永义国际(01218) - 2025 - 年度财报

Corporate Information The report provides key company information as of June 27, 2025, including board members, committee composition, auditor, legal counsel, and office locations - The report details key company information as of June 27, 2025, covering board members, committee structures, company secretary, auditor (Deloitte), legal counsel, principal bankers (Hang Seng Bank), and office locations[5][6][8] Financial Highlights This section presents a summary of the company's key financial performance and position for the fiscal years 2025 and 2024 Financial Highlights (HKD Thousand) | Metric (HKD Thousand) | 2025 | 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Continuing Operations | | | | | Revenue | 488,489 | 196,421 | 148.7% | | Gross (Loss) Profit | (17,052) | 30,903 | N/A | | Profit (Loss) for the year attributable to owners of the Company | 15,595 | (228,344) | N/A | | Discontinued Operations | | | | | Revenue | – | 30,693 | (100%) | | Loss for the year attributable to owners of the Company | (733,263) | (24,891) | 2,845.9% | | Assets and Liabilities | | | | | Total Assets | 3,329,958 | 8,739,039 | (61.9%) | | Total Liabilities | 1,603,393 | 4,136,948 | (61.2%) | | Net Assets | 1,726,565 | 4,602,091 | (62.5%) | | Per Share Data (HKD) | | | | | Basic Loss Per Share | (9.71) | (3.50) | 177.4% | | Net Assets Per Share | 23.3 | 62.2 | (62.5%) | Chairman's Statement The Chairman's statement provides an overview of the company's performance, business activities, and future outlook Financial Results In FY2025, continuing operations revenue grew 148.7% to HKD 488 million, turning profitable at HKD 15.57 million, but overall consolidated loss widened to HKD 718 million due to increased losses from discontinued operations Financial Results (HKD Thousand) | Financial Metric (HKD Thousand) | FY2025 | FY2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Revenue from Continuing Operations | 488,489 | 196,421 | 148.7% | | Consolidated Profit (Loss) from Continuing Operations | 15,568 | (228,435) | N/A | | Revenue from Discontinued Operations | 0 | 30,693 | -100% | | Consolidated Loss from Discontinued Operations | (733,263) | (180,124) | 307.1% | | Consolidated Loss Attributable to Owners of the Company | (717,668) | (253,235) | 183.4% | - Basic loss per share expanded from HKD 3.50 in the prior year to HKD 9.71 this year[17][20] Business Review Despite a challenging Hong Kong property market, the company's property sales progressed, with two residential projects achieving significant cumulative contract sales, and property investment income growing - The company's two major residential projects are progressing well: - Ayton: As of the reporting date, 52 units and 5 car parking spaces sold, with cumulative contract sales of approximately HKD 968 million[25][26] - Garden Crescent: As of the reporting date, 22 units sold, with cumulative contract sales of approximately HKD 221 million[25][26] - The Chatham Road North project obtained its occupation permit in March 2025 and will be launched to the market at an appropriate time[26][29] - The property investment portfolio performed steadily, with rental and building management fee income from continuing operations increasing by 12.0% to HKD 17.15 million; commercial and industrial unit occupancy rates were 98.7% and 75.6% respectively as of March 31, 2025[32] Outlook The company anticipates a gradual recovery in market confidence and property prices in Hong Kong, supported by government measures and potential interest rate reductions, while continuing to focus on existing project sales - The Hong Kong government announced measures in February 2025 to stabilize the property market, including raising the maximum property value for a HKD 100 stamp duty to HKD 4 million, expected to benefit about 15% of property transactions[41][45] - The Group maintains a cautiously optimistic outlook, expecting interest rates to gradually decrease and market confidence to recover, supporting property sales and price stability as global monetary policies ease and Hong Kong inflation slows[43][44] Management Discussion and Analysis This section provides a detailed analysis of the Group's operational performance, financial position, and future prospects Overview and Financial Results This fiscal year, the Group's core businesses are property development and investment; continuing operations revenue significantly increased by 148.7% to HKD 488 million, turning profitable at HKD 15.57 million, but overall consolidated loss widened to HKD 718 million due to a deemed disposal of a subsidiary - Following the completion of the deemed disposal of Eminence Property Group Limited (Eminence), its financial results are no longer consolidated into the Group's financial statements as of April 17, 2024[53] Financial Performance | Financial Performance | FY2025 | FY2024 (Restated) | | :--- | :--- | :--- | | Revenue from Continuing Operations | HKD 488 million | HKD 196 million | | Consolidated Profit (Loss) from Continuing Operations | HKD 15.57 million | (HKD 228 million) | | Consolidated Loss Attributable to Shareholders | (HKD 