耀才证券金融(01428) - 2025 - 年度业绩

Financial Summary Overall Performance Summary The Group's total revenue increased 7.0% to HKD 972 million, with profit attributable to shareholders up 10.6% to HKD 618 million, and basic EPS at 36.39 HK cents Key Financial Indicators | Indicator | 2025 | 2024 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 972 million | HKD 909 million | +7.0% | | Profit before Tax | HKD 677 million | HKD 605 million | +12.0% | | Profit for the Year | HKD 618 million | HKD 559 million | +10.6% | | Basic Earnings Per Share | 36.39 HK cents | 32.93 HK cents | +10.5% | Consolidated Statement of Comprehensive Income Revenue growth was driven by a swing from net loss to net gain in other income, turning a HKD 19.97 million loss into a HKD 43.84 million gain, boosting operating profit 3.0% to HKD 891 million - Net other income/(loss) significantly improved, swinging from a HKD 19.97 million loss in the prior year to a HKD 43.84 million gain this year, primarily due to increased realized and unrealized gains from financial assets at fair value through profit or loss[2][20] - Operating expenses significantly increased, with staff costs growing 15.4% year-over-year to HKD 161 million and other operating expenses rising 51.1% to HKD 248 million[2][21] - Finance costs decreased 17.8% year-over-year to HKD 214 million, helping to alleviate expense pressure[3][21] Consolidated Statement of Financial Position As of March 31, 2025, total assets reached HKD 7.691 billion, total liabilities HKD 6.189 billion, and net assets grew 4.0% to HKD 1.502 billion, reflecting business expansion Key Financial Position Indicators | Indicator (as of March 31) | 2025 (HKD thousand) | 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 7,690,628 | 7,078,456 | +8.7% | | Total Liabilities | 6,188,827 | 5,634,181 | +9.9% | | Net Assets | 1,501,801 | 1,444,275 | +4.0% | | Accounts Receivable | 7,012,365 | 6,349,686 | +10.4% | | Bank Loans | 4,370,000 | 3,775,000 | +15.8% | Segment Analysis Segment Results The Securities Brokerage segment was the core growth driver, with significant revenue and EBIT increases, offsetting declines in Commodities and Futures Brokerage - The Group is primarily managed and reported across three segments: Securities Brokerage, Commodities and Futures Brokerage, and Precious Metals Trading[11][13] Segment Performance Overview | Reportable Segment (HKD thousand) | 2025 | 2024 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | | | | | Securities Brokerage | 778,195 | 700,500 | +11.1% | | Commodities and Futures Brokerage | 189,674 | 201,710 | -6.0% | | Precious Metals Trading | 4,191 | 6,284 | -33.3% | | EBIT | | | | | Securities Brokerage | 783,081 | 725,705 | +7.9% | | Commodities and Futures Brokerage | 92,906 | 123,562 | -24.8% | | Precious Metals Trading | 1,589 | 3,783 | -58.0% | Management Discussion and Analysis Market Review and Operating Results Despite a weak Hong Kong economy, the financial market rebounded in H2 2024, driven by US rate cut expectations, national policies, and AI-fueled 'Southbound Capital', leading to the Group's double-digit growth - Hong Kong's economy faced challenges, but the stock market strongly rebounded in the second half of 2024, driven by interest rate cut expectations, national rescue policies, and the AI boom, leading to a significant increase in trading volume[39][40] - The Group adopted a proactive business approach, actively performing in both US and Hong Kong stock markets, driving performance and client growth[41] Operating Performance Summary | Operating Results | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 972.3 million | HKD 908.8 million | +7.0% | | Profit After Tax Attributable to Shareholders | HKD 617.6 million | HKD 558.5 million | +10.6% | | Earnings Per Share | 36.39 HK cents | 32.93 HK cents | +10.5% | Revenue Analysis Total revenue grew 7.0%, driven by a 49.3% surge in securities brokerage commission and an 87.2% increase in handling and clearing fees, despite a 13.4% drop in margin financing interest income - Securities brokerage commission income surged 49.3% year-over-year to HKD 346 million, primarily benefiting from a 72.1% increase in HKEX total turnover[46][47] - Margin financing interest income decreased 13.4% year-over-year to HKD 339 million, due to lower interbank offered rates and a decline in average daily margin loan balances[46][52] - Handling and clearing fee income increased 87.2% year-over-year to HKD 117 million, mainly due to adjustments in global futures brokerage fee models, reclassifying some commission income to this category[46][53] - Benefiting from a recovering IPO market, initial public offering brokerage commission income soared 320.0% to HKD 4.2 million[46][51] Operating Expenses and Profit Margin Total operating expenses rose 8.1% to HKD 682 million, with miscellaneous expenses up 206.3%, yet net profit margin slightly increased from 61.5% to 63.5% due to revenue growth and lower finance costs Operating Expenses and Net Profit Margin | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Expenses | 682,390 | 631,174 | +8.1% | | Staff Costs | 160,847 | 139,415 | +15.4% | | Finance Costs | 213,599 | 259,855 | -17.8% | | Miscellaneous Expenses | 91,005 | 29,715 | +206.3% | | Net Profit Margin | 63.5% | 61.5% | +2.0 p.p. | Proprietary Trading Performance Proprietary trading significantly improved, recording a HKD 39.9 million investment gain