奥克斯国际(02080) - 2025 - 年度业绩

Financial Highlights Overall profit increased significantly due to narrowed losses from discontinued operations, despite a slight decline in continuing operations revenue and profit Consolidated Statement of Profit or Loss Overall profit increased significantly due to narrowed losses from discontinued operations, despite a slight decline in continuing operations revenue and profit Consolidated Statement of Profit or Loss Key Data (HKD thousands) | Indicator | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue from Continuing Operations | 330,625 | 363,849 | -9.1% | | Profit Before Tax | 41,843 | 44,345 | -5.6% | | Profit from Continuing Operations | 26,470 | 29,182 | -9.3% | | Loss from Discontinued Operations | (2,466) | (12,461) | +80.2% | | Profit for the Year | 24,004 | 16,721 | +43.6% | | Basic Earnings Per Share | 4.9 HK cents | 3.4 HK cents | +44.1% | - Despite a decline in revenue and profit from continuing operations, the company's overall profitability significantly improved due to a substantial reduction in losses from the discontinued Hong Kong lifestyle and entertainment business, from HKD 12.461 million to HKD 2.466 million[3][57] Consolidated Statement of Financial Position Net assets increased by 9.0% to HKD 251 million, driven by reduced liabilities, though the current ratio declined from 2.5x to 1.5x Consolidated Statement of Financial Position Key Data (HKD thousands) | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 126,871 | 80,244 | Increase | | Current Assets | 396,538 | 448,872 | Decrease | | Total Assets | 523,409 | 529,116 | -1.1% | | Current Liabilities | 264,094 | 178,420 | Increase | | Non-current Liabilities | 8,596 | 120,734 | Decrease | | Total Liabilities | 272,690 | 299,154 | -8.8% | | Net Assets | 250,719 | 229,962 | +9.0% | - The significant reduction in non-current liabilities was primarily due to the repayment of a portion of loans from the controlling shareholder, with the loan balance decreasing from HKD 105 million to zero[8][51] - The current ratio (current assets/current liabilities) decreased from approximately 2.5 times in the prior year to approximately 1.5 times in the current year[65] Segment and Business Analysis Property management remains core with stable revenue, while related value-added services contracted and discontinued operations losses narrowed Segment Performance Property management remains core with stable revenue, while related value-added services contracted and discontinued operations losses narrowed Revenue and Adjusted EBITDA by Segment (HKD thousands) | Segment (Region) | Revenue (2025) | Revenue (2024) | Adjusted EBITDA (2025) | Adjusted EBITDA (2024) | | :--- | :--- | :--- | :--- | :--- | | Continuing Operations | | | | | | Property Management (Mainland China) | 295,132 | 298,300 | 52,506 | 49,109 | | Related Value-Added Services (Mainland China) | 35,493 | 65,549 | 3,024 | 2,339 | | Subtotal | 330,625 | 363,849 | 55,530 | 51,448 | | Discontinued Operations | | | | | | Lifestyle and Entertainment (Hong Kong) | – | 14,968 | (2,455) | (12,977) | | Total | 330,625 | 378,817 | 53,075 | 38,471 | - The significant decrease in revenue from property management related value-added services is due to the company's decision to reallocate resources from the labor-intensive home furnishing retail business to focus on providing high-value services to property owners[60] Continuing Operations Analysis Property management showed resilience, increasing total contracted GFA from 9.2 million to 9.6 million sqm by optimizing its project portfolio - The decrease in the number of managed projects but increase in total contracted GFA reflects the company's strategy of optimizing its project portfolio and focusing on higher-value contracts, such as industrial park management[58][59] - Revenue from the property management segment was approximately HKD 295 million, a modest decrease compared to HKD 298 million in the previous fiscal year, indicating business stability[59] Discontinued Operations Analysis Termination of Hong Kong lifestyle business completed, significantly narrowing its loss from HKD 12.461 million to HKD 2.466 million - Given the unfavorable business outlook, the Board decided not to renew leases upon expiry and terminated the Hong Kong lifestyle and entertainment business to optimize resource allocation and focus on core operations[54][57] Financial Performance of Discontinued Operations (HKD thousands) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | – | 14,968 | | Loss Before Tax | (2,466) | (12,461) | | Loss for the Year | (2,466) | (12,461) | Management Discussion and Analysis Management noted challenging conditions from China's real estate downturn, strategically terminating Hong Kong lifestyle business to focus on core operations Overall Performance Review Management noted challenging conditions from China's real estate downturn, strategically terminating Hong Kong lifestyle business to focus on core operations - The company's main challenge is the continuous cooling of China's real estate market, leading to fewer new development projects and adversely affecting the property management business[56] - The termination of the Hong Kong lifestyle and entertainment business is a strategic transformation aimed at optimizing resource allocation and strengthening strategic focus on core business areas in China[57] Cost and Expense Analysis Costs controlled via project optimization and outsourcing, reducing cleaning and staff costs, but increased security outsourcing raised overall expenses - Property cleaning expenses decreased by 12.9% year-on-year to HKD 59.3 million, primarily due to project portfolio adjustments[61] - Staff costs decreased by HKD 6.7 million year-on-year to HKD 123.7 million, mainly due to a reduction in security personnel[62] - Other operating expenses increased by 24.6% year-on-year to HKD 42.6 million, primarily due to a HKD 12.3 million increase in security costs from outsourced security services[64] Liquidity and Capital Resources Financial position is stable with improved debt-to-asset ratio (0.3 to 0.2) and no bank borrowings, despite reduced cash and current ratio Liquidity and Capital Structure | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Bank Deposits and Cash | Approx. HKD 103.8 million | Approx. HKD 298.7 million | | Current Ratio | Approx. 1.5 times | Approx. 2.5 times | | Debt-to-Asset Ratio | 0.2 | 0.3 | | Total Interest-Bearing Borrowings | Approx. HKD 56.9 million | Approx. HKD 58.4 million | - The company's capital structure includes approximately HKD 251 million in equity and HKD 38.3 million in controlling shareholder loans, with no interest-bearing bank borrowings[67] Outlook and Strategy The company will continue to focus on property management while exploring investments in diverse industries to expand revenue streams - The company's strategic focus will remain on the property management business, with confidence in maintaining profitability despite industry slowdowns[74] - The company plans to evaluate the potential to expand revenue streams through investments in various industries, including trade, IT, and brand development, to achieve business diversification[70] Corporate Governance and Other Information The company confirms compliance with the Corporate Governance Code and the Model Code for Securities Transactions by Directors Dividend Policy The Board does not recommend paying any dividend for the year ended March 31, 2025, consistent with the prior year - The Board does not recommend paying a final dividend for the current year[53][76] Corporate Governance and Compliance The company confirms compliance with the Corporate Governance Code and the Model Code for Securities Transactions by Directors - The company has adopted and complied with the provisions of the Corporate Governance Code[77] - During the current year, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[79] Audit Information The Audit Committee reviewed financial statements, and KPMG reconciled announced figures with annual statements, noting this is not a full audit - The Audit Committee, comprising three independent non-executive directors, has reviewed the current year's results[80] - KPMG's scope of work was limited to comparing the financial figures in the announcement with the financial statements and does not provide any assurance opinion on this announcement[81]