves As of March 31, 2025, the Company's total reserves decreased to HKD 1,317,481 thousand, primarily due to the loss for the year and foreign currency translation differences from overseas operations Movement in Reserves (thousand HKD) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Balance at beginning of year | 1,328,288 | 1,389,886 | | Loss for the year | (7,904) | (48,735) | | Exchange differences on translation of foreign operations | (2,903) | (13,728) | | Balance at end of year | 1,317,481 | 1,328,288 | Management Discussion and Analysis Economic Landscape and Business Performance In FY2025, the Group benefited from consumer electronics recovery and China's EV market boom, but recorded a net consolidated loss of HKD 7,904 thousand, down 84% year-on-year, due to Hong Kong property market downturn and investment property impairment, while government subsidies boosted high-tech product distribution, leasing performed excellently with operating lease growth, and e-payment revenue declined due to changing consumer habits - The Group recorded a net consolidated loss of approximately HKD 7,904 thousand, an 84% reduction from the prior year, primarily due to the downturn in the Hong Kong property market leading to investment property impairment[50] - The Chinese government's equipment renewal and consumer goods trade-in subsidy program, launched in January 2025, boosted the Group's high-tech product distribution and services business performance[50] - The leasing business performed excellently throughout the year, with the operating lease segment experiencing continuous growth as electronics manufacturers opted to lease SMT machines to manage order volume fluctuations[51] - The e-payment business 'Jarvix' faced revenue decline due to consumer preferences shifting towards cross-border shopping and dining, yet remains optimistic about future growth potential[51] Outlook The Group is optimistic about Hong Kong's pivotal role in the Greater Bay Area, actively seeking investment opportunities, and will expand its Southeast Asia sales and engineering teams to address US-China decoupling trends, while the e-payment business will gradually launch 'Buy Now, Pay Later' and other new services - The Group is optimistic about Hong Kong's pivotal role in the Greater Bay Area initiative and will actively seek expanded investment opportunities[53] - To address the shift in client production operations due to US-China decoupling, the Group will expand its sales and engineering teams in its Southeast Asia offices[53] - The e-payment business will gradually roll out new 'Buy Now, Pay Later' services and other new products to selected merchants based on the Jarvix payment platform[53] Socially Responsible Company The Group is committed to stakeholder balance, responsible to shareholders, suppliers, customers, employees, society, and government, offering employee skill enhancement programs and receiving the 'Junzi Enterprise Award' from Hang Seng University of Hong Kong - The Group is committed to maintaining a balance among stakeholders, being responsible to shareholders, suppliers, customers, employees, society, and the government[54] - The Group has established sponsorship programs to encourage outstanding employees to enhance their skills and reviews remuneration policies to support and reward employees[54] - The Company received the 'Junzi Enterprise Award' from Hang Seng University of Hong Kong for the third time, encouraging its continued commitment to being a socially responsible company[54] Financial and Business Performance In FY2025, the Group's consolidated revenue grew 5.4% to HKD 1,375,299 thousand, driven by increased capital investment from EV clients and overseas expansion, with total operating expenses to revenue ratio decreasing to 20.9% indicating improved cost efficiency, and net consolidated loss significantly reduced by 84% to HKD 7,904 thousand, or a consolidated profit of HKD 10,953 thousand excluding investment property impairment - In 2024, China's electric vehicle industry emerged as a global leader, and AI advancements fueled demand for AI-enabled markets, positively impacting the Group's business growth[56] - To address US-China decoupling and client production base relocation, the Group has expanded its operations and sales and service teams in Thailand and Vietnam[56] Financial Performance Summary (thousand HKD) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Consolidated revenue | 1,375,299 | 1,305,420 | +5.4% | | Total operating expenses | 287,009 | 274,514 | +4.6% | | Total operating expenses to revenue ratio | 20.9% | 21.0% | -0.1pp | | Net consolidated loss | (7,904) | (48,735) | -83.8% | | Consolidated profit/(loss) excluding investment property impairment | 10,953 | (48,735) | Turnaround to profit | | Basic loss per share (HK cents) | 1.7 | 10.7 | -84.1% | High-Tech Product Distribution and Services Segment This segment's FY2025 revenue grew 7.7% to HKD 1,236,648 thousand, driven by recovering EV and smartphone market demand, with parts and software sales up 45.3% and sales support services up 44.5% due to surging demand from new manufacturing facilities in Southeast Asia, achieving a net profit of HKD 42,099 thousand - This segment's revenue was approximately HKD 1,236,648 thousand, a 7.7% increase from the prior year, primarily due to recovering market demand in the electric vehicle and smartphone industries[59] High-Tech Product Distribution and Services Segment Revenue Breakdown (thousand HKD) | Revenue source | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Direct machine sales revenue | 1,060,222 | 1,026,289 | +3.3% | | Parts and software sales | 99,280 | 68,324 | +45.3% | | Sales support services and other services income | 77,146 | 53,379 | +44.5% | - The increase in parts sales and sales support services was primarily due to surging demand from clients establishing new manufacturing facilities in Southeast Asia to diversify geopolitical risks[60] - This segment recorded a net profit of approximately HKD 42,099 thousand, a