中国数智科技(01796) - 2025 - 年度业绩

Financial Summary Key Financial Indicators Metaspacex Limited recorded a significant revenue decline, substantial gross margin contraction, and a shift from profit to loss, increasing basic and diluted loss per share, with no dividends declared for the year ended March 31, 2025 | Indicator | FY2025 (Million HKD) | FY2024 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 263.9 | 460.3 | -42.7% | | Gross Margin | 2.1% | 4.4% | -2.3 percentage points | | Loss Before Income Tax | 32.2 | 4.4 | +631.8% | | Loss and Total Comprehensive Expense Attributable to Owners of the Company | 32.2 | 4.4 | +631.8% | | Basic and Diluted Loss Per Share (HK cents) | 6.70 | 0.92 | +628.3% | | Dividends | Nil | Nil | - | Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2025, the Group experienced a significant revenue decrease, reduced direct costs, but a substantial decline in gross profit, while administrative and other operating expenses and provision for expected credit losses increased significantly, leading to a widened loss before income tax and total comprehensive expense attributable to owners of the Company | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 263,927 | 460,270 | -196,343 | | Direct Costs | (258,405) | (440,021) | 181,616 | | Gross Profit | 5,522 | 20,249 | -14,727 | | Other Income | 6 | 290 | -284 | | Administrative and Other Operating Expenses | (19,028) | (16,670) | -2,358 | | Provision for Expected Credit Losses, Net | (13,627) | (2,468) | -11,159 | | Finance Costs | (5,056) | (5,840) | 784 | | Loss Before Income Tax | (32,183) | (4,439) | -27,744 | | Income Tax | – | – | – | | Loss and Total Comprehensive Expense for the Year Attributable to Owners of the Company | (32,183) | (4,439) | -27,744 | | Basic and Diluted Loss Per Share (HK cents) | (6.70) | (0.92) | -5.78 | Consolidated Statement of Financial Position As of March 31, 2025, the Group's non-current assets slightly increased, while total current assets decreased due to reductions in contract assets and cash and bank balances; current liabilities significantly decreased, mainly from repayment of borrowings and interest payable, leading to an increase in net current assets and total assets less current liabilities; however, non-current liabilities rose substantially due to new borrowings and interest payable, ultimately resulting in a significant decrease in net assets and total equity | Indicator | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change | | :--- | :--- | :--- | :--- | | ASSETS | | | | | Non-current assets | 1,625 | 934 | +691 | | Current assets | 163,449 | 204,702 | -41,253 | | Trade and other receivables | 25,541 | 28,918 | -3,377 | | Contract assets | 94,819 | 123,211 | -28,392 | | Cash and bank balances | 43,089 | 49,527 | -6,438 | | Restricted cash | – | 3,046 | -3,046 | | LIABILITIES | | | | | Current liabilities | 25,201 | 96,847 | -71,646 | | Trade and other payables | 15,128 | 33,035 | -17,907 | | Contract liabilities | 9,094 | 4,036 | +5,058 | | Borrowings | – | 48,000 | -48,000 | | Interest payable | – | 10,873 | -10,873 | | Non-current liabilities | 63,313 | 46 | +63,267 | | Borrowings | 50,897 | – | +50,897 | | Interest payable | 10,797 | – | +10,797 | | EQUITY | | | | | Net assets/Total equity | 76,560 | 108,743 | -32,183 | Notes to the Financial Statements General Information Metaspacex Limited, incorporated in the Cayman Islands and listed on the Main Board of HKEX since December 31, 2018, primarily engages in renovation services and material supply, with its ultimate controlling party being China Sports Asset Management Limited, controlled by Ms. Huang Hou - The Company was incorporated in the Cayman Islands and listed on the Main Board of the Stock Exchange of Hong Kong on December 31, 2018[6] - The Group is principally engaged in the provision of renovation services and supply of renovation materials[7] - The Company's immediate and ultimate holding company is China Sports Asset Management Limited, controlled by Ms. Huang Hou[7] Basis of Preparation The consolidated financial statements for the year are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA and generally accepted accounting principles in Hong Kong, complying with applicable disclosure requirements of the Hong Kong Companies Ordinance and Listing Rules, using the historical cost convention and presented in HKD - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and Hong Kong Generally Accepted Accounting Principles issued by the Hong Kong Institute of Certified Public Accountants[8] - The statements comply with the applicable disclosure requirements of the Hong Kong Companies Ordinance and the Listing Rules[8] - The consolidated financial statements are prepared under the historical cost convention and presented in Hong Kong Dollars[9] Adoption of New and Revised Hong Kong Financial Reporting Standards The Group adopted several revised Hong Kong Financial Reporting Standards for the first time this year, which had no significant impact on current or prior period results and financial position; however, several issued but not yet effective standards, particularly HKFRS 18, are expected to change financial statement presentation, and management is assessing their impact Standards Effective The Group first adopted