GOLDWAY EDU(08160) - 2025 - 年度业绩

Financial Highlights The Group's revenue increased by 11.8% to HK$51.2 million, while loss for the year expanded by 117.2% to HK$12.9 million | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 51,200 | 45,800 | | Loss for the year | 12,900 | 5,900 | | Dividends | Not recommended | Not recommended | - For the year ended March 31, 2025, the Group's revenue was approximately HK$51.2 million, an increase of 11.8% from the previous fiscal year[3] - Loss for the year was approximately HK$12.9 million, an increase of approximately 117.2% compared to the previous fiscal year[3] Annual Results This section provides a detailed overview of the Group's financial performance and position for the year Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's revenue grew by 11.8% to HK$51.2 million, but increased depreciation, employee benefits, and expected credit loss provisions led to a 117.2% expansion in loss for the year to HK$12.9 million | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 51,209 | 45,793 | +11.8% | | Other income | 3,585 | 2,837 | +26.4% | | Depreciation | (7,717) | (5,683) | +35.8% | | Employee benefit expenses | (40,860) | (35,830) | +14.0% | | Loss before tax | (11,558) | (5,941) | +94.5% | | Loss for the year | (12,942) | (5,959) | +117.2% | | Loss attributable to owners of the Company | (12,875) | (6,400) | +101.2% | | Loss per share — Basic and diluted (HK cents) | (9.04) | (18.38) | -50.8% (loss narrowed) | - Revenue growth was primarily driven by increased tutoring service income, but significant increases in depreciation, employee benefit expenses, and expected credit loss provisions for trade receivables led to an expanded loss[4][53] Consolidated Statement of Financial Position Total assets slightly decreased, with non-current assets down and current assets up, resulting in a small net asset value decline but improved net current assets | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | | :--- | :--- | :--- | :--- | | Non-current assets | 26,797 | 33,506 | (6,709) | | Current assets | 31,350 | 28,690 | +2,660 | | Current liabilities | 13,504 | 12,500 | +1,004 | | Net current assets | 17,846 | 16,190 | +1,656 | | Net assets | 40,499 | 41,815 | (1,316) | - Financial assets at fair value through other comprehensive income decreased from HK$9,040 thousand to HK$5,010 thousand, contributing to the reduction in non-current assets[5] - Cash and cash equivalents increased from HK$6,855 thousand to HK$14,319 thousand, primarily due to cash inflows from restricted bank deposits[5][54] Consolidated Statement of Changes in Equity Equity attributable to owners decreased from HK$38.4 million to HK$37.2 million, primarily due to the loss for the year and fair value losses on financial assets, partially offset by new share issuance from rights issue | Metric | March 31, 2025 (thousand HKD) | March 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Equity attributable to owners of the Company | 37,233 | 38,448 | | Non-controlling interests | 3,266 | 3,367 | | Total equity | 40,499 | 41,815 | - Loss for the year of HK$12,875 thousand (2024: HK$6,400 thousand) was the primary reason for the decrease in equity[7] - Fair value loss on financial assets at fair value through other comprehensive income of HK$4,030 thousand (2024: HK$349 thousand) further reduced equity[7] - The rights issue generated an increase in equity of HK$15,732 thousand, partially offsetting the impact of losses[7][8] Notes to the Consolidated Financial Statements This section provides detailed explanations and disclosures supporting the consolidated financial statements General Information Goldway Education Group Limited, incorporated in Cayman Islands and listed on HKEX GEM, primarily provides tutoring, franchising, and management services in Hong Kong and Mainland China - The Company was incorporated in the Cayman Islands on October 19, 2015, and listed on the GEM of the Stock Exchange of Hong Kong on December 2, 2016[9] - Its principal activities include providing tutoring services, franchising services, and management services in Hong Kong and Mainland China[9] - Tutoring services are offered under the trade names 'Elite Study Centre' and 'Perfect Education Centre', covering primary and secondary school tutoring[9] Restatement of Consolidated Financial Statements Certain line items in the consolidated financial statements were restated to better reflect their function and nature, with no material impact on prior period financial position or performance - The Group restated certain line items in the consolidated statement of profit or loss and other comprehensive income and consolidated statement of financial position for the year ended March 31, 2025[10] - This restatement aims to better reflect the function and nature of the items, with corresponding comparative figures adjusted[10] - The restatement had no impact on the profit or loss, total comprehensive income, assets, liabilities, total equity, or cash flows for the comparative year ended March 31, 2024[10] Basis of Preparation The consolidated financial statements are