华信地产财务(00252) - 2025 - 年度业绩

Company Overview and Performance Summary This section provides a high-level overview of the company and a summary of its financial performance for the reporting period SOUTHEAST ASIA PROPERTIES & FINANCE LIMITED FY2025 Annual Results Announcement Southeast Asia Properties & Finance Limited (Stock Code: 252) announces its audited consolidated results for FY2025, detailing financial performance, operations, and governance - The Group's audited consolidated results for the year ended March 31, 2025[3] Consolidated Financial Statements This section presents the Group's consolidated financial statements, including the statement of profit or loss, comprehensive income, and financial position Consolidated Statement of Profit or Loss The Group reported a net loss of HKD 25.82 million for FY2025, turning from profit, driven by declining associate results and fair value losses on investment properties FY2025 Consolidated Statement of Profit or Loss Key Data | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 232,260,459 | 192,687,470 | +20.5% | | Gross Profit | 71,721,775 | 64,438,040 | +11.3% | | Loss from fair value changes of investment properties | (36,601,413) | (193,949,870) | -81.1% | | Share of results of associates | 15,975,753 | 288,910,725 | -94.5% | | (Loss)/Profit before tax | (21,475,852) | 60,223,302 | Turned to loss | | (Loss)/Profit for the year | (25,821,167) | 55,871,825 | Turned to loss | | (Loss)/Profit attributable to owners of the Company | (25,568,231) | 56,389,855 | Turned to loss | | Basic and diluted (loss)/earnings per share (HK cents) | (11.3) | 25.0 | Turned to loss | Consolidated Statement of Comprehensive Income The Group's total comprehensive income significantly decreased by 86.9% to HKD 9.49 million in FY2025, primarily impacted by the annual loss despite an increase in other comprehensive income FY2025 Consolidated Statement of Comprehensive Income Key Data | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | (Loss)/Profit for the year | (25,821,167) | 55,871,825 | Turned to loss | | Other comprehensive income for the year | 35,314,431 | 16,622,322 | +112.5% | | Total comprehensive income for the year | 9,493,264 | 72,494,147 | -86.9% | | Total comprehensive income attributable to owners of the Company | 9,852,126 | 73,261,335 | -86.6% | Consolidated Statement of Financial Position As of March 31, 2025, the Group reported net current liabilities of HKD 126.00 million, a shift from net current assets of HKD 117.22 million last year, mainly due to bank loan reclassification, with slight decreases in total assets and equity FY2025 Consolidated Statement of Financial Position Key Data | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 1,374,491,824 | 1,348,024,207 | +2.0% | | Current assets | 241,950,692 | 287,295,861 | -15.8% | | Net current (liabilities)/assets | (126,003,295) | 117,224,661 | Turned negative | | Total assets less current liabilities | 1,248,488,529 | 1,465,248,868 | -14.8% | | Non-current liabilities | 124,369,086 | 319,532,942 | -61.1% | | Net assets | 1,124,119,443 | 1,145,715,926 | -1.9% | | Equity attributable to owners of the Company | 1,114,374,772 | 1,135,612,393 | -1.9% | | Total equity | 1,124,119,443 | 1,145,715,926 | -1.9% | Notes to the Consolidated Financial Statements This section provides detailed notes and disclosures supporting the consolidated financial statements, offering further insights into the Group's accounting policies and financial performance 1. General Information Southeast Asia Properties & Finance Limited, a Hong Kong-listed company, engages in investment holding, property, hotel operations, plastic packaging, and brokerage, with financial statements presented in HKD - The Group's principal activities include investment holding, property investment, development and rental, hotel operations, manufacturing and distribution of plastic packaging materials, and brokerage and securities margin financing[8] - The Company's shares are listed on The Stock Exchange of Hong Kong Limited[8] - The consolidated financial statements are presented in Hong Kong Dollars (HKD), which is also the Company's functional currency[9] 2. Adoption of New and Revised Hong Kong Financial Reporting Standards The Group adopted several revised HKFRS on April 1, 2024, with no significant impact on current or prior period results, while management assesses the potential effects of HKFRS 18 on