several revised Hong Kong Financial Reporting Standards for the annual period beginning April 1, 2024, including amendments related to lease liabilities in sale and leaseback transactions and classification of liabilities as current or non-current, none of which had a significant impact on the Group's results or financial position | Standard | Description | | :--- | :--- | | HKFRS 16 (Amendments) | Lease Liability in a Sale and Leaseback | | HKAS 1 (Amendments) | Classification of Liabilities as Current or Non-current and Related Amendments to HK Interpretation 5 (2020) | | HKAS 1 (Amendments) | Non-current Liabilities with Covenants | | HKAS 7 and HKFRS 7 (Amendments) | Supplier Finance Arrangements | - The adoption of these revised Hong Kong Financial Reporting Standards had no significant impact on the preparation and presentation of the Group's results and financial position for the current and prior periods[10] Standards Not Yet Effective The Group has not early adopted several issued but not yet effective Hong Kong Financial Reporting Standards, with HKFRS 18 expected to alter financial statement presentation, including new subtotals in the statement of profit or loss and changes to cash flow statement presentation, the specific impact of which management is currently assessing | Standard | Description | Effective Date | | :--- | :--- | :--- | | HKFRS 18 | Presentation and Disclosure in Financial Statements | On or after January 1, 2027 | | HKFRS 19 | Subsidiaries without Public Accountability: Disclosures | On or after January 1, 2027 | | HKFRS 9 and HKFRS 7 (Amendments) | Amendments to Classification and Measurement of Financial Instruments | On or after January 1, 2026 | | HKFRS 10 and HKAS 28 (Amendments) | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | To be determined | | HKAS 21 (Amendments) | Lack of Exchangeability | On or after January 1, 2025 | - HKFRS 18 will introduce new subtotals in the statement of profit or loss (operating profit, profit before financing and income tax) and classify items into five new categories, while also revising the presentation of the cash flow statement[14][16] - Directors are still assessing the impact of HKFRS 18 on the consolidated statement of profit or loss and other comprehensive income, consolidated statement of cash flows, and disclosure requirements for management-defined performance measures[15] Revenue The Group's revenue, entirely from renovation services in Hong Kong and recognized over time, significantly decreased to HKD 263,927 thousand for the year ended March 31, 2025, with high concentration on a single major customer and reduced remaining performance obligations expected to be recognized in the coming year | Source of Revenue | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue from contracts with customers | 263,927 | 460,270 | | Disaggregated by timing of revenue recognition: Over time | 263,927 | 460,270 | | Disaggregated by type of service: Renovation services | 263,927 | 460,270 | - All of the Group's revenue is derived from operations conducted in Hong Kong, and all non-current assets are located in Hong Kong[17] | Major Customer | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Customer A | 263,518 | 444,097 | | Remaining performance obligations expected to be satisfied in the years ending on the respective dates | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | March 31, 2026 | 101,187 | 18,600 | | March 31, 2025 | - | 104,360 | | Total | 101,187 | 122,960 | Other Income The Group's other income, primarily comprising bank interest income and miscellaneous income, significantly decreased during the review period | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Bank interest income | 2 | 2 | | Miscellaneous income | 4 | 288 | | Total | 6 | 290 | Finance Costs The Group's finance costs, mainly consisting of interest on borrowings and finance charges on lease liabilities, decreased during the review period | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Interest on borrowings | 5,021 | 5,776 | | Finance charges on lease liabilities | 35 | 64 | | Total | 5,056 | 5,840 | Loss Before Income Tax The Group's loss before income tax was primarily influenced by staff costs, depreciation, subcontracting fees, material costs, auditor's remuneration, write-off of retention receivables, and provisions for expected credit losses on trade and contract assets; staff costs slightly decreased, but write-off of retention receivables and provisions for expected credit losses significantly increased during the review period | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Total staff costs | 23,584 | 25,290 | | Total depreciation | 987 | 1,135 | | Subcontracting fees | 175,467 | 309,725 | | Cost of materials and finished goods | 61,367 | 109,798 | | Auditor's remuneration | 750 | 850 | | Write-off of retention receivables | 6,395 | 1,000 | | Provision for expected credit losses on trade and other receivables – net | 1,388 | (83) | | Provision for expected credit losses on contract assets – net | 12,239 | 2,551 | - Staff costs (including directors' emoluments) are included in direct costs and administrative expenses, with a higher proportion in direct costs[22] Income Tax No provision for Hong Kong profits tax was made for the