prepared in accordance with HKFRSs, GEM Listing Rules, and Hong Kong Companies Ordinance, using historical cost convention and a going concern basis - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) issued by the Hong Kong Institute of Certified Public Accountants[13] - They are prepared under the historical cost convention and on a going concern basis, based on management's reasonable expectations[14] - The statements are presented in Hong Kong Dollars, with all values rounded to the nearest thousand[14] Application of New and Revised Hong Kong Financial Reporting Standards Several new and revised HKFRSs were adopted this year with no material impact, while the Group is assessing the future impact of HKFRS 18 on financial statement presentation and disclosure - Newly adopted revised standards include HKFRS 16 (Sale and Leaseback), HKAS 1 (Classification of Liabilities, Non-current Liabilities with Covenants), and HKAS 7 and HKFRS 7 (Supplier Finance Arrangements)[15] - The adoption of these new and revised standards had no material impact on the financial position or performance for the current and prior periods[15] - The Group is assessing the specific impact of HKFRS 18 (Presentation and Disclosure in Financial Statements), effective for periods beginning on or after January 1, 2027, on future financial statement presentation and disclosure[16][18] Segment Information The Group operates a single segment of tutoring, franchising, and management services, with HK$42.4 million revenue from Hong Kong and HK$8.8 million from Mainland China in FY2025 - The Group's management considers its operations to comprise a single operating segment: providing tutoring services, including primary and secondary school tutoring, franchising services, and management services[19] | Geographical Location | 2025 Revenue (thousand HKD) | 2024 Revenue (thousand HKD) | | :--- | :--- | :--- | | Hong Kong | 42,411 | 37,144 | | Mainland China | 8,798 | 8,649 | | Consolidated Total | 51,209 | 45,793 | - For the year ended March 31, 2025, revenue from a single external customer (management services) was approximately HK$8.8 million, accounting for over 10% of total revenue[21] Revenue and Other Income Total revenue reached HK$51.2 million, an 11.8% increase, driven by growth in tutoring, franchising, and management services | Revenue Source | 2025 (thousand HKD) | 2024 (thousand HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Tutoring service income | 40,913 | 36,146 | +13.2% | | Continuing franchising income | 1,498 | 998 | +50.1% | | Management service income | 8,798 | 8,649 | +1.7% | | Total Revenue | 51,209 | 45,793 | +11.8% | - Other income primarily consists of revenue from providing human resources to franchisees, amounting to HK$3,441 thousand in 2025[22] - As of March 31, 2025, the transaction price allocated to unsatisfied performance obligations under management service contracts was HK$29,328 thousand, with HK$8,798 thousand expected to be recognized within one year[23] Loss Before Tax Loss before tax expanded from HK$5.9 million to HK$11.6 million, primarily due to increased depreciation, employee benefits, and expected credit loss provisions for trade receivables | Expense Item | 2025 (thousand HKD) | 2024 (thousand HKD) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Auditor's remuneration – Audit services | 488 | 500 | -2.4% | | Amortisation of intangible assets | 1,212 | 1,226 | -1.1% | | Depreciation (total) | 7,717 | 5,683 | +35.8% | | Expenses relating to short-term leases | 742 | 303 | +145.0% | | Provision for expected credit losses on trade receivables | 3,464 | 815 | +325.0% | | Employee benefit expenses (total) | 40,860 | 35,830 | +14.0% | - The increase in employee benefit expenses was mainly due to increased employee working hours to extend business operating hours[24][51] - Provision for expected credit losses significantly increased by 325% to HK$3,464 thousand[24] Income Tax Expense Income tax expense significantly increased from HK$18 thousand to HK$1.384 million, mainly due to higher PRC corporate income tax provision and reduced deferred tax credits | Tax Type | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Hong Kong Profits Tax – Provision for the year | – | – | | Hong Kong Profits Tax – Underprovision in prior years | 18 | – | | PRC Enterprise Income Tax – Provision for the year | 1,669 | 141 | | Deferred tax – Deferred tax credit for the year | (303) | (123) | | Total Income Tax Expense | 1,384 | 18 | - No provision for Hong Kong Profits Tax was made as the Group entities had no assessable profits for the year or had sufficient tax losses carried forward[25] - PRC subsidiaries are subject to Enterprise Income Tax rates, with small low-profit enterprises enjoying preferential rates of 5% or 10%, and others at 25%[25] Loss Per Share Basic and diluted loss per share narrowed to 9.04 HK cents from 18.38 HK cents, primarily due to a significant increase in the weighted average number of ordinary shares from share consolidation and rights issue | Metric | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Loss for the