恒月控股(01723) - 2025 - 年度业绩

Financial Highlights The Group's financial performance for the year ended March 31, 2025, significantly declined, with substantial decreases in revenue, gross profit, and profit attributable to owners of the Company, and the Board does not recommend a final dividend | Metric | 2025 (HK$ million) | 2024 (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 189.6 | 252.4 | -24.9% | | Gross Profit | 43.3 | 61.6 | -29.7% | | Profit Attributable to Owners of the Company | 1.8 | 14.8 | -87.8% | | Basic and Diluted Earnings Per Share (HK cents) | 0.45 | 3.71 | -87.8% | - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025[3] Consolidated Financial Statements This section presents the consolidated audited annual results of Moon Inc. and its subsidiaries for the year ended March 31, 2025, including the consolidated statement of profit or loss and other comprehensive income and consolidated statement of financial position, with comparative data Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's consolidated statement of profit or loss and other comprehensive income for the year ended March 31, 2025, shows significant declines in revenue, gross profit, and profit for the year, reflecting a substantial weakening of profitability | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 189,558 | 252,383 | | Cost of Sales | (146,232) | (190,736) | | Gross Profit | 43,326 | 61,647 | | Other Income and Losses | 631 | 2,525 | | Selling and Distribution Expenses | (22,919) | (23,417) | | Administrative Expenses | (18,168) | (23,086) | | Finance Costs | (230) | (395) | | Profit Before Tax | 2,640 | 17,274 | | Taxation | (849) | (2,432) | | Profit and Total Comprehensive Income for the Year | 1,791 | 14,842 | | Profit Attributable to Owners of the Company for the Year | 1,791 | 14,842 | | Basic and Diluted Earnings Per Share (HK cents) | 0.45 | 3.71 | Consolidated Statement of Financial Position As of March 31, 2025, the Group's consolidated statement of financial position shows a decrease in total assets and equity, notably with the first appearance of intangible assets, primarily Bitcoin, reflecting a shift in asset allocation | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | | | | Property, Plant and Equipment | 10,457 | 10,699 | | Right-of-use Assets | 1,720 | 5,846 | | Intangible Assets | 12,041 | – | | Financial Assets at Fair Value Through Profit or Loss | 1,550 | 1,750 | | Deposits | 532 | 922 | | Current Assets | | | | Inventories | 37,261 | 45,759 | | Trade Receivables | 1,721 | 1,966 | | Deposits, Prepayments and Other Receivables | 3,906 | 5,747 | | Amount Due from an Associate | – | 480 | | Tax Recoverable | 2,095 | – | | Cash and Cash Equivalents | 44,704 | 65,575 | | Current Liabilities | | | | Trade Payables | 1,045 | 441 | | Accruals and Other Payables | 6,752 | 5,354 | | Lease Liabilities | 1,756 | 4,505 | | Tax Payable | – | 2,398 | | Non-current Liabilities | | | | Lease Liabilities | 104 | 1,507 | | Total Equity | 106,330 | 124,539 | - In 2025, new intangible assets of HK$12,041 thousand were added, primarily consisting of Bitcoin[5][38] Notes to the Consolidated Financial Statements This section provides detailed notes to the consolidated financial statements, covering company information, accounting policies, operating segments, revenue breakdown, detailed income and expense items, earnings per share, dividend policy, and analysis of trade and other receivables and payables General Information The Company is incorporated in the Cayman Islands and listed on the Main Board of the Hong Kong Stock Exchange, primarily engaged in online sales, wholesale, and retail of prepaid products in Hong Kong - The Company was incorporated in the Cayman Islands, and its shares have been listed on the Main Board of the Hong Kong Stock Exchange since September 27, 2018[7] - The Group's principal activities are online sales, wholesale, and retail of prepaid products (i.e., SIM cards and top-up vouchers) in Hong Kong[7] Accounting Policies The Group's consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA, applying new and revised standards effective this year, which had no material impact on financial position or performance Application of New and Revised Hong Kong Financial Reporting Standards This year, several new and revised HKFRS were first applied, including lease liabilities in sale and leaseback transactions, liability classification, and supplier finance arrangements, but these changes had no material impact on the Group's financial position or performance - This year, the Group first applied HKFRS 16 (Amendment) Lease Liability in a Sale and Leaseback, HKAS 1 (Amendment) Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants, and HKAS 7 and HKFRS 7 (Amendment) Supplier Finance Arrangements[8] - The application of the revised HKFRS had no material impact on the