新华联合投资(08159) - 2024 - 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 shifted from profit to loss, with revenue from continuing operations decreasing and a HKD 57.03 million loss attributable to owners, resulting in a basic loss per share of 8.10 HK cents Key Consolidated Statement of Profit or Loss Data | Metric | Year Ended March 31, 2025 (HKD thousands) | 15-Month Period Ended March 31, 2024 (HKD thousands) | Period-over-Period Change | | :--- | :--- | :--- | :--- | | Revenue | 164,940 | 208,569 | -20.9% | | Gross Profit | 13,366 | 20,342 | -34.3% | | (Loss)/Profit from Continuing Operations | (57,077) | 4,090 | Shifted from profit to loss | | Loss for the Year/Period | (57,077) | (4,268) | Loss widened | | Loss Attributable to Owners of the Company | (57,031) | (693) | Loss widened | | Basic Loss Per Share (HK cents) | (8.10) | (0.10) | Loss widened | - Net other income sharply decreased from HKD 71.51 million in the prior period to HKD 1.72 million this year, primarily due to high one-time gains from the disposal of property, plant, and equipment and subsidiaries in the prior period[3][33] Consolidated Statement of Financial Position As of March 31, 2025, total assets significantly decreased to HKD 218 million from HKD 318 million, with net assets falling to HKD 78 million from HKD 135 million, indicating tightened liquidity Key Consolidated Statement of Financial Position Data | Metric | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 54,020 | 70,961 | -23.9% | | Current Assets | 163,598 | 246,971 | -33.8% | | Current Liabilities | 121,781 | 161,218 | -24.5% | | Non-current Liabilities | 17,837 | 21,551 | -17.2% | | Net Assets | 78,000 | 135,163 | -42.3% | | Cash and Cash Equivalents | 26,306 | 75,195 | -65.0% | Notes to the Financial Statements Accounting Policies and Basis of Preparation The Group adopted revised HKFRSs effective April 1, 2024, with no significant financial impact, though the current 12-month reporting period is not fully comparable to the prior 15-month period due to a change in fiscal year-end - The reporting period end date changed from December 31 to March 31, resulting in a 12-month current financial year compared to a 15-month comparative period, requiring caution when making direct comparisons[11] - The Group has initially adopted several amendments to Hong Kong Financial Reporting Standards, none of which have had a significant impact on its financial performance or position[8] Revenue and Segment Information This year's total revenue was HKD 165 million, primarily from connectivity products, with the US and China as key markets, yielding a HKD 1.07 million profit for connectivity products but a HKD 1.60 million loss for comprehensive building services Revenue Analysis For the year ended March 31, 2025, total revenue was HKD 165 million, with HKD 164 million from connectivity product sales and HKD 1.29 million from comprehensive building services, primarily sourced from the US and China Revenue by Business Type (Year Ended March 31, 2025) | Type of Goods and Services | Revenue (HKD thousands) | | :--- | :--- | | Sales of Connectivity Products | 163,654 | | Comprehensive Building Services | 1,286 | | Total | 164,940 | Revenue by Geographical Market (Year Ended March 31, 2025) | Geographical Market | Revenue (HKD thousands) | | :--- | :--- | | United States | 55,070 | | China | 54,565 | | Japan | 29,357 | | South Korea | 14,892 | | Taiwan | 7,510 | | Others | 3,546 | | Total | 164,940 | Segment Performance For the year ended March 31, 2025, the connectivity products segment generated HKD 164 million in revenue with a HKD 1.07 million profit, while comprehensive building services had HKD 1.29 million in revenue and a HKD 1.60 million loss Segment Performance (Year Ended March 31, 2025) | Segment | Segment Revenue (HKD thousands) | Segment Result (HKD thousands) | | :--- | :--- | :--- | | Connectivity Products | 163,654 | 1,073 | | Comprehensive Building Services Contracts | 1,286 | (1,599) | | Total | 164,940 | (526) | Other Key Financial Items This year's other income was HKD 3.85 million, primarily from rental income, with finance costs decreasing to HKD 1.66 million; the company reported an 8.10 HK cents loss per share with no dividends, after discontinuing financial services Other Income, Gains and Costs This year's other income slightly decreased to HKD 3.85 million, mainly from rental and tooling income, while net other gains significantly dropped to HKD 1.72 million from HKD 71.51 million due to prior asset sales, and finance costs substantially decreased to HKD 1.66 million - Finance costs decreased from HKD 4.62 million in the prior period to HKD 1.66 million, primarily due to reduced interest expenses related to bank borrowings and lease liabilities[34] Discontinued Operations The Group decided to discontinue its financial services business in 2023, completing the sale of relevant entities, resulting in no profit or loss from discontinued operations this year, compared to a HKD 8.36 million loss in the prior period - The company sold several subsidiaries engaged in financial services in 2023, with this business segment now classified as discontinued operations[35] Taxation This year recorded an income tax credit of HKD 2.34 million, up from HKD 0.74 million in the prior period, mainly due to deferred tax changes, with some Chinese subsidiaries benefiting from a 15% preferential corporate income tax rate or small-profit enterprise tax incentives - Some of the Group's