绿色经济(01315) - 2025 - 年度业绩

Financial Performance Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2025, the company's total revenue was HKD 2.83 billion, a slight decrease of 3.5% year-on-year, with gross profit declining 29.8% to HKD 58.64 million, and profit for the year falling 16.2% to HKD 15.25 million Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD Thousand) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 2,833,486 | 2,934,565 | -3.5% | | Gross Profit | 58,640 | 84,934 | -29.8% | | Operating Profit | 49,553 | 48,173 | +2.9% | | Profit for the Year | 15,254 | 18,206 | -16.2% | | Profit Attributable to Owners of the Company | 15,427 | 18,221 | -15.3% | | Total Comprehensive Income for the Year | 13,566 | 11,329 | +19.7% | - Basic and diluted earnings per share decreased from HKD 4.89 cents in the prior year to HKD 2.51 cents this year[5] Consolidated Statement of Financial Position As of March 31, 2025, the company's total assets were HKD 668 million, largely consistent with the prior year, while net assets increased 38% to HKD 144 million, and total loans from a related party amounted to HKD 207 million, posing significant uncertainty to the company's going concern Consolidated Statement of Financial Position (HKD Thousand) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Non-current Assets | 5,506 | 8,047 | -31.6% | | Current Assets | 662,102 | 671,813 | -1.4% | | Total Assets | 667,608 | 679,860 | -1.8% | | Liabilities and Equity | | | | | Current Liabilities | 417,972 | 469,726 | -11.0% | | Non-current Liabilities | 105,824 | 105,898 | -0.1% | | Total Liabilities | 523,796 | 575,624 | -9.0% | | Net Assets | 143,812 | 104,236 | +38.0% | - The company's net current assets increased from HKD 202 million to HKD 244 million, indicating an improvement in financial position[6] - Total loans from a related party (Mr. Wong) amounted to approximately HKD 207 million, with HKD 102 million classified as current liabilities and HKD 105 million as non-current liabilities, representing a primary source of the company's debt[6][10] Notes to the Financial Statements Basis of Preparation - Going Concern Significant uncertainties exist regarding the basis of preparation for the financial statements due to approximately HKD 207 million in outstanding loans from a director, though management believes preparing the statements on a going concern basis is appropriate given planned mitigation measures - As of March 31, 2025, the Group had approximately HKD 207 million in outstanding loans from Director Mr. Wong, which constitutes a material uncertainty regarding the Group's ability to continue as a going concern[10] - To resolve the debt issue, the company plans to sell the relevant subsidiary (Target Company) to Mr. Wong, after which the Group will no longer owe debt to Mr. Wong. This disposal is subject to approval by shareholders and relevant authorities[10] - As a fallback, should the disposal not proceed, the Group has agreed with Mr. Wong to extend the maturity date of all outstanding loans to September 30, 2027[13] Revenue Analysis Total revenue for the year was HKD 2.83 billion, a 3.5% year-on-year decrease, driven by 11.4% growth in supply chain management revenue to HKD 2.45 billion, while all construction-related businesses experienced significant declines, and Hong Kong market revenue sharply decreased 27.6% Revenue by Business Segment (HKD Thousand) | Business Segment | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Supply Chain Management | 2,452,473 | 2,200,632 | +11.4% | | Building Construction and Others | 1,360 | 1,963 | -30.7% | | Alteration, Renovation and Other Works | 44,541 | 116,177 | -61.7% | | Property Maintenance and Improvement | 335,112 | 615,793 | -45.6% | | Total | 2,833,486 | 2,934,565 | -3.5% | Revenue by Major Geographical Market (HKD Thousand) | Major Geographical Market | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Hong Kong | 646,425 | 892,516 | -27.6% | | Mainland China (excluding Hong Kong) | 2,187,061 | 2,042,049 | +7.1% | | Total | 2,833,486 | 2,934,565 | -3.5% | Segment Information This year, the Group merged 'Material Trading' and 'Transportation Services' into a new 'Supply Chain Management' segment, whose profit decreased from HKD 37.58 million to HKD 25.12 million, while all construction-related segments experienced significant declines in both revenue and profit, leading to a decrease in total reportable segment profit from HKD 86.78 million to HKD 61.11 million Segment Profit (HKD Thousand) | Reportable Segment | Segment Profit (2025, HKD Thousand) | Segment Profit (2024, HKD Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Supply Chain Management | 25,124 | 37,580 | -33.1% | | Building Construction and Others | 356 | 1,711 | -79.2% | | Alteration, Renovation and Other Works | 2,896 | 13,508 | -78.6% | | Property Maintenance and Improvement | 32,731 | 33,979 | -3.7% | | Total | 61,107 | 86,778 | -29.6% | - To reflect internal reporting structure adjustments, the former 'Material Trading' and 'Transportation Services' segments have been merged into a new 'Supply Chain Management' segment, with comparative data restated[24] Changes in Equity During the year, the company issued 172 million new shares through a rights issue, raising net proceeds of approximately HKD 25.97 million, increasing the issued share capital from approximately 450 million shares to approximately 622 million shares - In April 2024, the company completed a rights issue, issuing 171,876,373 new shares at HKD 0.161 per share[42][66] - The gross proceeds from the rights issue amounted to approximately HKD 27.67 million, with net proceeds of approximately HKD 25.97 million[66] Acquisition of a Subsidiary In September 2024, the Group acquired 100% equity interest in Runpeng Holdings Limited for HKD 87 thousand in cash to expand its supply chain management business, recognizing a bargain purchase gain of HKD 0.6 million and resulting in a net cash inflow of HKD 2.685 million - The Group acquired Runpeng Holdings for HKD 87 thousand in cash, aiming to expand its supply chain management business, particularly in iron ore pre-processing and blended ore processing services[43][71] - This business combination generated a bargain purchase gain of HKD 0.6 million, recognized in other gains and losses[44] Events After the Reporting Period After the reporting period, the company agreed to subscribe for shares in Baize Medical Group up to HKD 11.6 million, and reached an agreement with Director Mr. Wong to sell a debt-laden subsidiary for HKD 1 to settle approximately HKD 207 million