协同通信(01613) - 2025 - 年度业绩

Financial Performance This section provides an overview of the Group's financial results, including income, financial position, and segment performance Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2025, the Group's revenue significantly increased by 87.0% to HKD 117 million, driven by the new smartphone distribution business, yet gross profit declined to HKD 15.91 million, leading to a widened annual loss of HKD 35.83 million due to fair value losses on financial assets and increased administrative expenses Summary of Consolidated Statement of Profit or Loss (For the year ended March 31) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 116,933 | 62,581 | +87.0% | | Gross Profit | 15,909 | 24,757 | -35.7% | | Operating Loss | (33,460) | (11,883) | +181.6% | | Loss for the Year | (35,831) | (17,768) | +101.7% | | Loss Attributable to Owners of the Company | (32,488) | (17,840) | +82.1% | | Basic and Diluted Loss Per Share (HK cents) | (8.2) | (6.0) | +36.7% | - The expanded annual loss was primarily due to a newly recognized fair value loss of HKD 9.21 million on financial assets at fair value through profit or loss, alongside increased administrative and other operating expenses[3] Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets slightly decreased to HKD 221 million, with a significant reduction in cash and cash equivalents to HKD 11.03 million, while total equity marginally declined to HKD 108 million, and overdue bank borrowings remained at HKD 43.03 million Summary of Consolidated Statement of Financial Position (As of March 31) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Non-current Assets | 74,103 | 85,555 | -13.4% | | Current Assets | 147,341 | 137,540 | +7.1% | | - Cash and Cash Equivalents | 11,030 | 33,373 | -66.9% | | Total Assets | 221,444 | 223,095 | -0.7% | | Liabilities and Equity | | | | | Current Liabilities | 113,728 | 106,884 | +6.4% | | - Bank Borrowings | 43,030 | 50,650 | -15.0% | | Total Equity | 107,716 | 116,211 | -7.3% | - The directors have noted the Group's losses and overdue bank borrowings, implementing measures to improve liquidity, including enhancing accounts receivable collection, controlling costs, and planning to dispose of subsidiaries with overdue borrowings[10][11] Segment Reporting This year, the Group introduced a new "Smartphone Distribution" segment, which became the largest revenue source at HKD 85.87 million but incurred a loss of HKD 9.31 million, while traditional segments like "Building Intelligence" saw revenue plummet and "Data Center" significantly scaled down Segment Results by Business Segment (2025) | Business Segment | Revenue from External Customers (HKD thousands) | Reported Segment (Loss)/Profit (HKD thousands) | | :--- | :--- | :--- | | Building Intelligence | 1,553 | (11,870) | | Control Systems | 29,499 | 8,657 | | Data Center | 12 | (18) | | Smartphone Distribution | 85,869 | (9,312) | - The Group expanded into smartphone distribution in 2025, distributing Xiaomi brand smartphones and related products, now operating with four reportable segments[16] Revenue from External Customers by Geographical Region | Region | 2025 (HKD thousands) | 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Hong Kong | 78,924 | 246 | +32080% | | China | 31,052 | 62,335 | -50.2% | | Overseas | 6,957 | – | N/A | - Revenue from the single largest customer (Customer A, in smartphone distribution) accounted for over 10% of total revenue this year, reaching HKD 75.47 million[26] Management Discussion and Analysis This section provides a detailed review of the Group's business operations, financial performance, and strategic outlook Business Review and Outlook In FY2025, the Group faced macroeconomic challenges, diversifying into smartphone distribution which boosted revenue but incurred initial losses, while traditional segments saw varied performance, and future strategies include cost control, exploring 5G/IoT, and potentially relocating manufacturing to Australia Control Systems Business The Control Systems segment's external revenue decreased to HKD 29.5 million, but segment profit significantly increased to HKD 8.7 million, primarily due to the reversal of expected credit loss provisions - External revenue for the Control Systems segment was HKD 29.5 million, representing a 22.4% year-on-year decrease[40][49] - Segment profit was HKD 8.7 million, compared to HKD 0.5 million last year, primarily due to the reversal of expected credit loss provisions[40] Building Intelligence Business Sales of "MOX" brand products in the Building Intelligence segment plummeted from HKD 24.3 million to HKD 1.6 million due to weak consumer demand and operating costs, resulting in a loss of HKD 11.9 million compared to a profit last year - Revenue from the Building Intelligence business plummeted from HKD 24.3 million to HKD 1.6 million, a 93.4% decrease[41][49] - The segment recorded a loss of HKD 11.9 million, compared to a profit of HKD 3.6 million in the prior year, primarily due to a significant sales reduction[41] Data Center Business The Group strategically reallocated resources from the Data Center business to smartphone distribution, leading to a significant reduction in segment revenue