718 million) | (HKD 253 million) | | Basic Loss Per Share | (HKD 9.71) | (HKD 3.50) | - The Board does not recommend the payment of a final dividend for the current year[62] Business Review The Group's business segments showed varied performance, with property development as the main revenue driver, property investment showing rental growth but fair value losses, and both securities investment and loan financing segments recording losses or reduced income Property Development Property development was the Group's core growth driver this year, with HKD 467 million in revenue from continuing operations, primarily from sales of "Garden Crescent" and "Ayton" projects, and the Chatham Road North project ready for future sales Property Development Performance (HKD) | Project Name | Revenue Recognized This Year (HKD) | Cumulative Contract Sales (HKD) | | :--- | :--- | :--- | | Garden Crescent | Approx. 169 million | Approx. 221 million | | Ayton | Approx. 297 million | Approx. 968 million | - The Chatham Road North project, to be redeveloped into a residential and commercial complex with a total floor area of approximately 41,747 square feet, obtained its occupation permit in March 2025[72] Property Investment The property investment segment provided stable cash flow, with rental and building management fee income from continuing operations increasing by 12.0% to HKD 17.15 million, but recorded a fair value loss of HKD 17.13 million on investment properties, resulting in an overall segment loss of HKD 22.05 million, a 41.1% reduction year-on-year - Rental and building management fee income from continuing operations was approximately HKD 17.15 million, a 12.0% year-on-year increase[76] Property Occupancy Rates | Property Type | Occupancy Rate as of March 31, 2025 | Occupancy Rate as of March 31, 2024 | | :--- | :--- | :--- | | Residential Units | 0.0% | 100.0% | | Commercial Units | 98.7% | 99.2% | | Industrial Units | 75.6% | 95.0% | - A fair value loss on investment properties of approximately HKD 17.13 million was recorded this year, a reduction from last year's HKD 37.77 million loss[82] Investment in Securities and Others The securities investment segment recorded a loss of HKD 1.49 million this year, a decline from last year's profit, with total financial assets at fair value decreasing to HKD 140 million, primarily comprising holdings in Pacific Legend Group, Ping An Insurance, and Eminence convertible notes Investment Portfolio (HKD Thousand) | Investment Item | Investment Cost (HKD Thousand) | Fair Value (HKD Thousand) | % of Total Assets | | :--- | :--- | :--- | :--- | | Pacific Legend Group (1488) | 41,996 | 49,571 | 1.5% | | Ping An Insurance (2318) | 23,253 | 12,408 | 0.4% | | Convertible Notes | 70,000 | 69,993 | 2.1% | | Total | 147,237 | 139,564 | 4.2% | - Terms of the Eminence 2023 Convertible Notes (2023 CN) held by the Group were amended, and partial redemption was completed, reducing the outstanding principal to HKD 70 million with a conversion price adjusted to HKD 0.14 per share as of the reporting period end[94][95] Loan Financing Loan financing interest income significantly decreased by 59.6% to HKD 4.5 million due to loan repayments, with total loans receivable reducing to HKD 114 million, and the Group maintaining strict credit policies to manage risks - Interest income from loan financing from continuing operations was approximately HKD 4.5 million, a 59.6% year-on-year decrease[99] Loan Portfolio Metrics | Loan Portfolio Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Gross Carrying Amount of Loans Receivable | HKD 114 million | HKD 196 million | | Proportion of Secured Loans | 31% | 52% | | Gross Carrying Amount of Unsecured Loans Receivable | HKD 60.39 million | HKD 91.36 million | - The Group's credit policy encompasses due diligence, credit assessment, ongoing monitoring, and recovery to minimize credit risk[106] Liquidity and Financial Resources As of March 31, 2025, the Group's financial position was sound but liquidity tightened, with total bank borrowings reduced to HKD 1.27 billion, a gearing ratio of 0.7, and cash and cash equivalents significantly decreasing by 94.9% to HKD 15.64 million, primarily due to bank loan repayments and deconsolidation of Eminence Financial Position Metrics | Financial Position Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Bank Borrowings | HKD 1.274 billion | HKD 3.672 billion | | Gearing Ratio | Approx. 0.7 | Approx. 