天时资源(08028) - 2025 - 年度业绩

Financial Performance Consolidated Financial Statements The company achieved HKD 111 million revenue in FY2025, up 129%, narrowing its annual loss to HKD 16.04 million, with total assets at HKD 118 million and net assets stable at HKD 95.56 million Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2025, group revenue increased by 129% to HKD 110.6 million, with annual loss narrowing from HKD 21.31 million to HKD 16.04 million, and loss attributable to owners of the Company at HKD 12.42 million, with basic loss per share improving to 3.55 HK cents from 6.61 HK cents Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (HKD '000) | 2024 (HKD '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 110,622 | 48,251 | +129.2% | | Loss before tax | (16,035) | (21,096) | -24.0% | | Loss for the year | (16,035) | (21,312) | -24.8% | | Loss attributable to owners of the Company | (12,421) | (19,438) | -36.1% | | Basic loss per share (HK cents) | (3.55) | (6.61) | -46.3% | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets were HKD 118 million, slightly down from HKD 122 million last year, with net assets stable at HKD 95.56 million compared to HKD 97.66 million, and net current assets slightly decreased from HKD 71.52 million to HKD 68.46 million, notably with all related party loans fully repaid Consolidated Statement of Financial Position | Metric | As at March 31, 2025 (HKD '000) | As at March 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Non-current assets | 31,484 | 31,300 | | Current assets | 86,489 | 91,176 | | Total assets | 117,973 | 122,476 | | Current liabilities | 18,026 | 19,660 | | Non-current liabilities | 4,390 | 5,160 | | Total liabilities | 22,416 | 24,820 | | Net assets | 95,557 | 97,656 | | Equity attributable to owners of the Company | 57,041 | 40,054 | - As of March 31, 2025, the Group had no outstanding borrowings, compared to HKD 9.8 million from a related party in the prior year[7][56] Notes to the Financial Statements The notes detail the company's business segments, revenue sources, segment performance, and share capital changes, highlighting the Mining and Metals Business and Software Business as main operations, with the former's revenue significantly increasing but segment loss widening, while the new Software Business contributed HKD 3.06 million in revenue and HKD 0.34 million in profit, and the company undertook equity financing activities without declaring dividends 1. General Information and Principal Activities Times Strategic Holdings Limited is a public company incorporated in Hong Kong and listed on GEM, primarily engaged in (i) mining and metals business (exploration, development, mining, gold processing, and trading) and (ii) software business (providing integrated IT solutions) - The Group's principal activities are divided into two main segments: Mining and Metals Business and Software Business[10] 4. Revenue and Segment Information Total revenue for FY2025 was HKD 110.6 million, with Mining and Metals Business contributing HKD 107.6 million and the new Software Business contributing HKD 3.06 million; geographically, Hong Kong revenue was HKD 107.6 million and Mainland China was HKD 3.06 million, while mining segment loss expanded from HKD 3.21 million to HKD 6.45 million despite revenue growth, and software business achieved HKD 0.34 million segment profit Segment Revenue and Results (For the year ended March 31, 2025) | Segment | Revenue (HKD '000) | (Loss)/Profit (HKD '000) | | :--- | :--- | :--- | | Mining and Metals Business | 107,567 | (6,449) | | Software Business | 3,055 | 343 | Segment Revenue and Results (For the year ended March 31, 2024) | Segment | Revenue (HKD '000) | Loss (HKD '000) | | :--- | :--- | :--- | | Mining and Metals Business | 48,251 | (3,206) | | Software Business | – | – | Revenue from External Customers by Geographical Location | Region | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Hong Kong | 107,567 | 48,251 | | Mainland China | 3,055 | – | - Customer A1 was a major client, contributing HKD 78.43 million in revenue, accounting for approximately 71% of total revenue[25] 12. Share Capital During the year, the company undertook several share capital operations, including a 10-to-1 share consolidation in January 2024, a placement of 56 million new shares at HKD 0.173 per share in March 2024, and a 2-for-1 rights issue completed in March 2025, issuing approximately 169 million