美亨实业(01897) - 2025 - 年度业绩

Cover and Disclaimer This section provides the disclaimer from Hong Kong Exchanges and Clearing Limited and presents the annual results announcement for Mei Hang Industrial Holdings Limited - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the content of this announcement, make no representation, and accept no liability for any loss[1] - This announcement presents the annual results of Mei Hang Industrial Holdings Limited (Stock Code: 1897) for the year ended March 31, 2025[2] Performance Highlights The company experienced a significant decline in revenue and gross profit for FY2025, leading to a decrease in profit attributable to owners, despite a slight increase in net asset value per share 2025 Financial Year Key Financial Indicators Comparison | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 412,200,000 | 603,500,000 | -31.7% | | Gross Profit | 29,700,000 | 55,500,000 | -46.5% | | Gross Profit Margin | 7.2% | 9.2% | -2.0 percentage points | | Consolidated Profit Attributable to Owners of the Company | 9,100,000 | 11,500,000 | -20.9% | | Basic and Diluted Earnings Per Share | 0.02 | 0.03 | -33.3% | | Net Assets | 524,200,000 | 526,500,000 | -0.44% | | Net Assets Per Share | 1.29 | 1.28 | +0.78% | | Full-Year Dividend Per Share | 0.013 | 0.025 | -48% | - The significant decrease in revenue was primarily due to delays or suspensions of certain projects and a downturn in the property and construction market during the year[3] - The decline in consolidated profit was partially offset by the reversal of expected credit loss impairment losses and a reduction in the share of losses from joint ventures[4] Financial Statements This section presents the consolidated statement of profit or loss and other comprehensive income, and the consolidated statement of financial position, highlighting key financial performance and position metrics Consolidated Statement of Profit or Loss and Other Comprehensive Income The consolidated statement of profit or loss shows a significant decrease in revenue and gross profit, leading to a 20.9% reduction in annual profit, partially offset by expected credit loss reversals and reduced joint venture losses, with a decline in basic and diluted earnings per share Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 412,209 | 603,549 | | Cost of Sales | (382,536) | (548,089) | | Gross Profit | 29,673 | 55,460 | | Other Income | 10,893 | 7,518 | | Other Gains and Losses | (52) | 641 | | Net Reversal (Impairment Losses) of Expected Credit Losses — Trade Receivables and Contract Assets | 1,130 | (1,542) | | Net Reversal (Impairment Losses) of Expected Credit Losses — Loans to Joint Ventures | – | (5,533) | | Loss on Fair Value Change of Investment Properties | (2,000) | (1,100) | | Administrative Expenses | (28,776) | (30,804) | | Share of Results of Joint Ventures | (167) | (6,769) | | Finance Costs | (1,513) | (2,113) | | Profit Before Tax | 9,188 | 15,758 | | Tax | (78) | (4,303) | | Profit for the Year | 9,110 | 11,455 | | Total Comprehensive Income for the Year | 8,673 | 7,004 | | Basic Earnings Per Share (HKD) | 0.02 | 0.03 | | Diluted Earnings Per Share (HKD) | 0.02 | 0.03 | Consolidated Statement of Financial Position As of March 31, 2025, the Group's net assets slightly decreased, primarily due to dividend payments and share repurchases, while net current assets and current ratio remained robust, indicating strong short-term solvency Consolidated Statement of Financial Position (Summary) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Non-current Assets | 214,160 | 219,231 | | Investment Properties | 26,700 | 28,700 | | Property, Plant and Equipment | 103,369 | 109,177 | | Interests in Joint Ventures | 76,978 | 74,754 | | Current Assets | 414,047 | 428,777 | | Inventories | 25,606 | 42,541 | | Trade and Other Receivables, Deposits and Prepayments | 82,950 | 100,077 | | Contract Assets | 86,636 | 92,822 | | Cash and Cash Equivalents | 218,597 | 193,326 | | Current Liabilities | 67,843 | 74,949 | | Trade and Other Payables | 43,252 | 48,281 | | Tax Payable | 5,557 | 10,085 | | Net Current Assets | 346,204 | 353,828 | | Total Assets Less Current Liabilities | 560,364 | 573,059 | | Non-current Liabilities | 36,147 | 46,581 | | Capital and Reserves | 524,217 | 526,478 | | Share Capital | 40,720 | 41,161 | | Reserves | 483,497 | 485,317 | Notes to the Financial Statements This section provides detailed notes to the financial statements, covering general information, accounting policies, revenue breakdown, segment information, other income, profit before tax adjustments, taxation, dividends, earnings per share, receivables, payables, and share capital 1. General Information The company is incorporated in the Cayman