信铭生命科技(00474) - 2025 - 年度业绩

Financial Highlights Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's revenue decreased by 14.5% to HKD 195 million, while the loss for the year widened to HKD 1,017 million due to significant fair value losses and impairments Core Data of Consolidated Statement of Profit or Loss | Indicator | FY2025 (HKD in millions) | FY2024 (HKD in millions) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 195 | 228 | -14.5% | | Gross Profit | 90 | 117 | -23.1% | | Loss Before Tax | (1,027) | (823) | +24.8% | | Loss for the Year | (1,017) | (809) | +25.7% | | Loss Attributable to Equity Holders | (895) | (462) | +93.7% | | Basic Loss Per Share (HK cents) | (12.44) | (6.35) | +95.9% | - The loss for the year was primarily driven by a fair value loss on investment properties of HKD 419 million, impairment losses on financial and intangible assets, and losses from associates[3][66] Consolidated Statement of Financial Position The Group's total assets significantly decreased to HKD 3,243 million, with net current liabilities of HKD 1,684 million indicating severe liquidity pressure Core Data of Consolidated Statement of Financial Position | Indicator | FY2025 (HKD in millions) | FY2024 (HKD in millions) | | :--- | :--- | :--- | | Non-current Assets | 2,713 | 3,521 | | Current Assets | 530 | 1,265 | | Total Assets | 3,243 | 4,786 | | Current Liabilities | 2,214 | 1,906 | | Non-current Liabilities | 759 | 593 | | Total Liabilities | 2,973 | 2,499 | | Total Equity | 1,813 | 744 | | Net Current Liabilities | (1,684) | (641) | - The Group's gearing ratio (net debt to total capital) increased from 56.5% to 74.2% during the year[87] Management Discussion and Analysis Business Review The Group faced severe challenges from economic volatility and fiscal issues, impacting its core construction machinery leasing and property investment businesses - Global economic fluctuations and US monetary policy increased capital costs and economic uncertainty, impacting the Group's operations[38] - Hong Kong's fiscal deficit may limit large-scale infrastructure investment, reducing demand for the Group's machinery leasing services[39] Construction Machinery Leasing and Sales This segment's revenue declined by 18.5% to HKD 128 million due to reduced machinery utilization as major infrastructure projects in Hong Kong concluded Construction Machinery Business Revenue | Revenue Type | FY2025 (HKD in millions) | FY2024 (HKD in millions) | | :--- | :--- | :--- | | Construction machinery rental income | 106 | 136 | | Sales of construction machinery and spare parts | 22 | 21 | - The revenue decrease was mainly driven by a drop in machinery utilization rate from 85% to 70%[68] Financial Services and Money Lending Financial services revenue grew to HKD 10 million, while the money lending business recorded an impairment loss of approximately HKD 10 million on its loan portfolio - Revenue from asset management, securities brokerage, and other financial services was approximately HKD 10 million, a year-on-year increase of 42.9%, due to increased activity in the Hong Kong stock market[44] - As of March 31, 2025, the carrying amount of loans receivable was approximately HKD 41 million (2024: HKD 47 million), with the five largest borrowers accounting for about 93% of the total[47][48] - An impairment loss on loans receivable of approximately HKD 10 million was recognized for the year (2024: HKD 88 million)[60] Property Leasing and Development The UK commercial property provided stable rental income but recorded a significant fair value loss of HKD 419 million due to declining market value - Rental income from the UK commercial property remained relatively stable at approximately HKD 50 million[64] - A fair value loss of approximately HKD 419 million was recognized on the investment property due to a decline in market value (2024: loss of HKD 89 million)[64][76] Securities Investment The Group's securities portfolio performed poorly, recording fair value losses on both FVTPL and FVTOCI financial assets Fair Value Changes in Securities Investment | Investment Category | Fair Value Change (HKD in millions) | | :--- | :--- | | Financial assets at fair value through profit or loss | (29) | | Financial assets at fair value through other comprehensive income | (84) | Liquidity and Capital Resources The Group faces a severe liquidity crisis with significant net current liabilities, low cash reserves, and multiple major loan defaults post-reporting period - As of March 31, 2025, the Group's cash and cash equivalents were HKD 132 million, with pledged bank deposits of HKD 7 million[5] - Total bank and other borrowings amounted to HKD 1,219 million, of which HKD 1,209 million is repayable within one year[32] - Post-reporting period, the Group defaulted on a UK loan of approximately HKD 800 million and a Hong Kong bank loan of approximately HKD 352 million, receiving demand letters for both[37] Business Outlook The Group will focus on its UK property leasing for stable income while actively seeking new investment opportunities, including in AI, to diversify its business - Following the deemed disposal of the machinery leasing business, the Group's future focus will be on UK property leasing to ensure a stable income stream[109] - The Group is actively seeking new investment opportunities, including initiatives in artificial intelligence and strategic partnerships, to achieve business diversification[108] Significant Events and Corporate Governance Auditor's Opinion The auditor issued a disclaimer of opinion on the financial statements due to material uncertainties related to the Group's ability to continue as a going concern - The auditor issued a disclaimer of opinion on the Group's consolidated financial statements[117] - The basis for the disclaimer is material uncertainty related to going concern, citing net current liabilities of HKD 1,376 million and major loan defaults on a UK loan of approximately HKD 800 million and a Hong Kong loan of HKD 352 million[118][119][121] - The auditor could not assess the feasibility of management's mitigation plans, thus being unable to conclude on the appropriateness of the going concern basis[122][124] Significant Acquisitions and Disposals The Group executed a deemed disposal of its subsidiary, HTSC, after its shareholding was diluted, and HTSC subsequently formed a joint venture for AI-related business - The Group's shareholding in its subsidiary, HTSC, was diluted from 29.05% to 28.58% following a placement, resulting in a loss of control and a deemed disposal[101][103] - Effective May 12, 2025, the financial results of HTSC are no longer consolidated into the Group's financial statements[102][103] - HTSC formed a joint venture with Jiangsu Litong to engage in businesses including AI computing power leasing and AI data services[104][105] Corporate Governance The company complied with the Corporate Governance Code, with the exception of not separating the roles of Chairman and CEO as these positions were not appointed - The company complied with the Corporate Governance Code but deviated from code provision C.2.1 regarding the separation of Chairman and CEO roles, as neither position was appointed[111]