电讯数码控股(06033) - 2025 - 年度业绩

Financial Performance Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2025, Group revenue decreased by 3.0% to HKD 1.332 billion, while profit attributable to owners significantly declined by 59.9% to HKD 22.62 million Key Consolidated Statement of Profit or Loss Data | Metric | 2025 (Thousand HKD) | 2024 (Thousand HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,331,596 | 1,372,767 | -3.0% | | Profit Before Tax | 26,870 | 71,368 | -62.3% | | Profit Attributable to Owners of the Company for the Year | 22,617 | 56,379 | -59.9% | | Basic Earnings Per Share (HKD) | 0.06 | 0.14 | -57.1% | - Other income and gains significantly decreased from HKD 43.39 million to HKD 7.74 million, primarily due to HKD 38.11 million gain on disposal of property, plant, and equipment in the prior year, which was absent this year[3][30][51] - Finance costs decreased from HKD 43.74 million to HKD 36.87 million, mainly due to reduced interest on bank and other borrowings[3][31] Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets were HKD 1.208 billion and net assets were HKD 486 million, both slightly down, with a net current liability of HKD 493 million, though management expects continued operation Key Consolidated Statement of Financial Position Data | Metric | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Non-current Assets | 997,793 | 1,019,140 | | Current Assets | 209,836 | 206,249 | | Total Assets | 1,207,629 | 1,225,389 | | Current Liabilities | 702,563 | 709,636 | | Non-current Liabilities | 18,581 | 22,081 | | Total Liabilities | 721,144 | 731,717 | | Net Assets | 486,485 | 493,672 | | Net Current Liabilities | (492,727) | (503,387) | - As of March 31, 2025, the Group had net current liabilities of HKD 493 million; however, directors consider the financial statements appropriate on a going concern basis given HKD 243 million in unutilized bank facilities and expected sufficient operating cash flow[9][10] Notes to the Consolidated Financial Statements This section details financial statements, highlighting that 78% of revenue comes from product sales, Hong Kong is the sole operating location, top two customers contribute 50.7% of total revenue, and a HKD 0.02 per share Q4 interim dividend is proposed Revenue Analysis Total Group revenue was HKD 1.332 billion, with HKD 1.310 billion from customer contracts; goods sales in product business contributed HKD 1.037 billion (+2.1%), while operating services revenue decreased by 17.9% to HKD 251 million Revenue by Business Segment | Business Segment | 2025 (Thousand HKD) | 2024 (Thousand HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Product Business | | | | | - Goods Sales | 1,037,494 | 1,016,464 | +2.1% | | - Services Provided | 3,108 | 6,896 | -55.0% | | Operating Services | 251,353 | 306,297 | -17.9% | | Other Segments | 18,302 | 21,129 | -13.4% | | Property Investment Rental Income | 21,339 | 21,981 | -2.9% | | Total | 1,331,596 | 1,372,767 | -3.0% | Segment Information Product business segment profit decreased by 43.9% to HKD 35.18 million, operating services by 61.2% to HKD 16.94 million, and property investment recorded a HKD 1.37 million loss, with top two customers contributing over 50% of revenue Segment Results | Segment | 2025 Segment Results (Thousand HKD) | 2024 Segment Results (Thousand HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Product Business | 35,179 | 62,670 | -43.9% | | Operating Services | 16,941 | 43,613 | -61.2% | | Property Investment | (1,374) | (2,758) | -50.2% | | Other Segments | 3,711 | 5,288 | -29.8% | - The Group has high reliance on key customers, with Customer A contributing HKD 424 million and Customer B contributing HKD 252 million, together accounting for 50.7% of total revenue[29] - All of the Group's non-current assets are located in Hong Kong, thus no geographical information is presented[28] Dividends During the reporting period, total dividends confirmed for distribution amounted to HKD 28.26 million, and the Board resolved to declare a fourth-quarter interim dividend of HKD 0.02 per share for the year ended March 31, 2025 Dividend Distribution | Dividend Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | 2023/24 First Quarter Interim Dividend | – | 12,113 | | 2023/24 Fourth Quarter