数科集团(02350) - 2025 - 年度业绩

Performance Highlights Financial Summary For the year ended March 31, 2025, the Group's total revenue slightly increased by 0.3% to approximately HKD 630 million, with the annual loss significantly narrowing by 31.3% to HKD 10.3 million | Metric | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | Approx. 630,200,000 HKD | Approx. 628,100,000 HKD | +0.3% | | Annual Loss | Approx. 10,300,000 HKD | Approx. 15,000,000 HKD | -31.3% | | Basic Loss Per Share | (1.65) HK cents | (2.40) HK cents | N/A | Consolidated Statement of Profit or Loss and Other Comprehensive Income Gross profit for the year decreased by 13.5% to HKD 61.363 million, with the narrowing of loss primarily driven by a significant reduction in expected credit loss provisions and lower selling and distribution expenses | Item (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 630,172 | 628,075 | | Gross Profit | 61,363 | 70,976 | | Selling and Distribution Expenses | (26,552) | (36,170) | | Net Expected Credit Loss | (4,512) | (14,328) | | Loss for the Year | (10,320) | (14,973) | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total and net assets remained relatively stable, with net current assets slightly decreasing and a notable increase in contract liabilities within current liabilities | Item (HKD thousands) | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 24,688 | 27,752 | | Current Assets | 454,671 | 453,006 | | Current Liabilities | 292,318 | 280,432 | | Non-current Liabilities | 3,478 | 6,464 | | Net Assets | 183,563 | 193,862 | Notes to the Financial Statements Revenue and Segment Information Total revenue was primarily driven by a 12.3% growth in system integration solutions business to HKD 241 million, offsetting a 5.8% decline in distribution business, with Hong Kong contributing over 99% of total revenue | Business Segment (HKD thousands) | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Distribution Business | 389,506 | 413,722 | -5.8% | | System Integration Solutions Business | 240,666 | 214,353 | +12.3% | | Total | 630,172 | 628,075 | +0.3% | - Distribution business refers to the distribution of licensed IT products and provision of related implementation services; system integration solutions business refers to the procurement of IT products and provision of customized IT infrastructure, maintenance, and support services[15] | Geographical Market (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 624,564 | 616,710 | | China (excluding Hong Kong and Macau) | 4,343 | 8,670 | | Macau | 442 | 2,695 | | Malaysia | 823 | – | Key Expenses and Taxation Staff costs significantly increased by 23.8% to HKD 71.543 million, while net impairment loss on trade receivables, though reduced, remained a material expense at HKD 4.5 million, and the Group recorded an income tax expense for the year | Item (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Staff Costs | 71,543 | 57,788 | | Depreciation | 4,584 | 4,798 | | Cost of Inventories Recognized as Expense | 487,564 | 496,838 | | Net Impairment Loss on Trade Receivables | 4,498 | 14,351 | - The Group operates in Hong Kong, Mainland China, Macau, and Malaysia, subject to different corporate income tax rates, including Hong Kong's two-tiered 8.25%/16.5% system, Mainland China's 25% (with small entity concessions for some subsidiaries), Malaysia's 24%, and Macau's maximum 12%[19][20][21] Dividends and Loss Per Share The company neither declared nor paid any dividends for the year, with basic loss per share at HKD 0.0165, calculated based on an annual loss of HKD 10.32 million and 625 million issued ordinary shares - For the years ended March 31, 2025 and 2024, the Company neither paid nor declared any dividends to shareholders[24][58] | Item | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the Year (HKD thousands) | (10,320) | (14,973) | | Number of Issued Ordinary Shares (thousands) | 625,000 | 625,000 | Working Capital Analysis Total trade receivables significantly decreased to HKD 241 million, yet HKD 108 million remains overdue for over 180 days, while prepayments surged to HKD 157 million mainly for IT product procurement - As of March 31, 2025, approximately HKD 219 million of trade receivables balance was overdue, with HKD 180 million overdue for more than 90 days, and management considers existing loss provisions adequate[29] - Prepayments include approximately HKD 132 million for IT product procurement in the distribution business, expected to be utilized by July 2025[27] | Trade Receivables Aging (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | 0 to 90 days | 47,859 | 105,224 | | 91 to 180 days | 71,272 | 86,354 | | Over 180 days | 108,073 | 181,232 | | Total | 227,204 | 372,810 | Management Discussion and Analysis Business Review and Outlook As an IT solutions provider, the Group's system integration business grew due to cloud service demand, offsetting distribution decline, while future opportunities in cloud, data centers, and AI are balanced by IT talent shortages, retail weakness, and geopolitical tensions Business Review Total revenue slightly increased by 0.3% to HKD 630 million, driven by a 12.3% growth in system integration solutions to HKD 241 million, while distribution revenue declined by 5.8% to HKD 390 million - The Group primarily engages in two businesses: (i) IT product distribution; and (ii) system integration solutions, including system design, software and hardware implementation, coordination, and maintenance support services[32] | Business Segment | Revenue (HKD) | YoY Change | Reason | | :--- | :--- | :--- | :--- | | Distribution Business | Approx. 389.5 million | -5.8% | Weak economic environment, reduced demand | | System Integration Solutions | Approx. 