艾硕控股(08341) - 2025 - 年度业绩

Financial Performance Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2025, the company reported total revenue of approximately HKD 210 million, a 12.3% decrease from the prior year, with profit for the year at HKD 5.906 million, down 27.2%, and basic earnings per share at 7.38 HK cents Key Consolidated Statement of Profit or Loss Data for FY2025 | Metric | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 210,218 | 239,688 | -12.3% | | Gross Profit | 36,764 | 37,499 | -2.0% | | Operating Profit | 10,307 | 11,077 | -6.9% | | Profit Before Tax | 6,290 | 8,110 | -22.4% | | Profit for the Year | 5,906 | 8,110 | -27.2% | | Basic Earnings Per Share (HK cents) | 7.38 | 10.14 | -27.2% | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets were HKD 161 million and total liabilities were HKD 109 million, with net assets increasing by 12.9% from HKD 45.838 million to HKD 51.744 million, and net current assets also rising from HKD 43.074 million to HKD 50.223 million Key Financial Position Data as of March 31, 2025 | Metric | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Total Assets | 161,183 | 172,952 | -6.8% | | Total Liabilities | 109,439 | 127,114 | -13.9% | | Net Assets | 51,744 | 45,838 | +12.9% | | Net Current Assets | 50,223 | 43,074 | +16.6% | | Bank and Cash Balances | 12,729 | 14,667 | -13.2% | | Bank Borrowings | 46,973 | 55,356 | -15.1% | Notes to Financial Statements This section details the company's accounting policies, revenue composition, customer concentration, and dividends, highlighting that the primary business is housing improvement solutions in Hong Kong, with current year revenue mainly from fitting-out projects while renovation project revenue significantly declined, and no annual dividend proposed Company Information and Accounting Policies The company is an investment holding company incorporated in the Cayman Islands with shares listed on GEM in Hong Kong, whose subsidiaries primarily provide housing improvement solutions in Hong Kong, including fitting-out and renovation works, with financial statements prepared under Hong Kong Financial Reporting Standards - The company is an investment holding company whose subsidiaries primarily engage in housing improvement solution services in Hong Kong, including (i) fitting-out works for new commercial and residential buildings, and (ii) renovation and alteration works for existing commercial buildings[7] - The Group has adopted several amendments to Hong Kong Financial Reporting Standards effective on or after April 1, 2024, with no significant impact on its consolidated financial position and performance[9] Revenue and Segment Information Total revenue for the fiscal year was HKD 210 million, entirely from Hong Kong operations, with fitting-out projects contributing HKD 182 million, a 25% increase and primary revenue source, while renovation project revenue sharply declined by 70% from HKD 94.1 million to HKD 28.27 million, leading to significant growth in fitting-out segment profit and a substantial decrease in renovation segment profit Revenue by Business Segment | Business Segment | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Fitting-out Projects | 181,949 | 145,584 | +25.0% | | Renovation Projects | 28,269 | 94,104 | -70.0% | | Total | 210,218 | 239,688 | -12.3% | Profit by Business Segment | Business Segment | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Fitting-out Projects | 30,243 | 12,994 | +132.7% | | Renovation Projects | 6,344 | 24,057 | -73.6% | | Total Segment Profit | 36,587 | 37,051 | -1.3% | - As of March 31, 2025, the total transaction price allocated to remaining performance obligations was approximately HKD 208 million, a significant decrease from HKD 389 million in the prior year, indicating a reduction in secured future revenue in the short term[15] Major Customer Analysis Customer concentration was high this year, with revenue from the largest customer (Customer 1) at HKD 96.39 million, accounting for 45.9% of total revenue, a significant increase from the prior year, and two other customers contributing over 10% of total revenue - Revenue from Customer 1 was HKD 96.393 million, representing approximately 45.9% of total revenue, compared to HKD 43.509 million in the prior year[18] - Revenue from Customer 2 was HKD 26.688 million, representing approximately 12.7% of total revenue[18] Dividend Policy The Board does not recommend the payment of any dividend for the year ended March 31, 2025, consistent with the prior year's policy - The Board does not recommend the payment of any dividend for the year ended March 31, 2025 (2024: HKD nil)[21] Earnings Per Share Basic earnings per share for the year was 7.38 HK cents, calculated based on profit attributable to owners of the company of approximately HKD 5.906 million and 80,000,000 issued ordinary shares, with diluted earnings per share being the same as basic earnings per share due to no dilutive effect from unexercised share options Earnings Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (HKD) | 5,906,000 | 8,110,000 | | Number of Issued Ordinary Shares | 80,000,000 | 80,000,000 | | Basic Earnings Per Share (HK cents) | 7.38 | 10.14 | Key Asset and Liability Items At the end of the reporting period, net trade receivables significantly decreased from HKD 39.784 million to HKD 11.851 million, and trade payables also fell from HKD 15.408 million to HKD 9.311 million, reflecting changes in business scale - Net trade receivables decreased from HKD 39.784 million in 2024 to HKD 11.851 million in 2025[25] - Trade payables decreased from HKD 15.408 million in 2024 to HKD 9.311 million in 2025[25] Management Discussion and Analysis Business and Financial Review During the reporting period, the Group's total revenue decreased by 12.3% to