比高集团(08220) - 2025 - 年度业绩

Financial Statements Consolidated Income Statement In FY2025, the Group's total revenue increased by 54.4% to HK$12.114 million, driven by new media development, while the annual loss widened by 92.7% from HK$12.073 million to HK$23.262 million due to increased administrative expenses and share-based payments, with basic loss per share rising from 12.45 HK cents to 20.89 HK cents Consolidated Income Statement Key Data (For the year ended March 31) | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 12,114 | 7,848 | +54.4% | | Gross Profit | 6,165 | 4,323 | +42.6% | | Administrative Expenses | (20,244) | (13,241) | +52.9% | | Share-based Payments | (4,591) | – | N/A | | Loss Before Tax | (21,792) | (12,004) | +81.5% | | Loss for the Year | (23,262) | (12,073) | +92.7% | | Loss Attributable to Owners of the Company | (21,447) | (12,781) | +67.8% | | Basic and Diluted Loss Per Share (HK cents) | (20.89) | (12.45) | +67.8% | Consolidated Statement of Comprehensive Income The Group recorded a total comprehensive loss of HK$22.943 million for the fiscal year, a significant increase from HK$11.793 million in the prior year, with HK$21.184 million attributable to owners of the Company Total Comprehensive Income/Loss (For the year ended March 31) | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Loss for the Year | (23,262) | (12,073) | | Other Comprehensive Income | 319 | 280 | | Total Comprehensive Loss for the Year | (22,943) | (11,793) | | Total Comprehensive Loss Attributable to Owners of the Company | (21,184) | (12,597) | Consolidated Statement of Financial Position As of March 31, 2025, total assets significantly increased to HK$53.388 million, primarily due to higher cash and other receivables, while total liabilities surged to HK$85.111 million, mainly from a large initial production cost and convertible bonds, resulting in a net liability position and an expanded capital deficiency from HK$13.913 million to HK$31.723 million Consolidated Statement of Financial Position Key Data (As of March 31) | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Assets | | | | Cash and Cash Equivalents | 40,226 | 13,593 | | Total Assets | 53,388 | 14,883 | | Liabilities | | | | Other Payables and Accruals | 57,727 | 2,882 | | Total Liabilities | 85,111 | 28,796 | | Equity | | | | Net Current (Liabilities)/Assets | (32,144) | 1,500 | | Net Liabilities | (31,723) | (13,913) | | Total Capital Deficiency | (31,723) | (13,913) | Notes to the Consolidated Financial Statements Note 1: Basis of Preparation and Going Concern Financial statements are prepared on a going concern basis, despite significant uncertainties highlighted by management and auditors, including a net loss of HK$23.262 million and a capital deficiency of HK$31.723 million at year-end, prompting management to implement cost control, seek shareholder support, and explore new business ventures - The Group has incurred losses for several years, with a net loss of HK$23.262 million this fiscal year and a capital deficiency of HK$31.723 million at year-end, indicating significant uncertainty regarding its ability to continue as a going concern[8][46] - To improve its financial position, management has implemented or plans to implement measures including strict cost control, negotiating financial support with major shareholders, and seeking potential businesses that can generate positive cash flow[9][10] Note 3: Segment Information The Group operates in two segments; this fiscal year, revenue from 'Film Entertainment, New Media Development and Licensing Business' surged from HK$2.105 million to HK$9.367 million, becoming the primary revenue source, while 'Cinema Investment and Management Business' revenue declined from HK$5.743 million to HK$2.747 million, with Mainland China remaining the core market contributing 98% of total revenue Segment Revenue and Results (For the year ended March 31, HK$'000) | Segment | 2025 Revenue | 2024 Revenue | 2025 Results | 2024 Results | | :--- | :--- | :--- | :--- | :--- | | Cinema Investment and Management Business | 2,747 | 5,743 | (2,639) | 353 | | Film Entertainment, New Media Development and Licensing Business | 9,367 | 2,105 | (17) | 831 | | Total | 12,114 | 7,848 | (2,656) | 1,184 | Revenue from External Customers by Geographical Area (HK$'000) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 235 | 2,105 | | China | 11,879 | 5,743 | | Total | 12,114 | 7,848 | - Two new major customers (Customer A and Customer B) emerged this year, both from the 'Film Entertainment, New Media Development and Licensing Business' segment, collectively contributing HK$8.132 million in revenue, accounting