year attributable to owners of the Company (thousand HKD) | (12,875) | (6,400) | | Weighted average number of ordinary shares | 142,374,761 | 34,824,406 | | Loss per share — Basic and diluted (HK cents) | (9.04) | (18.38) | - Diluted loss per share is the same as basic loss per share because potential ordinary shares are anti-dilutive[28] - The weighted average number of ordinary shares for 2024 has been adjusted for the share consolidation and rights issue implemented during the year[28] Dividends The Board does not recommend paying any final dividend for the year ended March 31, 2025, consistent with the prior year - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025[29] Trade and Other Receivables Total trade receivables increased to HK$7.8 million, with 89% from management services, indicating high credit risk concentration, and expected credit loss provisions significantly increased to HK$4.2 million | Trade Receivables Source | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Tutoring service income | 679 | 676 | | Franchising income | 209 | – | | Management service income | 11,113 | 4,481 | | Less: Provision for expected credit losses | (4,247) | (807) | | Total Trade Receivables | 7,754 | 4,350 | - As of March 31, 2025, 89% (2024: 84%) of trade receivables were due from one management service customer, indicating high credit risk concentration[33] - Provision for expected credit losses increased from HK$807 thousand in 2024 to HK$4,247 thousand in 2025[34] Share Capital Issued share capital increased from HK$18 thousand to HK$73 thousand, mainly due to a rights issue in July 2024, raising HK$15.0 million net proceeds for new business development, China sales office, and general working capital | Share Capital Movement | 2025 (thousand shares) | 2025 (thousand HKD) | 2024 (thousand shares) | 2024 (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Issued and fully paid ordinary shares at beginning of year | 181,590 | 18 | 627,000 | 6,270 | | Placing of shares | – | – | 151,320 | 1,513 | | Issue of consideration shares | – | – | 129,630 | 1,296 | | Share consolidation | (145,272) | – | (726,360) | (9,061) | | Issue of rights shares | 108,954 | 55 | – | – | | Issued and fully paid ordinary shares at end of year | 145,272 | 73 | 181,590 | 18 | - The rights issue was completed in July 2024, issuing 108,953,956 new shares at a subscription price of HK$0.145 per share, raising net proceeds of approximately HK$15.0 million[36] - The net proceeds from the rights issue are intended for developing new businesses (automatic parking systems), administrative expenses for establishing a China sales office, and the Group's general working capital[36] Management Discussion and Analysis This section reviews the Group's business performance, financial condition, and future outlook, including operational highlights and financial results Business Review Tutoring revenue grew by 13.2% to HK$40.9 million, franchising by 50.1% to HK$1.5 million, and management services by 1.7% to HK$8.8 million, with no significant legal or regulatory non-compliance Tutoring Business - Tutoring service revenue increased to approximately HK$40.9 million, an increase of approximately 13.2% compared to the same period last fiscal year[38] - As of March 31, 2025, the Group operated 12 tutoring centers in Hong Kong[39] Franchising Business - Franchising income was approximately HK$1.5 million, representing a year-on-year increase of 50.1%[40] - The significant increase in income was primarily attributable to improved student enrollment due to better pandemic conditions[40] - As of March 31, 2025, the Group had 7 franchised centers covering Kowloon, New Territories, and Hong Kong Island[40] Management Services Business - The Group primarily provides management services to Shenzhen Jieshan Art Co., Ltd., which offers art and painting education services in Shenzhen, China[41] - Management service revenue for the year was approximately HK$8.8 million, an increase of approximately 1.7% year-on-year[42] Environmental Policies and Performance - The Group is committed to reducing emissions and waste, and achieving efficient resource utilization in its tutoring centers[43] - Employees are regularly reminded to cooperate with environmental policies[43] Compliance with Relevant Laws and Regulations - The Group strives to comply with all legal and regulatory requirements, particularly those related to education, copyright, and trade descriptions ordinances[44] - In human resources, the Group complies with employment, Mandatory Provident Fund Schemes, anti-discrimination, Personal Data (Privacy), and Minimum Wage Ordinances[44] - No significant breaches or non-compliance with applicable laws and regulations occurred during the year[45] Relationships with Employees, Customers, and Suppliers - The Group has established comprehensive employee policies and guidelines covering employee benefits, talent development, and a safe working environment[46] - As of March 31, 2025, the Group had 97 employees, an increase of 1 person from the previous year, with no record of labor law violations during