大森控股(01580) - 2025 - 年度业绩

Annual Results Announcement Summary Performance Highlights Osumi Holdings Group achieved significant performance improvement in FY2025, with consolidated revenue surging by 87.1% and loss before tax narrowing by 89.7%, despite remaining in a loss-making position, while no final dividend was recommended | Metric | Amount/Details | | :--- | :--- | | Consolidated Revenue | Approx. RMB 21.7 million (87.1% increase) | | Consolidated Loss Before Tax | Approx. RMB 7.0 million (89.7% decrease) | | Loss Attributable to Owners of the Company | Approx. RMB 6.4 million | | Basic Loss Per Share | RMB 0.59 cents | | Final Dividend | Not recommended | Business and Financial Review Business Review The Group diversified its operations in FY2025, with the core plywood business expanding into high-margin referral services through strategic alliances, while generating stable rental income from idle factory premises and scaling back the agricultural product trading business due to rising costs Plywood and Related Services Plywood and related services, accounting for 56.2% of total revenue, became profitable at RMB 3.2 million from a RMB 32.5 million loss, driven by high-margin customer referral services through a strategic alliance in Guangdong, despite project delays - The Group formed a strategic alliance with a factory in Jiangmen, Guangdong, to earn service fees by referring customers, a business with significantly higher profit margins than traditional plywood manufacturing, identified as a future focus[5] - In FY2025, the Group successfully secured two referral arrangements (Rayong, Thailand and Dongguan, China projects), including a design and project management contract worth approximately RMB 10.8 million for the Rayong project[6] | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Segment Revenue | RMB 12.2 million | RMB 8.5 million | | Segment Results | Profit RMB 3.2 million | Loss RMB 32.5 million | | % of Total Revenue | Approx. 56.2% | - | Leasing Activities Since July 2020, the Group has leased out idle factory premises and land to generate stable recurring rental income and reduce management costs, contributing approximately 11.0% of total revenue in FY2025 - The Group leases out surplus factory premises and land to generate stable recurring rental income, which accounted for approximately 11.0% of total revenue in FY2025[8] Agricultural Product Trading The Group expanded into agricultural product trading in FY2025 to improve gross margins, but significantly scaled back the business due to a substantial increase in agricultural product costs, with this segment contributing 32.8% of annual total revenue - Due to a significant increase in agricultural product costs, leading to a substantial reduction in gross profit, the Group has scaled back its agricultural product trading business during the year, which accounted for 32.8% of total revenue[9] Financial Review FY2025 financial performance significantly improved, with total revenue growing 87.1% to RMB 21.7 million, gross profit increasing to RMB 14.2 million, and loss attributable to owners of the Company narrowing 90.3% to RMB 6.4 million, driven by high-margin referral services, cost control, and reversal of legal provisions, despite persistent liquidity issues and a rising gearing ratio from 250% to 350%, indicating significant going concern uncertainty - Consolidated revenue increased by 87.1% to RMB 21.7 million, primarily driven by approximately RMB 11.9 million in service income from project referrals to alliance factories[50] - Total selling and administrative expenses decreased from RMB 17.1 million to RMB 7.6 million, and expected credit loss provisions decreased from RMB 31.7 million to RMB 12.2 million, reflecting improved cost and credit risk control[53] - Other income recorded a net gain of RMB 5.5 million (compared to a net loss of RMB 5.5 million last year), mainly due to the reversal of provisions related to a successful legal case[54] - As of March 31, 2025, the Group's gearing ratio increased to 350% (2024: 250%), with cash and cash equivalents of approximately RMB 9.5 million against total borrowings of RMB 34.4 million, indicating tight liquidity[56][58][61] Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2025, Group revenue grew 87.1% to RMB 21.724 million, gross profit increased 34.6% to RMB 14.150 million, and loss before tax significantly narrowed from RMB 67.287 million to RMB 6.959 million due to reduced administrative