review period due to the Group incurring a tax loss - No provision for Hong Kong profits tax was made for the year ended March 31, 2025, as the Group incurred a tax loss[23] Dividends The Board resolved not to declare any dividends for the review period, consistent with the prior year - The Board did not recommend the payment of any dividend for the year ended March 31, 2025 (2024: nil)[24] Loss Per Share The Group's basic loss per share is calculated by dividing the loss attributable to owners of the Company by the weighted average number of ordinary shares outstanding, with diluted loss per share being identical due to the absence of potential dilutive ordinary shares | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the Company (Thousand HKD) | 32,183 | 4,439 | | Weighted average number of ordinary shares in issue (Shares) | 480,000,000 | 480,000,000 | | Basic loss per share (HK cents) | 6.70 | 0.92 | - As there were no potential dilutive ordinary shares in issue during the current and prior years, the diluted loss per share was the same as the basic loss per share[26] Trade and Other Receivables The Group's trade and other receivables include trade receivables, retention receivables, and other receivables, deposits, and prepayments; trade receivables, generally with 30-day credit terms, increased during the review period; retention receivables significantly decreased with higher write-offs and expected credit loss provisions; and other receivables, deposits, and prepayments slightly increased, also with increased expected credit loss provisions | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Trade receivables – net | 18,182 | 12,540 | | Retention receivables | 4,401 | 13,766 | | Other receivables, deposits and prepayments | 2,958 | 2,612 | | Total | 25,541 | 28,918 | - The credit period for trade receivables is generally 30 days, and as of March 31, 2025, all were within the 0 to 30 days aging range[27] - For the year ended March 31, 2025, HKD 6,395 thousand (2024: HKD 1,000 thousand) of retention receivables were written off, and an additional provision for expected credit losses of approximately HKD 1,374 thousand was made[30] Restricted Cash Restricted cash, representing deposits placed with insurers to ensure faithful performance under contract terms, was no longer present during the review period - Restricted cash refers to deposits placed with insurers to ensure faithful performance under contract terms[32] - As of March 31, 2025, the Group had no restricted cash (2024: HKD 3,046 thousand)[5] Trade and Other Payables The Group's trade and other payables include trade payables, accrued expenses, and other payables; trade payables significantly decreased during the review period, with most due within 30 days; accrued expenses and other payables slightly increased, primarily comprising accrued wages and professional fees | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Trade payables | 9,018 | 28,050 | | Accrued expenses and other payables | 6,110 | 4,985 | | Total | 15,128 | 33,035 | - Payment terms granted by material suppliers and subcontractors generally range from 0 to 30 days[33] | Aging of Trade Payables | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | 0 to 30 days | 8,178 | 21,974 | | 31 to 60 days | – | 2,025 | | 61 to 90 days | – | 3,152 | | Over 90 days | 840 | 899 | - Accrued items and other payables primarily include accrued wages, accrued refunds related to the "Employment Support Scheme," and accrued professional fees[34] Share Capital The Company's authorized and issued and fully paid share capital remained unchanged during the review period | Type of Share Capital | Number of Ordinary Shares | Share Capital (Thousand HKD) | | :--- | :--- | :--- | | Authorized share capital (HKD 0.01 per share) | 1,000,000,000 | 10,000 | | Issued and fully paid share capital (HKD 0.01 per share) | 480,000,000 | 4,800 | Management Discussion and Analysis Industry Overview Global economic recovery was slow in 2024, with Hong Kong's economy stable but its property market weak; government policies to revive the property market had limited effect, leading to a contraction in the renovation industry, intensified competition, and a general decline in revenue - Global economic recovery was slow in 2024, with Hong Kong's real GDP growing by 2.5% compared to 2023[36] - Hong Kong's property market was weak, and government measures to relax property cooling measures failed to effectively revive the market[37] - Renovation industry activities further contracted, leading to intensified industry competition and a general decline in revenue[37] Business Review As a renowned renovation contractor in Hong Kong, the Group provides renovation services for new and existing buildings; during the review period, the Group's revenue significantly decreased due to fewer market projects and intense industry competition, also leading to a substantial decline in gross margin - The Group is a renowned renovation contractor in Hong Kong, providing renovation works for new buildings and internal refurbishment works for existing buildings[38] - Revenue for the review period was approximately HKD 263.9 million (FY2024: HKD 460.3 million), primarily due to a decrease in the number of projects in the market[39] - Gross margin