the year[46] - No significant disputes with customers (students and parents) or suppliers occurred during the year[46] Prospects Facing a challenging Hong Kong tutoring market due to declining student enrollment, the Group is actively seeking new opportunities, including automatic parking systems in China, to diversify revenue and maintain competitiveness - The Hong Kong primary and secondary school tutoring market faces challenges due to declining student enrollment, leading to soft demand and a challenging outlook[47] - The Group is actively seeking new business opportunities to diversify revenue streams, including plans to provide automatic parking systems and related services in China[47] - The management team will continue to seek suitable investment opportunities, including tutoring businesses and management services in Hong Kong and China, to maintain competitiveness[48] Financial Review Revenue increased by 11.8% to HK$51.2 million, but increased depreciation, employee benefits, and expected credit loss provisions led to an expanded loss, while liquidity improved, and the Group completed a HK$15.0 million rights issue for new business and working capital Revenue - Total revenue for the year was approximately HK$51.2 million, an increase of approximately 11.8% compared to HK$45.8 million in FY2024[49] - The increase in revenue was primarily due to an increase of approximately HK$4.8 million in tutoring business income[49] Depreciation Expense | Depreciation Type | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | | :--- | :--- | :--- | :--- | | Property, plant and equipment | 947 | 704 | +243 | | Right-of-use assets | 6,770 | 4,979 | +1,791 | - Depreciation of right-of-use assets significantly increased from approximately HK$1.8 million in FY2024 to approximately HK$6.8 million in the current year[24][50] Employee Benefit Expenses - Employee benefit expenses increased by 14.0% from approximately HK$35.8 million in FY2024 to approximately HK$40.9 million in the current year[51] - The increase was primarily due to increased employee working hours to extend business operating hours[51] Other Operating Expenses - Other operating expenses were approximately HK$12.0 million (2024: approximately HK$9.6 million), an increase of approximately 25.0%[52] - The increase was due to higher short-term operating lease expenses, advertising expenses, and repair and maintenance costs[52] Loss for the Year - Loss attributable to owners of the Company significantly increased to approximately HK$12.9 million, compared to approximately HK$6.4 million in 2024[53] - The increased loss was primarily due to depreciation of right-of-use assets increasing to approximately HK$6.8 million, employee benefit expenses increasing to approximately HK$40.9 million, and provision for expected credit losses on trade receivables increasing to approximately HK$3.5 million[53] Cash and Cash Equivalents - As of March 31, 2025, cash and cash equivalents were approximately HK$14.3 million, an increase from March 31, 2024[54] - The increase was mainly due to cash inflows from restricted bank deposits[54] Contingent Liabilities - As of March 31, 2025, the Group had no significant contingent liabilities[55] Liquidity and Financial Resources - The Group primarily finances its operations with working capital[56] - Net current assets increased from approximately HK$16.2 million as of March 31, 2024, to approximately HK$17.8 million as of March 31, 2025[56] - The gearing ratio (calculated as acceptance notes divided by total equity) was zero as of March 31, 2025 (2024: approximately 5.3%)[56] Foreign Exchange Risk - The Group's operations are primarily conducted in Hong Kong Dollars, and the Directors believe potential foreign exchange risk is limited[57] - Management will monitor foreign exchange risk as needed[57] Segment Information - Analysis of the Group's performance by business segment is disclosed in Note 4 to the consolidated financial statements[58] Capital Structure - Apart from changes in share capital, there were no other changes to the Group's capital structure during the year[59] Pledge of the Group's Assets - As of March 31, 2025, the Group had no assets pledged[60] Significant Investments, Acquisitions, and Disposals - The Group completed the acquisition of 7.43% of the issued shares of Auying Financial Printing Limited in 2023 for approximately HK$9 million, paid in cash and consideration shares[61] | Investee Company | Percentage of Interest Held | Cost (thousand HKD) | Fair Value (thousand HKD) | Cumulative Unrealized Loss (thousand HKD) | Fair Value Change for the Year (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | :--- | | Auying Financial Printing Limited | 7.43% | 9,389 | 5,010 | (4,379) | (4,030) | - Auying primarily provides financial printing services in Hong Kong, and this investment, representing approximately 8.6% of the Group's total assets, is for long-term capital appreciation[62] - The Group did not undertake any other significant investments, acquisitions, or disposals during the year[63] Other Plans for Significant Investments and Capital