0.8 | | Net Current Assets | HKD 592 million | HKD 3.546 billion | | Cash and Cash Equivalents | HKD 15.64 million | HKD 307 million | - Approximately HKD 1.112 billion (87% of total borrowings) is due for repayment within one year[121] - As of March 31, 2025, assets with a net book value of approximately HKD 2.718 billion were pledged as collateral for bank loans[124] Significant Changes and Post-Reporting Period Events This fiscal year and post-reporting period saw significant capital activities, most notably the deconsolidation of Eminence after its shareholding dropped to 8.11% following the completion of Eminence Placing II, alongside various discloseable listed securities transactions and amendments to the 2023 Eminence convertible notes - Very Substantial Disposal: Following the completion of Eminence Placing II on April 17, 2024, the Group's shareholding in Eminence decreased to approximately 8.11%, and Eminence's financial results are no longer consolidated into the Group's financial statements[136] - Securities Transactions: The Group conducted several discloseable listed securities transactions during the year, including subscribing for shares in Pacific Legend Group and disposing of shares in Pacific Legend Group and Ping An Insurance[137][142][143] - Post-Reporting Period Events: In May 2025, the Group acquired Pacific Legend Group shares; in June 2025, the Group entered into a second supplemental deed with Eminence, agreeing to revise the conversion price of the 2023 convertible notes from HKD 0.14 to HKD 0.07 per share[151][152] Prospects The Group anticipates a gradual recovery in Hong Kong's property market confidence, driven by government measures, mainland talent influx, and potential global monetary policy easing, while maintaining prudent capital management and exploring new opportunities - The Group expects Hong Kong's real estate market confidence to gradually recover as major central banks ease monetary policies and interest rates slow, despite uncertainties from US trade policies[159][161] - The recovery of inbound tourism is expected to boost Hong Kong's retail market, although changes in tourist spending patterns and regional competition pose new challenges for office and retail leasing businesses[163] - The Group will continue to focus on developing its existing core businesses, implement prudent capital management, and explore other potential opportunities to create value for stakeholders[164] Corporate Governance Report This report details the company's corporate governance framework, practices, and compliance with regulatory requirements Corporate Governance Practices The company maintains high corporate governance standards, fully complying with the Corporate Governance Code this year, with two deviations: the Chairman and CEO roles are combined, and no internal audit function exists, both deemed appropriate by the Board for the current stage - The company deviates from Code Provision C.2.1, with Ms. Kwan Ho Yee, the Chairman, also serving as Chief Executive Officer; the Board believes this arrangement maintains leadership continuity and effective strategy execution[183][186] - The company deviates from Code Provision D.2.5 by not establishing an internal audit function; the Board believes that close supervision by executive directors and senior management provides adequate risk management and internal controls given the Group's business scale, nature, and complexity[189][191] Board of Directors The Board comprises five directors, including two executive and three independent non-executive directors, ensuring independence, with detailed attendance records, established policies for director nomination and diversity, and all independent non-executive directors confirming their independence - The Board consists of 5 members: 2 executive directors (Ms. Kwan Ho Yee, Ms. Lui Yuk Chu) and 3 independent non-executive directors (Mr. Tsui Chun Kong, Mr. Lau Chak Hang, Mr. Ma Man Yiu), meeting listing rule requirements for independent non-executive directors[190][192][193] Board and Committee Meeting Attendance | Director Name | Board Meetings | Audit Committee | Remuneration Committee | Nomination Committee | | :--- | :--- | :--- | :--- | :--- | | Ms. Kwan Ho Yee | 5/5 | — | — | — | | Ms. Lui Yuk Chu | 5/5 | — | — | — | | Mr. Tsui Chun Kong | 4/5 | 2/2 | 1/1 | 1/1 | | Mr. Lau Chak Hang | 4/5 | 2/2 | 1/1 | 1/1 | | Mr. Ma Man Yiu (Appointed 2024/12/30) | 1/1 | — | — | — | - The company has adopted a Board Diversity Policy; as of March 31, 2025, 2 out of 5 Board members are female (40%), achieving diversity in age, tenure, and professional experience[247][251][253] Board Committees The Board has Audit, Remuneration, Nomination, and Executive Committees; the Audit Committee oversees financial reporting and internal controls, the Remuneration Committee reviews executive compensation, the Nomination Committee reviews board structure and nominations, and the Executive Committee executes strategies and monitors daily operations - Audit Committee: Composed of three independent non-executive directors, chaired by Mr. Tsui Chun Kong; held two meetings this year, reviewing annual and interim financial statements, risk management, and internal control systems, and recommending the reappointment of Deloitte as auditor[217][218][224] - Remuneration Committee: Composed of two independent non-executive directors and one executive director; held one meeting this year, reviewing and approving remuneration packages for directors and senior management[225][226] - Nomination Committee: Composed of two independent non-executive directors and one executive director; held one meeting this year, reviewing the Board's structure, composition, and diversity, and assessing the independence of independent non-executive directors[235][240] Accountability, Risk