financial position and performance for the current and prior years[8] Basis of Preparation of Consolidated Financial Statements The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA, complying with applicable disclosure requirements of the HKEX Listing Rules and the Hong Kong Companies Ordinance - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA[10] Operating Segments and Customer Information The Group operates a single segment, selling prepaid products in Hong Kong, with all operations and non-current assets located there; Customer A's sales represented a significant portion of total sales during the reporting period - The Group currently has one operating segment, the sale of prepaid products (SIM cards and top-up vouchers), with all operations and non-current assets located in Hong Kong[12][13] Major Customer | Major Customer | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Customer A | 19,651 | 24,247 | Revenue The Group's revenue is entirely derived from the sale of prepaid products in Hong Kong, encompassing wholesale, retail, and online sales, with wholesale and retail remaining dominant while online sales grew - Revenue refers to income from the sale of prepaid products for the years ended March 31, 2025, and 2024, with all customer contract revenue generated in Hong Kong[15] Source of Revenue | Source of Revenue | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Wholesale and Retail Sales of Prepaid Products | 182,405 | 248,729 | | Online Sales of Prepaid Products | 7,153 | 3,654 | | Total Revenue | 189,558 | 252,383 | Other Income and Expense Items This section details the Group's other income and losses, finance costs, components of profit before tax, and tax expenses, showing specific amounts and changes for each item Other Income and Losses Total other income and losses for the year amounted to HK$631 thousand, a significant decrease from last year, mainly due to reduced bank interest and consignment income, and an impairment loss on intangible assets from cryptocurrency holdings | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Promotion Income | 780 | 780 | | Consignment Income | 161 | 460 | | Miscellaneous Income | 9 | 12 | | Bank Interest Income | 1,182 | 1,711 | | Fair Value Change of Financial Assets at Fair Value Through Profit or Loss | (200) | (438) | | Impairment Loss on Intangible Assets | (1,301) | – | | Total | 631 | 2,525 | Finance Costs The Group's finance costs primarily consist of interest expense on lease liabilities, amounting to approximately HK$230 thousand this year, a decrease from the prior year | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest Expense on Lease Liabilities | 230 | 395 | Profit Before Tax The Group's profit before tax is derived after deducting various expenses, including cost of inventories, depreciation, employee benefit expenses, and advertising and promotion expenses, with specific amounts detailed for each | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Auditor's Remuneration | 570 | 570 | | Cost of Inventories Recognized as Expense | 146,232 | 190,736 | | Depreciation of Property, Plant and Equipment | 969 | 822 | | Depreciation of Right-of-use Assets | 4,741 | 5,201 | | Employee Benefit Expenses (including Directors' Emoluments) | 18,251 | 24,665 | | Short-term Lease Related Expenses | 7,121 | 7,948 | | Advertising and Promotion Expenses | 2,147 | 2,463 | Taxation This year's tax expense primarily consists of Hong Kong Profits Tax, calculated under a two-tiered tax rate system where the first HK$2 million of assessable profits is taxed at 8.25%, and the remainder at 16.5% | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong Profits Tax – Current Year | 849 | 2,432 | - Hong Kong Profits Tax adopts a two-tiered system, taxing the first HK$2 million of assessable profits at 8.25% and the remainder at 16.5%[20] Earnings Per Share and Dividends This section provides details on the calculation of basic and diluted earnings per share and outlines the dividend policy for the year, including special dividends paid and the decision not to recommend a final dividend Earnings Per Share Basic earnings per share attributable to owners of the Company are calculated based on profit for the year and the weighted average number of ordinary shares outstanding; diluted EPS is the same as basic EPS due to no potential dilutive ordinary shares | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit for Calculation of Basic Earnings Per Share (HK$ thousand) | 1,791 | 14,842 | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 400,000 | 400,000 | - For the years ended March 31, 2025, and 2024, diluted earnings per share were the same as basic earnings per share, as there were no potential dilutive ordinary shares during the reporting periods[21] Dividends Special dividends of HK$20,000 thousand distributed to shareholders