欧科云链(01499) - 2025 - 年度业绩

Annual Results Announcement Financial Highlights The Group's revenue from continuing operations grew 25.7% to HKD 424 million, with loss attributable to owners significantly narrowing to HKD 15.8 million and basic loss per share decreasing to 0.29 HK cents FY2025 Financial Highlights | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue from continuing operations | HKD 424 million | HKD 337 million | +25.7% | | Loss attributable to owners of the Company | HKD 15.8 million | HKD 40.3 million | Loss narrowed by 60.8% | | Basic loss per share (continuing operations) | 0.29 HK cents | 0.83 HK cents | Loss narrowed | | Equity attributable to owners of the Company | HKD 149 million | HKD 166 million | -10.3% | | Final Dividend | Not recommended | Nil | - | Consolidated Financial Statements The consolidated financial statements reflect growth in revenue and gross profit, a significant narrowing of loss, and a leaner financial structure due to strategic reduction in digital asset business scale Consolidated Statement of Profit or Loss and Other Comprehensive Income Revenue from continuing operations increased 25.7% to HKD 424 million, with gross profit growing 34.5% to HKD 89.03 million, leading to a significant narrowing of loss for the year Key Data from Consolidated Statement of Profit or Loss (Continuing Operations) | Metric (HKD thousand) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 424,028 | 337,332 | | Gross Profit | 89,033 | 66,206 | | Operating Loss | (14,761) | (42,569) | | Loss before income tax | (16,546) | (45,069) | | Loss for the year | (16,836) | (45,069) | - Loss attributable to owners of the Company narrowed from HKD 40.30 million in the previous fiscal year to HKD 15.75 million[4] Consolidated Statement of Financial Position Total assets decreased 49.0% to HKD 680 million and total liabilities fell 54.5% to HKD 531 million, primarily due to a strategic reduction in digital asset holdings and related intercompany borrowings Key Data from Consolidated Statement of Financial Position | Metric (HKD thousand) | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Total Assets | 680,345 | 1,333,294 | | Total Liabilities | 530,728 | 1,165,710 | | Total Equity | 149,617 | 167,584 | | Net Current Assets | 136,919 | 161,112 | - Total digital assets (inventories and financial assets) significantly decreased from approximately HKD 1.123 billion to approximately HKD 418 million[6][32] - Digital asset borrowings from an intercompany subsidiary significantly decreased from approximately HKD 870 million to approximately HKD 293 million[7][36] Notes to the Financial Statements The notes detail accounting policies, segment performance, and key financial items, highlighting foundation and building construction as the main revenue driver and a significant reduction in digital assets to mitigate risk Revenue, Other Income and Segment Information Total revenue reached HKD 424 million, primarily driven by a 34.2% growth in foundation and building construction revenue, with over 99.9% of revenue originating from Hong Kong Revenue by Business Segment (HKD thousand) | Business Segment | 2025 Revenue | 2024 Revenue | | :--- | :--- | :--- | | Foundation, building construction works and ancillary services | 358,220 | 266,721 | | Net fair value changes of digital assets | 61,208 | 65,288 | | Technology services | 3,068 | 3,144 | | Trust and custody services | 506 | 1,801 | | Others | 1,020 | 378 | - Geographically, revenue from Hong Kong was HKD 424 million, accounting for the vast majority of total revenue[22] Loss Per Share Basic loss per share from continuing operations significantly narrowed to 0.29 HK cents from 0.83 HK cents, with diluted loss per share being identical Basic Loss Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners (continuing operations, HKD thousand) | (15,750) | (44,473) | | Weighted average number of ordinary shares (thousand shares) | 5,370,510 | 5,370,510 | | Basic loss per share (HK cents) | (0.29) | (0.83) | Dividends The Board decided not to recommend any final dividend for the year ended March 31, 2025, consistent with the prior year's policy - The Board does not recommend a final dividend for the current year (2024: Nil)[30] Digital Assets and Related Borrowings Digital asset holdings significantly decreased to HKD 418 million from HKD 1.123 billion, with related borrowings also falling to HKD 293 million, reflecting a strategic risk reduction and primarily comprising stablecoins and Bitcoin Digital Assets and Borrowings Movement (HKD thousand) | Item | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Market value of own digital assets | 417,576 | 1,123,081 | | Digital asset borrowings from intercompany subsidiary Aux | 292,702 | 869,833 | - As at March 31, 2025, major digital assets held included stablecoins valued at approximately HKD 325 million and Bitcoin valued at approximately HKD 29.67 million[43] Management Discussion and Analysis Management highlights strong growth in foundation and building construction, offsetting digital asset contraction, leading to overall revenue growth and narrowed losses, while planning prudent construction operations and seizing virtual asset opportunities in Hong Kong Business Review Revenue growth was primarily driven by a 34.6% increase in foundation and building construction, while digital asset business scale was reduced for risk mitigation, leading to a slight revenue decrease in that segment Foundation, Building Construction Works and Ancillary Services The foundation and building construction segment saw strong performance with revenue growing 34.6% to HKD 359 million and gross profit margin improving to 15.2%, though no new projects were awarded this year, posing future revenue risk Foundation and Building Construction Business Performance | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | Approx. HKD 359 million | Approx. HKD 267 million | | Gross Profit | Approx. HKD 54.4 million | Approx. HKD 28.6 million | | Gross Profit Margin | Approx. 