Management and Internal Control The Board affirms its responsibility for preparing true and fair financial statements, overseeing risk management, and delegating corporate governance functions to the Audit Committee, which reviews internal controls; despite no dedicated internal audit, the existing system is deemed effective, supported by whistleblowing and anti-corruption policies - The Board has delegated corporate governance functions (including formulating and reviewing corporate governance policies, monitoring director training, and reviewing compliance) to the Audit Committee[276] - The Board is responsible for assessing and determining the nature and extent of risks the Group is willing to undertake, ensuring effective risk management and internal control systems are established and maintained, with independent review by the Audit Committee[285] - The company has adopted comprehensive Whistleblowing and Anti-Corruption Policies, maintaining a zero-tolerance stance on bribery and corruption, and providing confidential reporting channels for employees and external parties[279][281] Shareholders' Rights This section outlines shareholders' rights and procedures for exercising them, including calling extraordinary general meetings, proposing resolutions, nominating directors, and making inquiries to the Board, all supported by a Shareholder Communication Policy for effective engagement - Shareholders holding not less than one-tenth of the paid-up capital carrying voting rights may request the Board to convene an extraordinary general meeting in writing[301] - The "Rules and Procedures for Election of Directors" are available on the company's website, allowing shareholders to nominate director candidates at general meetings[306] - The company has established a Shareholder Communication Policy and communicates with shareholders through various channels, including its website, annual reports, announcements, and general meetings, ensuring information transparency[308][309] Directors' Report This report details the Group's principal business activities, financial performance, dividend policy, available reserves, and key risks, along with information on directors and their interests Business and Financials This report outlines the Group's main business activities, including property development, property investment, securities investment, and loan financing; the Board does not recommend a final dividend, and as of March 31, 2025, distributable reserves were approximately HKD 935 million, with key business risks identified - The Group primarily engages in property development, property investment, investment in securities and others, and loan financing[321] - The Board does not recommend the payment of a final dividend for the current year[322] - As of March 31, 2025, the company's distributable reserves were approximately HKD 935 million[342] Directors and Their Interests This section discloses director changes and confirms the independence of independent non-executive directors; Ms. Lui Yuk Chu has a competing business interest due to her directorship in Eminence, while Ms. Kwan Ho Yee and Ms. Lui Yuk Chu hold company shares and share options through various means, with details on unexercised options from the expired 2012 share option scheme - Director Ms. Lui Yuk Chu's interests are considered a competing business due to her directorship in Eminence Property Group Limited, which engages in similar businesses[363] Directors' Shareholdings | Director Name | Nature of Interest | Total Shares Held | Approximate % of Shareholding | | :--- | :--- | :--- | :--- | | Ms. Kwan Ho Yee | Personal and Other Interests | 29,252,480 | 39.53% | | Ms. Lui Yuk Chu | Personal and Corporate Interests | 10,002,664 | 13.51% | - The 2012 Share Option Scheme expired in July 2022, with no new options granted; as of the reporting period end, 292,000 share options remain unexercised, primarily held by directors and associated employees[374][379] Substantial Shareholders and Other Information This section details substantial shareholders, with Magical Profits Limited and its associates holding approximately 39.43% as the largest shareholder; it also highlights high supplier concentration (top five account for 91.1% of purchases) and moderate customer concentration (top five account for 32.5% of revenue), confirms no charitable donations, and verifies sufficient public float and auditor reappointment eligibility Substantial Shareholders | Substantial Shareholder Name | Capacity | Number of Shares Held | Approximate % of Shareholding | | :--- | :--- | :--- | :--- | | Magical Profits Limited | Beneficial Owner | 29,179,480 | 39.43% | | Mr. Kwan Wing Yee | Spouse's Interest | 10,002,664 | 13.51% | | Sea Rejoice Limited | Beneficial Owner | 9,929,664 | 13.42% | - High supplier concentration: The top five suppliers accounted for 91.1% of total purchases, with the largest supplier accounting for 72.6% - Moderate customer concentration: The top five customers accounted for 32.5% of revenue, with the largest customer accounting for 7.4%[402] - The company has maintained a sufficient public float, complying