were recognized this year, but the Board does not recommend a final dividend for the year ended March 31, 2025 | Dividend Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Special Dividend Recognized as Distributed to Owners of the Company During the Year | 20,000 | 60,000 | - The Board does not recommend the payment of a final dividend for the years ended March 31, 2025, and 2024[24] Trade and Other Receivables and Payables This section provides a detailed analysis of the Group's trade and other receivables and payables, including credit terms and aging analysis based on invoice dates Trade Receivables The Group's total trade receivables amounted to HK$1,721 thousand, primarily from independent customers with credit terms of 0 to 21 days, with most receivables falling within 21 days | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 21 days | 1,279 | 1,250 | | Over 21 days but within 1 month | 442 | 716 | | Total | 1,721 | 1,966 | - The Group generally grants credit terms of 0 to 21 days to its customers[25] Trade Payables The Group's total trade payables amounted to HK$1,045 thousand, with suppliers granting credit terms within one month, and an increase in payables outstanding for over one month | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 1 month | 276 | 441 | | Over 1 month | 769 | – | | Total | 1,045 | 441 | - Suppliers grant credit terms of within 1 month[28] Financial and Business Review This section comprehensively reviews the Group's financial performance and business operations, explaining reasons for revenue and profit decline, detailing Bitcoin investment strategy, and outlining future development directions and liquidity status Business Overview The Group primarily engages in wholesale, retail, and online sales of prepaid products in Hong Kong, serving domestic helpers, outbound local users, and visitors, through self-operated retail stores, wholesale networks, and online platforms - The Group is primarily engaged in the wholesale, retail, and online sales of prepaid products (SIM cards and top-up vouchers) in Hong Kong[29] - Key customers and end-users include domestic helpers, outbound local users, and visitors to Hong Kong[29] Financial Performance Analysis The Group's financial performance analysis reveals significant declines in revenue, gross profit, and profit attributable to owners of the Company, primarily due to market competition, changing customer preferences, and increased costs, alongside reduced other income from cryptocurrency impairment Revenue Revenue for the year was approximately HK$189.6 million, a decrease of about 24.9% from the prior year, mainly due to customers shifting to internet-based communication tools, weakened demand for traditional prepaid products, and intense market competition - Revenue was approximately HK$189.6 million, a decrease of approximately 24.9% from last year[30] - The decrease in revenue was primarily due to customers' continued shift towards internet-based communication tools, weakened demand for traditional prepaid products, and intense market competition[30] Gross Profit and Gross Margin The Group's gross profit was approximately HK$43.3 million, a decrease of about 29.7% from the prior year, with the overall gross margin falling from approximately 24.4% to 22.8%, mainly due to intense market competition leading to additional customer discounts - Gross profit was approximately HK$43.3 million, a decrease of approximately 29.7% from last year[31] - The overall gross margin decreased from approximately 24.4% to 22.8%, primarily due to intense market competition leading to additional discounts offered to customers[31] Other Income Other income for the year was approximately HK$0.6 million, a decrease of about 76.0% from the prior year, mainly due to reduced bank interest and consignment income, and an impairment loss of approximately HK$1.3 million on intangible assets from cryptocurrency - Other income was approximately HK$0.6 million, a decrease of approximately 76.0% from last year[32] - The decrease was primarily due to reduced bank interest income and consignment income, and an impairment loss of approximately HK$1.3 million on intangible assets recognized for cryptocurrency[32] Selling and Distribution Expenses Selling and distribution expenses for the year were approximately HK$22.9 million, a decrease of about 2.1% from the prior year, mainly due to reduced rental expenses - Selling and distribution expenses were approximately HK$22.9 million, a decrease of approximately 2.1% from last year, primarily due to reduced rental expenses[33] Administrative Expenses Administrative expenses for the year were approximately HK$18.2 million, a decrease of about 21.2% from the prior year, mainly due to reduced staff costs, including directors' emoluments - Administrative expenses were approximately HK$18.2 million, a