LFG投资控股(03938) - 2025 - 年度财报

Company Information Board of Directors The company's board comprises executive directors Mr. Mui Ho Cheung (Chairman and CEO), Mr. Liu Tsz Wai, Mr. Ng Siu Hin, Ms. Ho Sze Man, Mr. Tang Chun Fai, and independent non-executive directors Ms. Lam Yin Sum, Mr. Poon Lai Yin, and Dr. Wong Ho Kei - Executive Directors include Mr. Mui Ho Cheung (Chairman and CEO), Mr. Liu Tsz Wai, Mr. Ng Siu Hin, Ms. Ho Sze Man, and Mr. Tang Chun Fai[5] - Independent Non-Executive Directors include Ms. Lam Yin Sum, Mr. Poon Lai Yin, and Dr. Wong Ho Kei[5] Committee Composition The Audit, Remuneration, and Nomination Committees are primarily led by independent non-executive directors, ensuring governance independence and professionalism - The Audit Committee Chairman is Ms. Lam Yin Sum, with members including Mr. Poon Lai Yin and Dr. Wong Ho Kei[5] - The Remuneration Committee Chairman is Mr. Poon Lai Yin, with members including Ms. Lam Yin Sum and Dr. Wong Ho Kei[5] - The Nomination Committee Chairman is Mr. Mui Ho Cheung, with members including Ms. Lam Yin Sum, Mr. Poon Lai Yin, and Dr. Wong Ho Kei[5] Other Company Information The company secretary is Mr. Ng Siu Hin, the auditor is BDO Limited, and other details like registered office, headquarters, share registrar, principal bankers, website, and stock code are listed - Company Secretary is Mr. Ng Siu Hin[5] - Auditor is BDO Limited[5] - The company's stock code is 3938, and its website is **www.legogroup.hk**[6](index=6&type=chunk) Financial Highlights Performance Overview For the year ended March 31, 2025, total revenue significantly decreased by 73.3% to HK$25,171 thousand, with an annual loss of HK$35,140 thousand and basic and diluted loss per share of HK8.6 cents Annual Results for the Year Ended March 31 (HK$ thousand) | Metric | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue (excluding investment funds) | 32,924 | 84,865 | 86,662 | 94,813 | 80,320 | | Total Revenue | 25,171 | 94,173 | 46,873 | 78,145 | 108,152 | | (Loss)/Profit before income tax expense | (35,114) | (4,323) | (21,551) | (698) | 18,463 | | (Loss)/Profit for the year | (35,140) | (4,229) | (22,784) | (3,534) | 15,974 | | Total comprehensive (expense)/income for the year | (35,140) | (4,229) | (22,784) | (4,105) | 16,005 | | Basic and diluted (loss)/earnings per share | (8.6 HK cents) | (1.0 HK cents) | (5.6 HK cents) | (0.8 HK cents) | 4.0 HK cents | - Total revenue for fiscal year 2025 was HK$25,171 thousand, a significant decrease from HK$94,173 thousand in fiscal year 2024[7] - Fiscal year 2025 recorded a loss for the year of HK$35,140 thousand, an expansion of loss from HK$4,229 thousand in fiscal year 2024[7] Assets and Liabilities Overview As of March 31, 2025, total assets were HK$254,049 thousand, total liabilities HK$155,628 thousand, and net assets HK$98,421 thousand, a decrease from the previous year Assets and Liabilities as at March 31 (HK$ thousand) | Metric | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 254,049 | 231,369 | 261,583 | 314,017 | 343,866 | | Total Liabilities | 155,628 | 97,615 | 113,451 | 143,505 | 170,215 | | Net Assets | 98,421 | 133,754 | 148,132 | 170,512 | 173,651 | - Total assets for fiscal year 2025 were HK$254,049 thousand, an increase from HK$231,369 thousand in fiscal year 2024[8] - Net assets for fiscal year 2025 were HK$98,421 thousand, a decrease from HK$133,754 thousand in fiscal year 2024[8] Chairman's Statement The Chairman's Statement notes that despite Hong Kong's economic recovery, macroeconomic volatility, global trade wars, mainland China's property issues, and geopolitical tensions create market uncertainty; the company recorded a loss in a challenging environment but remains optimistic, planning new services, expanded geographical reach, and alliances to mitigate risks and create long-term value - The Hong Kong capital market's business environment is fraught with uncertainty due to macroeconomic volatility, global trade wars, mainland China's property liquidity issues, and geopolitical tensions[9] - Hong Kong's IPO market shows signs of recovery, but activity remains below pre-pandemic levels, with small-cap stocks continuing to struggle[9] - The Hong Kong Legislative Council passed the Stablecoin Ordinance Bill, enhancing the virtual asset regulatory framework and creating opportunities for Hong Kong financial institutions[10] - The Group recorded a loss for the fiscal year but remains optimistic about the Hong Kong capital market's prospects, planning to launch new investment and financing services, expand geographical coverage and alliances to diversify revenue streams[10] Management Discussion and Analysis Overview The Group is a Hong Kong financial services provider holding SFC licenses for Types 1, 4, 6, and 9 regulated activities, primarily offering corporate finance advisory, securities and financing, and asset management services, with corporate finance advisory remaining the main revenue driver - The Group is licensed for Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance[13] - Principal businesses include corporate finance advisory services, securities and financing services, and asset management services[13] - Corporate finance advisory services are the Group's primary business driver, generating the majority of revenue during the fiscal year[13] Review Operating in a challenging market, the Group adopted prudent risk management and cost control strategies; corporate finance advisory remained the primary revenue source but saw a decline, as did securities and financing, and asset management services Market Review Hong Kong's market shows recovery signs amid global challenges, with the Hang Seng Index rebounding, IPO and M&A markets reactivating, and China's economic stimulus boosting sentiment - The Hang Seng Index rose from 16,541.42 on March 28, 2024, to 23,119.58 on March 31, 2025[15] - The global economy faces multiple challenges including recession fears, global tariff wars, inflationary pressures, and geopolitical instability[15] Business Review The Group's corporate finance advisory revenue significantly declined despite more projects, due to lower average complexity; securities and financing revenue also fell from reduced client trading, and asset management and investment funds performed poorly, leading to losses Corporate Finance Advisory Services Revenue (HK$ thousand) | Service Type | 2025 | 2024 | | :--- | :--- | :--- | | IPO Sponsorship Services | 3,200 | 7,900 | | Financial and Independent Financial Advisory Services | 17,900 | 51,500 | | Compliance Advisory Services | 400 | 900 | | Total | 21,500 | 60,300 | - The total number of corporate finance advisory projects increased from 94 in 2