HKD 210 million, primarily due to a 69.9% significant reduction in renovation project revenue, which was not fully offset by a 24.9% increase in fitting-out project revenue, while administrative expenses rose by 4.9%, leading to a decline in profit attributable to owners of the company to HKD 5.9 million - Total revenue decreased by 12.3% from HKD 239.7 million to HKD 210.2 million, primarily due to reduced renovation project revenue[30] - Fitting-out project revenue increased by 24.9% to HKD 181.9 million, while renovation project revenue decreased by 69.9% to HKD 28.3 million[30] - Profit attributable to owners of the company decreased from HKD 8.1 million to HKD 5.9 million, mainly due to increased administrative expenses[34] - During the reporting period, the company submitted tenders totaling approximately HKD 1.38 billion and successfully secured two projects with contract values of approximately HKD 65.7 million[29] Prospects and Outlook Management remains optimistic about the Hong Kong construction industry outlook, especially public sector opportunities, with the Group continuing to focus on renovation and fitting-out projects in Hong Kong and planning to expand into quasi-government sector business, having begun tendering for a large commercial project in Central and considering fundraising activities to scale up for new project demands - The Group will continue to focus on renovation and fitting-out projects in Hong Kong, particularly for commercial buildings and shopping malls[35] - Management anticipates growth in public sector land supply, presenting business potential, and aims to expand operations in this sector[35] - The company has begun preparing tenders for a large commercial project in a landmark area of Central and is considering fundraising activities to increase human resources and construction cost budgets for expansion[36] Liquidity and Financial Resources The Group's financial position is robust, with net current assets increasing to HKD 50.2 million, and working capital primarily sourced from operations, bank borrowings, and shareholder contributions, with bank and cash balances at approximately HKD 12.7 million at period-end, and certain cash deposits, trade receivables, and life insurance policies pledged as collateral for bank financing Liquidity Metrics | Metric | As of March 31, 2025 (HKD Million) | As of March 31, 2024 (HKD Million) | | :--- | :--- | :--- | | Net Current Assets | 50.2 | 43.1 | | Net Assets | 51.7 | 45.8 | | Bank and Cash Balances | 12.7 | 14.7 | - As of March 31, 2025, approximately HKD 0.9 million in cash deposits, HKD 9.9 million in trade receivables, and HKD 22.9 million in life insurance policies were pledged to banks as collateral for general banking facilities[39] Employees and Share Option Scheme As of the reporting period end, the Group employed 37 staff, a decrease of 8 from the prior year, with a share option scheme in place for employee incentives, during which 2,000,000 share options lapsed and none were exercised, and currently, a total of 8,000,000 shares, representing 10% of issued share capital, are available for issue under the scheme - As of March 31, 2025, the Group employed 37 staff, a decrease from 45 in the prior year[45] - During the reporting period, 2,000,000 share options granted in 2021 lapsed, and no share options were exercised[58] - As of March 31, 2025, a total of 8,000,000 shares, representing approximately 10% of the issued share capital, are available for issue under the share option scheme[59] Corporate Governance & Other Information Corporate Governance Practices During the reporting period, the company complied with the GEM Listing Rules' Corporate Governance Code, with two deviations: the roles of Chairman and Chief Executive Officer were not separated, with Chairman Mr. Chan Siu Chung and other executive directors jointly performing CEO functions; and two independent non-executive directors were unable to attend the 2024 Annual General Meeting due to other commitments - The company deviated from Corporate Governance Code Provision C.2.1, where the roles of Chairman and Chief Executive Officer were not performed by different individuals, with Chairman Mr. Chan Siu Chung and other executive directors jointly performing the Chief Executive Officer functions[63] - The company deviated from Corporate Governance Code Provision C.1.6 of Part 2, as Independent Non-executive Directors Ms. Lai Wing Sze and Ms. Yu Wan Ki were unable to attend the Annual General Meeting held on September 30, 2024, due to other business commitments[64] Audit and Risk Management Committee The Audit and Risk Management Committee, comprising three independent non-executive directors with Mr. Yeung Chun Yu as Chairman, has reviewed the Group's accounting principles, financial reporting matters, and consolidated financial statements for the reporting period, holding two meetings with full attendance - The Audit and Risk Management Committee is composed of three independent non-executive directors and is responsible for reviewing financial statements, financial control systems, and other related matters[65][66] - The Committee has reviewed the consolidated financial statements for the reporting period and held two meetings during the period, with all members in attendance[66][67] Share-related Information During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and to determine eligibility for shareholders to attend the Annual General Meeting scheduled for September 30, 2025, the company will suspend share registration from September 25 to September 30, 2025 - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[60] - To determine eligibility for attending the Annual General Meeting, the company will suspend share registration from September 25 to September 30, 2025[70]