240.7 million | +12.3% | Increased demand for cloud-related applications and system services | Outlook, Opportunities, and Challenges Future growth opportunities stem from cloud service adoption, data center investments, and AI-driven infrastructure demand, while challenges include IT talent shortages, retail sector weakness, and geopolitical uncertainties - Opportunities: - Cloud Services: Enterprises continue to migrate to the cloud for efficiency, driving demand for cloud infrastructure, data management, and security products[34][36] - Data Centers: Increased internet usage and the adoption of hyper-converged architecture will drive data center-related investments[34][36] - Artificial Intelligence: Enterprises adopting machine learning technologies will drive demand for AI servers and storage infrastructure[34][36] - Challenges: - Talent Shortage: The worsening IT talent shortage in Hong Kong increases staff costs, impacting profitability[36] - Retail Weakness: Retailers are more cautious with IT investments, potentially reducing overall industry profitability[36] - Geopolitical Tensions: US-China tensions and the Russia-Ukraine war may lead to regulatory changes and trade disruptions, affecting business stability[36] Financial Performance Analysis Gross profit margin decreased from 11.3% to 9.7% due to intense competition, but the annual loss narrowed to HKD 10.3 million due to a 26.5% reduction in selling and distribution expenses and lower expected credit losses - Overall gross profit margin decreased from 11.3% in the previous year to 9.7% in the current year, primarily due to declining gross profit margins in both system integration and distribution businesses caused by intense competition and economic weakness[39] - Selling and distribution expenses decreased by HKD 9.6 million (-26.5%), primarily due to reduced commissions paid to employees during the year[42] - Administrative expenses increased by HKD 2.9 million (+8.4%), mainly due to higher staff costs related to strategic planning and increased legal and professional fees[43] - Annual loss decreased from HKD 15 million to HKD 10.3 million, a reduction of 31.3%[46] Liquidity and Capital Resources The Group's financial position is robust with an improved net debt position, as the net gearing ratio decreased from 29.6% to 23.6% due to reduced bank borrowings, and sufficient liquidity is maintained with pledged assets | Item (HKD thousands) | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Bank Borrowings | 48,200 | 59,900 | | Net Debt Position | 43,300 | 57,300 | | Total Equity | 183,600 | 193,900 | | Net Gearing Ratio | 23.6% | 29.6% | - As of March 31, 2025, the Group pledged approximately HKD 31.7 million in bank deposits and HKD 9.5 million in directors' life insurance policies to secure bank financing[56] - Capital expenditure for the year was HKD 0.1 million, significantly lower than HKD 1.5 million in the previous year[55] Human Resources and Capital Structure As of March 31, 2025, employee count remained stable at 179, but staff costs increased from HKD 57.8 million to HKD 71.5 million, with no share options granted and an unchanged capital structure since listing | Item | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Number of Employees | Approx. 179 | Approx. 180 | | Staff Costs | Approx. 71,500,000 HKD | Approx. 57,800,000 HKD | - The Group adopted a share option scheme in December 2022, but as of the financial year-end, no share options were granted or remained outstanding[63] - There has been no change in the Company's issued share capital since its listing in September 2022[59] Post-Reporting Period Events and Use of Proceeds A significant post-reporting event on June 12, 2025, involved an unconditional mandatory cash offer for the company's shares; of the HKD 66 million IPO proceeds, HKD 61.3 million has been utilized, with the remaining HKD 4.7 million delayed due to talent recruitment and system development - On June 12, 2025, QH Technology Holdings Limited announced an unconditional mandatory cash offer for the Company[64] | Use of Net IPO Proceeds (HKD millions) | Intended Amount | Amount Utilized | Unutilized Amount | | :--- | :--- | :--- | :--- | | Expansion of System Integration Solutions Business | 13.5 | 8.9 | 4.6 | | Upgrade of Equipment, Software, Hardware, and ERP Systems | 2.9 | 2.8 | 0.1 | | Other Fully Utilized Purposes | 49.6 | 49.6 | – | | Total | 66.0 | 61.3 | 4.7 | - Reasons for the delay in utilizing proceeds include extended recruitment periods due to insufficient talent supply in the market and longer-than-planned system development phases[68] Corporate Governance and Other Information Corporate Governance Practices The company largely complied with the Corporate Governance Code, with a deviation where the Chairman and CEO roles are combined, which the Board believes provides strong leadership and aligns with shareholder interests - The Company deviates from Corporate Governance Code provision C.2.1, where the roles of Chairman and Chief Executive Officer are held by the same individual, Mr. Yip Ka Wai[71] - The Board believes this arrangement provides strong and consistent leadership, given Mr. Yip Ka Wai's extensive experience, and adequate checks and balances are in place[71][72] Review and Publication The Audit Committee, composed of three independent non-executive directors, has reviewed the annual results, and the auditor has confirmed consistency of financial figures with audited statements, with the Annual General Meeting scheduled for August 19, 2025 - The Audit Committee, comprising three independent non-executive directors, has reviewed the annual results and deemed them prepared in accordance with applicable accounting standards with sufficient disclosure[74][75] - The auditor, Tianjian International Certified Public Accountants Limited, has confirmed the consistency of financial figures in this announcement with the audited statements, though their work does not constitute an assurance engagement[76] - The annual results announcement and annual report will be published on the Stock Exchange website and the Company's website[79]