鼎亿集团投资(00508) - 2025 - 年度业绩

Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group reported a significant shift from profit to loss for the year ended March 31, 2025, with revenue declining 67.6% to HKD 280 million and a loss of HKD 138 million Key Performance Indicators for Annual Results | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 279,708 | 862,189 | -67.6% | | Gross Profit | 59,947 | 108,018 | -44.5% | | (Loss)/Profit Before Tax | (127,354) | 116,547 | Turned from profit to loss | | (Loss)/Profit for the Year Attributable to Owners of the Company | (138,195) | 39,984 | Turned from profit to loss | | Basic (Loss)/Earnings Per Share (HK cents) | (17.05) | 5.43 | Turned from profit to loss | - The shift from profit to loss this year was primarily due to a combination of factors: decreased sales in China's property development business, impairment loss provision for loans and interest receivables, and write-down of properties under development and held for sale[3][31] Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets decreased by 8.9% to HKD 2.408 billion, with total equity declining 11.0% to HKD 1.064 billion and cash falling 54.8% Key Financial Position Data (As at Reporting Date) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Assets | 2,408,279 | 2,644,228 | -8.9% | | Total Liabilities | 1,344,370 | 1,448,363 | -7.2% | | Total Equity | 1,063,909 | 1,195,865 | -11.0% | | Net Current Assets | 957,644 | 1,142,892 | -16.2% | | Cash and Cash Equivalents | 51,473 | 113,981 | -54.8% | - The Group's other loans at the end of the reporting period were approximately HKD 980 million, primarily from the ultimate controlling shareholder, Mr. Li Guangyu; this amount was originally convertible bonds, and the conversion right expired in March 2023, becoming ordinary debt[4][64] - The total debt-to-equity ratio increased from 0.82 in the prior year to 0.92, indicating a higher leverage level[63] Notes to the Consolidated Financial Statements 1. General Information & Going Concern Basis The company, engaged in diverse businesses, maintains a going concern basis for financial reporting, supported by the ultimate controlling shareholder's commitment not to recall HKD 980 million in loans - The Group primarily engages in four businesses: loan financing, securities trading, property development, and catering services[6] - The Group's ability to continue as a going concern is uncertain and relies on the ongoing financial support from the ultimate controlling shareholder, Mr. Li Mr. Li has committed not to demand repayment of his approximately HKD 980 million loan before March 31, 2026[9][10] 4. Revenue & 5. Segment Information Total revenue declined 67.6% to HKD 280 million, primarily due to a sharp drop in property development revenue, while loan financing remained profitable and securities trading turned profitable Revenue and Results by Business Segment (For the year ended March 31, 2025) | Business Segment | External Revenue (HKD thousands) | Segment Profit/(Loss) (HKD thousands) | | :--- | :--- | :--- | | Securities Trading | – | 31,312 | | Loan Financing | 56,474 | 43,893 | | Property Development | 223,234 | (186,508) | | Catering Services | – | – | Revenue and Results by Business Segment (For the year ended March 31, 2024) | Business Segment | External Revenue (HKD thousands) | Segment (Loss)/Profit (HKD thousands) | | :--- | :--- | :--- | | Securities Trading | – | (4,470) | | Loan Financing | 70,803 | 152,530 | | Property Development | 791,386 | (12,211) | - The significant decrease in total revenue was primarily attributable to reduced property sales revenue, which fell from HKD 791 million in the prior year to HKD 223 million[14] 8. Dividends & 9. Earnings Per Share No dividends were declared for the year, resulting in a basic and diluted loss per share of 17.05 HK cents, a reversal from prior year's earnings - The Board decided not to recommend any final dividend for the year ended March 31, 2025[20][30] (Loss)/Earnings Per Share | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/Profit Attributable to Owners of the Company (HKD thousands) | (138,195) | 39,984 | | Basic and Diluted (Loss)/Earnings Per Share (HK cents) | (17.05) | 5.43 | 13. Share Capital The company's share capital changed due to a 10-for-1 share consolidation in August 2023 and the placement of 115 million new shares in August 2024 - In August 2023, the company implemented a share consolidation, combining every 10 shares of HKD 0.01 par value into 1 share of HKD 0.10 par value[27][29] - In August 2024, the company completed a placement, issuing 115 million new shares to independent third parties at HKD 0.47 per share[28] Management Discussion and Analysis Business Review The Group faced significant business challenges, with total revenue declining and a shift to loss, primarily due to weak property development, while loan financing remained profitable and securities trading turned profitable Securities Trading The securities trading business turned profitable, recording a gain of approximately HKD 31 million from fair value changes of listed securities, reversing a prior year loss - This year, the securities trading business recorded a gain from fair value changes of approximately HKD 31 million, compared to a loss of approximately HKD 5 million last year, achieving a turnaround[33] Loan Financing Loan financing revenue decreased to HKD 56 million, with segment profit falling to HKD 44 million due to a HKD 13 million impairment provision, while total loans receivable stood at HKD 882 million Loan Financing Business Performance | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 56,000 | 71,000 | | Impairment Provision/(Reversal) | (13,000) | 82,000 | | Segment Profit | 44,000 | 152,000 | - As of March 31, 2025, the total principal amount of loans receivable was approximately HKD 882 million, with annual interest rates ranging from 6% to 8% All loans are unsecured and have a maturity within 12 months[37][38] - The Group has established a two-tier structure comprising a Loan Approval Committee and a Loan Financing Management Team, and implemented internal control procedures including due diligence, credit risk assessment, and post-lending review[39][41] Property Development Property development revenue sharply declined to HKD 223 million, with segment loss expanding to HKD 187 million, primarily due to reduced sales of completed properties Property Development Business Performance | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 223,000 | 791,000 | | Segment Loss | (187,000) | (12,000) | Catering Services The Group re-entered the catering industry by acquiring six restaurants in Shenzhen on March 31, 2025, viewing it as a strategic platform for future high-end catering development - As of March 31, 2025, the Group completed the acquisition of a catering services business, holding six restaurants located in Shenzhen, including Ensue, Terra Madre, etc[53] Financial Review Financial performance significantly declined with substantial drops in revenue and gross profit, while gross profit margin improved to 21.4% and financial leverage increased - Revenue decreased from HKD 862 million to HKD 280 million, primarily due to reduced revenue from the property development segment[56] - Gross profit decreased from HKD 108 million to approximately HKD 60 million, but gross profit margin increased from 12.5% to 21.4%[57] - Cash and bank balances decreased from HKD 114 million to HKD 51 million[62] - The total debt-to-equity ratio increased from 0.82 to 0.92, and the net debt-to-equity ratio increased from 0.72 to 0.87[63] Strategy and Outlook The Group aims to consolidate existing businesses and explore new investment opportunities in sectors like resources, fintech, and pharmaceuticals to enhance shareholder value - The Group will continue to explore new investment opportunities, with a focus on areas including resource and energy projects, property development, financial technology, pharmaceutical, and marine industries[71] Corporate Governance and Other Information Corporate Governance Code The company largely complied with the Corporate Governance Code, with deviations noted in the separation of Chairman and CEO roles, board meeting notice periods, and Audit Committee meetings - From April 1, 2024, to October 14, 2024, the roles of Chairman and Chief Executive Officer were held by the same person, deviating from Code Provision C.2.1, which has since been rectified[73] - During the year, the notice period for seven Board meetings was less than 14 days, deviating from Code Provision C.5.3[77] - Due to the absence of an auditor appointed to review the interim report, the Audit Committee met with the auditor only once during the year, instead of the recommended minimum of at least twice by the Code, deviating from Code Provision D.3.3[77]