电讯首科(03997) - 2025 - 年度业绩

Annual Performance Summary This section provides an overview of the group's financial performance and position for the year ended March 31, 2025 Consolidated Statement of Profit or Loss and Other Comprehensive Income The group's revenue decreased by 18.7% to HKD 44,223 thousand, with gross profit significantly down, leading to an expanded annual loss of HKD 13,405 thousand | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 44,223 | 54,387 | -18.7% | | Cost of Sales | (40,691) | (43,136) | -5.7% | | Gross Profit | 3,532 | 11,251 | -68.6% | | Other Income and Gains | 5,912 | 3,507 | +68.6% | | Net Other Operating Expenses | (4,706) | (4,315) | +9.1% | | Administrative Expenses | (13,180) | (14,477) | -9.0% | | Impairment Loss on Investment Properties | (4,892) | (196) | +2395.9% | | Fair Value Loss on Financial Assets at FVTPL | – | (4,749) | -100.0% | | Finance Costs | (177) | (255) | -30.6% | | Loss Before Tax | (13,511) | (9,234) | +46.3% | | Income Tax Credit | 106 | 60 | +76.7% | | Loss for the Year | (13,405) | (9,174) | +46.1% | | Loss Per Share (Basic and Diluted) | (0.1044) | (0.0715) | +46.0% | Consolidated Statement of Financial Position As of March 31, 2025, the group's net assets decreased by 23.1% to HKD 54,431 thousand, primarily due to reduced non-current and current assets | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | | | | | Property, Plant and Equipment | 1,181 | 2,148 | -45.0% | | Right-of-use Assets | 1,479 | 4,438 | -66.7% | | Investment Properties | 39,500 | 46,400 | -14.9% | | Deferred Tax Assets | 939 | 721 | +30.2% | | Lease Deposits | – | 539 | -100.0% | | Current Assets | | | | | Inventories | 1,413 | 4,405 | -67.9% | | Financial Assets at FVTPL | – | 8,984 | -100.0% | | Trade and Other Receivables | 11,386 | 13,896 | -18.1% | | Bank Balances and Cash | 5,702 | 3,811 | +49.6% | | Current Liabilities | | | | | Trade and Other Payables | 4,636 | 7,179 | -35.4% | | Lease Liabilities | 1,600 | 2,956 | -45.9% | | Bank Borrowings | – | 2,200 | -100.0% | | Net Assets | 54,431 | 70,734 | -23.1% | Notes to the Consolidated Financial Statements This section details the accounting policies, significant judgments, and estimates used in preparing the consolidated financial statements General Information The company, incorporated in the Cayman Islands, is an investment holding company with subsidiaries providing mobile device repair services and selling related accessories - The Company is an investment holding company incorporated in the Cayman Islands, with its subsidiaries primarily engaged in mobile phone and personal electronic product repair and refurbishment services and related accessories sales[6] - The Group is controlled and beneficially owned by KW Cheung Family Trust, Mr Cheung King Shek, Mr Cheung King Shan, Mr Cheung King Chuen and Mr Cheung King Fung (the "Cheung Brothers")[5] Application of Revised HKFRSs Several revised HKFRSs, including those for lease liabilities and non-current liabilities, were applied this year with no significant impact on the group's financial performance or position - This year, the Group first applied HKFRS 16 (Amendment) Lease Liability in a Sale and Leaseback, HKAS 1 (Amendment) Non-current Liabilities with Covenants, and other revised HKFRSs[7] - The application of these revised accounting standards had no significant impact on the Group's financial performance and position for the current and prior periods[8][10][12][13] New and Revised HKFRSs Not Yet Effective The group has not early adopted new HKFRSs, such as HKFRS 18, which may affect financial statement presentation but are not expected to significantly impact financial position - The Group has not early adopted HKFRS 18 (Presentation and Disclosure in Financial Statements), HKFRS 19 (Subsidiaries without Public Accountability: Disclosures), and HKAS 21 (Amendment) Lack of Exchangeability, among others[14] - HKFRS 18 is not expected to have a significant impact on the Group's financial position, but it is expected to affect the presentation of the statement of profit or loss and other comprehensive income, the statement of cash flows, and disclosures in future financial statements[15] - As the Company's equity instruments are publicly traded, it does not qualify for electing to apply HKFRS 19[19] Basis of Consolidation The consolidated financial statements include the company and its subsidiaries, with adjustments made to align accounting policies and eliminate intra-group transactions - The consolidated financial statements include the Company and its subsidiaries, with appropriate adjustments made to the subsidiaries' financial statements to ensure compliance with the Group's accounting policies[26] - The Group begins to consolidate a subsidiary when it obtains control over the subsidiary and ceases to consolidate when it loses control over the subsidiary[27] Revenue The group's total revenue for FY2025 was HKD 44,223 thousand, an 18.7% decrease from FY2024, with repair services being the primary contributor | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Repair service income | 44,019 | 54,195 | -18.8% | | Sales of accessories and provision of support services | 204 | 192 | +6.3% | | Total Revenue | 44,223 | 54,387 | -18.7% | | Geographical (Hong