decreased by 2.3 percentage points from 4.4% in FY2024 to 2.1% in the review period, attributed to intense industry competition[39] Prospects Hong Kong's economy is projected for moderate growth, with service exports expected to continue rising; the property sector faces short-term pressure but has optimistic long-term prospects driven by government talent attraction strategies and metropolitan development blueprints; the Group will closely monitor market trends, adjust strategies, and seek new business opportunities - Hong Kong's economy is expected to show moderate growth this year, with real GDP growth forecast between 2% and 3% for 2025[40] - The property sector is not expected to see significant fluctuations in the short term, and the renovation industry will continue to face pressure, but long-term prospects remain optimistic, driven by government talent attraction strategies and metropolitan development blueprints[41] - The Group will closely monitor market trends, adjust strategies, and continue to observe global economic trends and market conditions to seize new business opportunities aligned with its strategic vision and core capabilities[41] Financial Review The Group's financial performance significantly deteriorated during the review period, with substantial declines in revenue and gross profit, and significant increases in administrative and other operating expenses and provisions for expected credit losses, ultimately leading to a widened net loss Revenue The Group's revenue decreased by approximately HKD 196.4 million or 42.7% to approximately HKD 263.9 million during the review period, primarily due to a reduction in the number of large-scale projects undertaken and intense market competition - Revenue decreased by approximately HKD 196.4 million or 42.7% to approximately HKD 263.9 million (FY2024: approximately HKD 460.3 million)[42] - The decrease in revenue was primarily due to a reduction in the number of large-scale projects undertaken by the Company amidst intense market competition during the review period[42] Gross Profit and Gross Margin The Group's gross profit decreased by approximately HKD 14.7 million to approximately HKD 5.5 million during the review period, with the gross margin falling from 4.4% to 2.1%, mainly due to fewer large-scale projects and intense industry competition - Gross profit decreased by approximately HKD 14.7 million to approximately HKD 5.5 million (FY2024: approximately HKD 20.2 million)[43] - Gross margin decreased by 2.3 percentage points from 4.4% in FY2024 to 2.1% in the review period[43] - The decline in gross profit was attributed to a reduction in the number of large-scale projects undertaken, coupled with a decrease in gross margin due to intense industry competition[43] Other Income The Group recorded other income of approximately HKD 6,000 during the review period, a significant decrease from approximately HKD 290,000 in FY2024 - Other income recorded for the review period was approximately HKD 6,000 (FY2024: approximately HKD 290,000)[44] Administrative and Other Operating Expenses and Provision for Expected Credit Losses The Group's administrative and other operating expenses and provision for expected credit losses increased by approximately HKD 13.6 million or 71.2% to approximately HKD 32.7 million during the review period, primarily due to increased write-off of retention receivables and higher provisions for expected credit losses - Administrative and other operating expenses and provision for expected credit losses increased by approximately HKD 13.6 million or 71.2% to approximately HKD 32.7 million (FY2024: approximately HKD 19.1 million)[45] - The increase was mainly due to an increase in write-off of retention receivables by approximately HKD 5.4 million to approximately HKD 6.4 million, and an increase in provision for expected credit losses by HKD 11.1 million to approximately HKD 13.6 million[45] Finance Costs The Group's finance costs decreased by approximately HKD 0.7 million to approximately HKD 5.1 million during the review period, primarily due to a decrease in the average interest rate - Finance costs decreased by approximately HKD 0.7 million to approximately HKD 5.1 million (FY2024: approximately HKD 5.8 million)[46] - The decrease was mainly due to a lower average interest rate during the review period compared to FY22024[46] Net Loss The loss and total comprehensive expense attributable to owners of the Company increased by approximately HKD 27.8 million to approximately HKD 32.2 million, primarily due to decreased revenue and gross profit, and increased administrative and other operating expenses - The loss and total comprehensive expense attributable to owners of the Company increased by approximately HKD 27.8 million to approximately HKD 32.2 million (FY2024: approximately HKD 4.4 million)[47] - The increase was mainly due to decreased revenue and gross profit, and increased administrative and other operating expenses[47] Liquidity, Financial Resources and Capital Structure The Group's capital structure remained unchanged during the review period, but total cash and bank balances decreased, and the gearing ratio significantly increased due to a reduction in total equity resulting from the net loss incurred - The Group's capital