Islands, listed on the Hong Kong Stock Exchange, primarily engaged in the design, supply, and installation of aluminum windows and curtain walls, with consolidated financial statements presented in HKD - The Company is an exempted company incorporated in the Cayman Islands with its shares listed on The Stock Exchange of Hong Kong Limited[11] - The Company is an investment holding company, and its subsidiaries are principally engaged in the design, supply, and installation of aluminum windows and curtain walls[12] - The consolidated financial statements are presented in Hong Kong dollars, which is the functional currency of the Company[12] 2. Application of New and Revised Hong Kong Financial Reporting Standards Several revised Hong Kong Financial Reporting Standards were first applied this year, but they did not have a significant impact on the Group's financial position, performance, or disclosures - The revised accounting standards, including amendments to HKFRS 16, HKAS 1, HKAS 7, and HKFRS 7, were first applied in the current year[13] - The application of the revised HKFRS accounting standards in the current year had no significant impact on the Group's financial position and performance and/or the disclosures contained in these consolidated financial statements for the current and prior years[13] 3. Revenue The Group's revenue primarily stems from the design, supply, and installation of facade and curtain wall systems, with total revenue for the current year at HKD 412.2 million, a 31.7% decrease from the previous year, largely due to a significant decline in new building curtain wall and aluminum window projects - The Group is principally engaged in the design, supply, and installation of facade and curtain wall systems, primarily comprising curtain walls and aluminum windows[14] Revenue Breakdown (by Contract Type) | Contract Type | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Design, supply and installation of curtain walls, aluminum windows and other products for new buildings | 304,113 | 536,708 | | Design, supply and installation of aluminum windows and other products for new buildings | 91,365 | 54,508 | | Repair, maintenance and others | 16,731 | 12,333 | | Total | 412,209 | 603,549 | - Revenue is recognized over time using the output method, based on the units of products installed by the Group as verified by independent surveyors engaged by customers for the Group's completed work, or based on the measurement of completed supply and installation services for aluminum windows and curtain walls[15] Transaction Price Allocated to Remaining Performance Obligations from Customer Contracts | Expected Revenue Recognition Time | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Within one year | 400,102 | 471,696 | | More than one year but not more than two years | 356,987 | 313,337 | | Total | 757,089 | 785,033 | 4. Segment Information The Group primarily segments revenue by contract type and provides geographical and major customer information, with Hong Kong contributing the vast majority of revenue but experiencing a significant year-on-year decrease, and revenue concentration from major customers remaining high Geographical Revenue and Non-current Assets | Region | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | 2025 Non-current Assets (HKD thousands) | 2024 Non-current Assets (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 399,600 | 602,858 | 124,122 | 130,100 | | Mainland China | 12,609 | 691 | 10,783 | 12,148 | | Total | 412,209 | 603,549 | 134,905 | 142,248 | Revenue from Major Customers | Customer | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | | :--- | :--- | :--- | | Customer a | 210,902 | 327,723 | | Customer b | Not applicable | 89,481 | | Customer c | Not applicable | 84,225 | 5. Other Income and Gains Other income increased this year, mainly driven by a significant rise in bank interest income, while other gains and losses shifted from a gain to a loss, primarily due to exchange rate impacts Other Income and Gains/(Losses) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest income—bank | 7,613 | 3,216 | | Interest income—loans to joint ventures | 890 | 806 | | Sale of scrap materials | 697 | 2,380 | | Rental income | 965 | 960 | | Government grants | 57 | 56 | | Others | 671 | 100 | | Total Other Income | 10,893 | 7,518 | | Exchange (loss) gain | (52) | 641 | Profit Before Tax has been Arrived at After Charging (Crediting) the Following Total directors' emoluments and staff costs slightly increased this year, while depreciation expenses for property, plant, and equipment slightly decreased, and the cost of inventories recognized as an expense significantly reduced Items Charged (Credited) to Profit Before Tax | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Total directors' emoluments | 6,718 | 6,181 | | Total staff costs | 102,155 | 99,731 | | Depreciation of right-of-use assets | 827 | 413 | | Depreciation of property, plant and equipment (net of capitalisation) | 5,769 | 5,426 | | Auditor's remuneration | 1,520 | 1,630 | | Cost of inventories recognised as an expense | 182,303 | 232,215 | 8. Taxation Taxation expenses significantly decreased this year, primarily due to reductions in Hong Kong profits tax and deferred tax, with no tax provision recognized for Chinese subsidiaries due to the absence of assessable profits Taxation Expense (Credit) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong profits tax (current year) | 126 | 4,918 | | Deferred tax | (48) | (505) | | Over-provision | – | (110) | | Total | 78 | 4,303 | - Hong Kong profits tax is calculated at 16.5%, with the first HKD 2,000,000 of assessable profits for qualifying corporations taxed at 8.25%[24] - The tax rate for Chinese subsidiaries is 25%, but no Chinese tax provision was recognized due to the absence of assessable profits[25] 9. Dividends Total dividends declared for the current year amounted to HKD 9.034 million, a decrease from the previous year, and the Board recommended a second interim dividend of 0.8 HK cents per share, lower than the prior year's level Dividends Declared and Proposed | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Dividends declared and paid to ordinary shareholders during the year | 9,034 | 10,371 | | Proposed second interim dividend for the financial year ended March 31, 2025 (0.8 HK cents per share) | 3,255 | 6,991 | 10. Earnings Per Share Basic and diluted earnings per share for the current year were HKD 0.02, down from HKD 0.03 last year, primarily due to reduced annual profit and a slight decrease in the weighted average number of shares, with share options not included in diluted earnings per share as their exercise price exceeded the market price Earnings Per Share Calculation Data | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the year attributable to owners of the Company for the purpose of calculating basic and diluted earnings per share (HKD thousands) | 9,110 | 11,455 | | Weighted average number of ordinary shares for the purpose of calculating basic and diluted earnings per share | 409,688,320 | 413,573,849 | - Diluted earnings per share for the years ended March 31, 2025 and 2024 did not include the effect of the Company's share options, as their exercise price was higher than the average market price of the Company's shares[30] 11. Trade and Other Receivables, Deposits and Prepayments The Group grants customers credit terms of 30 to 90 days and conducts credit assessments for new clients; at the end of the reporting period, total trade receivables were HKD 72.758 million, a decrease from the previous year, with a reduced proportion of receivables over 90 days - The Group grants its customers credit terms of 30 to 90 days, and before accepting any new customer, the Group conducts an internal assessment of the potential customer's credit quality and sets appropriate credit limits[31] Ageing Analysis of Trade Receivables | Ageing | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 30 days | 18,179 | 24,234 | | 31 to 60 days | 32,043 | 32,921 | | 61 to 90 days | 5,282 | – | | Over 90 days | 17,254 | 32,633 | | Total | 72,758 | 89,788 | 12. Trade and Other Payables At the end of the reporting period, total trade payables amounted to HKD 7.075 million, an increase from the previous year, with a significant rise in payables outstanding for over 90 days Ageing Analysis of Trade Payables | Ageing | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 30 days | 2,928 | 3,310 | | 31 to 60 days | 4 | 61 | | 61 to 90 days | 202 | 20 | | Over 90 days | 3,941 | 707 | | Total | 7,075 | 4,098 | 13. Share Capital During the year, the company repurchased and cancelled 4,178,000 shares, resulting in a reduction of issued share capital, reflecting the Board's confidence in the Group's performance and long-term development Changes in Issued and Fully Paid Share Capital | Item | Number of Shares | Amount (HKD thousands) | | :--- | :--- | :--- | | At April 1, 2023 | 417,601,630 | 41,760 | | Repurchased and cancelled | (5,988,000) | (599) | | At March 31, 2024 | 411,613,630 | 41,161 | | Repurchased and cancelled | (4,418,000) | (441) | | At March 31, 2025 | 407,195,630 | 40,720 | - For the year ended March 31, 2025, the Company repurchased 4,228,000 shares from the market for a total consideration of approximately HKD 1,879,000, of which 4,178,000 shares were cancelled during the year[35] Business Operations Review This section reviews the Group's business operations, including