financial statement presentation and disclosures - The Group has initially applied revised standards including HKFRS 16 (Revised), HKAS 1 (Revised), and HKAS 7 & HKFRS 7 (Revised)[10] - The adoption of revised HKFRS accounting standards did not have a significant impact on the results and financial position presented for the current and prior periods[10] - HKFRS 18 will replace HKAS 1, introducing new subtotal reporting, management performance measure disclosures, and enhanced classification guidance, effective January 1, 2027[18][19][21] 3. Compliance Statement These consolidated financial statements are prepared in accordance with HKFRS and Hong Kong Generally Accepted Accounting Principles, complying with relevant Listing Rules and Companies Ordinance disclosure requirements - These consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS) and Hong Kong Generally Accepted Accounting Principles[20] - These consolidated financial statements comply with the applicable disclosure requirements of the Listing Rules of the Stock Exchange and the Companies Ordinance[20] 4. Segment Information The Group's segments include property, plastic packaging, and brokerage; plastic packaging and brokerage turned profitable with strong growth, while China led regional revenue expansion FY2025 Segment Revenue and Results | Segment | 2025 Revenue (HKD) | 2024 Revenue (HKD) | Revenue Change (%) | 2025 Results (HKD) | 2024 Results (HKD) | Results Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property Investment, Development and Rental/Hotel Operations | 15,409,210 | 14,032,966 | +9.8% | 1,146,627 | (5,977,200) | Turned to profit | | Manufacturing and Distribution of Plastic Packaging Materials | 206,932,155 | 166,579,877 | +24.2% | 26,183,198 | 21,777,380 | +20.2% | | Brokerage and Securities Margin Financing | 9,919,094 | 12,074,627 | -17.8% | 6,252,440 | (6,177,024) | Turned to profit | | Consolidated Total | 232,260,459 | 192,687,470 | +20.5% | 33,582,265 | 9,623,156 | +249.0% | FY2025 Geographical Segment Revenue | Region | 2025 Revenue (HKD) | 2024 Revenue (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | 48,320,195 | 50,615,963 | -4.5% | | Asia (excluding China and Hong Kong) | 46,773,374 | 45,194,594 | +3.5% | | Oceania | 44,206,874 | 41,598,116 | +6.3% | | China | 57,806,376 | 27,649,143 | +109.1% | | North America | 18,818,445 | 16,038,262 | +17.3% | | Europe | 16,335,195 | 11,591,392 | +40.9% | | Total | 232,260,459 | 192,687,470 | +20.5% | 5. Revenue The Group's total revenue grew 20.5% to HKD 232.26 million in FY2025, primarily driven by significant increases in sales of goods and brokerage commissions, despite a slight decline in other income sources FY2025 Revenue Sources | Revenue Source | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Sales of goods | 206,932,155 | 166,579,877 | +24.2% | | Brokerage commission | 4,413,925 | 4,084,870 | +8.1% | | Rental income and rental-related income | 15,409,210 | 14,032,966 | +9.8% | | Interest income from customers | 3,894,217 | 6,615,163 | -41.1% | | Dividend income from listed equity securities | 1,610,952 | 1,374,594 | +17.2% | | Total Revenue | 232,260,459 | 192,687,470 | +20.5% | 6. Finance Costs The Group's total borrowing costs increased by 25.3% to HKD 25.49 million in FY2025, mainly due to higher interest expenses on bank loans and estimated interest on amounts due to an associate, partially offset by capitalized amounts FY2025 Finance Costs | Item | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Interest expense on bank loans | 18,684,348 | 15,230,316 | +22.7% | | Estimated interest expense on amounts due to an associate | 3,429,460 | 1,959,685 | +75.0% | | Total borrowing costs | 25,493,826 | 20,340,283 | +25.3% | | Less: Amount capitalized | (6,722,842) | (2,261,876) | +197.2% | | Net finance costs | 18,770,984 | 18,078,407 | +3.8% | 7. Income Tax Expense The Group's total income tax expense for FY2025 remained stable at HKD 4.35 million, with increased Hong Kong profits tax provision and deferred tax shifting from expense to credit FY2025 Income Tax Expense | Item | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Hong Kong profits tax (current) | 4,019,212 | 2,358,817 | +70.4% | | PRC enterprise income tax (current) | 509,366 | 742,358 | -31.4% | | Deferred tax (credit)/expense | (213,192) | 1,487,933 | Turned to credit | | Total income tax expense for the year | 4,345,315 | 4,351,477 | -0.1% | - Hong