俊盟国际(08062) - 2025 - 年度业绩

Annual Results Announcement Financial Statements For the year ended March 31, 2025, the Group reported significant declines in revenue and profit, with total revenue down 26.1% to HKD 94.35 million and profit for the year decreasing 82.4% to HKD 5.56 million, while cash and cash equivalents increased Consolidated Statement of Profit or Loss For FY2025, the Group's revenue decreased by 26.1% to HKD 94.35 million, gross profit fell 38.1% to HKD 38.49 million, and profit for the year sharply declined 82.4% to HKD 5.56 million, significantly impacted by a goodwill impairment loss Consolidated Statement of Profit or Loss Summary | Metric | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 94,353 | 127,749 | -26.1% | | Gross Profit | 38,491 | 62,226 | -38.1% | | Operating Profit | 11,302 | 37,770 | -70.1% | | Profit Before Tax | 7,457 | 37,731 | -80.2% | | Profit for the Year | 5,563 | 31,576 | -82.4% | | Profit Attributable to Equity Holders of the Company | 5,610 | 31,231 | -82.0% | | Basic and Diluted Earnings Per Share (HK cents) | 1.17 | 6.51 | -82.0% | - A goodwill impairment loss of HKD 3.563 million was recognized this year, significantly impacting operating profit, compared to no such loss in the prior year[4] Consolidated Statement of Profit or Loss and Other Comprehensive Income For FY2025, total comprehensive income for the year significantly decreased to HKD 5.32 million, primarily due to a foreign exchange difference loss of HKD 0.242 million from translating financial statements of overseas operations, contrasting with a gain in the prior year Total Comprehensive Income | Metric | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Profit for the Year | 5,563 | 31,576 | -82.4% | | Other Comprehensive Income/(Loss) for the Year | (242) | 356 | Not Applicable | | Total Comprehensive Income for the Year | 5,321 | 31,932 | -83.3% | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets slightly decreased to HKD 148.53 million, and net assets declined to HKD 133.41 million, while trade and other receivables significantly reduced by 51.3% to HKD 29.61 million, and cash and cash equivalents notably increased by 35.6% to HKD 84.80 million Key Items from Consolidated Statement of Financial Position | Metric | March 31, 2025 (HKD Thousands) | March 31, 2024 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Non-current Assets | 30,829 | 30,219 | +2.0% | | Current Assets | 117,696 | 127,235 | -7.5% | | Of which: Trade and Other Receivables | 29,613 | 60,798 | -51.3% | | Of which: Cash and Cash Equivalents | 84,800 | 62,525 | +35.6% | | Total Assets | 148,525 | 157,454 | -5.7% | | Liabilities and Equity | | | | | Current Liabilities | 15,119 | 14,969 | +1.0% | | Net Assets | 133,406 | 142,485 | -6.4% | | Total Equity | 133,406 | 142,485 | -6.4% | Notes to the Consolidated Financial Statements The notes detail the company's principal activities, accounting policies, and financial item composition, revealing that the revenue decline was driven by reduced hardware sales and software solution services, with Hong Kong remaining the primary revenue source despite a decrease, and continued high reliance on two major customers - The company's principal activities include the sale of electronic payment terminal (EPT) machines and peripheral equipment, provision of EPT system support services, software solution services, and embedded system solution services[9] Note 4. Revenue Total revenue for FY2025 was HKD 94.35 million, a 26.1% year-on-year decrease, with sales of electronic payment terminals and peripheral equipment declining 40.5% to HKD 23.82 million, and revenue from support and software solution services decreasing 19.6% to HKD 70.53 million Revenue by Business Type | Business Type | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Sales of Electronic Payment Terminals and Peripheral Equipment | 23,821 | 40,044 | -40.5% | | Provision of Support Services and Software Solution Services | 70,532 | 87,705 | -19.6% | | Total | 94,353 | 127,749 | -26.1% | Note 5. Segment Information Both "Sales of Hardware Equipment" and "System Support and Software Solution Services" segments experienced revenue declines, with Hong Kong's revenue decreasing from HKD 111.07 million to HKD 78.72 million, being the primary driver of the overall revenue reduction, and the company's reliance on two major customers remains high, accounting for 27.9% of total revenue Revenue by Geographical Location | Region | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Hong Kong | 78,716 | 111,067 | -29.1% | | Australia | 6,153 | 7,070 | -13.0% | | Macau | 4,259 | 6,564 | -35.1% | | Other | 5,225 | 3,048 | +71.4% | | Total | 94,353 | 127,749 | -26.1% | Revenue from Major Customers | Customer | 2025 (HKD Thousands) | 2024 (HKD Thousands) | % of Total Revenue (2025) | | :--- | :--- | :--- | :--- | | Customer A | 15,035 | 16,551 | 15.9% | | Customer B | 11,245 | 12,615 | 11.9% | Note 10. Dividends The Board recommended a final dividend of 1.00 HK cent per share for the year ended March 31, 2025, half of the prior year's 2.00 HK cents, resulting in a total annual distribution of 2.00 HK cents per share, down from 3.00 HK cents last year Annual Dividend Distribution | Dividend Type | FY2025 (HK cents per share) | FY2024 (HK cents per share) | | :--- | :--- | :--- | | Interim Dividend | 1.00 | 1.00 | | Proposed Final Dividend | 1.00 | 2.00 | | Total Annual Dividend | 2.00 | 3.00 | Management Discussion and Analysis Management attributes the FY2025 performance decline to reduced electronic payment terminal sales, fewer software solution projects, and decreased profit margins due to economic downturn and intensified market competition, further impacted by increased impairment losses on trade receivables and goodwill