to HKD 12 thousand and a narrowed segment loss to HKD 18 thousand - Revenue from the Data Center business decreased to HKD 12 thousand, with segment loss significantly narrowed to HKD 18 thousand, primarily due to strategic resource reallocation[42] Smartphone Distribution Business Launched in July 2024, the new smartphone distribution business, primarily focusing on Xiaomi brands, generated HKD 85.9 million in revenue this year but incurred a loss of HKD 9.3 million due to its nascent stage and intense market competition - The newly launched smartphone distribution business recorded revenue of HKD 85.9 million[44] - As a newly established business facing intense competition, the segment recorded a loss of HKD 9.3 million[44] Business Outlook and Strategies Facing a challenging environment with China's economic slowdown, high interest rates, and US-China tensions, the Group is diversifying revenue, considering relocating "MOX" manufacturing to Australia to mitigate geopolitical risks, and exploring new ICT opportunities while seeking capital through new share issues or convertible securities - The Group faces a challenging operating environment with adverse factors such as high inflation, high interest rates, and US-China tensions[45] - Strategically, the Group is considering relocating its manufacturing operations to Australia to address geopolitical tensions and tariff issues[47] - The company will continue to explore fundraising opportunities, including issuing new shares or convertible securities, to finance existing operations and potential future investments or acquisitions[48] Financial Review This year's financial performance shows revenue growth alongside declining profitability, with total revenue increasing by 87.0% to HKD 117 million due to smartphone distribution, but overall gross margin dropping to 13.6% and administrative expenses rising, leading to an expanded loss attributable to owners of HKD 32.5 million - Revenue significantly increased by 87.0% year-on-year, primarily attributed to the successful launch of the smartphone distribution business with increased market demand[49] - Gross profit margin decreased from 39.6% to 13.6%, mainly due to the lower gross profit margin of the newly launched smartphone distribution business[51] - Administrative and other operating expenses increased by HKD 8.5 million, primarily due to higher staff costs and share-based payment expenses[55] - Loss attributable to owners expanded to HKD 32.5 million, mainly due to a fair value loss of approximately HKD 9.2 million on financial assets and approximately HKD 4.9 million in share-based payment expenses[60] Capital Structure, Liquidity and Financial Resources This year, the Group raised approximately HKD 44.5 million net from two fundraising activities, fully utilized for working capital and inventory, yet liquidity remains tight with HKD 43 million in overdue bank borrowings, and the gearing ratio significantly increased to 30.5% - A placing completed in March 2024 raised net proceeds of approximately HKD 23.8 million, fully utilized for general working capital[62][63][65] - A subscription completed in November 2024 raised net proceeds of approximately HKD 20.7 million, fully utilized for purchasing smartphone inventory and general working capital[66][67][68] - As of March 31, 2025, the Group had approximately HKD 43 million in overdue outstanding bank borrowings[69] - The gearing ratio increased from 15% last year to 30.5% this year[68] Corporate Governance and Other Information This section details the Group's adherence to corporate governance standards, dividend policy, and employee-related information Corporate Governance Practices This year, the company largely complied with the Corporate Governance Code, but deviated on two points: the continuous vacancy of the Chairman and CEO positions, and the inability of the Chairman to preside over the 2024 AGM due to the vacancy - The company deviated from Corporate Governance Code provision C.2 due to the vacancies in both the Chairman of the Board and Chief Executive Officer positions[81][82] - The company deviated from Corporate Governance Code provision F.2.2 as the Chairman position was vacant, preventing the Chairman from presiding over the 2024 Annual General Meeting[81][84] Dividend Policy The Board of Directors does not recommend the payment of any dividend for the year ended March 31, 2025 - No dividends were paid or proposed to the company's shareholders for the years ended March 31, 2025, and 2024[33][78] Employees and Remuneration Policy As of March 31, 2025, the Group had 82 employees, with annual staff costs increasing by 33.7% to approximately HKD 24.6 million due to increased headcount and share-based payment expenses, and remuneration policy is based on performance, experience, and industry practice, supported by a share option scheme - For the year ended March 31, 2025, staff costs were approximately HKD 24.6 million, a 33.7% year-on-year increase, primarily due to increased headcount and approximately HKD 4.9 million in share-based payment expenses[75] - In April 2024, the company granted a total of 25,043,200 share options to executive directors and certain employees under the share option scheme[77]