Kong) | 44,223 | 54,387 | -18.7% | Segment Information The group operates as a single segment, focusing on mobile and personal electronic device repair and refurbishment services, with all operations and assets located in Hong Kong - The Group operates in a single segment, which is the provision of repair and refurbishment services for mobile phones and other personal electronic products, and the sale of related accessories and provision of support services[31] - For the years ended March 31, 2025 and 2024, 100% of the Group's revenue was generated in Hong Kong, and 100% of its non-current assets were located in Hong Kong[32] Other Income and Gains Total other income and gains increased significantly by 68.6% to HKD 5,912 thousand, driven by management fees, rental income, and gains from financial asset disposals | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Government grants | – | 177 | -100.0% | | Management fee income | 2,657 | 2,205 | +20.5% | | Rental income | 1,158 | 663 | +74.7% | | Dividend income from financial assets at FVTPL | – | 332 | -100.0% | | Gain on disposal of financial assets at FVTPL | 1,448 | 49 | +2855.1% | | Storage income | 332 | 72 | +361.1% | | Bank interest income | 291 | 5 | +5720.0% | | Others | 26 | 4 | +550.0% | | Total | 5,912 | 3,507 | +68.6% | - There were no COVID-19 related government grants in 2025, compared to HKD 177 thousand in 2024[34] Finance Costs Total finance costs decreased by 30.6% to HKD 177 thousand, primarily due to lower interest expenses on bank borrowings | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest expense on bank borrowings | 23 | 120 | -80.8% | | Interest expense on lease liabilities | 154 | 135 | +14.1% | | Total Finance Costs | 177 | 255 | -30.6% | Income Tax Credit The income tax credit for the year increased by 76.7% to HKD 106 thousand, comprising Hong Kong profits tax and deferred tax credits | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong profits tax (current year) | 112 | 38 | +194.7% | | Hong Kong profits tax (under-provision in prior years) | – | 184 | -100.0% | | Deferred tax | (218) | (282) | -22.7% | | Total Income Tax Credit | (106) | (60) | +76.7% | - The Group is not subject to any income tax in the Cayman Islands and British Virgin Islands[35] Loss for the Year The loss for the year expanded by 46.1% to HKD 13,405 thousand, influenced by reduced gross profit and increased impairment loss on investment properties | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total staff costs | 32,421 | 33,936 | -4.46% | | Auditor's remuneration | 530 | 530 | 0.00% | | Depreciation of property, plant and equipment | 1,025 | 1,878 | -45.42% | | Depreciation of right-of-use assets | 2,959 | 2,823 | +4.82% | | Depreciation of investment properties | 2,008 | 2,004 | +0.20% | | Amount of inventories recognized as expense | 12,470 | 13,474 | -7.45% | Dividends A second-quarter interim dividend of HKD 0.02 per share, totaling HKD 2,567 thousand, was declared, with a fourth-quarter interim dividend also resolved post-period end - Dividends recognized as distribution during the year: second-quarter interim dividend of HKD 0.02 per share, totaling HKD 2,567 thousand[37] - Subsequent to the end of the reporting period, the Board resolved to declare a fourth-quarter interim dividend of HKD 0.02 per share for the year ended March 31, 2025 (2024: nil)[37] Loss Per Share Basic and diluted loss per share increased to HKD 0.1044, reflecting the expanded annual loss, with no dilutive ordinary shares outstanding in either period | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the purpose of calculating basic and diluted loss per share (HKD thousands) | (13,405) | (9,174) | | Weighted average number of ordinary shares | 128,342,000 | 128,342,000 | | Loss Per Share (HKD) | (0.1044) | (0.0715) | - As there were no potentially dilutive ordinary shares outstanding in either year, the diluted loss per share is the same as the basic loss per share[38] Lease Deposits and Trade and Other Receivables Total trade and other receivables decreased by 21.1% to HKD 11,386 thousand, with trade receivables declining by 28.9% and an average credit period of 30 to 60 days | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables | 7,502 | 10,550 | -28.9% | | Other receivables | 127 | 98 | +29.6% | | Lease and other deposits | 3,607 | 3,644 | -1.0% | | Prepayments | 150 | 143 | +4.9% | | Total | 11,386 | 14,435 | -21.1% | | Less: Lease deposits classified as non-current assets | – | (539) | -100.0% | | Current portion included in trade and other receivables | 11,386 | 13,896 | -18.1% | | Ageing of Trade Receivables | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 30 days | 3,749 | 6,746 | | 31 to 60 days | 3,713 | 2,446 | | 61 to 90 days | – | 1,284 | | 91 to 120 days | 40 | 74 | | Total | 7,502 | 10,550 | - The average credit period granted by the Group to its trade customers is 30 to 60 days[40] - The directors of the Company consider that the expected credit losses on trade receivables are immaterial, and therefore, no loss allowance for trade receivables was recognized as at March 31, 2025 and 2024[42] Trade and Other Payables Total trade and other payables decreased by 34.4% to HKD 4,844 thousand, with trade payables down by 48.7% and an