an overview of performance, major completed projects, and newly awarded projects Business Overview For the current year, the Group's revenue was HKD 412.2 million, representing a significant year-on-year decrease of 31.7%, with total outstanding contracts valued at HKD 757.1 million at year-end Business Overview | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 412,200,000 | 603,500,000 | -31.7% | - As of March 31, 2025, the total value of the Group's outstanding contracts was HKD 757,100,000[36] Major Projects During the reporting period, the Group completed several residential development and renovation projects and secured new residential and industrial redevelopment projects, encompassing curtain wall, aluminum window, glass, and metal works Major Projects Completed During the Year Major completed projects include residential developments in Siu Hong, Tuen Mun, Lung Cheung Road, Kowloon, Pak Shek Kok, Tai Po, and Ho Man Tin Station, Kowloon Inland Lot No. 11264, as well as aluminum window rectification at Royalton T2[37] Major Projects Awarded During the Year Major projects awarded this year include several residential developments in Tai Po Kau, Tuen Mun So Kwun Wat, South Island Line Phase 6 in Aberdeen, and Branksome Crest renovation at 3A Tregunter Road, Hong Kong, along with the industrial redevelopment project at 22 Yip Shing Street, Kwai Chung, Kowloon[40] - Additionally, projects awarded include the Kai Tak Area 2B1 Subsidized Sale Flats Project, the industrial redevelopment project at 18 Lee Chung Street, Chai Wan, Hong Kong, and public housing development projects in Tong Yan San Tsuen and Kam Sheung Road, Yuen Long, New Territories[40] Financial Position Review This section reviews the Group's financial position, covering liquidity, treasury management, shareholders' funds, joint venture investments, asset pledges, and major acquisitions and disposals Group Liquidity and Financial Resources The Group primarily funds operations through internal cash flow and bank financing; at year-end, total cash and bank balances increased to HKD 218.6 million, with a current ratio of 6.1 times, demonstrating robust liquidity, and positive operating and investing cash flows offset by negative financing cash flow - The Group primarily funds its working capital through internally generated cash flows and utilizes bank facilities to cover performance bonds[41] Liquidity and Financial Resources Overview | Indicator | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total available bank facilities | 450,000 | N/A | | Utilized for performance bonds | 122,800 | N/A | | Total cash and bank balances | 218,600 | 193,300 | | Cash and bank balances as % of current assets | 52.8% | 45.1% | | Net current assets | 346,200 | 353,800 | | Current ratio | 6.1 times | 5.7 times | - For the current year, net cash inflow from operating activities was HKD 31.8 million, net cash inflow from investing activities was HKD 5.1 million, and net cash outflow from financing activities was HKD 11.6 million[43] Treasury Management Policy The Group's treasury management policy aims to mitigate exchange rate fluctuation risks and avoids high-leverage or speculative derivative transactions, with primary foreign currency exposure arising from RMB procurement in Mainland China, currently without hedging arrangements, which will be considered based on risk and market conditions - The Group's treasury management policy aims to mitigate the risks of exchange rate fluctuations and does not engage in any high-leverage or speculative derivative transactions[45] - The Group's foreign currency risk primarily arises from the purchase of raw materials using Renminbi in Mainland China[45] - The Group currently has no hedging arrangements to control risks related to exchange rate fluctuations and will decide whether hedging is necessary based on the size and nature of the risk, as well as prevailing market conditions[45] Shareholders' Funds and Capital Structure At year-end, shareholders' funds totaled HKD 524.2 million, a slight decrease primarily due to dividend payments and share repurchases, with consolidated net asset value per share at HKD 1.29, and the Group's capital structure consisting solely of equity, with no bank loans Shareholders' Funds Overview | Indicator | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Shareholders' funds | 524,200 | 526,500 | | Reserves | 483,500 | 485,300 | | Consolidated net asset value per share | HKD 1.29 | HKD 1.28 | - The decrease in shareholders' funds was mainly attributable to dividend payments to shareholders and share repurchases (net of profit earned during the year)[47] - The Group's capital structure comprises equity (including share capital and reserves), with