皓天财经集团(01260) - 2025 - 年度业绩

Annual Results Announcement Consolidated Financial Statements The Group announced its consolidated financial statements for the year ended March 31, 2025, including the statement of profit or loss and other comprehensive income and the statement of financial position, showing a turnaround from loss to profit and a stable asset structure Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2025, the company turned a loss into a net profit of HKD 41,221 thousand, compared to a loss of HKD 66,500 thousand last year, with revenue decreasing by 20.2% to HKD 190,836 thousand but improved gross margin | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 190,836 | 239,055 | -20.2% | | Gross Profit | 106,760 | 122,256 | -12.6% | | Other Income | 51,777 | 34,838 | +48.6% | | Net Other Gains and Losses | (4,672) | (83,139) | +94.4% | | Profit (Loss) Before Tax | 48,086 | (60,700) | Turned to Profit | | Profit (Loss) for the Year | 41,221 | (66,500) | Turned to Profit | | Total Comprehensive Income (Loss) for the Year | 57,540 | (17,782) | Turned to Profit | Consolidated Statement of Financial Position As of March 31, 2025, the Group's net assets increased to HKD 1,514,785 thousand, with a significant rise in net current assets primarily due to a substantial increase in time deposits, indicating a robust financial position | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 687,402 | 742,397 | -7.4% | | Current Assets | 940,125 | 835,484 | +12.5% | | Current Liabilities | 112,742 | 120,636 | -6.5% | | Net Current Assets | 827,383 | 714,848 | +15.7% | | Net Assets | 1,514,785 | 1,457,245 | +3.9% | | Bank Balances and Cash | 31,396 | 213,710 | -85.3% | | Time Deposits | 793,107 | 506,339 | +56.6% | Notes to the Financial Statements This section details the Group's accounting policies, adoption of new accounting standards, revenue and segment information, other income and expenses, taxation, dividends, earnings per share, and trade receivables and payables General Information The company, incorporated in the Cayman Islands and listed on the HKEX Main Board, primarily engages in investment holding and securities investment, with the Group offering financial communications and international roadshow services - The company's principal activities are investment holding and securities investment, with the Group providing financial communications services and international roadshows[8] Adoption of New and Revised Hong Kong Financial Reporting Standards The Group adopted several revised HKFRS accounting standards this year with no material impact on current or prior financial performance, while new standards, particularly HKFRS 18, are expected to affect future profit or loss presentation and disclosures - Multiple revised Hong Kong Financial Reporting Standards were adopted for the first time this year, with no material impact on financial position or performance[10] - Hong Kong Financial Reporting Standard 18 (effective 2027) will replace Hong Kong Accounting Standard 1, expected to impact the presentation of the statement of profit or loss and future financial statement disclosures[11][13] Revenue and Segment Information The Group's operating activities are divided into financial communications and international roadshow services, with financial communications revenue at HKD 190,836 thousand for the year ended March 31, 2025, and no revenue from international roadshow services - The Group's operating activities include financial communications services and organizing and coordinating international roadshows[14] | Segment | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | Change (%) | 2025 Segment Profit (Loss) (HKD thousands) | 2024 Segment Profit (Loss) (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Communications Services | 190,836 | 235,379 | -18.9% | 92,525 | 78,002 | | International Roadshow Services | – | 3,676 | -100% | (12) | 1,856 | | Consolidated Revenue | 190,836 | 239,055 | -20.2% | | | Other Income and Net Other Gains and Losses The Group's other income significantly increased due to bank deposit interest and advertising refunds, while net other gains and losses improved from a substantial loss to a minor loss, primarily driven by increased gains from derecognition/disposal of debt instruments at fair value through other comprehensive income | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income | 51,777 | 34,838 | +48.6% | | Interest income from bank deposits | 25,328 | 25,797 | -1.8% | | Refund of advertising and marketing expenses | 18,494 | – | N/A | | Net Other Gains and Losses | (4,672) | (83,139) | +94.4% | | Gains (losses) on derecognition/disposal of debt instruments at fair value through other comprehensive income | 536 | (53,043) | Turned to Profit | Finance Costs The Group's