turnaround from a net loss of approximately HKD 3,260 thousand in the prior year[61] Leasing Segment The leasing segment's FY2025 revenue decreased 12% to HKD 135,813 thousand, mainly due to a 37.1% drop in machine sales, but operating lease income surged 82.9% to HKD 53,431 thousand and finance lease income grew 5.4%, leading to a significant 209.4% increase in net profit to HKD 15,475 thousand through enhanced services and product expansion - The leasing segment's revenue was approximately HKD 135,813 thousand, a 12% decrease from the prior year, primarily due to a significant 37.1% reduction in machine sales revenue[62] Leasing Segment Revenue Breakdown (thousand HKD) | Revenue source | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Machine sales revenue | 73,166 | 116,386 | -37.1% | | Income from operating lease arrangements | 53,431 | 29,216 | +82.9% | | Finance lease income | 9,216 | 8,744 | +5.4% | - This segment significantly improved profitability by offering customized equipment modifications, expanding its product portfolio, and providing technical support, recording a net profit of HKD 15,475 thousand, a 209.4% increase from the prior year[64] E-Payment Solutions Segment The e-payment solutions segment's FY2025 revenue decreased 7.9% to HKD 2,838 thousand due to a weak Hong Kong local consumer market, resulting in a net loss of HKD 4,690 thousand, up 25.9% year-on-year, while management completed business restructuring to enhance online and offline payment capabilities and invested in human resources to expand its customer base - This segment's revenue was approximately HKD 2,838 thousand, a 7.9% decrease from the prior year, primarily attributable to weak local consumption in Hong Kong[66] - This segment recorded a net loss of approximately HKD 4,690 thousand, a 25.9% increase from the prior year, which included intangible asset amortization of approximately HKD 2,598 thousand[66] - Management has successfully restructured the business, enhancing online and offline payment solution capabilities and increasing investment in human resources to expand the customer base[66] Market Outlook Global economic growth faces headwinds, with IMF lowering 2025-2026 forecasts, while China's economy shows strong performance with 5.4% GDP growth in Q1 2025, and robust growth is expected in global EV sales and AI-driven SMT and semiconductor manufacturing equipment demand, as the Group leverages Southeast Asia operations for client production shifts and enhances Greater Bay Area efficiency - The International Monetary Fund lowered its global economic growth forecasts for 2025 and 2026 to 2.8% and 3% respectively, with emerging and developing economies particularly affected by trade tariffs[67] - China's GDP grew 5.4% year-on-year in Q1 2025, with a full-year target growth rate of 5%, providing favorable conditions for the Group's business development[67] - Global electric vehicle sales are projected to grow 25% to 20 million units in 2025, with China's market share expected to reach approximately 80% by 2030, presenting significant growth opportunities for the Group[69] - The rapid development of AI technology is driving unprecedented demand for AI-related products such as AI chips, laptops, smartphones, and servers, which is expected to significantly boost SMT and semiconductor manufacturing equipment growth[70] - The Group will continue to monitor key financial indicators such as working capital, gross profit margins, and operating costs to ensure sustainable development and long-term success[70] Segment Outlook This section details future development strategies and market opportunities for each business segment, with high-tech product distribution benefiting from smartphone manufacturers' overseas expansion and rapid growth in EV and AI industries, leasing focusing on enhancing equipment utilization and expanding products with strengthened risk control, and e-payment solutions leveraging Hong Kong's local consumption growth potential, digital payment infrastructure, and inbound tourism recovery High-Tech Product Distribution and Services Segment Outlook - This segment anticipates steady year-on-year growth in client orders, primarily driven by rapidly increasing demand from smartphone manufacturers expanding overseas and the fast-developing electric vehicle and AI industries[71] - The new generation SMT product, NXTR, is expected to replace existing machines, with its superior performance and advanced automation capabilities projected to generate significant replacement demand[72] - This segment is well-prepared to capitalize on the booming opportunities in the Southeast Asian market, especially as clients continue to expand their operations in these regions[72] Leasing Segment Outlook - China's electronics manufacturing industry is expected to further expand, particularly in integrated circuits, consumer electronics, and automotive electronic equipment, which will drive demand for SMT equipment[73] - The leasing segment will focus on enhancing equipment utilization and expanding its leasing product offerings, aiming to provide value-added services through in-house development and customized modifications[73] - This segment plans to broaden its business scope by focusing on high-tech products with strong growth potential and expanding short-term financing solutions (six to twelve months) to strengthen risk control[73] E-Payment Solutions Segment Outlook - Hong Kong demonstrates significant consumer growth potential, leveraging its international financial center status, advanced digital infrastructure, and strategic ties with the Greater Bay Area[74] - The Hong Kong government's local consumption stimulus measures and the gradual recovery of inbound tourism are expected to drive increased demand for digital payment solutions[74][75] - Jarvix has completed business restructuring, strengthening its online and offline solution capabilities, and is poised to continuously expand its market share in the rapidly growing e-payment market[76] Other Information Liquidity