国际商业结算(00147) - 2025 - 年度业绩

Performance Overview Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's loss widened significantly this year due to soaring costs and major asset impairment losses, resulting in a loss from continuing operations of HK$387 million Key Metrics from Consolidated Statement of Profit or Loss (Continuing Operations) | Indicator | FY2025 (HK$ '000) | FY2024 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 186,195 | 173,689 | +7.2% | | Gross (Loss)/Profit | (31,231) | 36,516 | Turned from profit to loss | | Impairment loss on property, plant and equipment | (70,600) | – | N/A | | Impairment loss on properties held for sale | (51,851) | (13,198) | +292.9% | | Impairment loss on trade and other receivables | (148,426) | (2,330) | +6270.2% | | Loss before tax | (371,411) | (51,961) | +614.8% | | Loss for the year from continuing operations | (387,351) | (61,327) | +531.6% | Loss Per Share | Loss Per Share (HK Cents) | 2025 | 2024 | | :--- | :--- | :--- | | From continuing operations | (1.13) | (0.25) | | From discontinued operations | – | (0.04) | | Total | (1.13) | (0.29) | Consolidated Statement of Financial Position The Group's financial position weakened considerably, with net assets declining sharply and a shift from net current assets to net current liabilities indicating immense short-term liquidity pressure Key Metrics from Consolidated Statement of Financial Position | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Non-current assets | 378,059 | 562,018 | -32.7% | | Current assets | 1,167,711 | 1,404,147 | -16.8% | | Total assets | 1,545,770 | 1,966,165 | -21.4% | | Current liabilities | 1,375,889 | 1,367,768 | +0.6% | | Non-current liabilities | 486 | 21,841 | -97.8% | | Total liabilities | 1,376,375 | 1,389,609 | -1.0% | | Net assets | 169,395 | 576,556 | -70.6% | | Net current (liabilities)/assets | (208,178) | 36,379 | Shifted from net assets to net liabilities | Notes to the Financial Statements General Information and Basis of Preparation The Group operates mainly in China across property development, hotel, and other businesses, and prepares its financial statements on a going concern basis despite having net current liabilities - The Group's principal businesses include property development, hotel, property management, computer equipment, and financing, with operations primarily in China[7] - Despite net current liabilities of HK$208 million, management prepares the financial statements on a going concern basis, citing confidence in future liquidity, including the renewal of HK$378 million in borrowings[8] Revenue Analysis Total revenue grew to HK$186 million, driven by property sales which offset a decline in the computer equipment business, alongside a new contribution from property management services Revenue Composition | Revenue Stream | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Sale of properties | 78,233 | 42,259 | | Provision of property management services | 1,100 | – | | Computer equipment business income | 106,862 | 131,430 | | Total | 186,195 | 173,689 | - During the year, the Group acquired the property management segment, while in the prior year it abandoned the international business settlement segment and disposed of the contact lens business segment[15][16] Segment Reporting The computer equipment segment became the primary source of loss, and a single customer from this segment accounted for over 10% of total group revenue Segment Performance (HK$ '000) | Segment | 2025 Segment Loss | 2024 Segment (Loss)/Profit | | :--- | :--- | :--- | | Property development | (130,114) | (62,110) | | Hotel business | – | – | | Property management | (194) | – | | Computer equipment business | (227,471) | 26,633 | | Financing business | (2) | 151 | | Total | (357,781) | (35,326) | - A major customer from the computer equipment business contributed approximately HK$56.88 million in revenue, representing 30.5% of the Group's total revenue[29] Revenue and Assets by Geographical Area (HK$ '000) | Region | Revenue from external customers (2025) | Specified non-current assets (2025) | | :--- | :--- | :--- | | Hong Kong | 106,862 | 37,708 | | The PRC | 79,333 | 143,257 | | Total | 186,195 | 180,965 | Major Asset Impairment Analysis The Group recognized substantial impairment losses on multiple assets, with trade receivables being the most severely impacted due to customer defaults - Loans receivable of HK$131 million and factoring receivables of HK$64.43 million are both over 4 years past due and have been fully provided for, resulting in a carrying amount of zero[37][40][48] - An impairment loss of HK$51.85 million was recognized on completed properties held for sale due to a decline in market valuation[42] - The loss allowance for trade receivables surged from HK$0.32 million to HK$146 million, primarily related to customer defaults in the computer equipment leasing business[46] Acquisition of a Subsidiary The Group acquired a property management company in Fuzhou for approximately HK$5.33 million, generating goodwill of around HK$2.23 million - The Group acquired 100% equity interest