金石资本集团(01160) - 2025 - 年度业绩

Financial Highlights Consolidated Statement of Profit or Loss and Other Comprehensive Income This year, the company recorded a loss of HKD 6.113 million, a narrowing from HKD 9.358 million in the same period last year, primarily due to a reduction in general and administrative expenses, with basic and diluted loss per share improving from HKD 0.04 to HKD 0.03 Annual Profit or Loss Key Data | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Net Investment Income | 63 | 32 | | General and Administrative Expenses | (6,170) | (9,419) | | Operating Loss | (6,102) | (9,347) | | Loss for the Year | (6,113) | (9,358) | | Loss Per Share (HKD) | (0.03) | (0.04) | Consolidated Statement of Financial Position As of March 31, 2025, the company's total assets were HKD 12.537 million, and net assets were HKD 6.785 million, a significant decrease from HKD 12.898 million in the prior year, mainly due to reduced cash and cash equivalents and new financial assets at fair value through profit or loss, with net asset value per share decreasing from HKD 0.05 to HKD 0.03 Period-End Financial Position Key Data | Indicator | March 31, 2025 (HKD thousand) | March 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Total Current Assets | 12,537 | 18,841 | | Financial Assets at Fair Value through Profit or Loss | 5,091 | – | | Cash and Cash Equivalents | 6,726 | 18,057 | | Total Current Liabilities | 5,752 | 5,943 | | Net Assets/Total Equity | 6,785 | 12,898 | | Net Asset Value Per Share (HKD) | 0.03 | 0.05 | Notes to the Financial Statements 1. General Information & 2. Significant Accounting Policies The company, incorporated in Bermuda, primarily invests in listed and unlisted entities, with financial statements prepared under Hong Kong Financial Reporting Standards, adopting current period amendments that had no significant impact on its financial position - The company's principal business involves investing in listed and unlisted entities[6] - Amendments to Hong Kong Financial Reporting Standards (e.g., HKAS 1, HKAS 7) adopted in the current period had no significant impact on the company's financial statements[10][11][12][13] 3. Segment Reporting The company does not present segment information as all revenue, operating results, assets, and liabilities derive from investment activities primarily conducted in Hong Kong - All of the company's business activities are attributable to a single investment activity segment, primarily conducted in Hong Kong, thus no segment reporting is provided[15] 4. Net Investment Income & 6. Loss Before Tax Net investment income for the year primarily resulted from fair value changes of financial assets, while loss before tax was mainly composed of staff costs, short-term lease expenses, and legal and professional fees, with staff and legal fees significantly decreasing from the prior year - Net investment income of HKD 63 thousand was recorded for the year, entirely from fair value changes of financial assets at fair value through profit or loss[16] Major Expense Items | Expense Item | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Staff Costs | 3,424 | 4,887 | | Short-term Lease Related Expenses | 890 | 1,100 | | Legal and Professional Fees | 654 | 1,172 | | Depreciation Expenses | – | 668 | 7. Income Tax & 8. Loss Per Share No income tax provision was made as the company generated no assessable profits in Hong Kong for the year, with basic loss per share calculated based on a HKD 6.113 million loss and 237,271 thousand weighted average shares, and diluted loss per share being identical due to no potential dilutive ordinary shares - No income tax provision was made for the year as the company had no assessable profits in Hong Kong[20] Basic Loss Per Share Calculation | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss Attributable (HKD thousand) | 6,113 | 9,358 | | Weighted Average Number of Ordinary Shares (thousand shares) | 237,271 | 237,271 | 9. Financial Assets at Fair Value through Profit or Loss & 10. Dividend As of March 31, 2025, the company held HKD 5.091 million in debt securities classified as financial assets at fair value through profit or loss, with no such assets in the prior year, and the Board does not recommend any dividend for the current year - As of March 31, 2025, the company held HKD 5.091 million in debt securities, classified as financial assets at fair value through profit or loss[22] - The Board does not recommend the payment of any dividend for the year ended March 31, 2025[22] Management Discussion and Analysis Operating Results The company's loss for the year narrowed from HKD 9.358 million to HKD 6.113 million, a 34.7% year-on-year reduction, primarily due to significant decreases in general and administrative expenses, particularly legal and professional fees, staff costs, and depreciation Annual Performance Comparison | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (HKD thousand) | | :--- | :--- | :--- | :--- | | Loss for the Year | 6,113 | 9,358 | -3,245 | | General and Administrative Expenses | 6,170 | 9,419 | -3,249 | Business Review and Prospects Management views the 2025 global economic recovery as challenging due to uncertainties like US-China trade policies and geopolitical conflicts, with the Hong Kong economy showing fragile improvement; the company adopted a cautious investment strategy, investing in short-term US Treasury bonds and other debt securities for low-risk returns, and will continue to monitor market changes - Management