average credit period of 30 to 60 days for purchases | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 2,328 | 4,542 | -48.7% | | Accrued expenses and other payables | 2,516 | 2,845 | -11.6% | | Total | 4,844 | 7,387 | -34.4% | | Less: Other payables classified as non-current liabilities | (208) | (208) | 0.0% | | Current portion included in trade and other payables | 4,636 | 7,179 | -35.4% | | Ageing of Trade Payables | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 30 days | 2,305 | 4,445 | | 31 to 60 days | 9 | 78 | | 61 to 90 days | – | – | | Over 90 days | 14 | 19 | | Total | 2,328 | 4,542 | - The average credit period for purchases of goods ranges from 30 to 60 days[44] Share Capital As of March 31, 2025, the company's authorized share capital remained at HKD 100,000 thousand, with issued and fully paid share capital at HKD 12,834 thousand | Share Capital Type | Number of Shares | Share Capital (HKD thousands) | | :--- | :--- | :--- | | Authorized share capital (ordinary shares of HKD 0.1 each) | 1,000,000,000 | 100,000 | | Issued and fully paid share capital (ordinary shares of HKD 0.1 each) | 128,342,000 | 12,834 | - There was no change in the share capital structure for the year ended March 31, 2025[45] Management Discussion and Analysis This section provides an overview of the group's business environment, operational performance, financial results, and future outlook Industry Overview The global smartphone market grew in 2024, driven by diverse product offerings and emerging market demand, while Hong Kong's repair market remains competitive - The global smartphone market showed overall growth in 2024, primarily driven by the launch of different price-point devices and particularly strong demand for mid-to-low-end models in China and other emerging markets[46] - Technological advancements, including the increasing prevalence of mobile AI, are expected to continue accelerating innovation and product refresh cycles[46] - The mobile phone and personal electronic product repair and refurbishment market in Hong Kong remains highly competitive[46] Business Review As a long-established repair service provider in Hong Kong, the group faced challenges from macroeconomic volatility and increased competition, resulting in reduced revenue and an expanded annual loss - The Group is a long-established repair service provider in Hong Kong, primarily engaged in providing repair and refurbishment services for mobile phones and other consumer electronic products, as well as selling related accessories[47] - Macroeconomic conditions remained volatile, with both the Hong Kong and global economies facing uncertainties, and the market for mobile phone and consumer electronic device repair services becoming increasingly competitive[47] | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 44,223 | 54,387 | -18.7% | | Gross Profit | 3,532 | 11,251 | -68.6% | | Loss for the Year | 13,405 | 9,174 | +46.1% | Financial Review The financial performance was impacted by declining revenue, narrower gross profit, and impairment losses on investment properties, leading to an expanded loss for the year Revenue Repair service revenue decreased by 18.8% to HKD 44,019 thousand, while sales of accessories and support services slightly increased by 6.3% to HKD 204 thousand | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Repair service income | 44,019 | 54,195 | -18.8% | | Sales of accessories and provision of support services income | 204 | 192 | +6.3% | Cost of Sales Cost of sales decreased by 5.7% to HKD 40,691 thousand, primarily due to lower direct labor and parts costs, with cost of inventories sold also declining | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 40,691 | 43,136 | -5.7% | | Cost of inventories sold | 12,470 | 13,474 | -7.5% | | Direct labor costs | 28,221 | 29,662 | -4.9% | - The decrease in direct labor costs was primarily due to a reduction in manpower[49] Other Income and Gains Other income and gains significantly increased to HKD 5,912 thousand, mainly from management fees, rental income, storage income, bank interest, and gains from financial asset disposals | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Other income and gains | 5,912 | 3,507 | - Other income primarily includes management fee income, rental income, storage income, bank interest income, and gains from the disposal of financial assets[50] Net Operating Expenses and Administrative Expenses Net other operating expenses increased by 9.1% to HKD 4,706 thousand, while administrative expenses decreased by 9.0% to HKD 13,180 thousand due to lower depreciation, salaries, and office costs | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net other operating expenses | 4,706 | 4,315 | +9.1% | | Administrative expenses | 13,180 | 14,477 | -9.0% | - The increase in net other operating expenses was primarily due to a decrease in miscellaneous income from providing labor support services to a corporate client[51] Income Tax The income tax credit for the year increased to HKD 106 thousand from HKD 60 thousand in the prior year | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Income tax credit | 106 | 60 | Loss for the Year The loss for the year expanded to HKD 13,405 thousand, primarily driven by reduced gross profit and a