Interim Dividend | 16,150 | – | | 2024/25 Second Quarter Interim Dividend | 12,113 | – | | Total Recognized During the Year | 28,263 | 12,113 | - Subsequent to the reporting period, directors resolved to declare a fourth-quarter interim dividend of HKD 0.02 per share (2024: HKD 0.04 per share)[36] Earnings Per Share For the year ended March 31, 2025, basic and diluted earnings per share significantly decreased to HKD 0.06 from HKD 0.14, primarily due to profit attributable to owners falling from HKD 56.38 million to HKD 22.62 million, with no potentially dilutive ordinary shares outstanding Earnings Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company for the Year (Thousand HKD) | 22,617 | 56,379 | | Weighted Average Number of Ordinary Shares (Thousand Shares) | 403,753 | 403,753 | | Basic and Diluted Earnings Per Share (HKD) | 0.06 | 0.14 | Management Discussion and Analysis Industry Overview and Business Review Despite stable growth in Hong Kong's telecom sector driven by 5G, the Group faces macroeconomic volatility, geopolitical instability, and inflation, leading to a challenging retail environment and declines in revenue to HKD 1.332 billion and net profit to HKD 22.62 million - Hong Kong's telecom industry continues to grow, with mobile communication service subscriber penetration reaching 351.3% by February 2025, and mobile data usage significantly increasing year-on-year[45] - Customer spending behavior has become cautious due to macroeconomic uncertainties, a sluggish property market, and stock market volatility, posing challenges to the Group's retail environment[46] - The Group's revitalized industrial building in Kwun Tong, with a total floor area of approximately 97,314 sq ft, has completed renovation, with 70% leased and 23% self-occupied as of the announcement date[47] Financial Review This year's financial performance declined, with total revenue slightly down 3.0% to HKD 1.332 billion and net profit sharply down 59.9% to HKD 22.62 million, primarily due to the absence of prior year's HKD 38.10 million property disposal gain and reduced gross profit, partially offset by fair value gains on financial assets, increased share of associate's results, and lower operating and finance costs Revenue and Segment Performance Product business revenue grew 1.7% to HKD 1.041 billion as the main source, while operating services revenue significantly declined 17.9% to HKD 251 million due to intense competition, other segments decreased 13.4%, and property investment revenue remained stable Revenue Performance by Segment | Segment | 2025 Revenue (Million HKD) | 2024 Revenue (Million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Product Business | 1,040.60 | 1,023.36 | +1.7% | | Operating Services | 251.35 | 306.30 | -17.9% | | Property Investment | 21.34 | 21.98 | -2.9% | | Other Segments | 18.30 | 21.13 | -13.4% | - As of the announcement date, the Group operates 69 retail stores, a decrease from 73 in the prior year[49][52] Profitability Analysis Net profit sharply declined by 59.9%, primarily due to the absence of a HKD 38.10 million property disposal gain from the prior year, partially offset by a 123.9% increase in share of associate's results to HKD 20.62 million, a HKD 19.94 million reduction in operating and finance costs, and a HKD 14.46 million net fair value gain on financial assets - Key contributing factors to the profit decline include: - Absence of gain on disposal of property (prior year: HKD 38.10 million) - Recognition of net fair value gain on financial assets and derivative instruments of approximately HKD 14.46 million (prior year: loss of HKD 12.06 million) - Decrease in gross profit of approximately HKD 67.02 million - Increase in share of results of an associate (New Mobile Communications) by HKD 11.41 million - Decrease in operating expenses and finance costs by HKD 19.94 million - Decrease in income tax expense by HKD 10.74 million[57] - Share of results of an associate (New Mobile Communications) increased by 123.9% to HKD 20.62 million, primarily due to a reduction in its cost of sales[53] - Other operating expenses decreased by 12.3% year-on-year, mainly due to lower information fees and rental expenses[52] Investments and Financial Instruments As of March 31, 2025, the Group