expenses, ECL provisions, and investment property fair value losses, resulting in a loss attributable to owners of the Company of RMB 6.421 million | Item (RMB thousands) | FY2025 | FY2024 (Restated) | | :--- | :--- | :--- | | Revenue | 21,724 | 11,611 | | Gross Profit | 14,150 | 10,509 | | Administrative Expenses | (7,384) | (16,501) | | Net Expected Credit Loss Provision | (12,200) | (31,747) | | Fair Value Loss on Investment Properties | (3,800) | (17,182) | | Loss Before Tax | (6,959) | (67,287) | | Loss for the Year | (6,959) | (67,287) | | Loss Attributable to Owners of the Company | (6,421) | (65,908) | | Basic Loss Per Share (RMB cents) | (0.59) | (7.17) | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets were RMB 99.408 million, slightly down from RMB 103.852 million, while total liabilities decreased from RMB 91.946 million to RMB 89.561 million; however, total equity declined from RMB 11.906 million to RMB 9.847 million due to accumulated losses, and the Group faces severe liquidity issues with current liabilities (RMB 89.376 million) significantly exceeding current assets (RMB 36.338 million), resulting in a net current liability of RMB 53.038 million | Item (RMB thousands) | March 31, 2025 | March 31, 2024 (Restated) | | :--- | :--- | :--- | | Non-current Assets | 63,070 | 63,298 | | Investment Properties | 51,900 | 55,700 | | Current Assets | 36,338 | 40,554 | | Trade and Other Receivables | 26,849 | 38,853 | | Cash and Cash Equivalents | 9,489 | 979 | | Total Assets | 99,408 | 103,852 | | Total Equity | 9,847 | 11,906 | | Item (RMB thousands) | March 31, 2025 | March 31, 2024 (Restated) | | :--- | :--- | :--- | | Current Liabilities | 89,376 | 91,736 | | Trade and Other Payables | 47,579 | 52,464 | | Borrowings | 34,418 | 22,423 | | Non-current Liabilities | 185 | 210 | | Total Liabilities | 89,561 | 91,946 | | Total Equity and Liabilities | 99,408 | 103,852 | Notes to the Financial Statements Company Information and Basis of Preparation The Group primarily engages in plywood and related services, leasing, and agricultural product trading; while financial statements are prepared on a going concern basis, significant uncertainties exist due to a net loss of RMB 6.959 million and net current liabilities of RMB 53.038 million as of March 31, 2025, which management plans to address through standby loan commitments from the ultimate controlling party, enhanced cost control, and new financing - As of March 31, 2025, the Group recorded a net loss of RMB 6.959 million, net current liabilities of RMB 53.038 million, cash and cash equivalents of only RMB 9.489 million, and current borrowings of RMB 34.418 million, indicating significant uncertainties that may cast substantial doubt on the Group's ability to continue as a going concern[16][17] - To address going concern risks, the directors have taken measures including securing standby loan commitments from a company controlled by the ultimate controlling party, enhancing cost control, and seeking additional new financial support[18] Application and Changes in Accounting Policies This year, the Group changed its accounting policy for investment properties from the cost model to the fair value model to better reflect operating performance and align with industry practice; this change was applied retrospectively, restating comparative financial data and significantly impacting FY2024 loss before tax, total assets, and total equity - The Group changed its accounting policy for measuring investment properties from the cost model to the fair value model, and this change has been applied retrospectively[22] | Impact on 2024 Statement of Profit or Loss (RMB thousands) | Impact Amount | | :--- | :--- | | Administrative Expenses | +2,397 | | Fair Value Loss on Investment Properties | -17,182 | | Loss Before Tax | -12,930 | | Loss Attributable to Owners of the Company | -12,930 | | Impact on March 31, 2024 Statement of Financial Position (RMB thousands) | Impact Amount | | :--- | :--- | | Investment Properties | +21,569 | | Total Assets | +21,569 | | Net Assets/Total Equity | +21,569 | Notes on Key Financial Items This section details the Group's key financial items, with revenue primarily driven by plywood-related referral services, other income benefiting from legal case provision reversals, no income tax expense due to lack of taxable profits and significant unrecognized tax losses, no dividends declared, and high credit risk on trade receivables leading to substantial