significant increase in investment property impairment loss | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Loss for the Year | 13,405 | 9,174 | | Gross Profit | 3,532 | 11,251 | | Gain on disposal of financial assets | 1,448 | 49 | | Impairment loss on investment properties | 4,892 | 196 | | Fair value loss on financial assets | – | 4,749 | Financial Asset Investments All financial assets were disposed of during the year, resulting in a gain of HKD 1,448 thousand, aligning with the company's objective to generate stable income and balance risk - For the year ended March 31, 2025, all financial assets were sold (2024: financial assets at fair value through profit or loss were approximately HKD 8,984 thousand)[54] | Item | Amount (HKD thousands) | | :--- | :--- | | Investment cost | 15,785 | | Fair value as at March 31, 2024 | 8,984 | | Gain on disposal for the year ended March 31, 2025 | 1,448 | - The Company's investment objective is to generate stable additional interest or dividend income and to invest in the prospects of reputable and sizable issuers to create value and balance risk[56] Liquidity and Financial Resources As of March 31, 2025, the group maintained a sound liquidity position with HKD 18,758 thousand in current assets and HKD 6,392 thousand in current liabilities, supported by unutilized bank facilities | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Current Assets | 18,758 | 31,370 | | Current Liabilities | 6,392 | 12,639 | | Net cash used in operating activities | 868 | N/A (Not provided) | | Net cash from investing activities | 10,659 | N/A (Not provided) | | Bank balances and cash | 5,702 | 3,811 | - The Group has unutilized bank facilities of approximately HKD 10,200 thousand, which can be drawn upon for further funding needs[58] Contingent Liabilities As of March 31, 2025, the group had no significant contingent liabilities - As at March 31, 2025, the Group had no significant contingent liabilities (2024: nil)[59] Foreign Exchange Risk The group's operations are primarily denominated in HKD and USD, with no current foreign exchange hedging policy, but the board continuously monitors and will consider hedging as needed - The Group's operations are located in Hong Kong and are denominated in Hong Kong Dollars and US Dollars; the Group currently has no foreign exchange hedging policy[60] - The directors continuously monitor the relevant foreign exchange risks and will consider hedging significant foreign exchange risks when necessary[60] Capital Commitments As of March 31, 2025, the group had no significant capital commitments - As at March 31, 2025, the Group had no significant capital commitments (2024: nil)[61] Capital Structure The capital structure remained unchanged during the year, comprising bank balances, cash, and equity attributable to owners, with management regularly reviewing and balancing it - There was no change in the capital structure for the year ended March 31, 2025[62] - The Group's capital structure comprises bank balances and cash and equity attributable to owners of the Company (including issued share capital and reserves)[63] - Management will balance its overall capital structure through the payment of dividends, issuance of new shares, and issuance or redemption of existing debt[63] Material Acquisitions or Disposals and Significant Investments The group made no material acquisitions or disposals of subsidiaries or associates during the year and held no significant investments other than disclosed financial assets and investment properties - For the year ended March 31, 2025, the Group made no material acquisitions or disposals of subsidiaries or associates (2024: nil)[64] - Save for the financial asset investments disclosed above and investment properties held, the Group held no significant investments as at March 31, 2025[64] Employees and Remuneration Policy The group employed 93 full-time employees as of March 31, 2025, a decrease from the prior year, with remuneration based on individual and group performance, experience, and market practices | Item | 2025 | 2024 | | :--- | :--- | :--- | | Number of full-time employees | 93 | 109 | - The Group assesses employee remuneration, promotion, and salary increments based on individual employee and Group performance, professional and work experience, and by reference to prevailing market practices and standards[65] Outlook The group plans to strengthen its core business, enhance service quality, and optimize operations while actively exploring new opportunities to diversify revenue and create long-term shareholder value - The Group will continue to consolidate its core business foundation, continuously enhance service quality, and integrate internal resources to improve operational efficiency[66] - The Group will actively explore new business opportunities, refine its business model, and achieve diversified operations to expand revenue sources and create maximum long-term value for shareholders[66] - The Group remains cautiously optimistic about the overall business climate and economic outlook[66] Corporate Governance and Other Information This section outlines the company's adherence to corporate governance practices, policies for directors' securities transactions, and other relevant disclosures Corporate