views the global economic environment as challenging and uncertain due to US-China trade policies and geopolitical conflicts[24][25] - The company adopted a cautious approach to future investment development, investing in short-term US Treasury bonds and other debt securities during the year to earn low-risk returns[26] Significant Investments Held As of March 31, 2025, the company held three significant debt security investments totaling approximately HKD 5.091 million, representing 40.6% of total assets, considered low-risk short-term return instruments, with no significant investments held in the prior year Significant Investment Details (As of March 31, 2025) | Issuer Name | Investment Type | Market Value (HKD thousand) | Approximate Percentage of Total Assets | | :--- | :--- | :--- | :--- | | US Treasury (6-month T-bill) | Debt Securities | 1,933 | 15.4% | | CNPC Global Capital Limited | Debt Securities | 1,545 | 12.3% | | China Agrochemical (Hong Kong) Fengqiao Co., Limited | Debt Securities | 1,613 | 12.9% | - The Directors consider the held US Treasury bonds, CNPC Global bonds, and China Agrochemical bonds to be investments providing low-risk short-term returns[29] - As of March 31, 2024, the company held no significant investments[28] Liquidity and Financial Resources The company's financial position is sound but liquidity decreased, with cash and bank balances falling from HKD 18.057 million to HKD 6.726 million, and a loan of approximately HKD 4.041 million from the controlling shareholder; the HKD 41.7 million net proceeds from the 2022 rights issue have been fully utilized as planned Financial Position As of March 31, 2025, the company's cash and bank balances were approximately HKD 6.726 million, a significant decrease from the prior year; the company has a loan of approximately HKD 4.041 million from the controlling shareholder, due December 31, 2025; the debt-to-asset ratio (total borrowings/total assets) slightly increased from 0.2 to 0.3 Liquidity Indicators | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Cash and Bank Balances (HKD thousand) | 6,726 | 18,057 | | Controlling Shareholder Loan (HKD thousand) | 4,041 | 4,030 | | Debt-to-Asset Ratio | 0.3 | 0.2 | - The company obtained a loan from controlling shareholder Evergreen Goldstone, with a balance of HKD 4.041 million as of March 31, 2025, extended for repayment until December 31, 2025[32][33] 2022 Rights Issue The company completed a rights issue in 2022, raising net proceeds of approximately HKD 41.7 million, which as of March 31, 2025, have been fully utilized as originally planned for loan repayment, future investments and business development, and general working capital - As of March 31, 2025, the HKD 41.7 million net proceeds from the 2022 rights issue have been fully utilized as per the original plan (loan repayment, future investments, working capital)[40] Exchange Rate Fluctuation Risk and Related Hedges The company's assets and liabilities are denominated in HKD, RMB, and USD, with cash primarily in HKD and USD; management believes foreign exchange fluctuation risk is limited and thus no derivative instruments are used for hedging - The company's assets and liabilities are denominated in HKD, RMB, and USD, and it considers foreign exchange risk limited, thus no hedging is undertaken[41] Capital Structure and Employees The company's capital structure comprises equity and debt, with a total of 237,271,250 ordinary shares issued; as of March 31, 2025, the company had 5 employees, with total annual remuneration of approximately HKD 2.224 million, a decrease from the prior year Employee and Remuneration Overview | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Number of Employees | 5 | 4 | | Employee Remuneration (HKD thousand) | 2,224 | 2,607 | - As of March 31, 2025, the company had a total of 237,271,250 ordinary shares issued, consistent with the prior year[44] Other Significant Matters During the year, the company had no significant acquisitions or disposals, no purchases, sales, or redemptions of its own shares, no asset pledges, or significant contingent liabilities, and no other material events requiring disclosure occurred from the reporting period end to the announcement date - During the year, the company had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[30] - As of March 31, 2025, the company had no pledged assets, nor any significant contingent liabilities or capital commitments[42][43] - From the end of the reporting period to the date of this announcement, the Board is not aware of any other significant events requiring disclosure[49] Corporate Governance Audit and Compliance The company is committed to maintaining high corporate governance standards and has complied with the Corporate Governance Code under the Listing Rules; the Audit Committee, comprising three independent non-executive directors, reviewed the audited financial statements for the year, discussing accounting principles, internal controls, and financial reporting, and directors confirmed compliance with the Model Code for securities transactions - The company has complied with the code provisions under the Corporate Governance Code for the year[50] - The Audit Committee reviewed the audited financial statements for the year and discussed internal control and risk management systems[52][53] - The company's auditor, Crowe (HK) CPA Limited, confirmed that the financial figures in this results announcement are consistent with the audited financial statements[51]