兆邦基生活(01660) - 2025 - 年度业绩

Financial Performance Consolidated Statement of Profit or Loss and Other Comprehensive Income The company's total revenue decreased by 26.1% to HKD 198 million, leading to a significant net loss of HKD 77.8 million due to reduced gross profit and increased impairments Summary of Consolidated Statement of Profit or Loss | Indicator | 2025 (HKD '000) | 2024 (HKD '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 197,899 | 267,691 | -26.1% | | Gross Profit | 21,020 | 41,313 | -49.1% | | Loss from Operations | (86,607) | (28,499) | +203.9% | | Loss for the Year | (77,805) | (28,034) | +177.5% | | Loss Attributable to Owners of the Company | (77,805) | (28,034) | +177.5% | - Basic and diluted loss per share attributable to owners of the company was 1.26 HK cents, compared to 0.45 HK cents in the prior year[5] Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets decreased by 19.4% to HKD 416 million, while total liabilities reduced to HKD 98.6 million, resulting in net assets of HKD 317 million and improved liquidity with net current assets increasing to HKD 155 million Summary of Consolidated Statement of Financial Position | Indicator | 2025 (HKD '000) | 2024 (HKD '000) | YoY Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 168,020 | 308,994 | -45.6% | | Current Assets | 247,945 | 207,368 | +19.6% | | Total Assets | 415,965 | 516,362 | -19.4% | | Current Liabilities | 93,311 | 100,453 | -7.1% | | Non-current Liabilities | 5,293 | 17,224 | -69.3% | | Total Liabilities | 98,604 | 117,677 | -16.2% | | Net Assets | 317,361 | 398,685 | -20.4% | Notes to the Financial Statements General Information and Basis of Preparation The company, an investment holding company listed on the HKEX, primarily engages in machinery trading, leasing, and money lending in Hong Kong, alongside property management, leasing, and retail services in Mainland China, with financial statements prepared under HKFRS - The Group primarily engages in machinery and parts trading, machinery leasing and related services, and money lending in Hong Kong, as well as property management services, machinery leasing, property leasing, sub-leasing, retail, money lending, and other businesses in China[8] - The consolidated financial statements are prepared in accordance with all applicable Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants[9] Changes in Accounting Standards The Group adopted new and revised HKFRS effective April 1, 2024, with no significant impact on current financial statements, while noting future adoption of HKFRS 18 may affect the structure of the statement of profit or loss and cash flow statement - The adoption of revised Hong Kong Financial Reporting Standards had no significant impact on the preparation and presentation of the current and prior years' results and financial position[10] - Among new standards issued but not yet effective, HKFRS 18 'Presentation and Disclosure in Financial Statements' is expected to impact the Group's consolidated statement of profit or loss, cash flow statement structure, and disclosure of management performance measures, effective April 1, 2027[14][15][16] Revenue Analysis Total revenue for the year was HKD 198 million, with HKD 142 million from customer contracts, primarily property management and leasing in China, and HKD 56 million from other sources, mainly machinery leasing in Hong Kong Revenue by Major Product or Service Line | Revenue Source | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Revenue from Contracts with Customers (HKFRS 15) | | | | Sales of machinery and spare parts | 2,434 | 22,401 | | Property management services | 84,689 | 78,369 | | Property leasing, sub-leasing, retail and others | 54,675 | 71,132 | | Sub-total | 141,936 | 174,309 | | Revenue from Other Sources | | | | Leasing of machinery and provision of related services | 48,390 | 81,946 | | Interest income from loans receivable | 4,889 | 3,782 | | Property leasing, sub-leasing, retail and others | 2,684 | 7,654 | | Sub-total | 55,963 | 93,382 | | Total Revenue | 197,899 | 267,691 | - Geographically, revenue from China (excluding Hong Kong) was HKD 147 million, accounting for approximately 74.3% of total revenue, with revenue from Hong Kong at HKD 50.81 million[28] Segment Information The Group's operations are categorized into five reportable segments; the former 'Transportation' segment was merged into 'Leasing' due to reduced scale, with the Leasing segment turning to a pre-tax loss of HKD 32.11 million, becoming the primary loss driver, while only money lending achieved profit growth - Due to a significant decrease in revenue and operational scale, the Transportation segment is no longer classified as a reportable segment and has been reclassified into the Leasing segment, with comparative figures restated[22] Pre-tax (Loss) / Profit by Segment | Segment | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Trading | (5,009) | (5,353) | | Leasing | (32,109) | 9,146 | | Property Management | (7,580) | 4,358 | | Property Leasing, Sub-leasing, Retail and Others | (3,984) | (748) | | Money Lending | 2,376 | 704 | | Total Reportable Segment (Loss) / Profit | (46,306) | 8,107 | - Customer A, from the Leasing segment, which contributed over 10% of the Group's revenue in the prior year, did not exceed 10% of transactions in the current year, and no single customer contributed over 10% of the Group's revenue this year[31] Key Asset and Liability Items At period-end, trade receivables increased to HKD 139 million, with over 90% aged over 90 days, and trade payables rose to HKD 24.57 million, with 84.1% aged over 90 days, while financial assets at fair value through profit or loss decreased to HKD 60.72 million, primarily comprising non-performing assets Trade Receivables Ageing Analysis | Ageing | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | 0 to 30 days | 2,556 | 6,375 | | 31 to 60 days | 5,879 | 11,284 | | 61 to 90 days | 4,709 | 3,477 | | Over 90 days | 126,075 | 100,026 | | Total | 139,219 | 121,162 | Trade Payables Ageing Analysis | Ageing | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | 0 to 30 days | 895 | 1,951 | | 31 to 60 days | 1,586 | 2,726 | | 61 to 90 days | 1,424 | 453 | | Over 90 days | 20,660 | 