no bank loans as of March 31, 2025 and 2024[48] Investment in Joint Ventures The Group's investment in joint ventures primarily consists of a 50% interest in a residential redevelopment project in Kowloon, Hong Kong, including a loan of HKD 77.0 million to the joint venture, with a significant reduction in the share of joint venture losses this year due to the absence of property under development impairment losses recognized last year - The Group's investment in joint ventures represents its 50% interest in a residential redevelopment project at 55 Nga Tsin Wai Road, Kowloon, Hong Kong[49] Joint Venture Investment Overview | Indicator | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Loans to joint ventures | 77,000 | 74,800 | | Share of losses of joint ventures | 200 | 6,800 | - The significant share of losses from joint ventures recorded in the previous year was primarily due to the recognition of impairment losses on residential properties under development held by the joint venture[49] Details of Pledge of Assets At year-end, the Group had not pledged any assets, while outstanding performance bonds increased to HKD 122.8 million, and the company provided corporate guarantees for the joint venture's bank facilities and had unrecognised loan commitments jointly made - As of March 31, 2025, the Group had not pledged any assets to banks or other financial institutions[51] Performance Bonds and Contingent Liabilities | Item | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Outstanding performance bonds | 122,800 | 117,700 | | Joint venture bank loan balance (50% equity share) | 38,600 | 38,200 | Share of Commitments | Commitment Type | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Commitments to make loans | 85,255 | 86,755 | Major Acquisitions and Disposals There were no significant acquisitions or disposals to report to the Company's shareholders during the current year - There were no significant acquisitions and disposals to report to the Company's shareholders for the year ended March 31, 2025[50] Market Environment, Challenges and Outlook This section discusses the global and local market environment, the challenges faced by the Group, and its strategic outlook for future development Market Environment and Challenges Ongoing global tariff disputes, geopolitical conflicts, and a high-interest rate environment in Hong Kong have pressured the property market, leading to falling property prices and slower developer activity, intensifying market competition and negatively impacting the Group's revenue and gross profit, though its strong reputation and client trust maintain competitiveness - Global tariff disputes initiated by the United States, the Russia-Ukraine conflict, the Gaza conflict, and the Israel-Iran conflict continue to pose significant risks to global economic development[55] - Hong Kong's interest rates remained high, with the one-month Hong Kong Interbank Offered Rate (HIBOR) reaching 3.72% at year-end, putting pressure on the property industry[56] - Private residential property prices fell by 6.8% in 2024 and a further 1.18% in the first four months of 2025, leading developers to generally slow down their development pace[56][57] - Market competition intensified, making it significantly harder to win bids, and even successful bids faced pressure on expected gross profit margins, negatively impacting the Group's revenue and gross profit[57] - Despite the challenging operating environment, the Group maintained a certain level of competitiveness due to its good market reputation and mutual trust established with long-term developer partners[58] Outlook Anticipated declines in HIBOR and global interest rates are expected to ease property market pressure and boost developer confidence, while Hong Kong's talent attraction schemes will support residential demand; the Group plans a dual-track strategy for public and private housing projects, expecting stable future revenue from its current contract backlog, and will continue to provide quality services to solidify its market position - Since May of this year, the Hong Kong Interbank Offered Rate (HIBOR) has significantly declined, which is expected to effectively alleviate financing pressure on developers and mortgage burdens for homebuyers[59] - The Hong Kong SAR Government's various talent attraction schemes are expected to continue driving population growth, providing solid demand for the residential market[60] - The Group will adopt a dual-track development strategy for both public and private housing projects, striving for a balance to stabilize its revenue streams[60] - Currently, the Group's total outstanding contracts amount to approximately HKD 757 million, with revenue expected to remain