麦迪森控股(08057) - 2025 - 年度业绩

Financial Performance Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's total revenue grew to HKD 71.1 million, driven by loan financing, while the annual loss narrowed to HKD 15.25 million due to reduced finance costs and impairment Key Profit or Loss Data for FY2025 | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue | 71,095 | 68,087 | +4.4% | | - Alcohol Beverage Sales | 20,817 | 21,921 | -5.0% | | - Loan Financing Services | 50,278 | 46,166 | +8.9% | | Loss Before Tax | (16,191) | (19,762) | -18.1% (Loss narrowed) | | Loss for the Year | (15,252) | (17,790) | -14.3% (Loss narrowed) | | Loss Attributable to Owners of the Company | (15,218) | (16,217) | -6.2% (Loss narrowed) | | Basic Loss Per Share (HKD cents) | (2.44) | (2.60) | - | - Finance costs significantly decreased from HKD 13.48 million in the prior year to HKD 6.46 million this year, a key factor in the narrowed loss[4] - Net impairment losses on loans and interest receivable decreased from HKD 29.78 million to HKD 26.48 million, also contributing to the improved loss position[4] Consolidated Statement of Financial Position Total assets slightly decreased to HKD 337 million, while total liabilities significantly reduced, boosting total equity to HKD 149 million and doubling net current assets to HKD 128 million Key Balance Sheet Data as of March 31, 2025 | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Assets | 336,987 | 350,808 | -3.9% | | - Non-current Assets | 21,703 | 51,596 | -57.9% | | - Current Assets | 315,284 | 299,212 | +5.4% | | Total Liabilities | 188,058 | 237,524 | -20.8% | | - Current Liabilities | 187,581 | 235,464 | -20.3% | | Total Equity | 148,929 | 113,284 | +31.5% | | Net Current Assets | 127,703 | 63,748 | +100.3% | - Loans and interest receivable are the Group's primary assets, with their current portion increasing from HKD 236 million to HKD 275 million[6] - The decrease in current liabilities was primarily due to a reduction in amounts payable to a shareholder from HKD 107 million to HKD 62.4 million[6] Notes to the Consolidated Financial Statements Company Information and Basis of Preparation The Company, an investment holding firm in alcohol sales and financial services, prepares its statements under HKFRS, with significant going concern uncertainties due to net losses and maturing borrowings - The Group is primarily engaged in alcohol beverage sales, financial services, and loan financing services[9] - The report highlights significant uncertainties that may cast substantial doubt on the Group's ability to continue as a going concern; as of March 31, 2025, the Group had approximately HKD 22.32 million in cash, with total shareholder loans and borrowings of approximately HKD 157 million maturing within the next twelve months[10] - The Board has considered various measures, such as shareholders agreeing not to demand repayment and managing the loan receivable portfolio, to address liquidity risks and deems the preparation of financial statements on a going concern basis appropriate[11][13] Revenue and Segment Information Total revenue is split between alcohol sales and loan financing; loan financing revenue grew to HKD 50.28 million with a profit, while alcohol sales declined to HKD 20.82 million with an expanded loss, with Mainland China as the main revenue source Revenue and Results by Segment | Segment | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | 2025 (Loss)/Profit (HKD thousands) | 2024 (Loss)/Profit (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Alcohol Beverage Sales | 20,817 | 21,921 | (2,742) | (2,480) | | Loan Financing Services | 50,278 | 46,166 | 6,956 | (2,290) | | Financial Services | - | - | (1,432) | (1,462) | | Total | 71,095 | 68,087 | 2,782 | (6,232) | Revenue by Geographical Region | Region | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | China | 45,065 | 39,686 | | Hong Kong | 26,030 | 28,401 | | Total | 71,095 | 68,087 | - The loan financing services segment is the Group's largest asset-holding segment, with total segment assets amounting to HKD 296 million[20] Loans and Interest Receivable Total loans and interest receivable (before impairment) increased to HKD 307 million, with unsecured loans at 69% and bad debt provisions rising to HKD 30.11 million, while over 365-day receivables were the largest aging category Composition of Loans and Interest Receivable | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Secured Loans | 88,067 | 65,436 | | Unsecured Loans | 200,887 | 203,556 | | Interest Receivable | 17,964 | 18,238 | | Total (before impairment) | 306,918 | 287,230 | | Less: Provision | (30,113) | (22,521) | | Net Amount | 276,805 | 264,709 | - An aging analysis of loans and interest receivable shows that amounts over 365 days constitute the largest portion, totaling HKD 98.27 million, indicating a longer recovery period for some loans[35] Management Discussion and Analysis Business Review and Financial Performance Total revenue grew 4.4% to HKD 71.1 million, driven by loan financing, while the annual loss narrowed to HKD 15.3 million due to reduced finance costs and impairment, despite a significant drop in other income - The Group's total revenue increased by 4.4% to approximately HKD 71.1 million, primarily due to an 8.9% increase in loan financing business revenue[42] - The annual loss narrowed to HKD 15.3 million, primarily driven by a HKD 7 million reduction in finance costs, a HKD 3.3 million