held financial assets at fair value through profit or loss of approximately HKD 34.76 million, mainly listed equities of HKEX and China Merchants Bank, recording fair value gains and HKD 1.45 million in dividend income, alongside accumulator put option contracts with a net fair value loss of HKD 0.642 million Major Listed Equity Securities Investments | Stock Name | Fair Value as of 2025/3/31 (Thousand HKD) | Percentage of Total Assets | | :--- | :--- | :--- | | Hong Kong Exchanges and Clearing Limited (00388.HK) | 21,281 | 1.8% | | China Merchants Bank (03968.HK) | 13,480 | 1.1% | - The Group's investment objective is to generate stable additional interest or dividend income, with a strategy to invest in reputable and sizable issuers[62] - As of March 31, 2025, the Group held accumulator put option contracts linked to securities listed on the Stock Exchange, with a net fair value loss of approximately HKD 0.642 million[61] Liquidity and Financial Resources As of March 31, 2025, the Group had cash and cash equivalents of HKD 22.69 million but net current liabilities of HKD 493 million, with a gearing ratio of approximately 120.1%, consistent with last year, and HKD 243 million in unutilized bank facilities deemed sufficient for going concern Liquidity and Capital Structure Metrics | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents (Million HKD) | 22.69 | 27.33 | | Net Current Liabilities (Million HKD) | 492.73 | 503.39 | | Current Ratio | 0.30 | 0.29 | | Gearing Ratio | 120.1% | 121.0% | | Unutilized Bank Facilities (Million HKD) | 242.85 | N/A | Outlook Management maintains cautious optimism, expecting continued pressure on Hong Kong and global economic growth and a subdued retail sector short-term due to geopolitical tensions, inflation, and US-China relations, focusing on cost control, operational efficiency, and exploring new business opportunities for sustainable development - Management anticipates Hong Kong's retail sector will remain subdued in the short term due to negative macroeconomic factors[73] - Future strategic priorities include: - Maintaining cautious optimism and pursuing steady business expansion - Focusing on cost control and optimizing operational efficiency - Actively researching and exploring new business opportunities and diversification initiatives[73] Corporate Governance and Other Information Corporate Governance The company has adopted and complied with the Listing Rules' Corporate Governance Code, with a minor deviation in the frequency of providing monthly updates to the Board, and all directors have confirmed compliance with the adopted standard code for securities transactions - The company has adopted and complied with the Corporate Governance Code, with a deviation from the requirement for management to provide monthly updates to all Board members, as the company deems updates as needed sufficient[74] - During the reporting year, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[76] Dividend Policy The Board resolved to declare a fourth-quarter interim dividend of HKD 0.02 per share for the year ended March 31, 2025, totaling approximately HKD 8.08 million, lower than the prior year's HKD 0.04 per share, payable on October 17, 2025 - The Board declared a fourth-quarter interim dividend of HKD 0.02 per share for the year ended March 31, 2025[68][78] - To determine dividend eligibility, the company will suspend share transfer registration from October 6 to October 8, 2025[78] Review and Reports This year's audited consolidated annual results have been reviewed by the Company's Audit Committee, and independent auditor Shinewing (Hong Kong) CPA Limited has reconciled the figures in the announcement with the audited consolidated financial statements without expressing an assurance opinion on the announcement - The Company's Audit Committee has reviewed the Group's audited consolidated annual results, internal controls, and risk management[81] - Independent auditor Shinewing has confirmed that the financial figures in this announcement align with the annual audited consolidated financial statements[82] - The 2024/2025 annual report, containing all required information, will be dispatched to shareholders and published on the company's and Stock Exchange's websites in due course[83]