stable in the coming year[61] Corporate Governance This section outlines the company's adherence to corporate governance standards and its code for securities transactions Compliance with Corporate Governance Code The company has complied with the Corporate Governance Code in Appendix C1 of the Listing Rules throughout the year, with the exception of one independent non-executive director who was unable to attend the annual general meeting and extraordinary general meeting due to other important commitments - For the year ended March 31, 2025, the Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Rules Governing the Listing of Securities on the Stock Exchange[62] - Mr. Poon Kan Ning, an independent non-executive director, was unable to attend the Company's 2024 Annual General Meeting and Extraordinary General Meeting due to other important commitments, constituting a deviation from code provision C.1.6 of the Corporate Governance Code[62] Standard Code for Securities Transactions The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as a code of conduct for securities transactions by directors and employees with inside information; all directors confirmed compliance, and no employee breaches were identified - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its code of conduct for securities transactions by directors and employees who may possess inside information of the Company[63] - Following specific enquiries made to all directors of the Company, all directors confirmed their compliance with the Standard Code for the year ended March 31, 2025, and the Company was not aware of any instances of non-compliance by any employees with the Standard Code[63] Share Repurchases During the year ended March 31, 2025, the company repurchased 4,228,000 of its own shares from the market for a total consideration of approximately HKD 1.879 million, demonstrating the Board's confidence in the Group's performance and long-term development - For the year ended March 31, 2025, the Company repurchased 4,228,000 of its own shares from the market for a total consideration (excluding transaction costs) of approximately HKD 1,879,000[64] Share Repurchase Details | Month of Repurchase | Number of Ordinary Shares Repurchased | Total Consideration Paid (HKD thousands) | | :--- | :--- | :--- | | April 2024 | 146,000 | 66 | | July 2024 | 780,000 | 336 | | August 2024 | 350,000 | 158 | | September 2024 | 84,000 | 35 | | October 2024 | 188,000 | 84 | | November 2024 | 1,180,000 | 527 | | December 2024 | 432,000 | 193 | | January 2025 | 76,000 | 34 | | February 2025 | 418,000 | 188 | | March 2025 | 574,000 | 258 | | Total | 4,228,000 | 1,879 | - The Board believes that the share repurchases demonstrate the confidence of the Company's directors and senior management in the Group's performance and long-term development[66] Review and Approval This section details the review of the annual results by the audit committee and the scope of work performed by the auditor Review of Annual Results The Group's consolidated financial statements for the year ended March 31, 2025, have been reviewed by the Company's Audit Committee - The Group's consolidated financial statements for the year ended March 31, 2025 have been reviewed by the Company's Audit Committee[67] Deloitte • Touche Tohmatsu's Scope of Work The auditor, Deloitte • Touche Tohmatsu, has confirmed that the financial figures in the preliminary announcement align with the audited consolidated financial statements, but their work does not constitute an assurance engagement, thus no opinion or assurance conclusion was issued - The Group's auditor, Deloitte • Touche Tohmatsu, has agreed that the figures for the Group's consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, and related notes in the preliminary announcement for the year ended March 31, 2025, are consistent with the amounts in the Group's audited consolidated financial statements approved by the Board on June 27, 2025[68] - The work performed by Deloitte • Touche Tohmatsu in this regard does not constitute an assurance engagement, and therefore Deloitte • Touche Tohmatsu has not expressed an opinion or assurance conclusion on the preliminary announcement[68] Board Information This section lists the members of the Board of Directors - The Board of Directors includes Mr. Wong Sai To (Non-executive Chairman), Mr. Cha Mou Daid, Johnson (Non-executive Director), Mr. Chung Sum Tin (Non-executive Director), Mr. Tai Sai Ho (Non-executive Director), Mr. Li Cheuk Hung (Executive Director and Managing Director), Mr. Wong Kin (Executive Director), and Independent Non-executive Directors Mr. Chow On Tai Yuen, Professor Hao Gang, Professor Ho Yan Ki, Mr. Poon Kan Ning, and Mr. Yip Kai Wing[69]