subsidiaries in China enjoy a 15% reduced corporate income tax rate and tax incentives for small-profit enterprises[37] Loss Per Share For the year ended March 31, 2025, the loss attributable to owners was HKD 57.03 million, resulting in a basic and diluted loss per share of 8.10 HK cents based on 704 million weighted average ordinary shares, compared to 0.10 HK cents in the prior period Loss Per Share Calculation | Metric | Year Ended March 31, 2025 | 15-Month Period Ended March 31, 2024 | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (HKD thousands) | (57,031) | (693) | | Weighted Average Number of Ordinary Shares (thousands) | 704,000 | 704,000 | | Basic and Diluted Loss Per Share (HK cents) | (8.10) | (0.10) | Dividends The Board did not recommend any dividend payment for the year ended March 31, 2025, consistent with the prior period - No dividends were paid or proposed for the current year or the prior period[41] Management Discussion & Analysis Business Review The Group's core businesses are electronic products (connectivity products) and architectural design; the financial services business was divested in Q4 2023, and the accelerated computing business is being phased out due to US export controls, while architectural design focuses on master planning - The Group's core businesses are electronic products (connectivity products) and architectural design services[54] - Due to escalating US export controls on high-performance AI chips to China, the Group plans to gradually terminate its accelerated computing business[54] Financial Review This year's total turnover was approximately HKD 165 million, a 20.9% decrease, with gross profit falling 34.0% to HKD 13.4 million due to rising costs and low-margin services, while cost controls reduced expenses, leading to a widened net loss of HKD 57 million attributable to owners - Revenue from electronic products business was approximately HKD 164 million, a 20.7% year-on-year decrease, but monthly average revenue remained largely stable considering the prior period was 3 months longer[55] - Revenue from architectural design business decreased to HKD 1.3 million, a 40.9% year-on-year reduction, yet monthly average revenue remained stable[56] - The decline in gross profit was primarily attributed to increased raw material procurement prices for electronic products and the low gross margin of only 2.4% from accelerated computing services, which dragged down the overall gross margin[58] - Selling and distribution expenses and administrative expenses decreased by 53.6% and 23.7% respectively, reflecting the Group's cost control measures[61][62] Liquidity and Financial Resources As of March 31, 2025, the Group's financial position weakened, with net current assets decreasing to HKD 41.8 million and cash to HKD 26.3 million; the current ratio fell from 1.53 to 1.34, and the debt-to-equity ratio rose from 1.35 to 1.79, indicating increased leverage Liquidity and Financial Ratios | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net Current Assets | HKD 41.8 million | HKD 85.8 million | | Cash and Bank Balances | HKD 26.3 million | HKD 75.2 million | | Current Ratio | 1.34 | 1.53 | | Debt-to-Equity Ratio | 1.79 | 1.35 | Outlook Looking ahead, the electronic products business is diversifying production to Vietnam and exploring advanced semiconductors to counter US-China tech decoupling, while the architectural design business will enhance lifestyle aesthetics consulting with proprietary electronic interior decor sales, fostering synergistic development - To address US-China tech decoupling, the electronic products business is diversifying its production supply chain, establishing new facilities in Vietnam, and seeking expansion into advanced semiconductor fields[73] - The architectural design business will enhance lifestyle aesthetics consulting services, integrating interior design with proprietary electronic decor sales, and has initiated R&D for electronic accessory design and production processes to foster business integration[74] Corporate Governance and Other Disclosures Corporate Governance Practices The Group is committed to high corporate governance standards, complying with all applicable code provisions during the reporting period, and its Audit Committee, comprising four independent non-executive directors, has reviewed the annual results - The Group has consistently complied with all applicable code provisions outlined in the Corporate Governance Code throughout the reporting period[76] - The Audit Committee, composed of four independent non-executive directors, oversees financial reporting and internal control procedures and has reviewed the current period's results[77] Auditor-related Matters The independent auditor, Pacon CPA Limited, issued an unqualified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, affirming they fairly present the financial position and performance, and confirmed consistency with the preliminary results announcement - The independent auditor issued a standard unqualified opinion on the annual consolidated financial statements[53] - Pacon CPA Limited, the auditor, confirmed that the financial data in this preliminary results announcement is consistent with the audited annual consolidated financial statements[82] Dividend Policy The Board did not recommend a final dividend for the reporting period, consistent with the policy of the prior period - The Directors did not recommend the payment of a final dividend for the reporting period[78]