Governance Practices The company adopted and complied with the Corporate Governance Code, ensuring proper regulation of business activities, with regular updates provided to the board on significant changes - The Company has adopted and complied with the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited for the financial year ended March 31, 2025[67] - The Group's Chief Executive Officer and Chief Financial Officer have provided and will continue to provide the entire Board with updates on any significant changes in the Company's performance, position, and prospects as business needs and conditions require, which are considered sufficient to provide the Board with a general update on the Company[67] Standard Code for Securities Transactions by Directors The company adopted the Standard Code for Securities Transactions by Directors, and all directors confirmed compliance with its required standards during the year - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as its own code of conduct regarding directors' securities transactions[68] - All directors have confirmed that they have complied with the required standards set out in the Standard Code during the year[68] Purchase, Sale or Redemption of the Company's Listed Securities Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the year - During the year, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[69] Directors' Interests in Transactions, Arrangements or Contracts No significant transactions, arrangements, or contracts in which directors or their connected entities had a material interest were entered into or remained in effect during the year, unless otherwise disclosed - Save as disclosed otherwise, no significant transactions, arrangements, or contracts in which a director or an entity connected with a director had a material interest were entered into by the Company, its holding company, any of its subsidiaries, or fellow subsidiaries, and remained in effect at any time during the year[70] Fourth Quarter Interim Dividend The board resolved to declare a fourth-quarter interim dividend of HKD 0.02 per share, totaling approximately HKD 2.57 million, payable on July 31, 2025 - The Board resolved to declare a fourth-quarter interim dividend of HKD 0.02 per share (2024 fourth quarter: nil) in cash for the year, totaling approximately HKD 2.57 million[71] - The dividend is expected to be paid on July 31, 2025, to shareholders whose names appear on the Company's register of members on July 22, 2025[71] - To determine the eligibility of shareholders for the proposed fourth-quarter interim dividend, the Company will suspend share transfer registration from July 21, 2025, to July 22, 2025 (both dates inclusive)[72] Annual General Meeting The Annual General Meeting is scheduled for September 25, 2025, with share transfer registration suspended from September 22 to September 25 to determine shareholder eligibility - The Company's Annual General Meeting is scheduled to be held on Thursday, September 25, 2025[73] - To determine the eligibility of shareholders to attend and vote at the Annual General Meeting, the Company will suspend share transfer registration from September 22, 2025, to September 25, 2025 (both dates inclusive)[74] Review by Audit Committee The Audit Committee, comprising three independent non-executive directors, reviewed the group's audited consolidated annual results, internal controls, and risk management for the year - The Audit Committee has reviewed the Group's audited consolidated annual results, internal controls, and risk management for the year, which have been audited by the Group's auditor, Shinewing (HK) CPA Limited[75] - The Audit Committee comprises three independent non-executive directors, with one independent non-executive director serving as the Chairman of the Audit Committee[75] Scope of Work of Independent Auditor The independent auditor confirmed that the preliminary results align with the audited consolidated financial statements but did not express an assurance opinion on the results announcement - The figures in respect of the Group's preliminary announcement of results for the year have been agreed by the Group's independent auditor, Shinewing (HK) CPA Limited, to the amounts set out in the Group's audited consolidated financial statements for the year[76] - The work performed by Shinewing (HK) CPA Limited in this regard does not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements, and Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants, and accordingly, Shinewing (HK) CPA Limited has not expressed any assurance opinion on the results announcement[76] Publication of 2024/2025 Annual Results Announcement and Annual Report The annual results announcement is available on the company and HKEX websites, with the full annual report to be dispatched to shareholders and made available online in due course - This results announcement is published on the Company's website (www.tso.cc) and the HKEX website (www.hkexnews.hk), respectively[77] - The Company's 2024/2025 Annual Report, containing all information required by the Listing Rules, will be dispatched to shareholders in due course in the manner required by the Listing Rules and will be available on the respective websites of the Company and HKEX[77]