Assets - Except as disclosed in this announcement, the Group has no other plans for significant investments and capital assets[64] Fund Raising Activities and Use of Proceeds - The Group completed a rights issue in 2024, raising net proceeds of approximately HK$15.0 million[65] | Use of Proceeds | Disclosed Net Proceeds Allocation (million HKD) | Actual Net Proceeds Allocation (million HKD) | Amount Utilized as of March 31, 2025 (million HKD) | Unutilized Amount as of March 31, 2025 (million HKD) | | :--- | :--- | :--- | :--- | :--- | | Automatic parking business – Office rent and related expenses | 2.0 | (0.3) | (0.3) | 1.7 | | Automatic parking business – Salaries and other administrative expenses | 2.5 | (0.2) | (0.2) | 2.3 | | Automatic parking business – Working capital | 5.5 | (3.5) | (3.5) | 2.0 | | General working capital of the Group | 5.0 | (5.0) | (5.0) | 0.0 | | Total | 15.0 | (9.0) | (9.0) | 6.0 | - The net proceeds from the rights issue are intended for developing new businesses (automatic parking systems), administrative expenses for establishing a China sales office, and the Group's general working capital[36] Corporate Governance and Other Information This section details the Group's corporate governance practices, directors' interests, and compliance with relevant regulations Directors' Interests in Contracts - No significant transactions, arrangements, or contracts in which directors or their associated entities had a material interest were entered into with the Company, its holding entity, or subsidiaries during the year or at year-end[67] Directors' Interests in Competing Businesses - No director or their respective associates engaged in any business that constitutes or may constitute competition with the Group's business during the year[68] Dividends The Board does not recommend paying a final dividend for the year ended March 31, 2025, consistent with the prior year - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025[69] Purchase, Sale or Redemption of the Company's Listed Securities - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities during the year[70] Directors' Securities Transactions - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in the GEM Listing Rules, and all Directors confirmed full compliance during the year[71] Corporate Governance Practices The Company complied with the Corporate Governance Code, but the Chairman and CEO roles not separated, and the Board addressed a temporary non-compliance with gender diversity requirements by appointing Ms. Li Yin Lam - The Company complied with the Corporate Governance Code, but the roles of Chairman and Chief Executive Officer were not separated, with daily operations supervised by executive directors[72] - The Board believes the current arrangement facilitates prompt decision-making and efficient achievement of objectives[72] - The Board was temporarily composed of a single gender following Ms. Yip Sin Lam's resignation, failing to comply with GEM Listing Rule 17.104[74] - Following the appointment of Ms. Li Yin Lam as an executive director on January 25, 2025, the Board now complies with GEM Listing Rule 17.104 regarding board gender diversity[74] Audit Committee The Audit Committee, comprising three independent non-executive directors chaired by Mr. Yu Lap Pun, reviewed the draft consolidated financial statements and advises the Board on auditor appointments, financial reporting, and internal controls - The Audit Committee comprises three independent non-executive directors: Mr. Yu Lap Pun (Chairman), Mr. Wong Chi Man, and Mr. Wong Ming Fai[75] - The Committee's primary responsibilities include recommending the appointment and removal of external auditors, reviewing financial statements, significant financial reporting matters, and overseeing internal control procedures to the Board[75] - The Audit Committee has reviewed the draft consolidated financial statements of the Group for the current year[75] Auditor's Scope of Work on Annual Results Announcement The Group's auditor, Zhong Zheng Tian Heng CPA Limited, confirmed the consistency of the consolidated financial statement figures in this announcement with the draft, but their work does not constitute an assurance engagement - The Group's auditor, Zhong Zheng Tian Heng CPA Limited, has agreed that the consolidated financial statement figures in this announcement are consistent with the draft[76] - The auditor's work does not constitute an assurance engagement, and therefore no assurance has been provided for this announcement[76] Publication of Annual Results Announcement and Annual Report This preliminary results announcement will be published on the HKEX and Company websites, with the annual report to be dispatched to shareholders and published in due course - This preliminary results announcement will be published on the HKEX website (www.hkexnews.hk) and the Company's website (www.goldwayedugp.com)[77](index=77&type=chunk) - The annual report for this fiscal year will be dispatched to the Company's shareholders and published on the HKEX and the Company's respective websites in due course[77]