structure remained unchanged, with issued share capital of HKD 4.8 million and 480,000,000 ordinary shares in issue[48] - Total cash and bank balances were approximately HKD 43.1 million (FY2024: approximately HKD 52.6 million), a decrease of approximately HKD 9.5 million[48] - The gearing ratio increased from approximately 55.0% as of March 31, 2024, to approximately 82.8% as of March 31, 2025, primarily due to a reduction in total equity resulting from the net loss incurred[49] Treasury Policy The Group adopts a prudent financial approach to its treasury policy, with the Board closely monitoring liquidity to ensure funding needs are met - The Group adopts a prudent financial approach to its treasury policy[50] - The Board closely monitors the Group's liquidity position to ensure that the liquidity structure of its assets, liabilities, and other commitments can meet its funding needs at all times[50] Key Risks and Uncertainties The Group faces various risks and uncertainties, including profit pressure from intensified industry competition, increased costs from compliance changes, reliance on subcontractor progress, and uncertainty in securing new business; however, its public listing status helps enhance corporate image and competitiveness Industry Risk The Group faces intense competition in renovation project bidding from rivals with more resources, longer operating histories, and more stable client relationships, leading to downward price pressure that could harm profit margins and business - The Group faces intense competition from other existing and/or new contractors, which may lead to significant downward price pressure and a decline in profit margins[51] - Failure to effectively respond to market conditions or provide more competitive bids could materially and adversely affect the business[51] Compliance Risk The Group's operations are regulated by various laws, regulations, and government policies, and failure to timely adapt to changes, particularly in environmental protection and labor safety qualification requirements, could increase costs and burdens - Business operations are regulated by various laws, regulations, and government policies, and failure to timely adapt to changes may increase costs and burdens[52] - Changes in qualification requirements related to environmental protection and labor safety in the renovation industry, if not timely or unable to comply, will materially and adversely affect business operations[52] Uncertainty in Construction Progress The Group relies on subcontractors for construction quality and timely delivery; substandard performance by subcontractors could lead to reduced service quality, project delays, or incomplete projects, thereby damaging reputation and incurring contractual liabilities - The Group relies on subcontractors for proper and timely construction and project delivery[53] - Any significant non-performance, delayed performance, or substandard performance by subcontractors could lead to reduced service quality, project delays, or incomplete projects, damaging reputation and potentially incurring contractual liabilities[53] No Guarantee of New Business The Group's revenue comes from non-recurring projects, with no client obligation to award projects; there is no guarantee of receiving new project quotations or winning bids, making future business volume unpredictable, and failure to secure new contracts could materially and adversely affect the business - The Group's revenue is derived from non-recurring projects, and clients are under no obligation to award projects to the Group[54] - There is no guarantee of being invited to quote for new projects or participate in bidding processes, or that submitted quotations and bids will be selected by clients[54] - Failure to secure new contracts or a significant reduction in future tender/quotation invitations could materially and adversely affect the business, financial position, and prospects[54] Competitive Advantage of Listing Status The Directors believe that public listing enhances the Group's corporate image and brand awareness among business stakeholders, strengthens internal controls and corporate governance, thereby attracting clients and suppliers, and increasing the success rate for large project bids - Public listing will enhance the Group's corporate image and brand awareness among business stakeholders, strengthening internal controls and corporate governance practices[55] - Listing status helps attract potential new clients and quality suppliers and subcontractors, and increases the Group's success rate in securing large projects[55] Pledged Assets As of March 31, 2025, the Group had no pledged assets - As of March 31, 2025, the Group had no pledged assets[56] Foreign Exchange Risk As the Group operates solely in Hong Kong and all business transactions are settled in HKD, the Directors consider foreign exchange rate risk to be minimal, and thus no derivative contracts were entered into for hedging during the review period - The Group operates solely in Hong Kong, with all revenue and transactions settled in Hong Kong Dollars, resulting in minimal foreign exchange rate risk[57] - The Group did not enter into any derivative contracts to hedge foreign exchange rate risk during the review period[57] Capital