with listing rule requirements[415] Environmental, Social and Governance Report This report outlines the Group's commitment to sustainability, covering its governance structure, environmental performance, and social responsibilities Governance Structure and Strategy This ESG report covers all core businesses, with the Board holding ultimate responsibility for ESG matters and establishing a governance structure; through stakeholder engagement and materiality assessment, labor standards, occupational health and safety, product quality, and customer service were identified as key ESG issues guiding CSR strategy - The Board holds overall oversight and decision-making responsibility for the company's ESG matters, including policies, risks, and performance[440] - Through materiality matrix assessment, the Group identified key ESG issues including: labor standards, occupational health and workplace safety, product quality, customer service quality, anti-corruption, and whistleblowing[453][454] Environmental Performance The Group is committed to sustainable environmental management, focusing on energy conservation, resource management, and employee environmental awareness; energy consumption and emissions significantly decreased this year due to subsidiary deconsolidation, with reduction targets set and measures implemented to minimize environmental footprint and address climate-related physical risks Environmental Performance Indicators | Environmental Performance Indicator | 2024/25 | 2023/24 | | :--- | :--- | :--- | | Total GHG Emissions (tonnes CO2e) | 49.79 | 317.76 | | Total Energy Consumption (thousand kWh) | 145.98 | 461.24 | | Total Non-Hazardous Waste Generated (tonnes) | 2.49 | 10,959.02 | | Total Water Consumption (cubic meters) | 998 | 4,108 | - The Group has set reduction targets: to decrease total GHG emission intensity and non-hazardous waste generation intensity by 10% or limit increases to within 20% compared to the baseline year in the next reporting period[463][471] - The Group has identified climate-related risks such as typhoons, extreme weather, and changes in rainfall patterns, and has developed corresponding preventive measures, including enhanced building inspections and improved drainage systems[485] Social Performance The Group values employees as core assets, providing an inclusive, safe, and supportive work environment, adhering to labor laws, prohibiting child and forced labor, offering competitive compensation, and ensuring health and safety with no reported incidents; it supports employee training, manages its supply chain for ESG compliance, and maintains strict anti-corruption and data privacy mechanisms, while engaging in community giving through the Wing Yee Charitable Foundation - As of March 31, 2025, the Group had 18 employees (excluding directors), comprising 11 males and 7 females; no work-related injuries or fatalities were recorded during the reporting period or the past three years[165][497][509] - The Group provides training opportunities for employees, with 100% of senior management trained and an average training duration of 15.5 hours[517][518] - The Group has established strict business ethics, including anti-corruption policies and whistleblowing mechanisms, and ensures customer data privacy; no product/service-related complaints or corruption legal cases were received during the reporting period[530][531][540] Independent Auditor's Report This report presents the independent auditor's opinion on the Group's financial statements and highlights key audit matters Audit Opinion Deloitte Touche Tohmatsu issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, affirming they present a true and fair view in accordance with HKFRSs and the Hong Kong Companies Ordinance - The auditor believes the consolidated financial statements present a true and fair view of the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards[565] Key Audit Matters The auditor identified two key audit matters: the valuation of investment properties and the net realizable value assessment of properties held for development and sale, both significant due to their materiality and the substantial estimates and assumptions involved in determining their fair value or net realizable value - Key Audit Matter One: Valuation of Investment Properties - Reason: This balance is material to the financial statements as a whole, and determining its fair value involves significant estimates and assumptions by management and external valuers - Audit Response: The auditor assessed the competence and objectivity of the external valuers and evaluated the reasonableness of key input data (e.g., rental income, capitalization rates) used in the valuation[571][574] - Key Audit Matter Two: Net Realizable Value Assessment of Properties Held for Development and Sale - Reason: The carrying amounts of these properties are material to the financial statements as a whole, and their net realizable value assessment involves significant estimates of selling prices and completion costs - Audit Response: The auditor assessed the reasonableness of the valuation methodology and key