能源国际投资(00353) - 2025 - 年度业绩

Financial Performance Summary The company achieved a 391% profit increase to HKD 467 million, driven by investment property gains, with total assets growing to HKD 2.73 billion and improved liquidity Consolidated Statement of Comprehensive Income For the year ended March 31, 2025, revenue from continuing operations was HKD 152 million, down 37.4%, but profit for the year surged to HKD 467 million, up 391%, primarily due to fair value gains on investment properties Key Figures from Consolidated Statement of Comprehensive Income (HKD thousands) | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Continuing Operations | | | | | Revenue | 151,679 | 242,234 | -37.4% | | Gross Profit | 135,495 | 158,411 | -14.5% | | Fair Value Gain on Investment Properties | 541,176 | 17,038 | +3076.3% | | Profit Before Income Tax | 626,294 | 122,460 | +411.4% | | Profit for the Year | 467,381 | 95,067 | +391.0% | | Profit Attributable to Owners of the Company | 256,330 | 51,990 | +393.0% | | Earnings Per Share (HK cents) | 23.72 | 5.58 | +325.1% | Consolidated Statement of Financial Position As of March 31, 2025, total assets increased to HKD 2.73 billion, driven by investment property revaluation and associate interests, with net assets reaching HKD 1.8 billion and the current ratio improving to 5.57 Key Figures from Consolidated Statement of Financial Position (HKD thousands) | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Non-current Assets | 2,302,254 | 1,516,723 | +51.8% | | Of which: Investment Properties | 2,038,373 | 1,507,397 | +35.2% | | Current Assets | 430,698 | 647,945 | -33.5% | | Total Assets | 2,732,952 | 2,164,668 | +26.3% | | Liabilities and Equity | | | | | Current Liabilities | 77,280 | 206,320 | -62.5% | | Non-current Liabilities | 855,720 | 604,285 | +41.6% | | Total Liabilities | 933,000 | 810,605 | +15.1% | | Net Assets | 1,799,952 | 1,354,063 | +32.9% | - As of March 31, 2025, the Group's current ratio (current assets/current liabilities) was 5.57, a significant improvement from 3.14 in 2024[54] Management Discussion and Analysis This section reviews the significant profit increase driven by fair value gains, outlines strategic business shifts including new ventures, assesses the improved financial position, and discusses future growth prospects Review of Operating Results Profit from continuing operations surged to HKD 467 million, primarily due to a HKD 524 million increase in fair value gains on investment properties and HKD 13 million from new associate contributions, partially offset by revenue decline and credit loss impacts - Revenue from continuing operations was approximately HKD 152 million, a year-on-year decrease, primarily from port and storage facility rental income (HKD 151 million) and new electronic product trading business (HKD 1 million)[47] The oil and liquid chemical trading business has been suspended, which contributed HKD 78 million in the prior year[47] - Profit for the year from continuing operations increased from HKD 95 million to HKD 467 million, primarily driven by: - An increase in fair value gain on investment properties of approximately HKD 524 million - New share of results of associates of approximately HKD 13 million Partially offset by: - An increase in deferred tax expense of approximately HKD 130 million - A decrease in gross profit of approximately HKD 23 million - A reversal of expected credit loss allowance to impairment loss, impacting approximately HKD 16 million[49] Segment Business Analysis The Group's core port and storage facility leasing business remains the primary revenue source, with increased stake in Shun Dong Port Services, while new ventures include electronic product trading and a 28% acquisition in a fintech associate, alongside the termination of insurance brokerage and suspension of oil trading - The Group's core asset, Shun Dong Port Services (operating liquid chemical terminals), generated approximately HKD 151 million in rental income this year[50] In April 2025, the Group further acquired a 29.83% equity interest in Shun Dong Port Services, increasing its total stake to 85%[51] - In June 2024, the Group acquired a 28% interest in Shenzhen Xinheyuan Technology Group for RMB 200 million, entering the fintech services market[68] This associate contributed approximately HKD 13 million in profit to the Group this year[68] - The Group commenced electronic product trading in November 2024[52] and ceased insurance brokerage services by selling Yigao Wealth Management in October 2023[53] The oil and liquid chemical trading business was suspended in the previous fiscal year due to declining profit margins from market changes[67] Review of Financial Position At year-end, the Group's financial position was robust, with total assets of HKD 2.73 billion, a reduced gearing ratio of 0.34, significantly lower borrowings of HKD 22 million, and improved liquidity with a current ratio of 5.57 Financial Position Indicators (HKD millions) | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Assets | Approx. 2,733 | Approx. 2,165 | | Total Liabilities | Approx. 933 | Approx. 811 | | Gearing Ratio | 0.34 | 0.37 | | Current Ratio | 5.57 | 3.14 | | Bank and Other Borrowings | Approx. 22 | Approx. 160 | | Bank Balances and Cash | Approx. 357 | Approx. 