Commitments and Contingent Liabilities As of year-end, the Group had contracted but not yet incurred capital expenditures for property, plant, and equipment, and no significant contingent liabilities | Item | 2025 (Thousand HKD) | 2024 (Thousand HKD) | | :--- | :--- | :--- | | Property, plant and equipment | 92 | 92 | - As of March 31, 2025, the Group had no significant contingent liabilities[59] Material Investments, Acquisitions or Disposals of Subsidiaries and Associated Companies The Group had no material investments, acquisitions, or disposals of subsidiaries and associated companies during the review period - During the review period, the Group had no material investments, acquisitions, or disposals of subsidiaries and associated companies[60] Material Changes During the Review Period The Company changed its English name from "Yield Go Holdings Ltd." to "Metaspacex Limited" during the review period, updating its stock short name and company website accordingly - The Company's English name was changed from "Yield Go Holdings Ltd." to "Metaspacex Limited", and the Chinese dual foreign name "耀高控股有限公司" was removed[61][62] - The stock short name was changed from "YIELD GO HLDGS" to "METASPACEX", and no Chinese stock short name is adopted anymore[62] - The Company's website was changed from "http://www.yield-go.com" to "**www.metaspacex.hk**"[62](index=62&type=chunk) Future Plans for Material Investments or Capital Assets The Group had no future plans for material investments or capital assets during the review period - The Group had no future plans for material investments or capital assets during the review period[63] Fundraising Activities The Company had previously entered into a placing agreement to place up to 24,000,000 placing shares, but the agreement lapsed due to unfulfilled conditions precedent, and the fundraising activity did not proceed - The Company had entered into a placing agreement with Fullink Securities Limited concerning the placing of up to 24,000,000 placing shares[64] - As the conditions precedent set out in the placing agreement were not fulfilled by the long stop date, the placing agreement lapsed, and the placing did not proceed[64] Employees and Remuneration Policy As of March 31, 2025, the Group's employee count decreased to 55, with remuneration packages including salaries, discretionary bonuses, and other cash allowances determined by qualifications, position, seniority, and annual reviews; total staff costs decreased during the review period - As of March 31, 2025, the Group employed a total of 55 full-time employees (2024: 69 employees)[65] - Remuneration packages include salaries, discretionary bonuses, and other cash allowances, determined based on each employee's qualifications, position, and seniority, with an annual review system in place[65] - Total staff costs incurred by the Group during the review period were approximately HKD 23.6 million (FY2024: approximately HKD 25.3 million)[65] Other Information Dividends The Board has resolved not to declare any dividends for the review period, consistent with the prior year - The Board has resolved not to declare any dividends for the review period (FY2024: nil)[66] Closure of Register of Members The Company will suspend its register of members from August 20 to August 25, 2025 (both dates inclusive) to determine eligibility for attending and voting at the Annual General Meeting - The Company will suspend its register of members from Wednesday, August 20, 2025, to Monday, August 25, 2025 (both dates inclusive)[67] - All share transfer documents, together with the relevant share certificates, must be lodged with the Company's Hong Kong share registrar by 4:30 p.m. on Tuesday, August 19, 2025, to be eligible to attend and vote at the Annual General Meeting[67] Annual General Meeting The Annual General Meeting will be held on Monday, August 25, 2025, at Room 1203B, 12th Floor, Worldwide House, 19 Des Voeux Road Central, Hong Kong - The Annual General Meeting will be held on Monday, August 25, 2025, at Room 1203B, 12th Floor, Worldwide House, 19 Des Voeux Road Central, Hong Kong[68] Corporate Governance Code The Company has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, except for code provision C.2.1 regarding the separation of roles between Chairman and Chief Executive, as the Chairman position is vacant and some functions are undertaken by executive directors - The Company has complied with all applicable code provisions of the Corporate Governance Code, except for the deviation from code provision C.2.1 of the Corporate Governance Code[69] - The roles of Chairman and Chief Executive should be separate and not performed by the same individual, but the Chairman position is vacant, and some Chairman functions are undertaken by the Company's executive directors[70] - The Board believes its structure is appropriate and power distribution is balanced to protect the overall interests of the Company and its shareholders[70] Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all Directors have confirmed compliance with the Code during the review period and up to the date of this announcement - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[71] - All Directors have confirmed their compliance with the requirements of the Model