input data, and sampled management's estimates of completion costs[580][585] Consolidated Financial Statements This section presents the Group's consolidated financial statements, including the statement of profit or loss, financial position, and cash flows Consolidated Statement of Profit or Loss and Other Comprehensive Income In FY2025, continuing operations generated HKD 488 million in revenue and a profit of HKD 15.57 million, but a substantial loss of HKD 733 million from discontinued operations (primarily the deemed disposal of Eminence) led to a total annual loss attributable to owners of HKD 718 million, with basic loss per share at HKD 9.71 Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD Thousand) | Item (HKD Thousand) | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Continuing Operations | | | | Revenue | 488,489 | 196,421 | | Profit (Loss) Before Tax | 8,778 | (219,929) | | Profit (Loss) for the Year | 15,568 | (228,435) | | Discontinued Operations | | | | Loss for the Year | (733,263) | (180,124) | | Overall Results | | | | Total Loss for the Year | (717,695) | (408,559) | | Loss Attributable to Owners of the Company | (717,668) | (253,235) | | Basic Loss Per Share (HKD) | (9.71) | (3.50) | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets were HKD 3.33 billion, total liabilities HKD 1.60 billion, and net assets HKD 1.73 billion; total assets and liabilities significantly decreased by over 60% compared to the previous fiscal year-end due to the deconsolidation of Eminence, with equity attributable to owners at HKD 1.73 billion Consolidated Statement of Financial Position (HKD Thousand) | Item (HKD Thousand) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Non-Current Assets | 1,297,887 | 2,404,846 | | Current Assets | 2,032,071 | 6,334,193 | | Total Assets | 3,329,958 | 8,739,039 | | Liabilities and Equity | | | | Current Liabilities | 1,440,490 | 2,788,134 | | Non-Current Liabilities | 162,903 | 1,348,814 | | Total Liabilities | 1,603,393 | 4,136,948 | | Net Assets | 1,726,565 | 4,602,091 | | Equity Attributable to Owners of the Company | 1,728,396 | 2,407,053 | | Non-Controlling Interests | (1,831) | 2,195,038 | Consolidated Statement of Cash Flows In FY2025, operating activities generated a net cash inflow of HKD 359 million, primarily from reduced properties held for sale; investing activities resulted in a net cash outflow of HKD 239 million due to the deemed disposal of a subsidiary; financing activities led to a net cash outflow of HKD 412 million, mainly for bank loan repayments, resulting in a net decrease of HKD 292 million in cash and cash equivalents, with an ending balance of HKD 15.64 million Consolidated Statement of Cash Flows (HKD Thousand) | Cash Flow Item (HKD Thousand) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 358,932 | (336,260) | | Net Cash from Investing Activities | (239,069) | 284,205 | | Net Cash from Financing Activities | (411,613) | (28,026) | | Net Decrease in Cash and Cash Equivalents | (291,750) | (80,081) | | Cash and Cash Equivalents at Beginning of Year | 307,435 | 398,894 | | Cash and Cash Equivalents at End of Year | 15,638 | 307,435 | Financial Summary This section provides a five-year summary of key financial performance and position data, showing a significant loss in 2025 and a substantial reduction in total assets and equity due to business divestment - The report provides a summary of key performance and balance sheet data for the past five fiscal years (2021-2025); the Group recorded significant profits in 2022 but consecutive losses in the last two years, with the 2025 loss being the highest in five years; total assets and total equity peaked in 2022-2023 before significantly shrinking in 2025 due to business divestment[1311] Five-Year Financial Summary (HKD Thousand) | Item (HKD Thousand) | 2021 | 2022 | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Performance | | | | | | | Revenue | 323,382 | 350,784 | 102,674 | 227,114 | 488,489 | | (Loss) Profit Attributable to Owners of the Company | 22,308 | 979,437 | 13,280 | (253,235) | (717,668) | | Assets and Liabilities | | | | | | | Total Assets | 4,903,606 | 8,919,158 | 9,188,964 | 8,739,039 | 3,329,958 | | Total Liabilities | (1,673,161) | (3,981,641) | (4,196,579) | (4,136,948) | (1,603,393) | | Net Assets | 3,230,445 | 4,937,517 | 4,992,385 | 4,602,091 | 1,726,565 | Summary of Properties As of March 31, 2025, the Group's property portfolio includes investment properties (industrial, commercial, and residential units in various Hong Kong locations) and properties held for development and sale (primarily a residential project in Chatham Road North, Kowloon, completed in March 2025) - As of March 31, 2025, the Group's property portfolio includes investment properties and properties held for development and sale - Investment Properties: Comprise industrial, commercial, and residential units located in Cheung Sha Wan, Mong Kok, Wan Chai, and Kowloon Tong, Hong Kong - Properties Held for Development and Sale: Primarily a residential project located at Chatham Road North, Kowloon, which was completed in March 2025[1315][1316][1319]