impairment, yet the company maintains a sound financial position and expands overseas through an acquisition in Mongolia Business Review and Outlook The Group will continue to focus on its core business as an electronic payment terminal solution provider, capitalizing on emerging payment methods like QR code payments, Faster Payment System (FPS), and e-wallets to expand market share, consolidate its position, and support Hong Kong's smart city transformation - Management believes the digital payment market is continuously evolving, with increasing demand for QR code payments, Faster Payment System ("FPS"), and e-wallet payment systems, laying a solid foundation for the company's future development[42] - Key risks faced by the company include changes in overall market conditions and challenges in retaining technical and managerial personnel with specialized knowledge[43] Financial Review This fiscal year saw a comprehensive performance decline: revenue decreased by 26.1% primarily due to reduced terminal sales and software projects; gross profit margin fell from 48.7% to 40.8% due to economic downturn and increased market competition; and profit sharply declined by 82.3% due to reduced gross profit, increased impairment losses on trade receivables, and a goodwill impairment loss of HKD 3.6 million - Revenue decreased by 40.5% (hardware sales) and 19.6% (support and software services), mainly due to fewer electronic payment terminals sold and a reduction in software solution projects[46] - Gross profit decreased by 38.1%, and the gross profit margin declined to 40.8%, primarily due to reduced profit margins from selling terminals and software solution services caused by the economic downturn and intensified market competition[48][49] - A goodwill impairment loss of approximately HKD 3.6 million was recognized for Easy Reach Technology Services (Macau) Limited due to its declining business performance[54] - Profit for the year significantly decreased by 82.3%, primarily attributable to reduced gross profit, increased impairment losses on trade receivables, and the recognition of goodwill impairment loss[55] Financial Position, Liquidity and Financial Resources The Group maintained a sound financial position with no bank borrowings as of March 31, 2025, and a net current asset position of approximately HKD 102.6 million, including cash and bank balances of approximately HKD 84.80 million, which increased from the prior year, reflecting the company's prudent cash and financial management policies Liquidity Indicators | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net Current Assets | Approx. HKD 102.6 million | Approx. HKD 112.3 million | | Cash and Bank Balances | Approx. HKD 84.80 million | Approx. HKD 62.50 million | | Bank Borrowings | None | None | Significant Investments, Material Acquisitions and Disposals In June 2024, the Group acquired a 16.7% equity interest in Mongolian payment services company Bonum LLC for USD 1 million to seize opportunities in the Mongolian payment market, with the transaction completed on December 31, 2024 - The Group acquired a 16.7% equity interest in Bonum LLC, a Mongolian payment service provider, for USD 1 million to expand into the Mongolian payment market[63] Corporate Governance and Other Information This section covers the Annual General Meeting arrangements, dividend distribution plan, compliance with corporate governance practices, and post-reporting period events, noting a temporary deviation from GEM Listing Rules due to an independent non-executive director's passing, which was promptly rectified, and the Chairman and Chief Executive Officer roles are combined for leadership stability, with a potential acquisition memorandum of understanding signed post-period Annual General Meeting, Dividends and Closure of Register of Members The company's Annual General Meeting is scheduled for August 8, 2025, with a proposed final dividend of 1.00 HK cent per share expected to be paid on August 28, 2025, to shareholders on record as of August 22, 2025 - The Annual General Meeting will be held on August 8, 2025[64] - A proposed final dividend of 1.00 HK cent per share is expected to be paid on August 28, 2025[65] Compliance with Corporate Governance Code The company is committed to high corporate governance standards, having temporarily deviated from GEM Listing Rules regarding independent non-executive director numbers and committee compositions due to a director's passing, but promptly regained compliance on May 16, 2025, and maintains the combined roles of Chairman and Chief Executive Officer for stable leadership and efficient decision-making - Due to the passing of independent non-executive director Dr. Hu Wing Kuen on February 17, 2025, the company temporarily did not fully comply with GEM Listing Rules regarding the number of independent non-executive directors and the composition of the Audit, Remuneration, and Nomination Committees, but compliance was restored upon the appointment of Ms. Cheng Wai Shan on May 16, 2025[66] - The company deviates from the Corporate Governance Code's provision for separation of Chairman and Chief Executive roles, with Mr. Lo Chun Kit holding both positions, which the Board believes provides strong and consistent leadership[66] Events After Reporting Period On April 16, 2025, the company's indirect wholly-owned subsidiary entered into a non-legally binding memorandum of understanding for the potential acquisition of the equity interest in Linksky Technology Limited, and on May 16, 2025, Ms. Cheng Wai Shan was appointed as an independent non-executive director and a member of several committees - On April 16, 2025, the company signed a non-legally binding memorandum of understanding for the potential acquisition of Linksky Technology Limited[72]