Kong profits tax provision is calculated at 16.5% of estimated assessable profits, with the first HKD 2,000,000 of profits for eligible entities taxed at 8.25%[29] - PRC subsidiaries are subject to a tax rate of 25%[30] 8. (Loss)/Profit for the Year The annual loss was primarily influenced by increased cost of inventories sold, higher expected credit loss provisions, and intangible asset impairment, despite a shift to profit from financial asset fair value changes FY2025 Key Items Affecting (Loss)/Profit for the Year | Item | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 134,668,183 | 102,415,839 | +31.5% | | Auditors' remuneration | 920,000 | 1,030,000 | -10.7% | | Depreciation | 10,063,597 | 10,265,841 | -2.0% | | (Profit)/Loss from financial assets at fair value through profit or loss | (6,479,501) | 7,293,756 | Turned to profit | | Provision for expected credit losses on trade and other receivables and loans receivable | 2,054,628 | 362,115 | +467.4% | | Bad debts written off | 8,341 | 1,255,888 | -99.3% | | Loss on deemed disposal of interest in an associate | 15,661,473 | 26,282,302 | -40.5% | | Provision for impairment loss on intangible assets | 300,000 | – | New item | 9. Dividends The Board proposes a final dividend of 3 HK cents per ordinary share for the year ended March 31, 2025, totaling HKD 6.76 million, subject to shareholder approval FY2025 Proposed Dividends | Item | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Proposed final dividend of 3 HK cents per ordinary share | 6,762,601 | 6,762,601 | 10. (Loss)/Earnings Per Share Attributable to Owners of the Company Basic and diluted (loss)/earnings per share attributable to owners of the Company was 11.3 HK cents loss, a significant decline from 25.0 HK cents profit last year, reflecting the year's shift from profit to loss FY2025 (Loss)/Earnings Per Share | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/Profit attributable to owners of the Company (HKD) | (25,568,231) | 56,389,855 | | Weighted average number of ordinary shares outstanding (shares) | 225,420,034 | 225,420,034 | | Basic and diluted (loss)/earnings per share (HK cents) | (11.3) | 25.0 | - Diluted (loss)/earnings per share is identical to basic (loss)/earnings per share as there were no potential dilutive ordinary shares in either year[33] 11. Loans Receivable As of March 31, 2025, total loans receivable amounted to HKD 28.75 million, primarily comprising an unsecured, interest-free shareholder loan with no fixed repayment terms, following last year's settlement and write-off of some loans via property acquisition FY2025 Loans Receivable | Item | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Total loans receivable | 28,750,351 | 29,822,385 | - The balance represents a shareholder loan of RMB 29,400,000 (equivalent to HKD 31,508,000) to Dongguan Hanjun Industrial Investment Co., Ltd., which is unsecured, interest-free, and not repayable within twelve months from the reporting date[35] - In FY2024, the Group settled certain loans receivable from independent borrowers and employees through the acquisition of residential properties and wrote off bad debts for remaining outstanding loans and interest[37] 12. Trade and Other Receivables The Group's total trade and other receivables significantly decreased to HKD 58.29 million, mainly due to reduced receivables from secured margin loan clients and increased expected credit loss provisions, alongside a notable drop in total market value of pledged securities FY2025 Trade and Other Receivables | Item | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables arising from brokerage and securities margin financing | 33,105,082 | 76,755,953 | -56.8% | | Trade receivables arising from sales of goods and rental | 24,253,712 | 20,872,502 | +16.2% | | Other receivables | 928,995 | 3,956,182 | -76.5% | | Total | 58,287,789 | 101,584,637 | -42.7% | - Trade receivables from secured margin loan clients decreased from HKD 71,186,789 to HKD 31,067,496[39] - Provision for expected credit losses increased, with brokerage-related provisions rising from HKD 4,966,475 to HKD 5,704,852[39] - The total market value of securities pledged by clients for margin loans was HKD 117,924,276 (2024: HKD 199,529,979)[41] 13. Trade and Other Payables The Group's total trade and other payables decreased to HKD 68.51 million, primarily due to a significant reduction in amounts due to clearing houses and