ECL provisions, while share capital changed due to debt capitalization and share consolidation Revenue (Note 5) Total revenue for FY2025 was RMB 21.724 million, primarily from contracts with customers (RMB 19.335 million), including plywood-related referral services (RMB 11.864 million) and agricultural product trading (RMB 7.117 million), with the remaining RMB 2.389 million from rental income on investment properties | Revenue Source (RMB thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | Sales of Plywood | 354 | – | | Provision of Plywood Related Referral Services | 11,864 | 8,511 | | Agricultural Product Trading | 7,117 | – | | Total Revenue from Contracts with Customers | 19,335 | 8,511 | | Total Rental Income | 2,389 | 3,100 | | Total Revenue | 21,724 | 11,611 | Other Income, Gains or (Losses) (Note 6) FY2025 saw a net other income of RMB 5.467 million, a stark contrast to the previous year's net loss of RMB 5.525 million, primarily driven by the reversal of a RMB 4.252 million legal case provision - A net gain of RMB 5.467 million was recorded in FY2025, primarily due to the reversal of a RMB 4.252 million legal case provision, contrasting with a net loss of RMB 5.525 million in FY2024 mainly due to the recognition of the same provision[27] Income Tax Expense (Note 8) The Group incurred no income tax expense in FY2025 or FY2024 due to the absence of taxable profits in Hong Kong and China, despite a theoretical tax liability, and holds significant unrecognized deferred tax assets from tax losses of approximately RMB 115.119 million in China - The Group incurred no income tax expense in FY2025 and FY2024, primarily because it had no taxable profits in Hong Kong or China[28][29][30] - As of March 31, 2025, the Group's PRC entities had estimated tax losses of RMB 115,119,000 for which no deferred tax assets were recognized, with these losses expiring between 2026 and 2030[32] Dividends (Note 10) The Board of Directors did not recommend the payment of any dividends for the years ended March 31, 2025, and 2024 - The directors did not recommend the payment of dividends for the years ended March 31, 2025, and 2024[37] Loss Per Share (Note 11) Basic loss per share for FY2025 significantly narrowed to RMB 0.59 cents from RMB 7.17 cents in the prior year, primarily due to a substantial decrease in loss attributable to owners of the Company, with no dilutive potential ordinary shares during the year | Item | FY2025 | FY2024 (Restated) | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (RMB thousands) | (6,421) | (65,908) | | Weighted Average Number of Ordinary Shares (thousands) | 1,095,680 | 919,450 | | Basic Loss Per Share (RMB cents per share) | (0.59) | (7.17) | Trade and Other Receivables (Note 14) As of March 31, 2025, net trade and other receivables totaled RMB 26.849 million, with gross trade receivables of RMB 182.612 million offset by a substantial RMB 165.998 million provision for expected credit losses, indicating high recovery risk, and most of the net amount (RMB 16.614 million) is overdue by more than 7 months | Item (RMB thousands) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Trade Receivables (Gross) | 182,612 | 179,325 | | Less: Accumulated Expected Credit Loss Provision | (165,998) | (154,855) | | Trade Receivables (Net) | 16,614 | 24,470 | - Of the trade receivables net of provisions, approximately RMB 13.126 million (79%) were overdue but not impaired, with RMB 4.105 million overdue for more than 1 year[44][45] Other Disclosures Audit and Corporate Governance The Audit Committee reviewed the annual results, and the independent auditor issued an unmodified opinion with an emphasis of matter paragraph highlighting significant going concern uncertainties due to net loss and substantial net current liabilities, while the company affirmed compliance with corporate governance codes during the reporting period - The independent auditor issued a true and fair unmodified opinion, but included an emphasis of matter paragraph regarding material uncertainty related to going concern[73][74] - The auditor noted that as of March 31, 2025, the Group recorded a net loss of approximately RMB 6.959 million and net current liabilities of approximately RMB 53.038 million, which cast significant doubt on the Group's ability to continue as a going concern[74] - The company has established an Audit Committee comprising three independent non-executive directors, which has reviewed the annual results for the year[72]