shares at HKD 0.178 per share to fund business development and operations - On January 2, 2024, the company completed a 10-to-1 share consolidation[35] - In March 2024, the company placed 56,000,000 ordinary shares at HKD 0.173 per share, raising net proceeds of approximately HKD 9.31 million[36] - On March 31, 2025, the company completed a 2-for-1 rights issue, issuing approximately 169 million shares at HKD 0.178 per share, raising a total of approximately HKD 30 million[35] 13. Dividends The company neither paid nor declared any dividends during the current financial year, consistent with the previous financial year - The company neither paid nor declared any dividends during the year (2024: nil)[37] Management Discussion and Analysis Business Review and Prospects The Group's two core businesses show divergent trends: Mining and Metals saw increased gold processing trade but expanded segment loss due to deteriorating margins, while the Baishiquan copper-nickel mine project made key progress with mining expected to commence in late 2027; the new Software Business, through a joint venture, began generating revenue and profit, with positive outlook for China's software industry, while the company ceased nano-bubble innovation and divested its CGA Holdings stake Mining and Metals Business This segment includes copper-nickel mine exploration and development in Mainland China and gold processing trade in Hong Kong; during the year, gold product transactions increased to 4,478 ounces, contributing HKD 107.6 million in revenue, but gross profit significantly declined due to intense competition and unfavorable gold prices, while the core Baishiquan copper-nickel mine Phase II development plan was approved, mining permits renewed, and a feasibility study initiated, with mining expected to commence in late 2027 - During the year, 4,478 ounces of processed gold products were traded, generating HKD 107.6 million in revenue, but gross profit decreased to HKD 0.196 million (2024: HKD 1.26 million), primarily due to intense competition and unfavorable gold price trends[39] - The development plan for Baishiquan Copper-Nickel Mine Phase II mining area was approved, and mining permits were renewed; the feasibility study is expected to be completed by October 2025, with mining operations projected to commence in late 2027[38][41] Baishiquan Copper-Nickel Mine Phase II Mining Area Resource Estimation | Resource Category | Tonnes ('000 tonnes) | Average Grade (Nickel %) | Average Grade (Copper %) | | :--- | :--- | :--- | :--- | | Controlled | 3,962 | 0.55 | 0.36 | | Inferred | 3,116 | 0.60 | 0.32 | Software Business As a new segment, the Software Business first contributed HKD 3.06 million in revenue and HKD 0.34 million in profit this fiscal year; the Group provides integrated software and hardware solutions in Hong Kong and Mainland China through a joint venture with an independent third party, is applying for 'Dual Software Certification' for its Chinese subsidiary to enjoy tax incentives, and plans to invest more resources to expand its customer base and revenue streams, with a positive outlook on the growth prospects of China's software industry - The Software Business achieved segment revenue of approximately HKD 3.055 million and segment profit of approximately HKD 0.343 million in the current fiscal year[47] - The Group established a joint venture with a partner and is applying for 'Dual Software Certification' for its Chinese subsidiary to obtain tax and policy incentives[47] - Looking ahead, the Group will allocate more resources to the joint venture to further expand its customer base and revenue streams[48] Other Investments The company adjusted its investment portfolio during the year; after the termination of CGA Holdings' listing proposal, the company increased its stake to 29.97% and subsequently sold all shares for HKD 0.15 million cash, recording an equivalent gain, while its equity interest in Trip Guru Holdings Limited incurred a fair value change loss of HKD 0.577 million due to slower growth in travel booking services - The 29.97% equity interest in CGA Holdings was sold for a cash consideration of HKD 0.15 million, resulting in a gain of HKD 0.15 million[51] - The equity interest in Trip Guru Holdings Limited recorded a fair value change loss of HKD 0.577 million due to slower growth in travel booking services[52] Financial Review The Group's total turnover increased by 129% to HKD 