国富量子(00290) - 2025 - 年度业绩

Financial Performance and Operations Review This section reviews the company's financial performance, operational highlights, and strategic outlook for the reporting period Consolidated Financial Statements The company reported a substantial increase in revenue to HKD 863 million and a significant reduction in net loss to HKD 2.53 million, driven by new business and strategic investments Consolidated Statement of Profit or Loss and Other Comprehensive Income Revenue surged to HKD 863 million, primarily from new supply chain operations, significantly narrowing the annual loss to HKD 2.53 million due to increased revenue and investment fair value gains Key Data from Consolidated Statement of Profit or Loss | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 863,400 | 49,456 | +1645.8% | | Gross Profit | 37,589 | 28,737 | +30.8% | | Fair Value Change on Investments | 50,145 | (3,481) | Turned to profit | | Loss Before Tax | (1,726) | (30,634) | -94.4% | | Loss for the Year | (2,525) | (30,679) | -91.8% | | Basic Loss Per Share (HK cents) | (0.04) | (0.91) | -95.6% | Consolidated Statement of Financial Position Total assets surged to HKD 4.612 billion, driven by significant investment in associates, while total liabilities increased due to new borrowings, and equity grew substantially from financing activities Key Data from Consolidated Statement of Financial Position | Metric | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 3,770,381 | 228,091 | +1552.9% | | Investment in an Associate | 2,991,487 | 112,898 | +2549.7% | | Current Assets | 841,714 | 864,100 | -2.6% | | Total Assets | 4,612,095 | 1,092,191 | +322.3% | | Current Liabilities | 678,890 | 290,652 | +133.6% | | Borrowings | 415,377 | – | N/A | | Total Liabilities | 686,472 | 305,348 | +124.8% | | Total Equity | 3,925,623 | 786,843 | +398.9% | Summary of Notes to Financial Statements The company's revenue structure shifted significantly with new supply chain operations, equity investment segment turned profitable, and share capital increased substantially through various equity issuances Revenue and Segment Information Total revenue surged to HKD 863 million, primarily driven by new goods sales, with equity investment and securities brokerage segments turning profitable or increasing profits, while supply chain operations incurred a minor loss Revenue by Business Type | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Goods Sales | 819,545 | – | | Securities Brokerage Business | 18,292 | 33,385 | | Money Lending Business Interest Income | 15,969 | 4,542 | | Asset Management Business | 3,900 | 4,784 | | Corporate Finance Services | 2,338 | 4,719 | | Total Revenue | 863,400 | 49,456 | Segment Results by Business Segment | Business Segment | 2025 Segment Result (HKD thousands) | 2024 Segment Result (HKD thousands) | | :--- | :--- | :--- | | Equity Investment | 19,311 | (7,244) | | Securities Brokerage and Margin Financing | 11,938 | 8,572 | | Money Lending | 1,724 | (476) | | Corporate Finance | 1,517 | (2,789) | | Art Investment | 504 | – | | Supply Chain Operations | (294) | – | | Asset Management | (1,568) | (1,262) | Share Capital Changes Issued and paid-up share capital increased from HKD 633 million to HKD 746 million due to three major share issuance activities, including placings, a share award scheme, and acquisition consideration shares - New shares were issued through three main activities during the year: - Placing (July 2024): Issued 273,776,000 ordinary shares at HKD 0.90 per share[30] - Share Award Scheme (July 2024): Issued 518,400,000 ordinary shares to the trustee[30] - Consideration Shares for Acquisition (October 2024): Issued 340,053,151 ordinary shares at HKD 0.82 per share for the acquisition of Huake Smart Investment[30] Management Discussion and Analysis Management highlights significant performance improvement with substantial revenue growth and narrowed net loss, driven by new business segments, profitable equity investments, and strategic acquisitions, despite a decrease in the current ratio Overall Performance Review The Group's total revenue and investment fair value changes surged by 1,887% to HKD 914 million, significantly reducing the annual loss to HKD 2.53 million due to improved revenue and investment gains - The Group's overall loss improved, primarily due to improved revenue and increased investment income[31] Segment Business Review Segment performance was mixed, with securities brokerage and corporate finance turning profitable despite revenue declines, money lending and equity investment showing strong growth and profitability, and new supply chain and art investment segments contributing revenue and profit respectively - Securities Brokerage and Margin Financing: Revenue decreased by 43.6% to HKD 20.88 million, but segment profit increased to HKD 11.94 million due to reduced costs[32] - Money Lending: Interest income surged by 251.6% year-over-year to HKD 15.97 million, with the segment turning profitable and recording a profit of HKD 1.72 million[34] - Equity Investment: Recorded net revenue and investment income of approximately HKD 51.98 million (compared to a loss of HKD 3.45 million last year), with segment profit reaching HKD 19.31 million[51] - Supply Chain Operations (New Business): Recorded revenue of HKD 820 million, with a segment loss of approximately HKD 0.29 million[52] - Art Investment (New Business): Recorded a segment profit of HKD 0.50 million, primarily from fair value gains on art investments[53] Liquidity and Capital Resources The Group's current ratio decreased to 1.24 times due to increased current liabilities, cash and cash equivalents declined, and the gearing ratio rose to 10.97% reflecting higher leverage from new borrowings Liquidity and Gearing Ratio | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Current Assets (HKD thousands) | 841,714 | 864,100 | | Current Liabilities (HKD thousands) | 678,890 | 290,652 | | Current Ratio | 1.24 times | 2.97 times | | Cash and Cash Equivalents (HKD thousands) | 92,186 | 289,257 | | Gearing Ratio | 10.97% | 3.05% | Significant Investments and Acquisitions The company acquired a 29.13% stake in Huake Smart Investment, making it an associate with a carrying value of HKD 2.897 billion, and agreed to acquire a 22.5% stake in CSOP Asset Management Limited - Acquisition of 29.13% equity interest in Huake Smart Investment completed on October 18, 2024, making it an associate of the Group[80][84] - As of March 31, 2025, the carrying value of the investment in Huake Smart Investment was approximately HKD 2.897 billion, representing approximately 62.81% of the Group's total assets[80] - On December 31, 2024, the company agreed to acquire a 22.50% equity interest in CSOP Asset Management Limited for a consideration of HKD 1.11 billion, to be settled by issuing consideration shares; the transaction was not completed by the end of the reporting period[85] Capital Activities and Outlook The company conducted significant capital raising activities exceeding HKD 970 million to fund expansion, and rebranded as "Guofu Quantum Innovation" to pursue a dual-track strategy focused on quantum computing and digital asset infrastructure Fundraising Activities The company completed two major fundraising activities, a rights issue in February 2024 raising HKD 471 million and a placing in July 2024 raising HKD 244 million, to support operations, investments, and new business development - Rights Issue (February 2024): Conducted on a '1-for-3' basis, raising net proceeds of approximately HKD 471 million[57][63] - June Placing (July 2024): Placed new shares at HKD 0.90 per share, raising net proceeds of approximately HKD 244 million[66][70] Business Outlook Renamed "Guofu Quantum Innovation Limited," the company will pursue a dual-track strategy of "quantum computing + digital asset infrastructure" to innovate financial services, empower cross-border payments, and explore applications in cultural, creative, and supply chain sectors - Established a dual-track strategy of 'quantum computing + digital asset infrastructure,' focusing on offshore RMB stablecoin issuance and compliant settlement to empower cross-border payments[81] - Actively exploring the application of financial services in new areas, including cultural and creative industries (art auctions, financing, asset tokenization), supply chain operations, and cross-border trade[82] Post-Reporting Period Events Post-reporting period, the company completed a new share placing raising HKD 257 million and agreed to capitalize approximately HKD 587 million in shareholder loans by issuing new shares to optimize its capital structure - April 2025 Placing: Successfully placed 231.5 million new shares, raising net proceeds of approximately HKD 257 million[93][94][98] - Loan Capitalization (April 2025): Agreement reached with lenders to capitalize approximately HKD 587 million of loans by issuing new shares to settle debt[99] Corporate Governance The company maintains high corporate governance standards, complying with all code provisions throughout the fiscal year, and its audit committee has reviewed the annual financial statements - The company consistently complied with all code provisions of the Corporate Governance Code throughout the reporting year[106] - The Audit Committee reviewed the Group's accounting principles, internal controls, and annual results with management[108]