in related party loans, with a fallback plan to extend the loan maturity to September 2027 - The company conditionally agreed to sell Prosper Ace Investments Limited and its subsidiaries (Target Group) to a company wholly-owned by Director Mr. Wong for HKD 1[50][92] - This disposal aims to resolve the Group's significant debt to Mr. Wong. Upon completion, the Group will no longer owe debt to Mr. Wong[49][94] - As a fallback plan, the company and Mr. Wong agreed to further extend the maturity date of the relevant loans to September 30, 2027[49][94] Management Discussion and Analysis Overall Performance Review In FY2025, the Group's total turnover slightly decreased from HKD 2.935 billion to HKD 2.833 billion, and gross profit decreased by HKD 26.3 million, but operating profit slightly increased to HKD 49.6 million due to expense reductions and increased other income, with no dividend recommended - Despite decreases in total turnover and gross profit, operating profit slightly increased from HKD 48.2 million to HKD 49.6 million due to reduced expenses and increased other income[51] - The Board does not recommend the payment of any dividend for the year ended March 31, 2025[54][33] Business Review and Outlook This year, supply chain management business revenue grew but profit margins declined, while all construction-related businesses performed weakly, prompting the Group to plan for a port blending platform in supply chain management and focus on cost control for construction businesses amid slowing Hong Kong market growth Supply Chain Management This segment's revenue grew to HKD 2.45 billion, but segment profit decreased to HKD 25.1 million due to declining profit margins, with future plans to establish a modern supply chain management-based port blending integration platform and develop proprietary software - Supply Chain Management segment revenue was approximately HKD 2.453 billion, an 11.4% year-on-year increase, but segment profit decreased from HKD 37.6 million to HKD 25.1 million[55] - The company's development goal is to establish a port blending integration platform, become a core supply chain enterprise for large domestic steel companies, and develop proprietary intellectual property supply chain management software[63] Construction Related Businesses All construction-related segments experienced significant declines in both revenue and profit, primarily due to large projects entering final stages or contract expirations, leading the company to focus on cost control and risk management amidst challenges in Hong Kong's construction industry - Revenue from the Alteration and Addition Works segment decreased from HKD 116 million to HKD 44.5 million, mainly due to large projects entering full operation, resulting in reduced revenue recognition[58] - Revenue from the Property Maintenance and Improvement segment decreased from HKD 616 million to HKD 335 million, primarily due to the expiration of two large long-term contracts[59] - Hong Kong's construction industry faces risks such as slowing growth, high interest rates, labor shortages, and soaring costs, prompting the company to focus on controlling operating costs to maintain competitiveness[65] Liquidity and Financial Resources As of March 31, 2025, the Group's liquidity position improved, with the current ratio increasing from 1.43 times to 1.58 times, and total cash and bank balances rising to HKD 210 million, despite significant going concern uncertainties, management believes the Group has sufficient liquidity Liquidity and Financial Resources | Metric | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 1.58 times | 1.43 times | | Total Cash and Bank Balances | Approx. HKD 209.9 million | Approx. HKD 150.0 million | | Gearing Ratio | Approx. 31.1% | Approx. 30.5% | - The Group has unutilized bank credit facilities of approximately HKD 69.5 million and USD 50 million[68] Principal Risks and Uncertainties The Group faces principal business risks including low gross profit margins and market volatility in supply chain management, and rising labor costs, inaccurate cost estimations, and non-recurring project revenue in construction, alongside financial risks from foreign exchange exposure without current hedging policies - Supply chain management business risks: relatively low trade gross profit margins, susceptibility to impairment of receivables and price/exchange rate fluctuations; also subject to cyclical risks of the shipping industry[76] - Construction business risks: rising labor costs or shortages; inaccurate project time and cost estimations; non-recurring project revenue, requiring intense bidding for new business[75][79] - Financial risks: The Group's transactions are primarily conducted in HKD, USD, and RMB, exposing it to foreign exchange risk, though currently without a hedging policy[77] Other Information Corporate Governance During the year, the company complied with most corporate governance code provisions, with two deviations: two independent non-executive directors were unable to attend the annual general meeting, and the roles of Chairman and Chief Executive Officer were combined for part of the year, though the Board believes this structure enhances decision-making efficiency - The company deviated from Corporate Governance Code Provision C.1.6, as two independent non-executive directors were unable to attend the annual general meeting[88] - For part of the reporting year, the company deviated from Code Provision C.2.1, as the roles of Chairman and Chief Executive Officer were concurrently held by Mr. Zhou Zhe[89] Auditor's Report Summary Auditor RSM Hong Kong issued an unmodified audit opinion but included an 'Emphasis of Matter' paragraph regarding a material uncertainty related to going concern, specifically a HKD 207 million loan from a related party, which the Board believes is mitigated by planned debt settlement or loan extension, ensuring sufficient working capital - The auditor issued an unmodified opinion but included an 'Emphasis of Matter' paragraph regarding a material uncertainty related to going concern[99][100] - The core of the material uncertainty is a loan of approximately HKD 207 million from a related party, whose original maturity date is approaching, raising significant doubt about the Group's ability to repay debt and continue as a going concern[99] - The Board believes that, based on the plan to dispose of the target company to settle the debt, or the fallback option to extend the loan to 2027, the Group has sufficient working capital, thus the going concern basis is appropriate[101][102]