金慧科技(08295) - 2025 - 年度业绩

Financial Highlights Financial Highlights In FY2025, Jinhui Technology Group's revenue remained flat at RMB 1.241 billion, while loss attributable to owners expanded to RMB 208 million, increasing basic loss per share to 4.35 cents Financial Highlights Summary | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | Approx. RMB 1.2407 billion | Approx. RMB 1.2409 billion | | Loss attributable to owners of the Company | Approx. RMB 207.7 million | Approx. RMB 197.4 million | | Basic loss per share | 4.35 cents | 4.13 cents | | Dividend Proposal | None | None | Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income In FY2025, total revenue was RMB 1.241 billion, flat year-on-year, but gross profit plummeted 76% to RMB 40.77 million due to increased service costs, leading to a loss for the year of RMB 203 million and an expanded loss attributable to owners of RMB 208 million Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Item (RMB thousands) | 2025 | 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 1,240,654 | 1,240,904 | -0.02% | | Gross Profit | 40,765 | 127,877 | -75.9% | | Research and Development Expenses | (60,252) | (43,572) | +38.3% | | Administrative Expenses | (95,816) | (79,609) | +20.4% | | Impairment Loss on Goodwill | (56,742) | (224,838) | -74.8% | | Loss for the Year | (203,383) | (204,947) | -0.8% | | Loss Attributable to Owners of the Company | (207,729) | (197,382) | +5.2% | - Basic and diluted loss per share for the year increased to RMB 4.35 cents from 4.13 cents last year[8] Consolidated Statement of Financial Position As of March 31, 2025, total assets decreased from RMB 1.278 billion to RMB 1.029 billion due to full goodwill impairment and reduced trade receivables, while total liabilities decreased from RMB 458 million to RMB 411 million, and net assets declined from RMB 821 million to RMB 618 million Consolidated Statement of Financial Position Summary | Item (RMB thousands) | March 31, 2025 | March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Non-current Assets | 323,458 | 440,522 | Decrease | | Current Assets | 705,623 | 837,763 | Decrease | | Total Assets | 1,029,081 | 1,278,285 | -19.5% | | Liabilities and Equity | | | | | Current Liabilities | 147,843 | 387,978 | Decrease | | Non-current Liabilities | 263,589 | 69,616 | Increase | | Total Liabilities | 411,432 | 457,594 | -10.1% | | Net Assets | 617,649 | 820,691 | -24.7% | - Goodwill was fully impaired to zero from RMB 56.74 million in the prior year[10] - Total interest-bearing bank and other borrowings increased from RMB 198 million to RMB 235 million, with the non-current portion significantly rising to RMB 209 million[11][36] Notes to the Financial Statements Operating Segment Information The Group's business operates as a single segment, "Provision of value-added telecommunications and related services," with all revenue derived from Mainland China and approximately 56% of total revenue contributed by two major customers - The Group's business is operated and managed as a single segment, "Provision of value-added telecommunications and related services," with all revenue generated from Mainland China[19][20] Revenue from Major Customers | Major Customer | 2025 Revenue (RMB thousands) | 2024 Revenue (RMB thousands) | | :--- | :--- | :--- | | Customer A | 432,096 | 414,628 | | Customer B | 259,012 | 283,693 | Revenue Analysis In FY2025, total revenue was approximately RMB 1.241 billion, flat year-on-year, with core back-end services revenue slightly increasing to RMB 1.190 billion, accounting for 96% of total revenue, primarily from customer service solutions Revenue Breakdown by Source | Revenue Source (RMB thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Back-end Services | 1,190,455 | 1,185,952 | | - Provision of Customer Service Solutions | 1,188,765 | 1,185,861 | | - Establishment of Contact Service Systems and Centers | 1,690 | 91 | | Comprehensive Marketing and Agency Services | 22,859 | 32,585 | | Data Center Services | 26,423 | 22,367 | | Total Revenue from Contracts with Customers | 1,239,737 | 1,240,904 | Summary of Other Financial Notes Other income and gains significantly decreased from RMB 74.52 million to RMB 19.55 million due to a prior year's one-off gain from subsidiary disposal, while finance costs slightly decreased, trade receivables decreased, impairment allowance increased, and total interest-bearing borrowings rose - Other income and gains significantly decreased, primarily because the prior fiscal year recognized a gain of approximately RMB 52.3 million from the disposal of a 51% equity interest in Chengdu Rongzhi Interactive Technology Co., Ltd., with no such gain in the current year[24][48] - Allowance for impairment loss on trade receivables increased from RMB 12.5 million at the beginning of the period to RMB 31.67 million at the end, with new impairment losses of RMB 19.16 million recognized this year[34] - The repayment date for certain borrowings (total principal of RMB 157 million) from entities indirectly controlled by the ultimate beneficial owner has been extended from March 31, 2025, to March 31, 2027[38] - The Board did not recommend the payment of a dividend for the year ended March 31, 2025[31] Management Discussion and Analysis Business Review Facing a complex macroeconomic environment, the Group focused on customer satisfaction and sustainable development, embracing AI to expand new service scenarios, with core back-end services accounting for 