in a Fuzhou property management company for HK$5.332 million, generating goodwill of HK$2.228 million[58][60] Dividend The Board of Directors does not recommend the payment of any dividend for the year ended 31 March 2025 - The Board does not recommend the payment of a dividend for the current year[61] Management Discussion and Analysis Overall Performance Review The Group's performance deteriorated sharply, with the annual loss expanding significantly due to four major impairment charges on various assets Key Performance Indicators | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue (HK$ '000) | 186,195 | 173,689 | | Gross (Loss) Margin (%) | (16.8%) | 21.0% | | Loss for the year (HK$ '000) | (387,351) | (61,327) | | Loss per share (HK Cents) | (1.13) | (0.25) | | Net assets per share (HK Cents) | 0.83 | 2.84 | - The substantial increase in loss was mainly attributable to significant impairments on receivables and assets in the computer equipment leasing business, as well as property asset impairments due to the sluggish PRC property market[64] Business Review and Prospects Business segments faced diverse challenges, with the computer equipment leasing business being the main driver of losses due to customer defaults Property Development and Hotel Business The property development segment's loss widened due to significant impairments and finance costs, while the hotel business suffered from a lapsed franchise agreement - The property development segment's loss widened to HK$130 million, mainly due to combined impairments of over HK$91 million on work-in-progress and properties for sale, and the expensing of HK$55.05 million in finance costs[74] - The hotel business's agreement with an international hotel franchisor has lapsed due to failure to obtain the completion certificate on time, resulting in an impairment loss of HK$39.33 million[76] Property Management Business The Group entered the property management sector through an acquisition to diversify revenue streams, though its current contribution remains minimal - The Group entered the property management market through an acquisition to diversify its revenue streams, currently managing 492,000 sq.m. of residential and 19,000 sq.m. of commercial GFA in Fuzhou[77][78] Computer Equipment Leasing Business This segment suffered a severe blow as falling Filecoin prices led to customer defaults, resulting in massive impairments on receivables and equipment - Due to the persistent decline in Filecoin prices, customers defaulted, leading the Group to make a full impairment provision on rental receivables; management used the ECL model, classifying these receivables as Stage 3 (credit-impaired) with a 100% probability of default (PD)[80][82][85] - An impairment loss of HK$31.27 million was recognized on data storage equipment that had been idle for over six months after the lease term ended[87] Other Businesses and New Project Updates The contact lens business saw reduced losses, the financing business remained inactive, and planned new ventures in digital currency and logistics were either terminated or pending - After being reclassified as an associate, the Group's share of loss from the contact lens business decreased from HK$6.51 million to HK$3.97 million[89] - The financing business is stagnant, with all overdue loans having been fully impaired in previous years[90] - The proposed digital currency joint venture in Laos has been terminated, with no investment paid by the Group[91] Financial Position Review The Group's financial position deteriorated significantly, marked by a shift to net current liabilities and a sharply increased gearing ratio, indicating heightened financial risk - The Group shifted from net current assets of HK$36.38 million to net current liabilities of HK$208 million, mainly due to significant impairments on trade receivables and properties held for sale[96] Financial Ratio Changes | Ratio | As at 31 March 2025 | As at 31 March 2024 | | :--- | :--- | :--- | | Current ratio | 0.85 | 1.03 | | Gearing ratio | 3.45 | 1.03 | - As at 31 March 2025, the Group had pledged property, plant and equipment with a value of approximately HK$65.57 million as security for borrowings[101] Corporate Governance and Other Information Corporate Governance The Company deviated from the Corporate Governance Code, most notably with the continued vacancy of the Chairman and CEO positions - The Company deviated from the Corporate Governance Code as the positions of Chairman and CEO were both vacant, with their duties handled collectively by the executive Directors[107] - The vacancy of the Chairman position led to other deviations, such as the failure to hold an annual meeting between the Chairman and independent non-executive Directors and the Chairman's absence from the AGM[111] Audit Committee The Audit Committee, comprising three independent non-executive directors, has reviewed the annual audited results and discussed key matters with management - The Audit Committee, composed of three independent non-executive Directors, has reviewed the audited consolidated results for the year[110]