Code during the review period and up to the date of this announcement[71] Share Option Scheme The Company adopted a share option scheme on December 6, 2018, to incentivize and retain eligible participants, with a maximum of 48,000,000 shares available for grant; no share options have been granted, exercised, cancelled, or lapsed since its adoption - The Company adopted a share option scheme on December 6, 2018, to incentivize eligible participants to enhance performance and to attract and retain participants beneficial to the Group's long-term growth[72] - The maximum number of shares involved in share options that may be granted under the share option scheme and any other share option schemes shall not exceed 48,000,000 shares in aggregate[72] - Since its adoption, no share options under the share option scheme have been granted, exercised, cancelled, or lapsed, and there were no outstanding share options as of March 31, 2025[72] Conflicts of Interest During the review period, none of the Directors, controlling shareholders of the Company, or their respective close associates held any interests in businesses, other than the Group's, that competed or were likely to compete directly or indirectly with the Group's business - During the review period, none of the Directors, controlling shareholders of the Company, or their respective close associates held any interests in businesses, other than the Group's, that competed or were likely to compete directly or indirectly with the Group's business[73] Purchase, Sale or Redemption of the Company's Securities During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities - During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities[74] Events After the Reporting Period Except as disclosed, no significant subsequent events occurred between March 31, 2025, and the date of this announcement - Except as disclosed, no significant subsequent events occurred between March 31, 2025, and the date of this announcement[75] Sufficient Public Float Based on publicly available information and the Directors' knowledge, the Company maintained a sufficient public float as required by the Listing Rules during the review period and up to the date of this announcement - During the review period and up to the date of this announcement, the Company maintained a sufficient public float as required by the Listing Rules[76] Review by Audit Committee The Company's Audit Committee reviewed and approved the Group's consolidated financial statements for the review period, deeming them prepared in accordance with applicable accounting standards, requirements, and Listing Rules, with appropriate disclosures - The Audit Committee comprises three independent non-executive Directors, with Mr. Cheng Pak Lam as Chairman[77] - The Group's consolidated financial statements for the review period have been reviewed and approved by the Audit Committee[77] - The Audit Committee believes that the results were prepared in accordance with applicable accounting standards and requirements, as well as the Listing Rules, and that appropriate disclosures were made[77] Scope of Work of Grant Thornton Hong Kong Limited Grant Thornton Hong Kong Limited, the Group's auditor, reconciled the figures in the preliminary results announcement with the consolidated financial statements, but this work did not constitute an assurance engagement, and therefore no assurance was issued - Grant Thornton Hong Kong Limited, the Group's auditor, has reconciled the figures in the preliminary results announcement with the amounts in the Group's consolidated financial statements for the review period[78] - This work does not constitute an assurance engagement conducted in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements, or Hong Kong Standards on Assurance Engagements issued by the HKICPA, and therefore no assurance has been issued[78] Publication of Final Results and Annual Report This annual results announcement will be published on the Company's and HKEX websites, and the 2025 annual report for the review period will be dispatched to shareholders and posted on the aforementioned websites in due course - This annual results announcement will be published on the Company's website www.metaspacex.hk and the HKEX website **www.hkexnews.hk**[79](index=79&type=chunk) - The 2025 annual report for the review period will be dispatched to the Company's shareholders and posted on the aforementioned websites in due course[79] Acknowledgement The Board extends its sincere gratitude to the management team, employees, shareholders, investors, and business partners for their tireless efforts, contributions, trust, and support - The Board extends its sincere gratitude to the management team and employees for their tireless efforts and contributions, and to the shareholders, investors, and business partners for their trust and support[80] Board of Directors As of the date of this announcement, the Board of Directors includes executive directors Mr. Kang Ruipeng and Mr. Deng Houhua, and independent non-executive directors Mr. Cheng Pak Lam, Ms. Ya Li, and Ms. Chen Yan - The Board of Directors includes executive directors Mr. Kang Ruipeng and Mr. Deng Houhua; and independent non-executive directors Mr. Cheng Pak Lam, Ms. Ya Li, and Ms. Chen Yan[81]