decrease of approximately 21.2% from last year, primarily due to reduced staff costs (including directors' emoluments)[34] Finance Costs Finance costs for the year primarily consisted of interest expense on lease liabilities, amounting to approximately HK$0.2 million, a decrease from HK$0.4 million in the prior year - Finance costs included interest expense on lease liabilities of approximately HK$0.2 million (2024: approximately HK$0.4 million)[35] Taxation Income tax expense for the year was approximately HK$0.8 million, with an effective tax rate of about 34.8%, a significant increase from 13.9% in the prior year - Income tax expense was approximately HK$0.8 million, with an effective tax rate of approximately 34.8% for the current year (2024: approximately 13.9%)[36] Profit Attributable to Owners of the Company Profit attributable to owners of the Company for the year was approximately HK$1.8 million, a significant decrease of about 87.8% from HK$14.8 million in the prior year - Profit attributable to owners of the Company was approximately HK$1.8 million, a decrease of approximately 87.8% from last year[37] Intangible Assets and Cryptocurrency Strategy The Group first acquired Bitcoin as an intangible asset this year, recognizing an impairment loss; the company views Bitcoin as an alternative store of value and treasury asset, establishing a treasury committee to oversee and manage cryptocurrency investments - The intangible assets balance was approximately HK$12.0 million, representing the carrying amount of Bitcoin held by the Group as of March 31, 2025[38] - Approximately 18.88 Bitcoin were purchased this year for a total consideration of about HK$13.3 million, and an impairment loss of approximately HK$1.3 million was recognized[38][39] - The Group classifies cryptocurrency as an intangible asset, measured using the cost model, and considers Bitcoin an alternative store of value and treasury asset[39][40] - A treasury committee has been established to oversee and maintain policies and controls governing the Group's cryptocurrency management, ensuring regulatory compliance and risk mitigation[41] Final Dividend The Board has resolved not to declare a final dividend for the year ended March 31, 2025 - The Board has resolved not to declare a final dividend for the year ended March 31, 2025[42] Outlook The Group's future strategy will focus on strengthening its core prepaid product business, including network and product portfolio expansion, while prudently exploring emerging investment opportunities in blockchain and cryptocurrency for sustainable growth and long-term value creation - The Group's strategy will revolve around two key focuses: strengthening the prepaid product business and prudently exploring new opportunities[43] - Plans include launching new prepaid products in other regions (e.g., overseas mobile data services), introducing more stored-value card products, and enhancing inventory management capabilities[43] - The Group will prudently evaluate investment opportunities in the blockchain and cryptocurrency sectors, aligning with the Hong Kong government's strategic direction to promote innovation and technology development[43] Liquidity and Capital Resources As of March 31, 2025, the Group's net current assets decreased, but the current ratio remained healthy at approximately 9.4 times, and the Group had no bank or other borrowings | Metric | March 31, 2025 (HK$ million) | March 31, 2024 (HK$ million) | | :--- | :--- | :--- | | Net Current Assets | 80.1 | 106.8 | | Current Liabilities | 9.6 | 12.7 | | Current Ratio | 9.4 times | 9.3 times | - The Group had no bank and other borrowings as of March 31, 2025[45] Share Capital Structure and Foreign Exchange Risk The Company's issued share capital and number of shares remained unchanged; with primary operations and investments in Hong Kong, most assets, liabilities, and transactions are denominated in HKD and USD, limiting foreign exchange risk - As of March 31, 2025, and 2024, the Company's issued share capital was HK$4,000,000, with 400,000,000 shares in issue[47] - Most of the Group's assets, liabilities, and transactions are primarily denominated in Hong Kong Dollars and US Dollars, indicating limited potential foreign exchange risk[48] Employees and Remuneration As of March 31, 2025, the Group's employee count increased to 50, with total remuneration of approximately HK$18.3 million; salaries are determined based on individual performance, experience, and industry practice, with training and share option schemes provided for motivation | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 50 | 47 | | Total Remuneration (HK$ million) | 18.3 | 24.7 | - Employee salaries are determined by individual performance, work experience, qualifications, and industry practice, with performance bonuses and training courses provided[49] Pledge