民富国际(08511) - 2025 - 年度业绩

Financial Performance Consolidated Financial Statements The company's FY2025 performance significantly declined, with revenue down 65.4% and loss for the year expanding to 27.331 million HKD, reflecting severe operational and financial pressure Consolidated Statement of Comprehensive Income Revenue for the year ended March 31, 2025, significantly decreased by 65.4% to 27.829 million HKD, leading to an expanded loss for the year of 27.331 million HKD and increased basic loss per share Consolidated Statement of Comprehensive Income Summary (thousand HKD) | Indicator | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 27,829 | 80,501 | -65.4% | | Gross Profit | 2,549 | 17,558 | -85.5% | | Operating Loss | (28,359) | (17,407) | +62.9% | | Loss for the Year | (27,331) | (20,256) | +34.9% | | Loss Attributable to Owners of the Company | (27,331) | (20,098) | +36.0% | | Basic Loss Per Share (HKD) | (1.29) | (1.25) | +3.2% | Consolidated Balance Sheet As of March 31, 2025, total assets decreased by 42.4% to 27.820 million HKD, total equity fell to 8.902 million HKD, and cash and cash equivalents plummeted, indicating severe liquidity pressure Consolidated Balance Sheet Summary (thousand HKD) | Indicator | March 31, 2025 | March 31, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Assets | 27,820 | 48,319 | -42.4% | | Total Liabilities | 18,918 | 18,845 | +0.4% | | Total Equity | 8,902 | 29,474 | -69.8% | | Cash and Cash Equivalents | 223 | 14,676 | -98.5% | | Net Current Assets | 8,902 | 22,604 | -60.6% | Notes to the Financial Statements Notes to the financial statements highlight significant going concern uncertainties, with equipment manufacturing and funeral services as primary businesses, and all revenue and non-current assets derived from China Basis of Preparation & Going Concern The company's 27.331 million HKD loss and 0.223 million HKD cash balance at year-end indicate significant going concern uncertainties, despite management's plans for financial support, fundraising, and cost-saving measures - The company recorded an annual loss of approximately 27.331 million HKD, with cash and cash equivalents at year-end of only approximately 0.223 million HKD, indicating significant going concern uncertainties[9] - Response measures include: (a) obtaining a financial support letter from Executive Director Ms. Yip Ka Ling; (b) considering fundraising activities; and (c) implementing cost-saving measures[11] Segment Information The Group's business segments, equipment manufacturing and funeral services, reported revenues of 26.309 million HKD and 1.520 million HKD respectively in FY2025, with equipment manufacturing being the main revenue source and primary contributor to losses, all derived from China FY2025 Segment Results (thousand HKD) | Segment | Revenue | Segment Loss | | :--- | :--- | :--- | | Equipment Manufacturing Business | 26,309 | (21,267) | | Funeral Services Business | 1,520 | (2,550) | | Total | 27,829 | (23,817) | - Compared to FY2024, equipment manufacturing business revenue significantly decreased from 78.450 million HKD, and losses expanded from 10.119 million HKD[20] Revenue and Expense Analysis Total revenue decreased by 65.4% to 27.829 million HKD, driven by a sharp decline in equipment sales, while total operating expenses decreased to 46.619 million HKD due to reduced inventory and other operating costs Revenue Composition (thousand HKD) | Business Type | 2025 | 2024 | | :--- | :--- | :--- | | Equipment Manufacturing - Equipment Sales | 26,309 | 75,981 | | Equipment Manufacturing - Technical Services | – | 2,469 | | Funeral Services Business | 1,520 | 2,051 | | Total | 27,829 | 80,501 | Key Expense Items (thousand HKD) | Expense Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of Inventories Recognized as Expense | 25,280 | 62,943 | | Staff Costs | 8,528 | 10,034 | | Professional Fees | 5,372 | 1,740 | | Outsourced R&D Expenses | 1,028 | 5,022 | Loss Per Share and Dividends Loss attributable to owners of the company was 27.331 million HKD, resulting in a basic loss per share of HKD 1.29, with no dividends recommended by the Board - Basic loss per share was HKD 1.29, an increase from HKD 1.25 last year[27][5] - No dividends were paid or recommended for the year ended March 31, 2025[28] Management Discussion and Analysis Business and Financial Review China's economic slowdown led to a 65.4% revenue decline in smart manufacturing solutions and a reduced gross profit margin, resulting in a 34.9% expansion of loss for the year to 27.3 million HKD due to lower gross profit and impairment losses - Smart manufacturing solutions services are the Group's core business, focusing on precision 3D inspection and processing solutions, with 5 new projects secured, 4 completed, and 34 registered patents during the year[30][31] - Revenue reduction was primarily due to economic fluctuations and China's economic slowdown, causing potential customers to postpone investment budgets for smart manufacturing solutions[32] - The increase in loss for the year was mainly due to the combined effect of impairment losses on trade receivables and reduced gross profit[39] Liquidity and Capital Structure The company faces severe liquidity, with cash and cash equivalents at 200 thousand HKD and significantly reduced net current assets, having conducted two placings and a share consolidation to raise 6.864 million HKD for working capital - As of March 31, 2025, the Group's cash and cash equivalents were approximately 200 thousand HKD, compared to 14.7 million HKD in the prior year; net current assets were approximately 8.9 million HKD, compared to 22.6 million HKD last year[40] - Two placings were completed during the year, in August and December 2024, raising a total net proceeds of approximately 6.864 million HKD[44][47] - A 40-to-1 share consolidation was completed on October 3, 2024[46] - The net proceeds from both placings have been fully utilized as planned for general working capital[50][51] Risk Management and Future Outlook The Group faces foreign exchange risk from USD and CHF fluctuations without a hedging policy, and plans to enter the agri-food technology market by acquiring Hunan Baisheng Biotechnology Co., Ltd. to diversify business growth - The Group faces foreign exchange risk from USD and CHF, recording a 100 thousand HKD loss in other comprehensive loss due to exchange rate fluctuations[55] - The future strategic focus is to enter the agri-food technology market, with an agreement signed in January 2025 to acquire Hunan Baisheng Biotechnology Co., Ltd[56] Corporate Governance and Other Information Corporate Governance and Compliance The company maintains high corporate governance standards but deviates by having the Chairman and CEO as the same person, and briefly failed to meet GEM Listing Rules for independent non-executive directors, which was later rectified - The company deviates from corporate governance code by not separating the roles of Chairman and CEO, both held by Mr. Tsang Wai Kam, which the company believes provides strong leadership[63] - Due to a director's resignation, the company failed to comply with several GEM Listing Rules regarding the number and composition of independent non-executive directors from February 2 to May 2, 2024, but the issue has been resolved[64] Auditor's Report Summary The auditor's report highlights significant going concern uncertainties due to the Group's annual loss and low cash levels, yet an unmodified opinion was issued on this matter - The auditor's report draws attention to significant uncertainties regarding going concern, noting the Group's annual loss of approximately 27.331 million HKD and year-end cash level of approximately 0.223 million HKD may cast significant doubt on its ability to continue as a going concern[69] - Despite significant uncertainties, the auditor issued an unmodified opinion on this matter[69] Other Disclosures As of March 31, 2025, the Group had 32 employees, with no purchases, sales, or redemptions of listed securities during the year, no dividends recommended, and no significant post-reporting period events - As of March 31, 2025, the Group had 32 employees, with competitive remuneration packages and share option schemes[61] - No purchases, sales, or redemptions of the company's listed securities occurred during the year[62] - The Board did not recommend the payment of a final dividend[66] - No significant disclosable post-reporting period events occurred from March 31, 2025, to the date of this announcement[67]