cash clients, and a notable decline in accrued property development expenses FY2025 Trade and Other Payables | Item | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables (including clearing houses and cash clients, secured margin loan clients, other creditors) | 40,157,626 | 69,835,583 | -42.5% | | Accrued salaries | 5,826,026 | 6,767,085 | -13.9% | | Accrued property development expenses | 623,000 | 10,903,798 | -94.3% | | Total | 68,508,125 | 106,709,001 | -35.8% | - Amounts due to clearing houses and cash clients decreased from HKD 56,691,458 to HKD 25,297,967[44] - Credit terms granted by other creditors are generally within 30 days[45] 14. Interests in Associates The Group's interests in associates slightly decreased due to a deemed disposal loss from Titan Dragon's equity dilution; Titan Dragon's property was revalued after title recovery, but its profit contribution significantly declined FY2025 Interests in Associates | Item | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of investments in associates | 7,461,640 | 6,664,312 | +12.0% | | Amounts due from associates | 16,446,598 | 33,812,303 | -51.4% | | Share of post-acquisition accumulated profits and other comprehensive income | 262,725,300 | 266,650,437 | -1.5% | | Total | 270,186,940 | 273,314,749 | -1.1% | - The Group's equity interest in Titan Dragon was diluted from 28.00% to 24.50% due to new investor capital injection, resulting in a deemed disposal loss of HKD 15,661,473[51] - Titan Dragon successfully recovered possession and title to its Philippine property, which was revalued at HKD 1,173,587,000 as of March 31, 2025[62][64] - Titan Dragon Group's FY2025 annual profit was HKD 72,763,159, a significant decrease from HKD 877,274,753 in FY2024, primarily due to a one-off fair value gain on investment properties last year[55] Management Discussion and Analysis This section provides management's perspective on the Group's financial performance, operational highlights, future strategies, and risk factors Financial and Business Review The Group's FY2025 revenue grew 20.5% to HKD 232.3 million, but a significant decline in associate results led to a HKD 25.6 million loss attributable to owners, turning from profit last year FY2025 Financial Review | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 232,300,000 | 192,700,000 | +20.5% | | (Loss)/Profit attributable to owners of the Company | (25,600,000) | 56,400,000 | Turned to loss | | Change in share of results of associates | -272,900,000 | N/A | Significant decrease | | Change in loss from fair value changes of investment properties | -157,300,000 | N/A | Significant decrease | Property Investment, Development and Rental/Hotel Operations Property segment revenue grew 9.8% to HKD 15.4 million, turning profitable due to increased WorkCave Hong Kong occupancy and estimated interest income from an associate; hotel operations remain suspended for renovation but have obtained occupation permits and are applying for licenses - Revenue from the property investment, development and rental/hotel operations segment increased by 9.8% to HKD 15,400,000[68] - Segment results turned from a HKD 6,000,000 loss last year to a HKD 1,100,000 profit, primarily due to new estimated interest income on amounts due to an associate[68] - Increased occupancy rate of WorkCave Hong Kong serviced offices was the main reason for higher rental income[68] - Hotel operations have been suspended since June 1, 2020, for alteration and addition works, with an occupation permit obtained in December 2024 and hotel license application in progress[68][76] Manufacturing and Distribution of Plastic Packaging Materials Plastic packaging materials segment revenue grew 24.2% to HKD 206.9 million, with profit up 20.2% to HKD 26.2 million, driven by sales growth, cost control, and efficiency, despite challenges from Red Sea crisis, container shortages, and trade uncertainties - Revenue from the manufacturing and distribution of plastic packaging materials segment increased by 24.2% to HKD 206,900,000[69] - Segment profit increased by 20.2% to HKD 26,200,000, mainly due to effective operational cost control and enhanced production efficiency[69] - The Red Sea crisis, global container shortages, and the US-China tariff war led to soaring sea freight costs and increased global trade uncertainty[70] Brokerage and Securities Margin Financing The brokerage segment turned profitable with an