of Assets, Capital Expenditure and Commitments The Group had no pledged assets or capital commitments at the end of the reporting period; capital expenditure for the year was approximately HK$0.7 million, primarily for the acquisition of property, plant, and equipment - As of March 31, 2025, the Group had no pledged assets or capital commitments[50][52] - Capital expenditure for the year was approximately HK$0.7 million (2024: HK$9.9 million), primarily for the acquisition of property, plant, and equipment[51] Contingent Liabilities As of March 31, 2025, the Group had no material contingent liabilities - As of March 31, 2025, the Group had no material contingent liabilities[54] Post-Reporting Period Events and Other Information This section discloses significant post-reporting period events, including company name change and convertible note issuance and conversion, while outlining corporate governance practices, audit committee work, and annual results announcement publication arrangements Events After Reporting Period After the reporting period, the Company completed a name change and successfully issued and converted convertible notes totaling HK$33.8 million, with proceeds allocated for business expansion and cryptocurrency investments Change of Company Name The Company officially changed its English name to 'Moon Inc.' and its Chinese name to '恆月控股有限公司' in May 2025 - The Company's English name changed from 'HK Asia Holdings Limited' to 'Moon Inc.', and its Chinese name from '港亞控股有限公司' to '恆月控股有限公司', with registration completed in May 2025[55] Convertible Notes and Conversion In May 2025, the Company successfully issued and converted convertible notes with a principal amount of HK$33.8 million, resulting in 75,000,000 conversion shares; net proceeds of approximately HK$33.3 million will fund working capital, prepaid product business expansion, and cryptocurrency investment exploration - On May 23, 2025, convertible notes with a principal amount of HK$33.8 million were fully issued and subscribed by subscribers, subsequently converted into 75,000,000 conversion shares at an initial conversion price of HK$0.45 per share[57] - Net proceeds of approximately HK$33.3 million will be used for general working capital, expanding the prepaid product business (approximately HK$6.7 million), and exploring potential investment opportunities in cryptocurrency and Web 3.0 (approximately HK$26.6 million)[57] Annual General Meeting Information The Company will hold its Annual General Meeting on September 26, 2025, with share transfer registration suspended from September 23 to September 26 to determine eligible shareholders for attendance and voting - The Annual General Meeting will be held on September 26, 2025, and share transfer registration will be suspended from September 23 to September 26, 2025[58][59] Corporate Governance The Company has adopted the Corporate Governance Code in Appendix C1 and the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the HKEX Listing Rules, confirming compliance with all applicable code provisions during the year - The Company has adopted the Corporate Governance Code as set out in Appendix C1 to the HKEX Listing Rules and complied with all applicable code provisions during the year[60] - All Directors have confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers[61] Auditor's Scope of Work and Audit Committee Auditor Crowe (HK) CPA Limited has checked the financial figures in this announcement but has not expressed an audit opinion; the Audit Committee has reviewed the Group's audited consolidated financial results, accounting principles, financial reporting system, and risk management systems - Auditor Crowe (HK) CPA Limited has checked the figures in the consolidated statement of profit or loss and other comprehensive income, consolidated statement of financial position, and related notes within the announcement, but has not expressed an audit opinion[63] - The Audit Committee has reviewed the Group's audited consolidated financial results for the year, including accounting principles, financial reporting system, risk management, and internal control systems[64] Publication of Announcement and Acknowledgement This annual results announcement will be published on the HKEX and the Company's website, with the annual report dispatched to shareholders in due course; the Board extends sincere gratitude to the management team, staff, shareholders, customers, and business partners for their support - This annual results announcement will be published on the HKEX website and the Company's website, and the annual report will be dispatched to shareholders and published on the website in due course[65] - The Board extends its sincere gratitude to the management team, all staff, shareholders, customers, business partners, and professionals for their support and contributions[66]