96% of total revenue, securing customer relationships, investing in R&D, adding 2 invention patents, and expanding contact service centers to 19,013 workstations - The Group actively embraces cutting-edge technologies like AI, continuously innovating and applying them to customer services to ensure growth in its principal business revenue[41] - Back-end services revenue was approximately RMB 1.191 billion, accounting for 96.0% of total revenue[42] - The Group built and renovated multiple self-operated contact service centers during the reporting period, reaching a total of 19,013 workstations covering tier 1 to 4 cities[44] - The Group obtained 2 new invention patents and multiple software copyrights during the reporting period, accumulating a total of 5 invention patents and 350 software copyrights[43] Financial Review FY2025 revenue remained flat, but increased service costs due to pre-emptive expansion for AI-driven changes led to gross margin decline; other income significantly decreased due to a prior year's one-off disposal gain, while RMB 56.7 million goodwill was fully impaired, and R&D and administrative expenses increased, ultimately expanding loss attributable to owners from RMB 197 million to RMB 208 million - Service costs increased due to pre-emptive expansion of personnel, equipment, and work environments to address new technological changes like AI, leading to a decline in gross margin as revenue did not grow proportionally[48] - The Group recognized a non-cash impairment loss on goodwill of approximately RMB 56.7 million, which had no impact on cash flow; as of March 31, 2025, goodwill was fully impaired[49] - To address new business scenarios, the Group increased relevant R&D investments and adopted more refined project management, leading to increased research and development and administrative expenses[50] Key Financial Performance Summary | Key Financial Indicators (RMB millions) | FY2025 | FY2024 | Primary Reason | | :--- | :--- | :--- | :--- | | Revenue | 1,240.7 | 1,240.9 | Largely Flat | | Service Costs | 1,199.9 | 1,113.0 | Personnel, Equipment Expansion | | Gross Profit | 40.8 | 127.9 | Costs Rose Faster Than Revenue | | Impairment Loss on Goodwill | 56.7 | 224.8 | Management Assessment | | Loss Attributable to Owners | 207.7 | 197.4 | Increased Costs, Expenses, and Impairment | Capital Structure, Liquidity and Financial Resources The Group primarily funds operations through internal resources and borrowings; as of period-end, cash and bank balances increased to RMB 111 million, the current ratio significantly improved from 2.2 to 4.8 due to short-term loans reclassified as long-term, and the gearing ratio rose from 24.1% to 38.0%, indicating increased leverage - As of March 31, 2025, the Group's total cash and bank balances, restricted cash, and pledged deposits amounted to approximately RMB 111 million, higher than RMB 86.4 million last year[55] Key Financial Ratios | Financial Ratio | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 4.8 | 2.2 | | Gearing Ratio* | 38.0% | 24.1% | - *Gearing ratio is calculated as interest-bearing bank and other borrowings divided by the Group's total equity[56] Outlook and Future Plans Looking ahead, the Group believes AI and data elements will reshape industry logic, creating vast opportunities in enterprise services; it plans to leverage its back-end service strengths to expand into new digital services like data labeling and auditing, secure new orders, actively develop local life and digital marketing businesses, and consider synergistic acquisitions to enhance core competitiveness - The Group believes AI and data elements are reshaping industries, and will closely monitor macroeconomic policies and emerging technologies to actively explore new business opportunities in the financial and internet sectors[65][66] - Future plans include: - In back-end services, new orders have been secured in the operator, financial, and internet industries, with new businesses like data labeling and auditing commenced - In internet marketing, integrating marketing with back-end services to actively develop local life and digital marketing businesses - Considering timely acquisitions or investments in assets with synergies to the principal business to expand customer base, enhance technological capabilities, and improve profitability[62][67][68] Other Corporate Information Dividends and Share Transfer The Board does not recommend a final dividend for the year ended March 31, 2025, and share transfer registration will be suspended from August 12 to 15, 2025, to determine eligibility for the Annual General Meeting - The Board does not recommend the payment of a final dividend for the current year[39] - The company will suspend share transfer registration from August 12 to August 15, 2025, to determine eligibility for attending the Annual General Meeting[40] Corporate Governance and Audit The company complied with all code provisions of Appendix C1 "Corporate Governance Code" of the GEM Listing Rules throughout the fiscal year; the Audit Committee reviewed the annual consolidated financial statements, and the financial data was audited and reconciled by Ernst & Young - The company consistently complied with all code provisions of the Corporate Governance Code throughout the fiscal year[70][71] - The company's Audit Committee reviewed the annual consolidated financial statements, and the reported data has been reconciled with the audit results from Ernst & Young[72][73]