operating profit of HKD 6.3 million, driven by increased brokerage commissions and a shift to profit from financial asset fair value changes, despite volatile Hong Kong stock markets and declining margin client interest income - Brokerage commission increased by 8.1% to HKD 4,400,000[72] - Interest income from margin clients decreased by 41.1% to HKD 3,900,000, as clients reduced positions amid unstable market conditions during the period[72] - Segment operating profit turned from a HKD 6,200,000 loss last year to a HKD 6,300,000 profit, mainly due to a HKD 6,500,000 profit from financial assets at fair value through profit or loss, compared to a HKD 7,300,000 loss in the previous year[72] - The Hong Kong stock market experienced significant volatility, with the Hang Seng Index showing substantial gains and an accelerating pace of IPO activity[71] Strategies and Outlook The Group will cautiously navigate geopolitical tensions and trade uncertainties, pursuing pragmatic property development and hotel reopening, focusing on re-industrialization and green operations for plastic packaging, and adopting cost strategies with prudent risk management for brokerage - The Group will carefully review and adjust business strategies as needed to address uncertainties arising from geopolitical tensions[73] - The property investment segment will adopt a pragmatic approach to risk avoidance, with WorkCave Hong Kong serviced offices anticipating business growth in the second half of the year[74][75] - The plastic packaging materials segment will enhance automation and digital transformation, establish a robust recycling system, and support green industry development[77] - The brokerage and securities margin financing segment will employ a cost strategy to maximize resource efficiency and adopt prudent risk management in volatile market conditions[78] Liquidity and Financial Resources As of March 31, 2025, the Group reported net current liabilities of HKD 126.0 million, primarily due to the reclassification of a HKD 251.0 million committed loan to current liabilities; however, management expects to continue as a going concern with strong operating cash inflows and new bank financing - The Group's net current liabilities amounted to HKD 126,000,000 (2024: net current assets of HKD 117,200,000)[79] - Primarily due to a HKD 251,000,000 committed loan reclassified from non-current to current liabilities during the year, as it is due within one year[79] - The Group had robust positive net cash inflows from operating activities for the year ended March 31, 2025, with bank balances and cash of HKD 74,500,000 as of that date[84] - Subsequent to the year ended March 31, 2025, the Group secured new bank financing of HKD 285,000,000, enabling repayment of maturing bank borrowings[84] Capital Structure As of March 31, 2025, total equity attributable to owners was HKD 1,114.4 million, with a consolidated net asset value per share of HKD 5.0; the net debt to equity ratio decreased to 24.2%, mainly due to reduced net debt FY2025 Capital Structure | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Total equity attributable to owners of the Company | 1,114,400,000 | 1,135,600,000 | -1.9% | | Consolidated net asset value per share (HKD) | 5.0 | 5.1 | -2.0% | | Net debt to equity ratio | 24.2% | 25.6% | -1.4% | Foreign Exchange Risk Operating primarily in Hong Kong and China, the Group transacts in HKD, USD, and RMB; it currently lacks a foreign currency hedging policy but management closely monitors and considers hedging significant exposures when necessary - The Group operates in Hong Kong and China, with most transactions denominated in HKD, USD, and RMB[85] - The Group currently has no foreign currency hedging policy, but management closely monitors these risks and considers hedging significant foreign exchange exposures when necessary[85] - The Group is not exposed to significant foreign exchange risk with respect to HKD against USD, as the currency is pegged to the USD[86] Significant Acquisitions and Disposals This year, the Group's interest in Titan Dragon was diluted from 28% to 24.5% due to new share subscriptions by investors, resulting in a HKD 15.7 million deemed disposal loss, with no other significant disposals of subsidiaries or associates - The Group's interest in Titan Dragon decreased from 28% to 24.5%, resulting in a deemed disposal loss of HKD 15,700,000[87] - The loss was primarily