快意智能(08040) - 2025 - 年度业绩

Financial Highlights Financial Highlights Summary For the year ended March 31, 2025, the company's financial performance significantly declined, with total revenue decreasing by 10.7%, gross profit sharply down by 88.3%, and loss attributable to owners expanding by 81.6% to HKD 26.4 million, resulting in a loss per share of 7.77 HK cents | Metric | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 308.5 million | HKD 345.6 million | -10.7% | | Gross Profit | HKD 1.4 million | HKD 12.0 million | -88.3% | | Loss Attributable to Owners | HKD 26.4 million | HKD 14.5 million | +81.6% | | Loss Per Share | 7.77 HK cents | 4.28 HK cents | +81.5% | Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income During the reporting period, the company's revenue was HKD 308.5 million, a 10.7% year-on-year decrease, with gross profit at only HKD 1.365 million due to high service costs, a sharp 88.6% drop, leading to an expanded loss attributable to owners of HKD 26.419 million from HKD 14.545 million in the prior year | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 308,502 | 345,630 | | Gross Profit | 1,365 | 11,987 | | Impairment Loss on Trade Receivables | (6,226) | 922 | | Loss Before Tax | (26,803) | (14,547) | | Loss for the Year Attributable to Owners of the Company | (26,419) | (14,545) | Consolidated Statement of Financial Position As of March 31, 2025, the company's total assets decreased by 16.4% to HKD 134.7 million, with net assets significantly declining by 37.5% to HKD 42.724 million from HKD 68.352 million, and net current assets reducing from HKD 93.482 million to HKD 55.251 million, indicating weakened financial position and liquidity | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Assets | | | | Current Assets | 123,882 | 159,960 | | Non-current Assets | 10,773 | 8,692 | | Total Assets | 134,655 | 168,652 | | Liabilities and Equity | | | | Current Liabilities | 68,631 | 66,478 | | Non-current Liabilities | 23,300 | 33,822 | | Total Liabilities | 91,931 | 100,300 | | Net Assets | 42,724 | 68,352 | Summary of Notes to Financial Statements The notes detail the company's accounting policies, revenue composition, and performance by business segment, highlighting a significant decline in gross margin for decoration works, increased impairment provisions for trade receivables, and the board's recommendation against dividend distribution - The company primarily engages in Hong Kong's decoration, renovation, and Nano-AM application services[12] - The directors do not recommend the payment of a dividend for the year ended March 31, 2025[38] Note 4: Revenue and Segment Information Total revenue for FY2025 was HKD 308.5 million, almost entirely from Hong Kong, with decoration works contributing 77.7% but its segment profit significantly dropping from HKD 10.516 million to HKD 4.018 million, while renovation works turned to a loss of HKD 3.721 million, and new "other" business (environmental air purifiers) contributed minor revenue Revenue by Business Segment (HKD thousands) | Business Segment | 2025 | 2024 | | :--- | :--- | :--- | | Decoration Works | 239,837 | 255,786 | | Renovation Works | 61,183 | 85,776 | | Nano-AM Works | 4,652 | 4,068 | | Others | 2,830 | – | Profit/(Loss) by Business Segment (HKD thousands) | Business Segment | 2025 | 2024 | | :--- | :--- | :--- | | Decoration Works | 4,018 | 10,516 | | Renovation Works | (3,721) | 39 | | Nano-AM Works | 940 | 1,432 | | Others | 128 | – | Note 10: Trade and Other Receivables Net trade receivables decreased from HKD 43.382 million to HKD 28.181 million, but credit loss allowance surged from HKD 0.918 million to HKD 7.144 million, reflecting a significant increase in collection risk, with overdue receivables over 90 days rising from HKD 0.619 million to HKD 4.658 million Trade Receivables and Credit Loss Allowance (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Gross Trade Receivables | 35,325 | 44,300 | | Less: Credit Loss Allowance | (7,144) | (918) | | Net Trade Receivables | 28,181 | 43,382 | - Trade receivables overdue for more than 90 days significantly increased from HKD 0.619 million to HKD 4.658 million[42] Note 11: Contract Assets and Contract Liabilities Contract assets (primarily unbilled work in progress) slightly decreased from HKD 91.651 million to HKD 81.662 million, while contract liabilities (mainly customer advances) doubled from HKD 13.738 million to HKD 27.386 million, primarily due to increased upfront deposits for decoration and renovation projects Changes in Contract Assets and Liabilities (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Contract Assets | 81,662 | 91,651 | | Contract Liabilities | 27,386 | 13,738 | Management Discussion and Analysis Business Review and Outlook The Group's core business involves decoration, renovation, and Nano-AM application services in Hong Kong, with a significant decrease in the number and total contract value of new large projects awarded this year, while the company plans to expand into high-end decoration and renovation markets and leverage its exclusive Nano-AM material license for maritime maintenance and building materials to diversify revenue - The number of large decoration projects awarded this year decreased significantly to four projects with a total contract value of approximately HKD 246 million, down from eleven projects totaling HKD 480 million last year[59] - The company obtained an exclusive sales license for Nano-AM materials in 2023, successfully expanding into maritime maintenance, and plans to extend its application to the building materials market in the future[60][61] Financial Review This year's revenue decreased by 10.7% primarily because most large decoration and renovation projects were completed in the previous fiscal year, while the gross profit margin sharply declined from 3.5% to 0.4% due to lower margins on new projects and cost overruns, with increased impairment losses on trade receivables and decreased finance costs, ultimately expanding the loss attributable to owners to HKD 26.4 million Revenue Analysis Total revenue decreased by 10.7% to HKD 308.5 million, with decoration works revenue down 6.3% and renovation works revenue down 28.7%, primarily because most of the revenue from large projects