110.6 million, with loss for the year narrowing to HKD 16.04 million; Mining and Metals segment loss increased due to declining gross margins, but the new Software Business contributed profit; the Group maintained operations through internal cash and equity financing, with no outstanding borrowings and a 0% gearing ratio at year-end, raising approximately HKD 9.3 million and HKD 29.1 million net from share placement and rights issue respectively, used for debt repayment, business development, and working capital Financial Performance Overview | Metric | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Total turnover | 110,622 | 48,251 | | Loss for the year | (16,035) | (21,312) | | Loss attributable to owners of the Company | (12,421) | (19,438) | - Mining and Metals Business segment loss increased by 101% to HKD 6.45 million, primarily due to declining gross margins in gold processing trade and increased operating expenses[54] Liquidity and Financial Resources As of March 31, 2025, the Group held cash and time deposits totaling HKD 73.05 million, with net current assets of HKD 68.46 million; the current ratio improved to 4.80 from 4.64 last year, and at year-end, the Group had no outstanding borrowings, with funding primarily from internally generated cash and equity financing Liquidity and Financial Resources | Metric | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 40,946 HKD '000 | 50,278 HKD '000 | | Time deposits (>3 months) | 32,106 HKD '000 | 32,340 HKD '000 | | Total cash and deposits | 73,052 HKD '000 | 82,618 HKD '000 | | Net current assets | 68,463 HKD '000 | 71,516 HKD '000 | | Current ratio | 4.80 | 4.64 | | Outstanding borrowings | 0 | 9,800 HKD '000 | Capital Raising Activities During the year, the company undertook two main financing activities: a share placement completed in March 2024, raising approximately HKD 9.3 million net, fully used for debt repayment and operating expenses, and a rights issue proposed in February 2025 and completed in April, raising approximately HKD 29.1 million net, planned for developing gold trading, software business, and general working capital - A share placement completed in March 2024 raised net proceeds of approximately HKD 9.31 million, fully utilized by March 31, 2025, for debt repayment (HKD 3 million) and operating expenses (HKD 6.31 million)[59] - A rights issue completed in April 2025 raised net proceeds of approximately HKD 29.1 million, intended for developing gold processing and trading business (HKD 10 million), software business (HKD 10 million), and general working capital (HKD 9.1 million)[60] Other Information As of March 31, 2025, the Group had capital commitments of approximately HKD 2.02 million for the Baishiquan copper-nickel mine development, with a 0% gearing ratio due to no outstanding borrowings; the Group had 24 employees and no significant industrial accidents during the year, no assets pledged, no orders on hand, and no recent major investment plans, with management deeming exchange rate risk insignificant - As of March 31, 2025, capital commitments related to the Baishiquan copper-nickel mine development amounted to approximately HKD 2.023 million[62] - The gearing ratio was 0%, as the Group had no outstanding borrowings (2024: 24.47%)[63] - The Group had a total of 24 employees at year-end (2024: 25 employees)[64] - Aside from disclosed investments, the Group had no significant investments, acquisitions, or disposals during the year, nor any major investment plans in the near future[67][68] Corporate Governance and Other Disclosures The Group's auditor, ZHONGZHENG TIANHENG CPA Limited, confirmed consistency between the financial figures in the preliminary announcement and the annual consolidated financial statements; the Audit Committee, comprising three independent non-executive directors, reviewed the audited financial results for the year; the company consistently complied with the GEM Listing Rules' Corporate Governance Code during the reporting period, with details to be provided in the annual report - The Group's auditor confirmed the consistency of financial figures in the preliminary announcement with the annual consolidated financial statements[72] - The Audit Committee, comprising three independent non-executive directors, reviewed the annual financial results[73] - The company consistently complied with all provisions of the Corporate Governance Code for the year ended March 31, 2025[75]