华科智能投资(01140) - 2025 - 年度业绩

Financial Performance Summary The company achieved a 19.6% increase in profit attributable to owners, reaching HKD 64.16 million, primarily due to improved associate performance and cost control, while total assets decreased and liabilities significantly reduced, enhancing financial stability Consolidated Statement of Profit or Loss and Other Comprehensive Income Analysis Profit attributable to owners increased by 19.6% to HKD 64.16 million, primarily due to a turnaround in associates' performance and reduced costs, despite lower revenue and expanded unrealized investment losses Consolidated Statement of Profit or Loss Key Data | Indicator | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Turnover | 598,364 | 522,006 | +14.6% | | Revenue | 273,067 | 308,329 | -11.4% | | Net unrealized losses on unlisted investments | (194,241) | (42,572) | -356.3% | | Net realized gains/(losses) on disposal of investments | 56,898 | (41,918) | Turnaround to gain | | Operating profit | 64,104 | 240,071 | -73.3% | | Share of profits/(losses) of associates and joint ventures | 53,979 | (99,097) | Turnaround to profit | | Profit before tax | 72,110 | 54,608 | +32.0% | | Profit for the year attributable to owners of the Company | 64,158 | 53,653 | +19.6% | | Basic and diluted earnings per share (HK Cents) | 0.61 | 0.51 | +19.6% | - Total revenue for the year was HKD 273 million, primarily comprising HKD 265 million in interest income, a decrease from HKD 308 million in the prior year[10] - Share of results from associates and joint ventures turned from a HKD 99.1 million loss last year to a HKD 53.98 million profit this year, mainly due to improved performance from Treasure Up, a key driver of this year's profit growth[57] Consolidated Statement of Financial Position Analysis Total assets decreased by 6.6% to HKD 10.67 billion, while total liabilities significantly reduced by 52.3% to HKD 720.78 million, primarily due to lower borrowings, leading to a slight increase in total equity and improved financial structure Consolidated Statement of Financial Position Key Data | Indicator | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Total Assets | 10,668,387 | 11,422,397 | -6.6% | | Total Liabilities | 720,783 | 1,509,777 | -52.3% | | - Of which: Borrowings | 643,258 | 1,417,414 | -54.6% | | Total Equity | 9,947,604 | 9,912,620 | +0.4% | | Net Asset Value per Share | HKD 0.95 | HKD 0.94 | +1.1% | - Non-current assets increased from HKD 4.89 billion to HKD 5.30 billion, primarily due to new art investments valued at HKD 283 million[4] - Current assets decreased from HKD 6.19 billion to HKD 5.03 billion, mainly due to a reduction in debt investments and investments at fair value through profit or loss[4] Management Discussion and Analysis The company refined its investment strategies, actively managed its portfolio with HKD 1.23 billion in new investments and HKD 1.74 billion in exits, and significantly improved its financial position with enhanced liquidity and reduced debt levels Business Overview and Investment Strategy The company redefined its core investment strategies focusing on non-listed equity, debt, fund, and listed equity, with HKD 1.23 billion in new investments and HKD 1.74 billion in exits, targeting high-growth sectors like clean energy and AI for stable asset appreciation - The company re-established four core investment strategies: non-listed equity investments, debt investments, fund investments, and listed equity investments, to build a balanced and efficient investment portfolio[24][28] - Investment focus is on high-growth potential industries such as clean energy and artificial intelligence, with active attention to cutting-edge areas like Web 3.0 and quantum computing[26] Annual Investment Activity Overview | Item | Amount (HKD Billions) | | :--- | :--- | | New Investments | 1.23394 | | Exited Investments | 1.74173 | Investment Portfolio Review The investment portfolio is primarily composed of non-listed equity (51.6%), debt (28.68%), and fund investments (16.0%), with non-listed equity being the core at HKD 5.28 billion, providing stable interest income from debt and strategic exposure to emerging technologies through funds Asset Distribution by Investment Strategy | Investment Strategy | Proportion | | :--- | :--- | | Non-listed Equity Investments | 51.60% | | Debt Investments | 28.68% | | Fund Investments | 16.00% | | Art Investments | 2.77% | | Listed Equity Investments | 0.94% | | Other | 0.01% | Non-listed Equity Investments Non-listed equity investments, totaling HKD 5.28 billion, form the core strategy, including long-term core holdings like Carbon Cloud Intelligent and Southern East Asia, alongside other significant private equity investments such as Jiedaibao and Honghu Education Major Long-term Core Holdings (as at March 31, 2025) | Company Name | Sector | Cost (HKD Billions) | Carrying Value (HKD Billions) | | :--- | :--- | :--- | :--- | | Carbon Cloud Intelligent | Healthcare | 1.089 | 0.690 | | Southern East Asia | Financial Services | 0.060 | 0.122 | | Oriental Patron Asset Management | Financial Services | 0.059 | 0.027 | Other Major