due to a decrease in Titan Dragon's net asset value per share following new investor subscriptions[87] - Other than the aforementioned disclosure, the Group had no other significant disposals of subsidiaries or associates[88] Employees and Remuneration Policy As of March 31, 2025, the Group's total workforce slightly increased to 246 employees, with remuneration determined based on job nature and market conditions Number of Employees | Year | Number of Employees | | :--- | :--- | | 2025 | 246 | | 2024 | 244 | - Employee remuneration is determined based on the nature of work and market conditions[89] Corporate Governance and Other Information This section outlines the Group's corporate governance practices, dividend policies, and other relevant information for shareholders Dividends The Board proposes a final dividend of 3 HK cents per ordinary share for the year ended March 31, 2025, totaling HKD 6.76 million, subject to shareholder approval and payable on October 3, 2025 - The Board recommends a final dividend of 3 HK cents per ordinary share for the year ended March 31, 2025 (2024: 3 HK cents per ordinary share), payable to shareholders on the register as of August 29, 2025[90] - Subject to shareholder approval at the upcoming Annual General Meeting, the final dividend will be distributed on October 3, 2025[90] Annual General Meeting and Share Registrar Closure The Annual General Meeting will be held on August 22, 2025; share registration will be suspended from August 19-22 for attendance and voting eligibility, and from August 28-29 for the proposed final dividend entitlement - The Annual General Meeting will be held on Friday, August 22, 2025[91] - To be eligible to attend and vote at the Annual General Meeting, the share registrar will be closed from Tuesday, August 19, 2025, to Friday, August 22, 2025[92] - To be eligible for the proposed final dividend, the share registrar will be closed from Thursday, August 28, 2025, to Friday, August 29, 2025[93] Purchase, Sale or Redemption of Shares Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares during the current year - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares during the current year[94] Corporate Governance The Company largely complied with the Corporate Governance Code, noting deviations such as combined Chairman/CEO roles and INEDs' AGM absence, while all directors adhered to the Model Code for Securities Transactions - The Company complied with the Corporate Governance Code in Appendix 14 of the Listing Rules, with deviations noted for independent non-executive directors and non-executive directors not attending the Annual General Meeting[95] - The roles of Chairman and Chief Executive Officer are held by the same individual, a structure the Board believes does not impair the balance of power[96] - The Chairman and independent non-executive directors did not hold formal meetings without other directors present, but the company secretary consults independent non-executive directors on their concerns[97] - All Directors have complied with the Model Code for Securities Transactions by Directors of Listed Issuers[98] Audit Committee and Auditor The Audit Committee, comprising four independent non-executive directors and two non-executive directors, reviewed the Group's FY2025 annual results; the Company's auditor, Grant Thornton Hong Kong Limited, confirmed consistency between preliminary announcement figures and audited consolidated financial statements - The Audit Committee, comprising four independent non-executive directors and two non-executive directors, reviewed the Group's annual results for the year ended March 31, 2025[99] - The Company's auditor, Grant Thornton Hong Kong Limited, confirmed that the figures in the preliminary announcement are consistent with the amounts in the Group's audited consolidated financial statements for the year[100] Publication of Financial Information This results announcement is available on the Stock Exchange and Company websites; the Company's 2024/2025 annual report will be dispatched to shareholders and made available on these websites promptly - This results announcement is available on the Stock Exchange website (www.hkexnews.hk) and the Company's website (**www.seapnf.com.hk**)[101](index=101&type=chunk) - The Company's 2024/2025 annual report will be dispatched to shareholders and made available on the aforementioned websites as soon as possible[101]