591 | - As of March 31, 2025, the Group had no pledged assets[58] In the prior year, investment properties valued at approximately HKD 1.507 billion were pledged as collateral for bank borrowings[58] Future Outlook The company anticipates its port and storage facilities will remain a core asset for sustainable revenue and profit, while strategically investing in fintech to transition towards "new quality productive forces" and create long-term shareholder value - The company expects port and storage facilities to continue contributing significant revenue and profit to the Group, serving as a driver for sustainable growth[66] - The Board believes that acquiring an interest in the financial services associate allows the Group to capitalize on the development opportunities in China's credit assessment fintech market, achieving business transformation and creating value for the Group and its shareholders[68] Significant Accounting Matters and Notes This section details the financial statement preparation basis, revenue composition, discontinued operations, significant investments and acquisitions, and the company's dividend policy and earnings per share Basis of Preparation and Special Matters Financial statements are prepared under the historical cost convention, with certain financial instruments and investment properties measured at fair value, noting the Group's loss of control over Qinghai Senyuan and Inner Mongolia Senyuan since 2010, leading to their disposal in November 2024 - Due to non-cooperation from the former legal representative and unauthorized transfer of key assets (exploration licenses), the Group lost effective control over Qinghai Senyuan and Inner Mongolia Senyuan, ceasing their consolidation since 2010[13][14][16] - To limit related losses, the Group disposed of the holding companies of Qinghai Senyuan and Inner Mongolia Senyuan on November 5, 2024[17] The Board believes this disposal has no impact on the Group's financial position or operations[17] Revenue Analysis Total revenue from continuing operations was HKD 152 million, a 37.4% year-on-year decrease, primarily from port and liquid chemical terminal rental income of HKD 151 million, with new electronic product trading contributing HKD 0.99 million Revenue Composition from Continuing Operations (HKD thousands) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Rental income from oil and liquid chemical terminals | 150,691 | 164,143 | | Trading of oil and liquid chemicals | – | 78,091 | | Trading of electronic products | 988 | – | | Total | 151,679 | 242,234 | Discontinued Operations On October 12, 2023, the Group completed the disposal of its wholly-owned insurance brokerage subsidiary, Yigao Wealth Management, for HKD 1.162 million, classifying it as a discontinued operation with a gain on disposal of HKD 0.422 million - The Group completed the disposal of Yigao Wealth Management, an insurance brokerage subsidiary, on October 12, 2023, for a total consideration of HKD 1.162 million, classified as a discontinued operation[32] - The disposal of Yigao Wealth Management generated a gain of HKD 0.422 million and a net cash inflow of HKD 0.43 million[33] Investments and Acquisitions During the year, the Group made strategic investments, acquiring a 28% interest in fintech company Shenzhen Xinheyuan for RMB 200 million, and subsequently increased its stake in core asset Shun Dong Port Services to consolidate control - On June 17, 2024, the Group acquired a 28% effective economic interest in Shenzhen Xinheyuan Technology for RMB 200 million, paid with RMB 120 million in cash and RMB 80 million in promissory notes[41] The investment cost in the associate was recognized at approximately HKD 217 million after the acquisition[42] - Subsequent to the reporting period, in April 2025, the Group completed an acquisition for HKD 300 million, increasing its ordinary shareholding in core asset Shun Dong Port Services from approximately 55.17% to 85%[44][51] - Subsequent to the reporting period, on June 30, 2025, the first batch of promissory notes with a principal of RMB 14.546 million vested and will be issued to the vendor, as the associate achieved its profit guarantee[45] Dividends and Earnings Per Share The Board does not recommend any dividend for the year ended March 31, 2025; however, basic earnings per share significantly increased to 23.72 HK cents from 5.58 HK cents due to substantial profit growth, with diluted EPS being the same - The Board does not recommend the payment of any dividend for the year ended March 31, 2025[35][61] Earnings Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (HKD thousands) | 256,330 | 51,990 | | Weighted Average Number of Ordinary Shares (thousands) | 1,080,563 | 932,038 | | Basic Earnings Per Share (HK cents) | 23.72 | 5.58 | Corporate Governance and Other Information This section details a significant related party transaction involving new share subscription and confirms the company's adherence to corporate governance code provisions Connected Transaction: Subscription of New Shares On August 30, 2023, the company completed a connected transaction, issuing 360 million new shares at HKD 0.416 per share to Cosmic Shine International Limited, raising HKD 147 million net proceeds fully used for repaying promissory notes and bank loans - The company issued 360 million new shares to connected party Cosmic Shine International Limited at a subscription price of HKD 0.416 per share, for a total cash consideration of approximately HKD 150 million[69] This transaction was completed on August 30, 2023[70] Use of Proceeds (HKD millions) | Intended Use | Net Proceeds | Amount Utilized | Unutilized Amount | | :--- | :--- | :--- | :--- | | Repayment of promissory notes | 5.2 | (5.2) | – | | Repayment of bank loans | 141.6 | (141.6) | – | | Total | 146.8 | (146.8) | – | Corporate Governance Practices The company adopted and complied with the Corporate Governance Code provisions under the Listing Rules during the year, establishing an Audit Committee comprising three independent non-executive directors to review accounting principles, internal controls, and financial reporting - The company has consistently complied with the applicable code provisions of the Corporate Governance Code throughout the reporting year[75] - The Audit Committee, composed of three independent non-executive directors, is responsible for overseeing financial reporting and internal control procedures[77]