finance costs for the current year were negligible at only HKD 1 thousand, a significant decrease from the prior year | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank overdrafts | – | 1 | -100% | Profit (Loss) Before Tax The Group's profit before tax turned from a loss of HKD 60,700 thousand last year to a profit of HKD 48,086 thousand this year, with a slight increase in total staff costs, including directors' and CEO's emoluments, other staff costs, and retirement benefit scheme contributions | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Profit (Loss) Before Tax | 48,086 | (60,700) | Turned to Profit | | Directors' and Chief Executive's emoluments | 4,595 | 4,762 | -3.5% | | Other staff costs | 39,478 | 39,003 | +1.2% | | Contributions to other staff retirement benefit schemes | 2,652 | 1,776 | +49.3% | | Total staff costs | 46,725 | 45,541 | +2.6% | Taxation The Group's total taxation for the year increased to HKD 6,865 thousand, with Hong Kong profits tax applying a two-tiered rate (8.25% for the first HKD 2 million, 16.5% thereafter) and Chinese subsidiaries provisioned at a 25% corporate income tax rate | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong profits tax | 6,338 | 5,048 | +25.5% | | Deferred tax | 527 | 752 | -29.9% | | Total taxation | 6,865 | 5,800 | +18.0% | - Hong Kong profits tax applies a two-tiered rate, taxing the first HKD 2 million of assessable profits at 8.25% and the remainder at 16.5%[23] Dividends The Board does not recommend a dividend for the year ended March 31, 2025, and no dividends are proposed after the reporting period - The Board does not recommend a dividend for the current year (2024: nil)[25] Earnings (Loss) Per Share The Group's basic and diluted earnings per share improved from a loss of 5.78 HK cents last year to a profit of 3.58 HK cents this year, reflecting a significant improvement in company performance | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic and diluted earnings (loss) per share | 3.58 HK cents | (5.78) HK cents | | Weighted average number of ordinary shares | 1,151,454,000 | 1,151,454,000 | Trade Receivables The Group's trade receivables (net of allowance) slightly decreased, with a typical credit period of 30 days, and the aging analysis shows the highest proportion of receivables falling within 91 days to 1 year | Aging | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 30 days | 7,514 | 5,184 | | 31 to 90 days | 8,053 | 13,066 | | 91 days to 1 year | 18,907 | 17,320 | | Over 1 year | – | 509 | | Total | 34,474 | 36,079 | - The Group generally grants a credit period of 30 days to its customers[28] Trade Payables The Group's total trade payables increased, with the largest proportion being overdue by more than one year, and credit terms generally ranging from 1 to 360 days | Aging | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 30 days | 5,752 | 3,429 | | 31 to 60 days | 958 | 911 | | 61 to 90 days | 398 | 102 | | 91 days to 1 year | 5,473 | 2,363 | | Over 1 year | 61,401 | 56,252 | | Total | 73,982 | 63,057 | - Trade payables are interest-free, with credit terms generally ranging from 1 to 360 days[29] Management Discussion and Analysis Management discusses the fiscal year's business performance, financial position, market outlook, and future strategies, noting a return to profitability despite decreased revenue, and a resilient Hong Kong IPO market driven by new economy and policy benefits amidst global uncertainties and competition Business Overview and Market Analysis The Group achieved a profit of HKD 41.2 million this fiscal year, reversing last year's loss, despite a 20.2% year-on-year decrease in total revenue, with the Hong Kong IPO market showing resilience and significant structural changes driven by new economy, policy benefits, and secondary listings - The Hong Kong IPO market demonstrated resilience amidst multiple challenges, with a significant improvement in total fundraising compared to the previous fiscal year and a clear recovery trend in the fourth quarter[30] - Structural changes in the IPO market include new economy sectors contributing over 75% of fundraising, HKEX optimizing listing regimes (e.g., Chapter 18C and GEM reform), continued activity in secondary/dual primary listings, and more cautious investors[32] | Indicator | 2025 (HKD millions) | 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Profit (Loss) for the Year | 41.2 | (66.5) | Turned to Profit | | Revenue | 190.8 | 239.1 | -20.2% | Financial Communications Services Segment Performance The financial communications services segment saw revenue decline by 18.9% to HKD 190.8 million, primarily due to a weak local stock market recovery, yet segment profit grew by 18.6% to HKD 92.5 million | Indicator | 2025 (HKD millions) | 