and Financial Resources As of March 31, 2025, the Group maintained a net cash position with total assets of approximately HKD 1,957,197 thousand and total liabilities of approximately HKD 594,266 thousand, primarily funding working capital through internal resources and bank facilities, with HKD 178,842 thousand utilized - The Group generally funds its working capital with internally generated resources and bank facilities provided by its principal bankers in Hong Kong[77] Liquidity and Financial Resources Summary (thousand HKD) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Secured bank borrowings | 12,559 | — | | Total bank facilities | 708,195 | 711,845 | | Bank facilities utilized | 178,842 | 145,090 | | Total assets | 1,957,197 | 1,957,058 | | Total liabilities | 594,266 | 583,320 | - The Group maintained a net cash position as at March 31, 2025 and 2024[77] Contingent Liabilities As of March 31, 2025, the Group's contingent liabilities included pledged deposits of HKD 2,043 thousand and bank guarantees of HKD 23,798 thousand for performance bonds obtained by a supplier and certain customers Contingent Liabilities (thousand HKD) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Pledged deposits | 2,043 | 2,100 | | Bank guarantees for performance bonds obtained by a supplier and customers | 23,798 | 4,549 | Net Asset Value As of March 31, 2025, the consolidated net asset value per ordinary share attributable to ordinary equity holders of the Company was approximately HKD 3.0, a slight decrease from the prior year Consolidated Net Asset Value Per Ordinary Share (HKD) | Metric | 2025 | 2024 | Change (HKD) | | :--- | :--- | :--- | :--- | | Consolidated net asset value per ordinary share | 3.0 | 3.02 | -0.02 | Number of Employees and Remuneration Policy As of March 31, 2025, the Group employed 328 staff with total staff costs of approximately HKD 137,334 thousand, with remuneration policies reviewed annually based on market levels, offering on-the-job training, training subsidies, pension schemes, and medical insurance Number of Employees and Total Staff Costs | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of employees | 328 | 338 | -2.96% | | Total staff costs (thousand HKD) | 137,334 | 147,870 | -7.13% | - Salaries and year-end bonuses are determined by employee position and performance, with management annually reviewing remuneration policies and providing on-the-job training, training subsidies, pension schemes, and medical insurance[80] - The Company has established a share option scheme to provide incentives to directors, employees, and eligible participants who contribute to the Group[80] Purchase, Sale or Redemption of the Company's Listed Securities Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the year ended March 31, 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the year ended March 31, 2025[81] Corporate Governance Practices The Company is committed to maintaining high corporate governance standards, adhering to the GEM Listing Rules' Corporate Governance Code, and despite the combined roles of Chairman and CEO, the Board ensures adequate safeguards for decision execution and power balance - The Company is committed to maintaining a high level of corporate governance and adheres to the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules[82] - Despite the roles of Chairman and Chief Executive Officer being combined, the Board believes that a board and management team comprising experienced and highly qualified individuals sufficiently ensures a balance of power and segregation of duties[83] Directors' Securities Transactions The Company adopted a code of conduct for directors' securities transactions no less exacting than the GEM Listing Rules' required standard, and all directors confirmed compliance during FY2025 upon specific enquiry - The Company has adopted a code of conduct for directors' securities transactions no less exacting than the required standard set out in the GEM Listing Rules[84] - Following specific enquiry with all Directors, all Directors confirmed their compliance with the required standard and the Company's code of conduct regarding securities transactions for the year ended March 31, 2025[84] Audit Committee The Audit Committee, comprising three independent non-executive directors chaired by Mr. Lau Tak Chuen, ensures accounting and financial controls, monitors internal controls, risk management, and financial reporting, reviews financial statements and auditor independence, and has reviewed the FY2025 annual results - The Audit Committee comprises three independent non-executive Directors, chaired by Mr. Lau Tak Chuen, who possesses appropriate professional qualifications and experience in financial matters[85] - The Committee's primary responsibilities are to ensure the adequacy and effectiveness of the Group's accounting and financial controls, and to monitor the performance of internal control systems, risk management, and financial reporting procedures[85] - The Audit Committee has reviewed the Group's annual results for the year ended March 31, 2025[86] Despatch of Annual Report and Auditor's Scope of Work The annual report for the year ended March 31, 2025, will be despatched to shareholders by the end of July 2025, and the Company's auditor, Ernst & Young, confirmed the consistency of consolidated financial statement figures in this announcement with the draft consolidated financial statements, but their work does not constitute an assurance engagement - The annual report for the year ended March 31, 2025, will be despatched to shareholders by the end of July 2025[87] - The Company's auditor, Ernst & Young, has agreed the figures in the consolidated financial statements set out in this announcement with the amounts set out in the Group's draft consolidated financial statements for the year[88] - The work performed by Ernst & Young in this respect did not constitute an assurance engagement and consequently no opinion or assurance conclusion is expressed thereon in this announcement[88]