versus a HKD 15.1 million loss last year, with the portfolio size shrinking from HKD 51.6 million to HKD 1.1 million - Investment gain from financial assets at fair value through profit or loss was HKD 39.9 million, reversing a HKD 15.1 million loss in the prior year[54] - As of March 31, 2025, the investment portfolio's carrying value significantly reduced to HKD 1.1 million, compared to HKD 51.6 million in the prior year[54] Client Growth and Assets The client base expanded with 24,517 net new accounts, total accounts growing 4.4% to 587,072, and client assets surging 27.9% to approximately HKD 64.2 billion Client Growth and Asset Overview | Indicator (as of March 31) | 2025 | 2024 | Increase | | :--- | :--- | :--- | :--- | | New Accounts Opened (Net) | 24,517 | - | - | | Total Client Accounts | 587,072 | 562,555 | +4.4% | | Client Assets | Approx. HKD 64.2 billion | Approx. HKD 50.2 billion | +27.9% | Business Outlook and Strategy Market Outlook Management expects market uncertainty from US trade policies but remains confident in Hong Kong's capital market, anticipating stable development driven by mainland China's economic support and deepening 'Connect' schemes - Anticipated US President Trump's tariff policies will bring global economic uncertainty, potentially impacting Hong Kong's trade and financial markets[57] - The Group firmly believes Hong Kong's economy and capital market will benefit and develop steadily, driven by the Chinese government's economic support policies and continuous 'Northbound Capital' inflow[58][59] Group Strategy The Group's strategy includes digitalizing trading services, optimizing apps, expanding global financial products, and integrating online/offline marketing with FinTech to enhance efficiency and consolidate market leadership - Committed to promoting the digitalization and intelligence of client trading services, continuously investing in and improving online trading apps[60][61] - Continuously exploring more global financial products to meet investors' growing interest in worldwide investments[60] - Maintaining an offline service network, including 13 branches and the 'Bright Smart Education Vehicle', and organizing investor education activities to enhance client service quality and financial literacy[62] Cybersecurity The Group prioritizes cybersecurity, investing heavily to enhance trading system efficiency, capacity, and security through data center relocation, ultra-high-pressure testing, and external security audits - Computer hub equipment systems have been relocated to HKEX's central machine room to enhance system stability[63] - Regularly conducting simulation stress tests at five times HKEX's peak trading volume and engaging external experts for cybersecurity audits to ensure robust and reliable systems[63][64] Financial Condition and Risk Management Capital Structure and Liquidity The Group maintains a robust financial position with HKD 477 million in cash, a 1.2x current ratio, and a 291.0% debt-to-equity ratio, with all licensed subsidiaries complying with liquidity requirements Capital Structure and Liquidity Indicators | Indicator (as of March 31, 2025) | Amount | Comparison (2024) | | :--- | :--- | :--- | | Cash and Bank Balances | HKD 476.6 million | HKD 441.3 million | | Bank Borrowings | HKD 4.37 billion | HKD 3.775 billion | | Debt-to-Equity Ratio | 291.0% | 261.4% | | Current Ratio | 1.2x | 1.2x | - The Group ensures all licensed subsidiaries comply with liquidity requirements under the Securities and Futures (Financial Resources) Rules[69] Risk Management The Group employs a comprehensive risk management framework, managing credit risk via client assessments and collateral, interest rate risk through rate adjustments, and foreign exchange risk via spot transactions - Credit Risk: Primarily from amounts due from clients, brokers, and clearing houses, managed through strict credit policies, collateral requirements, and daily monitoring[76] - Interest Rate Risk: Major financial assets and liabilities bear floating interest rates, with the Group managing potential adverse impacts on net interest income by adjusting client rates[80] - Foreign Exchange Risk: Primarily from non-HKD/USD financial instruments, with net exposure maintained at acceptable levels through spot foreign exchange transactions[81] - Price Risk: Primarily from listed equity investments, futures contracts, and accounts receivable measured at collateral fair value, managed by regularly monitoring investment portfolio performance[82][83] Shareholder Returns and Corporate Governance Dividend Policy The Board resolved not to recommend a final dividend for the year ended March 31, 2025, while the previous fiscal year's final dividend of HKD 0.33 per share was paid during the current year - The Board does not recommend a final dividend for the year ended March 31, 2025[29][84] - During the current year, the final dividend for the 2024 fiscal year, totaling HKD 560 million, was paid[30] Corporate Governance The Group confirms compliance with the Corporate Governance Code, with full-year results reviewed by the Audit Committee and financial figures reconciled by KPMG - The Board is satisfied that the Company has complied with the code provisions of the Corporate Governance Code throughout the year[87] - The full-year results have been reviewed by the Company's Audit Committee, comprising four independent non-executive directors[89]