15.2% | Approx. 10.7% | - The Group was not awarded any new projects during the current year[39][61] Digital Asset Related Business Digital asset business, including proprietary trading and trust/custody services, saw reduced holdings and borrowings to HKD 418 million for risk mitigation, with proprietary trading revenue slightly down and trust/custody services revenue decreasing 72.2% - To reduce risk exposure, the Group repaid some digital asset borrowings, leading to a decrease in year-end digital asset market value from HKD 1.123 billion to HKD 418 million, and digital asset loans from HKD 870 million to HKD 293 million[42] - Trust and custody services revenue decreased by 72.2% year-on-year due to reduced transaction volume, from HKD 1.8 million to HKD 0.5 million[44] Technology Services and Other Businesses Technology services revenue remained flat at HKD 3.1 million with decreased gross profit, while non-core other businesses saw revenue decline from HKD 0.4 million to HKD 0.2 million - Technology services revenue was approximately HKD 3.1 million, consistent with the prior year[45] - Other businesses (securities investment and money lending) recorded revenue of approximately HKD 0.2 million, compared to HKD 0.4 million in the prior year[46] Financial Review Financial performance significantly improved with total revenue growing 25.7% to HKD 424 million, gross profit increasing 34.4% to HKD 89 million, and loss attributable to owners narrowing to HKD 15.8 million Financial Performance Overview | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | HKD 424 million | HKD 337 million | | Gross Profit | HKD 89 million | HKD 66 million | | Gross Profit Margin | 21.0% | 19.6% | | Loss attributable to owners | HKD 15.8 million | HKD 40.3 million | Liquidity and Capital Structure The Group's financial position improved with the debt ratio decreasing to 78.0% and gearing ratio falling to 79.7%, while bank balances and cash increased to HKD 123 million, indicating enhanced liquidity Capital Structure and Liquidity Ratios | Metric | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Debt Ratio | 78.0% | 87.4% | | Gearing Ratio | 79.7% | 88.5% | | Bank Balances and Cash | HKD 123 million | HKD 62 million | Risk Disclosure The Group faces operational risks from not securing new construction projects, financial risks from digital asset price volatility, uninsured custody, and quantitative trading, alongside evolving anti-money laundering regulatory challenges - Lack of new projects risk: No new projects were awarded during the current year, posing a significant risk to future revenue and profitability[61] - Digital asset price risk: The Group holds substantial digital assets (stablecoins, Bitcoin, etc.), whose price fluctuations could significantly impact financial performance[64] - Digital asset custody risk: The Group primarily stores digital assets on cryptocurrency exchanges without insurance, facing significant loss risks from exchange failures, cyberattacks, or theft[65] - Investment risk of digital asset trading: Quantitative trading strategies may incur significant losses during black swan events and carry inherent risks such as algorithmic errors and hacking[66] Prospects The Group plans a dual-track strategy: prudently managing Hong Kong's construction business while actively seizing virtual asset and Web3 opportunities, focusing on on-chain data, digital asset monitoring, and growth in stablecoins and RWA tokenization - The Group will leverage Hong Kong's favorable policy environment for virtual asset market and Web3 industry development to seek business growth opportunities[70] - Strategic focus on technological innovation and compliant development, expanding on-chain data and digital asset monitoring businesses, and exploring growth potential in stablecoins and Real World Asset (RWA) tokenization[71][73] - The Group will continue to prudently manage its foundation, building construction works and ancillary services in Hong Kong, ensuring steady progress for the overall business[73] Corporate Governance and Other Disclosures The company largely complied with the Corporate Governance Code, with a deviation where the Chairman and CEO roles are combined, and the Audit Committee reviewed annual results, with no share repurchases or final dividend recommended - The Board did not declare any final dividend for the current year[80] - The company complied with the Corporate Governance Code, except for a deviation from Code Provision C.2.1, where the roles of Chairman and Chief Executive Officer are combined and held by Mr. Ren Yunan, which the Board believes provides strong and consistent leadership[82][83] - The Audit Committee reviewed the annual results for the current year with management and external auditors[86]