in Wong Chuk Hang and Causeway Bay was recognized in the previous fiscal year - Decoration works revenue decreased primarily because most of the large decoration projects were carried out in the previous fiscal year, leading to reduced revenue recognition in the current year[64] - Renovation works revenue decreased primarily because most of the large renovation projects were carried out in the previous fiscal year, leading to reduced revenue recognition in the current year[64] Gross Profit Analysis Overall gross profit decreased by 88.6% to HKD 1.4 million, with the gross profit margin falling from 3.5% to just 0.4%, as decoration works gross margin dropped from 4.1% to 1.7% due to lower margins on new projects, and renovation works turned to a gross loss of HKD 3.721 million primarily due to cost overruns on several large projects Gross Profit and Gross Profit Margin by Business Segment | Business Segment | 2025 Gross Profit (HKD thousands) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (HKD thousands) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Decoration Works | 4,018 | 1.7 | 10,516 | 4.1 | | Renovation Works | (3,721) | -6.1 | 39 | 0.0 | | Nano-AM Works | 940 | 20.2 | 1,432 | 35.2 | | Total | 1,365 | 0.4 | 11,987 | 3.5 | - The decrease in gross profit is primarily attributable to: 1) lower gross profit margins on new decoration projects; 2) cost overruns on several large renovation projects[68] Expenses and Costs Analysis Combined impairment losses on trade receivables, other receivables, and contract assets increased by 25.5% to HKD 6.3 million this year, while administrative expenses slightly rose by 4.7% to HKD 20 million, and finance costs decreased by 25.3% to HKD 1.8 million due to reduced interest on bank and related party loans - Impairment losses on trade receivables, other receivables, and contract assets increased by approximately 25.5% to HKD 6.3 million[70] - Administrative expenses increased by approximately 4.7% to HKD 20 million[71] - Finance costs decreased by approximately 25.3% to HKD 1.8 million, primarily due to reduced interest on bank borrowings and related party loans[72] Liquidity, Financial Resources, and Risk Management As of the period end, the company's bank balances and cash significantly decreased from HKD 23.3 million to HKD 11.2 million, with the current ratio falling from 2.4 times to 1.8 times and the gearing ratio slightly decreasing to 68.4%, while the company believes it has sufficient liquidity and no significant foreign exchange risk, and proceeds from the 2022 placing were fully utilized this year Key Financial Ratios | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Bank Balances and Cash | HKD 11.2 million | HKD 23.3 million | | Current Ratio | Approx. 1.8 times | Approx. 2.4 times | | Gearing Ratio | Approx. 68.4% | 70.7% | - The net proceeds of approximately HKD 10.644 million from the 2022 placing, originally planned for utilization by March 31, 2024, were extended to September 30, 2024, and have been fully utilized during the current year[78][79] - The Group's majority of business transactions are denominated in Hong Kong Dollars, thus it does not face significant foreign exchange risk and has not adopted a foreign currency hedging policy[80] Employees and Post-Reporting Period Events As of March 31, 2025, the Group had 73 employees, a decrease of 7 from the previous year, with total annual staff costs approximately HKD 45 million, and no significant events occurred between the reporting period end and the announcement date - As of March 31, 2025, the Group had 73 employees (2024: 80 employees), with annual staff costs (including directors' emoluments) of approximately HKD 45 million[89] - The directors confirm that no significant disclosable events occurred after the reporting period up to the date of this announcement[90] Corporate Governance and Other Information Corporate Governance The company is committed to maintaining good corporate governance, largely complying with the GEM Listing Rules' Corporate Governance Code during the reporting period, with one deviation where the Chairman and Chief Executive Officer roles are held by the same person (Mr. Cheng Tsang Fu), which the board believes facilitates business strategy execution and operational efficiency, and will seek to re-comply when appropriate - The company deviates from Corporate Governance Code provision C.2.1, where the roles of Chairman and Chief Executive Officer are held by the same person (Mr. Cheng Tsang Fu)[92][93] - The Board believes this deviation facilitates the execution of the Group's business strategies and enhances operational efficiency, with adequate oversight provided by the Board, which includes three independent non-executive directors[93] Shareholder Information The report discloses shareholdings of directors and substantial shareholders, with Advance Goal being the controlling shareholder holding 43.50% of shares as of March 31, 2025, but notably, a significant equity change occurred post-reporting period on April 11, 2025, where Advance Goal sold 14.71% of its shares to Mr. Poon Chi Hung, ceasing to be the controlling shareholder, and the company now has no controlling shareholder - As of March 31, 2025, Advance Goal held 147,900,000 shares, representing 43.50% of the company's total share capital, making it the controlling shareholder[95][98] - Post-reporting period event: On April 11, 2025, after Advance Goal sold 50,000,000 shares, its shareholding decreased, and it ceased to be the controlling shareholder, resulting in the company having no controlling shareholder as defined by the GEM Listing Rules[96][99] Other Disclosures The Board does not recommend any dividend payment for the year ended March 31, 2025, the financial figures in this preliminary announcement have been agreed with the company's auditor, and the company plans to hold its Annual General Meeting on September 10, 2025 - The Board does not recommend the payment of a final dividend[106] - The company's Annual General Meeting will be held on September 10, 2025[105] - The financial figures in this preliminary results announcement have been agreed with the auditor against the audited consolidated financial statements, but do not constitute a full audit service[104]