decrease in net impairment losses on loans receivable, a HKD 3 million increase in revenue, and a HKD 2.2 million decrease in staff costs[43][53] - Other income significantly decreased from HKD 15 million to HKD 2.3 million, mainly due to a HKD 10.6 million reduction in net exchange gains, negatively impacting profitability[52] Segment Business Performance Loan financing business grew and turned profitable, while the wine business saw declining revenue and expanded losses due to a weak market, with no revenue from financial services Wine Business Wine business revenue declined 5.0% to HKD 20.8 million, with segment loss expanding 8.0% to HKD 2.7 million, due to an uncertain economic and weak consumer market Wine Business Performance | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 20,800 | 21,900 | -5.0% | | Segment Loss | (2,700) | (2,500) | +8.0% (Loss expanded) | Loan Financing Business Loan financing revenue grew 8.9% to HKD 50.3 million, achieving a HKD 7 million profit due to an expanded portfolio and reduced impairment, with management focusing on collateralized quality borrowers - Loan financing business revenue increased by 8.9% to HKD 50.3 million, achieving a segment profit of HKD 7 million (compared to a loss of HKD 2.3 million in 2024)[45] - The Group's loan portfolio (before impairment) increased to HKD 307 million; as of March 31, 2025, approximately 35.4% of the loan portfolio was secured by collateral, while 64.6% was unsecured[45][47] Loan Portfolio Borrower Category Breakdown (by Face Value) | Borrower Category | 2025 | 2024 | | :--- | :--- | :--- | | Corporate | 29% | 28% | | Individual | 71% | 72% | Impairment Losses Net impairment losses on loans and interest receivable decreased to HKD 26.5 million, primarily due to China's economic difficulties and real estate debt crisis, which increased loan defaults - Net impairment losses on loans and interest receivable for the year amounted to HKD 26.5 million, comprising HKD 17.7 million in expected credit loss provisions and HKD 8.8 million in direct write-offs[49] - The primary causes of impairment were economic conflicts in China and the real estate debt crisis, leading to immense operational pressure for businesses, especially small enterprises, and hindering borrowers' repayment capabilities[50] Liquidity and Financial Resources Liquidity significantly improved, with net current assets doubling to HKD 128 million, the current ratio rising to 1.7 times, and the gearing ratio decreasing to 63.6%, reflecting a more robust financial structure Key Liquidity and Financial Ratios | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net Current Assets | HKD 127.7 million | HKD 63.7 million | | Cash and Cash Equivalents | HKD 22.3 million | HKD 34.4 million | | Current Ratio | 1.7 times | 1.3 times | | Gearing Ratio | 63.6% | 88.8% | Significant Disposal The Company disposed of a 38% equity interest in subsidiary Hackett for HKD 56.4 million, but Hackett remains consolidated due to continued board control despite a reduced 39% stake - The Company disposed of a 38% equity interest in its subsidiary Hackett for a total consideration of HKD 56.4 million, aiming to repay part of its debts and reduce liability levels without cash outflow[64] - Following the disposal, the Company holds a 39% equity interest in Hackett, but Hackett is still considered a subsidiary due to the Company's continued control over its board of directors[65] Principal Risks and Business Outlook Principal risks include unsaleable wine inventory and loan customer defaults; management anticipates a challenging global economy, will adopt a cautious strategy, and is open to new strategic investors - The Group identified principal risks including unsaleable inventory, product liability, and foreign exchange fluctuations in the wine business, and customer default and talent retention risks in the loan financing business[68] - Looking ahead to 2025, the Board anticipates a challenging and uncertain global economic environment, will adopt a cautious approach, adjust strategies as appropriate, and remains open to introducing new investors[72] Corporate Governance and Other Information Dividends and Staff Policy The Board does not recommend a final dividend; the Group employed 103 staff, a decrease from last year, with remuneration based on qualifications, responsibilities, and contributions, supported by a share option scheme - The Board does not recommend the payment of a final dividend for the current year[63] - As of March 31, 2025, the Group employed 103 staff, a decrease from 113 in 2024[69] Share Option Scheme The Company's share option scheme, adopted in 2015, is valid until September 20, 2025, with no options granted this year, and the Company will comply with GEM Listing Rules amendments - No share options were granted under the share option scheme during the year[73] - The remaining validity period of the share option scheme is until September 20, 2025[74] Compliance and Audit The Company maintains high corporate governance standards, complying with GEM Listing Rules, and the Audit Committee has reviewed and approved the audited consolidated financial statements - The Board confirms that the Company has complied with the code provisions of the Corporate Governance Code throughout the year[82] - The Audit Committee comprises four members, with Mr. Chu Kin Hung as Chairman, and has reviewed the audited consolidated financial statements for the year[85]