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 190.8 | 235.4 | -18.9% | | Profit | 92.5 | 78.0 | +18.6% | - The decrease in revenue was mainly due to the weak recovery of the local stock market, particularly in the first half of 2024[33] International Roadshow Services Segment Performance The international roadshow services segment recorded no revenue this year, compared to HKD 3.7 million last year, and shifted from a profit to a loss of HKD 12 thousand, reflecting the Group's focus on the Hong Kong market | Indicator | 2025 (HKD millions) | 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | – | 3.7 | -100% | | Segment Profit (Loss) | (0.012) | 1.9 | Turned to Loss | - The Group has focused on its Hong Kong market business throughout the current fiscal year[34] Financial Instruments Investment Performance The Group maintained stable bond interest income, with gains from derecognition/disposal of debt instruments at fair value through other comprehensive income turning from loss to profit; however, net fair value losses on these instruments reached HKD 17.2 million due to declining bond market values, alongside HKD 38.5 million in impairment losses | Indicator | 2025 (HKD millions) | 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Interest income from bond securities | 5.4 | 5.3 | +1.9% | | Gains (losses) on derecognition/disposal of debt instruments at fair value through other comprehensive income | 0.5 | (53.0) | Turned to Profit | | Net fair value changes of debt instruments at fair value through other comprehensive income | (17.2) | (32.4) | +46.9% | | Impairment loss on debt instruments at fair value through other comprehensive income | (38.5) | (30.5) | -26.2% | - The impairment loss was mainly due to a decline in the creditworthiness of certain listed bond issuers[35] Financial Position and Liquidity The Group maintains a robust financial position with ample liquidity, primarily supported by internal cash flow, characterized by decreased bank balances but significantly increased time deposits, zero bank loans or overdrafts, a 0% net debt ratio, and no pledged assets or contingent liabilities - The Group's financial health is sound, with a stable cash position primarily supported by internally generated cash flows[36] | Indicator | 2025 (HKD millions) | 2024 (HKD millions) | Change (%) | | :--- | :--- | :--- | :--- | | Bank Balances and Cash | 31.4 | 213.7 | -85.3% | | Time Deposits | 793.1 | 506.3 | +56.6% | | Net Debt Ratio | 0% | 0% | No change | - As of March 31, 2025, the Group had no pledged assets or contingent liabilities, compared to pledged properties in the prior year[38][39] Market Outlook and Strategy The Group holds a cautiously optimistic view on the Hong Kong IPO market, anticipating both opportunities from improved global liquidity, mainland economic policy synergy, strengthened listing advantages, and rising ESG focus, alongside challenges from global economic uncertainty, geopolitical volatility, international financial center competition, and stricter disclosure requirements, while continuing to support companies with professional services - The Hong Kong IPO market outlook remains cautiously optimistic, driven by potential global central bank interest rate cuts, mainland economic stabilization and capital market opening, HKEX listing regime advantages (specialist technology, biotechnology), and increased ESG focus[40] - Ongoing challenges include global economic uncertainty, geopolitical volatility, competition among international financial centers, and issuers needing to adapt to stricter disclosure requirements and focus on substantive profitability[40] - The Group will continue to leverage keen insights, professional services, and extensive networks to help enterprises seize listing opportunities and embrace a new chapter in the market[41] Use of Proceeds from Initial Public Offering and Placing of Existing Shares and Subscription of New Shares The Group disclosed the use of proceeds from its IPO and placing of existing shares and subscription of new shares, with most funds for strategic M&A, China financial communications JVs, and the 'Haotian Cloud' platform remaining unutilized as of March 31, 2025 | Source of Proceeds | Intended Use | Total Intended Use (HKD millions) | Total Proceeds Used (HKD millions) | Balance (HKD millions) | Expected Utilization Time | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering (IPO) | Strategic mergers and acquisitions of financial communications/investor relations/financial printing/international roadshow related companies | 124.9 | 19.8 | 105.1 | December 31, 2025 | | Initial Public Offering (IPO) | Financing potential acquisitions or establishing joint ventures with China financial communications companies | 124.9 | 65.5 | 59.4 | December 31, 2025 | | Placing of Existing Shares and Subscription of New Shares | Creating a mobile internet professional services platform "Haotian Cloud" | 423.0 | 74.6 | 348.4 | December 31, 2025 | - The expected timetable for unutilized proceeds is based on the company's best estimates of future market conditions and strategic developments, and may change and be adjusted depending on market conditions[42][43] Employees and Remuneration Policy As of March 31, 2025, the Group had 174 full-time employees with total staff costs of HKD 46.7 million, guided by market terms and performance, including MPF, share option schemes, and medical insurance | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of full-time employees | 174 | N/A | N/A | | Total staff costs (including directors' emoluments) | HKD 46.7 million | HKD 45.5 million | +2.6% | - The remuneration package is determined with reference to market terms and individual employee performance, with salaries reviewed annually and bonuses based on performance assessment and other relevant factors[44] - Employee benefit schemes include a Mandatory Provident Fund Scheme, a share option scheme, and medical insurance[44] Corporate Governance and Other Matters This section covers post-reporting period events, securities transactions, audit committee review, external auditor's scope, corporate governance practices, and annual report publication arrangements Annual General Meeting The company will hold its Annual General Meeting on September 30, 2025, with the relevant notice and annual report to be published on the company and HKEX websites in due course - The company will hold its Annual General Meeting on September 30, 2025[45] - The notice of the Annual General Meeting will be published on the company's website and the HKEX website in due course, in accordance with the Listing Rules, and will be published together with the annual report[45] Events After Reporting Period No significant events have occurred from the year ended March 31, 2025, up to the date of this announcement - No significant events occurred from the year ended March 31, 2025, up to the date of this announcement[46] Purchase, Sale or Redemption of the Company's Listed Securities Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities for the year ended March 31, 2025 - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[48] Audit Committee and Review of Financial Statements The Audit Committee met with management to review the Group's annual results, accounting principles, and practices for the year ended March 31, 2025, and discussed auditing, internal controls, and other financial reporting matters - The Audit Committee reviewed the Group's annual results, accounting principles and practices, and discussed auditing, internal controls, and other financial reporting matters[49] Scope of Work of BDO Limited The Group's auditor, BDO Limited, confirmed that the financial figures in the preliminary announcement align with the draft consolidated financial statements, but their work does not constitute an assurance service, thus no assurance was provided on the preliminary results announcement - The auditor, BDO, has agreed that the financial figures in the preliminary announcement are consistent with the draft consolidated financial statements[50] - The auditor's work does not constitute an assurance service, and no assurance has been provided on the preliminary results announcement[50] Corporate Governance Practices The company is committed to high corporate governance standards, complying with all code provisions of the Listing Rules' Corporate Governance Code, Appendix 14, except for deviation from A.2.1 (separation of Chairman and CEO roles), as Mr. Liu Tian Ni holds both positions, which the Board believes provides strong and consistent leadership - The company complied with all code provisions of the Corporate Governance Code, except for a deviation from code provision A.2.1 (separation of the roles of chairman and chief executive)[51][52] - Mr. Liu Tian Ni holds both the Chairman and Chief Executive roles, an arrangement the Board believes provides strong and consistent leadership for the company currently and in the foreseeable future[52] - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules, and all Directors confirmed compliance[53] Publication of Annual Results and Annual Report This results announcement has been published on the company's and HKEX websites, and the annual report containing all information required by the Listing Rules will be published on these websites in due course - This results announcement has been published on the company's website and the HKEX website[54] - The annual report, containing all information required by the Listing Rules, will be published on the aforementioned websites in due course[54]