16,010 | | Total | 24,565 | 21,140 | - Total financial assets at fair value through profit or loss amounted to HKD 60.72 million, with HKD 56.97 million of this representing non-current non-performing assets[43] Management Discussion and Analysis Business Review and Market Outlook Management noted a challenging operating environment due to weak property markets in China and Hong Kong, leading to decreased construction machinery leasing demand and obsolescence risks for diesel generators, while property management faces pressure from arrears, with the Board maintaining a low-leverage strategy and seeking new opportunities - The market environment is challenging, primarily due to the prolonged slowdown in the property markets in China and Hong Kong, leading to decreased demand for construction machinery leasing[46] - The Group faces the risk of obsolescence for traditional diesel generators and related equipment as the market shifts towards power storage solutions[46] - The property management business faces difficulties due to a significant proportion of residential owners defaulting on property management fees[46] Financial Review Total revenue decreased by 26.1% to HKD 198 million, primarily due to significant reductions in construction machinery leasing, trading, and retail, leading to a 49.1% drop in gross profit to HKD 21 million and a widened net loss of HKD 77.8 million due to increased other losses from equipment impairment and disposal Financial Performance Summary | Indicator | Current Year (HKD Million) | Prior Year (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 197.9 | 267.7 | -26.1% | | Gross Profit | 21.0 | 41.3 | -49.1% | | Gross Profit Margin | 10.6% | 15.4% | -4.8pp | | Net Loss | 77.8 | 28.0 | +177.9% | Revenue and Gross Profit Total revenue declined primarily due to contractions in construction machinery leasing (-42.5%), trading (-89.1%), and property leasing/retail (-27.2%), while only property management and money lending grew, resulting in a 49.1% drop in gross profit and a reduced gross profit margin of 10.6% Revenue Change by Business Segment | Business Segment | Current Year Revenue (HKD Million) | Change from Prior Year | | :--- | :--- | :--- | | Construction Machinery Leasing | 48.5 | -42.5% | | Construction Machinery Trading | 2.4 | -89.1% | | Property Leasing, Sub-leasing and Retail | 57.4 | -27.2% | | Property Management Services | 84.7 | +8.1% | | Money Lending Business | 4.9 | +28.9% | - The Group's gross profit decreased by 49.1% from HKD 41.3 million to HKD 21.0 million, with the gross profit margin declining from 15.4% to 10.6%[54] Operating Expenses and Loss Sales and service costs decreased by 21.9% with revenue, but other losses surged from HKD 13.7 million to HKD 43.3 million due to impairment and disposal losses on property, plant, and equipment, while administrative expenses rose by 15.6%, collectively leading to a significantly widened net loss - Other losses increased from HKD 13.7 million to HKD 43.3 million, primarily due to impairment of property, plant, and equipment and loss on disposal of obsolete equipment[55] - Administrative expenses increased by 15.6% from HKD 38.6 million to HKD 44.6 million, mainly due to higher non-sales staff costs and depreciation costs[57] - Net loss increased from HKD 28.0 million in the prior year to HKD 77.8 million in the current year[62] Liquidity and Financial Resources At period-end, the Group held HKD 28.9 million in cash and bank balances, with total borrowings and lease liabilities of HKD 17.9 million, indicating a net cash position and improved liquidity with a current ratio rising from 2.1x to 2.7x; capital expenditure for the year was HKD 43.1 million, primarily for asset acquisition in leasing and property renovation in retail Liquidity Indicators | Indicator | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Cash and Bank Balances | HKD 28.9 Million | HKD 34.3 Million | | Borrowings | HKD 2.7 Million | HKD 10.2 Million | | Lease Liabilities | HKD 15.2 Million | HKD 22.7 Million | | Status | Net Cash Position | Net Cash Position | | Current Ratio | 2.7x | 2.1x | - Total capital expenditure for the year was approximately HKD 43.1 million (prior year: HKD 67.5 million), primarily for the acquisition of property, plant, and equipment for the leasing business and property renovation for the retail business[67] - The Group considers its exposure to USD foreign exchange risk to be minimal, with no significant foreign exchange risk and no foreign currency hedging policy adopted[68] Other Significant Matters In response to business contraction, the Group significantly reduced its workforce from 706 to 395 employees, lowering staff costs from HKD 57.1 million to HKD 52.4 million; aside from a RMB 65 million investment to acquire an RMB 80 million secured loan, there were no other significant investments, acquisitions, or disposals during or after the reporting period - As of March 31, 2025, the Group's headcount significantly decreased to 395 employees from 706 in the prior year, with total staff costs reducing from HKD 57.1 million to HKD 52.4 million[71] - During the year, the Group made a significant investment, acquiring a secured loan with a principal of RMB 80 million for a cash consideration of RMB 65 million[72] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year, and no material events affecting the Group occurred from the end of the reporting period up to the announcement date[73][75] Other Information Dividend Policy Given the current year's loss, the Board did not recommend any dividend payment for the year ended March 31, 2025, consistent with the prior year - The Directors did not recommend the payment of any dividend for the year ended March 31, 2025 (2024: nil)[35][83] Corporate Governance The company is committed to maintaining high corporate governance standards, having complied with applicable code provisions of the Listing Rules during the reporting period, and its audit committee has reviewed the annual results for the year - The Company has complied with the applicable code provisions of the Corporate Governance Code during the current year[78] - The Company's Audit Committee has reviewed the Group's annual results for the current year[82]