for 67% of total revenue[23] Note 4: Revenue Analysis Total revenue for the fiscal year reached HK$12.114 million, a 54.4% year-on-year increase, primarily driven by HK$6.671 million from the new 'New Media Development Business', while cinema business revenue significantly declined by 52.2% to HK$2.747 million, and licensing business revenue grew by 28.1% to HK$2.696 million Revenue by Business Type (HK$'000) | Business Type | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Cinema Business | 2,747 | 5,743 | -52.2% | | Licensing Business | 2,696 | 2,105 | +28.1% | | New Media Development Business | 6,671 | – | N/A | | Total | 12,114 | 7,848 | +54.4% | Note 8: Dividends The Board did not recommend the payment of any dividends for the year ended March 31, 2025, consistent with the prior year - The Board did not recommend the payment of any dividends for the current year (2024: nil)[30] Note 12: Other Payables and Accruals Other payables and accruals surged from HK$2.882 million last year to HK$57.727 million, primarily due to HK$54.18 million (RMB50 million) in initial production costs received from a customer as prepayment for a five-year strategic cooperation framework agreement, which has not yet been recognized as revenue - In September 2024, the Group received an initial production cost prepayment of RMB50 million (approximately HK$54.18 million) from a customer, recorded under other payables, related to a strategic cooperation framework agreement from August 31, 2024, to July 31, 2029[44] Independent Auditor's Report Excerpt Auditor's Opinion The auditor issued an unmodified opinion on the consolidated financial statements, affirming their true and fair presentation of the Group's financial position and performance, while specifically highlighting significant uncertainties related to going concern without modifying the opinion - The auditor believes the consolidated financial statements present a true and fair view of the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards[45] - The auditor's report specifically notes that the Group's multi-year losses, net loss for the current year, and capital deficiency at year-end indicate significant uncertainties that may cast substantial doubt on its ability to continue as a going concern, though the auditor did not modify their opinion on this matter[46] Management Discussion and Analysis Business Review This fiscal year, the Group strategically shifted focus to film entertainment, new media, and licensing, achieving initial success with a landmark strategic partnership with Beijing iQIYI, receiving substantial prepayments expected to drive future revenue, while traditional cinema business revenue declined due to market weakness and maintenance, leading to an expanded loss despite revenue growth, primarily due to increased administrative expenses, staff costs, and non-cash share option expenses Cinema Business Review Cinema business underperformed this year, with revenue decreasing from HK$5.7 million to HK$2.7 million, primarily due to a weak overall Chinese film market and the closure of the Hangzhou cinema for approximately 1.5 months for renovation - Due to the underperformance of the Chinese film market and the closure of the Hangzhou cinema for approximately 1.5 months for maintenance, cinema business revenue decreased from HK$5.7 million to HK$2.7 million[48] Film Entertainment, Licensing and New Media Business Review This segment emerged as a growth highlight, with the Group entering a five-year strategic partnership with Beijing iQIYI and Zhouling Culture Media to co-develop IP projects involving Mr. Stephen Chow, receiving a RMB50 million prepayment from Beijing iQIYI, recognizing approximately HK$6.2 million in service fees from 'King of Comedy' IP licensing and promotional services, and new joint ventures (Xingfeng and Xingyu) generating approximately HK$4.2 million in new media business revenue - A definitive cooperation agreement was signed with Beijing iQIYI, and although no revenue was generated this year, a substantial cash payment was received, which the company believes will be a primary revenue driver for the next five years[49] - A five-year strategic cooperation framework agreement (August 2024 to July 2029) was signed with Beijing iQIYI and Zhouling Culture Media for joint production of films, TV series, and other content[53] - Through the establishment of joint ventures 'Xingfeng' and 'Xingyu', the Group officially entered the multi-channel network (MCN) and new media marketing services sectors, generating revenue within the year[60][62] Financial Review Total turnover increased to HK$12.1 million this year, primarily