Non-listed Equity Investments (as at March 31, 2025) | Company Name | Sector | Cost (HKD Billions) | Carrying Value (HKD Billions) | | :--- | :--- | :--- | :--- | | Jiedaibao | FinTech | 0.900 | 0.983 | | Hengjia Meilian | Other | 0.450 | 0.443 | | Honghu Education | Smart Education | 1.705 | 1.587 | Debt, Fund & Listed Equity Investments The debt investment portfolio of HKD 2.94 billion generated HKD 264 million in interest income, while fund investments of HKD 1.64 billion primarily target emerging tech via Era Leading Fund, complemented by HKD 96.69 million in listed equity for liquidity - Debt investment holdings amounted to HKD 2.94 billion, with new investments of HKD 621 million and exits of HKD 1.40 billion this year, generating HKD 264 million in interest income[47] - Fund investment holdings amounted to HKD 1.64 billion, primarily invested in Era Leading Fund, which focuses on non-listed equity in cybersecurity, artificial intelligence, and integrated circuits[48][49] - Listed equity investment holdings amounted to HKD 96.69 million, with active buying and selling operations conducted this year to enhance liquidity[51] Financial Review & Outlook Net asset value slightly increased to HKD 9.95 billion, with net profit rising to HKD 64.16 million despite lower total revenue, driven by improved associate performance and cost control, while liquidity significantly improved and debt levels substantially reduced Financial Condition & Performance Net asset value reached HKD 9.95 billion, with the debt-to-equity ratio improving to 0.07, while net profit increased to HKD 64.16 million, influenced by debt investment gains, realized investment gains, and associate profits, partially offset by unrealized investment losses Key Financial Ratios | Indicator | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Debt-to-equity ratio (Total Liabilities/Total Equity) | 0.07 | 0.15 | - This year's performance was influenced by multiple factors: positive factors included debt investment income, realized investment gains, and profits from associates; negative factors included unrealized investment losses, credit loss provisions, financing costs, and operating expenses[54] - Operating and administrative expenses decreased from HKD 61.94 million to HKD 37.70 million, mainly due to reduced transaction fees from the redemption of listed bonds and lower staff costs[57] Liquidity & Capital Structure Liquidity significantly improved with cash balances increasing to HKD 58.47 million and total borrowings substantially reduced to HKD 643 million, leading to a lower debt-to-equity ratio of 6.47% and a higher current ratio of 7.48 times, indicating enhanced short-term solvency Liquidity and Debt Indicators | Indicator | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Bank and Cash Balances | HKD 58.47 million | HKD 45.01 million | | Total Borrowings | HKD 643 million | HKD 1.417 billion | | Gearing Ratio | 6.47% | 14.30% | | Current Ratio | 7.48 times | 4.35 times | - The Board believes that existing operating and borrowing resources are sufficient to meet foreseeable future investment and working capital needs[61] Other Key Information The company actively managed its investment portfolio with significant additions and exits, including a major post-period disposal of Southern East Asia equity, while maintaining a no-dividend policy and largely complying with corporate governance standards Significant Investment Changes & Subsequent Events The company actively adjusted its investment portfolio with HKD 1.23 billion in new investments and HKD 1.74 billion in exits, notably in debt investments, and post-period, proposed to dispose of its 22.5% stake in Southern East Asia for HKD 1.11 billion to a major shareholder Major Investment Changes for the Year (HKD Millions) | Investment Category | New/Additional Investments | Exited/Disposed Investments | | :--- | :--- | :--- | | Non-listed Equity Investments | 270.00 | 5.77 | | Debt Investments | 621.10 | 1,398.95 | | Fund Investments | 0.59 | 96.59 | | Listed Equity Investments | 58.94 | 240.42 | | Art Investments | 283.17 | – | | Total | 1,233.94 | 1,741.73 | - Subsequent to the reporting period, the company proposes to dispose of its 22.5% equity interest in Southern East Asia to Guo Fu Quantum, a connected person, for a consideration of HKD 1.11 billion, to be settled by receiving shares in Guo Fu Quantum; this transaction constitutes a very substantial disposal and connected transaction, subject to EGM approval[73][74] Dividend Policy & Corporate Governance The board resolved not to declare a final dividend for the year, and the company generally complied with corporate governance codes, with one noted deviation regarding the provision of written management accounts to the board - The Board resolved not to pay any final dividend for the year ended March 31, 2025[59][18] - The company complied with the Corporate Governance Code, with one deviation: written management accounts were not provided to the Board monthly, but rather through regular verbal briefings[76] - The audited consolidated financial statements for the year have been reviewed by the Audit Committee[79]