driven by new media development, but the annual loss widened from HK$12.1 million to HK$23.3 million, mainly due to a HK$7 million increase in administrative expenses (business development and staff costs) and HK$4.6 million in non-cash share option expenses - Total turnover increased from HK$7.8 million to HK$12.1 million, attributed to the newly launched new media development business[63] - The annual loss increased from HK$12.1 million to HK$23.3 million, primarily due to increased administrative expenses and HK$4.6 million in non-cash share-based payments from the grant of share options[63] Liquidity and Capital Structure As of the reporting period, the Group held approximately HK$40.2 million in cash and equivalents, with total assets increasing to HK$53.4 million, and the liability ratio (total liabilities/total assets) decreasing from 1.93 to 1.59; despite current liabilities of HK$84.6 million, the Board believes the Group has sufficient resources for working capital needs, as HK$54.2 million of this includes prepaid production costs to be recognized as future revenue Liquidity and Capital Structure Indicators (As of March 31) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents (HK$'000) | 40,200 | 13,600 | | Total Assets (HK$'000) | 53,400 | 14,900 | | Liability Ratio | 1.59 | 1.93 | - The Board believes the Group has sufficient resources to meet working capital requirements, as approximately HK$57.7 million of other payables within current liabilities includes HK$54.2 million in initial production costs that will be recognized as revenue in the future[65] Employees To support new business development, the Group's employee count significantly increased from 28 to 102, with total staff costs rising from HK$6.4 million to approximately HK$10 million, including remuneration for new business personnel and expenses from share option grants - Due to new business development, the Group's employee count significantly increased from 28 in 2024 to 102 in 2025[67] - Total annual staff costs (including directors' emoluments) increased from HK$6.4 million to approximately HK$10 million[67] Outlook The Group will strategically focus on the high-growth potential 'Film Entertainment, New Media Development and Licensing Business', with the Beijing iQIYI partnership as a core growth engine expected to generate significant revenue in the coming years, while continuing to expand its new media and licensing footprint through IP licensing, content creation, and joint ventures, venturing into cutting-edge AIGC gaming, and adopting a more cautious approach to traditional cinema business by closely monitoring market changes and exercising prudent expansion - The Group will intensify efforts to develop its new media development and licensing business, leveraging its experience in film production and IP licensing for expansion[73] - The collaboration with Beijing iQIYI is expected to achieve significant growth in FY2025/2026 and throughout the contract period, with received prepayments substantially improving the company's cash flow[73] - A more cautious approach will be adopted for the cinema business, given the significant decline in China's overall cinema market, with close monitoring of this segment[72] - In May 2025, the Group completed an investment in Hangzhou Jiyi Artificial Intelligence Technology Co, Ltd, acquiring a 12% equity stake in the company that developed the AIGC large model 'Xingyi', aiming to enter the AIGC gaming industry[82] Corporate Governance Corporate Governance Code The Company complied with the GEM Listing Rules' Corporate Governance Code this year, with one significant deviation: the absence of separate Chairman and Chief Executive Officer roles, which the Board is actively seeking to fill, with current responsibilities shared among all Board members - The Company complied with most provisions of the Corporate Governance Code this year, but with deviations[86] - The main deviation is the absence of separate Chairman and Chief Executive Officer positions, contrary to the Code's requirement for distinct roles; the Board currently collectively assumes these responsibilities[86][87] Audit Committee The Company's Audit Committee, comprising three independent non-executive directors, reviewed the annual results, accounting principles, and practices for the year, and discussed matters related to audit, risk management, internal control, and financial reporting - The Audit Committee comprises three independent non-executive directors, with Mr. Tsui Wing Tak as Chairman[95] - The Audit Committee has reviewed the annual results and related financial matters for the year with management[95]