北亚策略(08080) - 2025 - 年度财报

Corporate Information Provides essential company registration and contact details Financial Highlights Presents a five-year overview of the company's key financial performance and position metrics Five-Year Performance Summary (Year Ended March 31) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | 2023 (HKD thousands) | 2022 (HKD thousands) | 2021 (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,375,299 | 1,305,420 | 2,266,642 | 2,445,150 | 2,358,611 | | Profit/(Loss) before tax | 4,303 | (44,790) | 4,551 | 108,662 | 184,934 | | (Loss)/Profit attributable to owners of the Company | (7,904) | (48,735) | 1,088 | 79,793 | 137,263 | Five-Year Assets, Liabilities and Equity Summary (As at March 31) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | 2023 (HKD thousands) | 2022 (HKD thousands) | 2021 (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total assets | 1,957,197 | 1,957,058 | 2,079,936 | 3,161,987 | 3,161,609 | | Total liabilities | 594,266 | 583,320 | (644,600) | (1,714,545) | (1,916,542) | | Equity attributable to owners of the Company | 1,362,931 | 1,373,738 | 1,435,336 | 1,447,442 | 1,245,067 | Chairlady's Statement The Chairlady's statement outlines the company's performance, strategic direction, and market outlook Economic Landscape and Business Performance Despite investment property impairment, the Group significantly narrowed its net loss, driven by high-tech distribution and leasing growth - Despite benefiting from consumer electronics and EV markets, the Group recorded a consolidated net loss of approximately HKD 7.904 million, a significant 84% reduction year-on-year, due to investment property impairment[21] - The high-tech distribution business saw a significant order rebound since early 2025, benefiting from Chinese government subsidies for equipment upgrades and consumer goods trade-ins[23] - The leasing business's operating lease segment continued to grow, primarily due to increased demand for SMT machine rentals from electronics manufacturers to cope with order fluctuations[26] - The electronic payment business (Jarvix brand) experienced revenue decline due to shifting consumer habits towards cross-border shopping and dining[27] Outlook The Group is optimistic about the Greater Bay Area, expanding in Southeast Asia, and launching new electronic payment services - The Group plans to actively seek investment opportunities aligned with the "14th Five-Year Plan" and Greater Bay Area initiatives, leveraging organic growth and external acquisitions[31] - To address customer manufacturing relocation trends, the Group will continue expanding its sales and engineering teams in Southeast Asian countries[32] - The electronic payment business plans to launch new "Buy Now, Pay Later" services and other new products[32] Management Discussion and Analysis Provides an in-depth analysis of the Group's financial results, operational performance, and future strategies across its business segments FINANCIAL AND BUSINESS PERFORMANCE Consolidated revenue increased by 5.4% to HKD 1.375 billion, with net loss significantly narrowed due to improved cost efficiency and despite property impairment Key Financial Metrics for FY2024/25 | Indicator | FY2025 | FY2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | HKD 1.375 billion | HKD 1.305 billion | +5.4% | | Consolidated Net Loss | (HKD 7.9 million) | (HKD 48.74 million) | +84% (Loss narrowed) | | Net Profit/(Loss) excluding impairment | HKD 10.95 million | Net Loss | Turned profitable | | Basic Loss Per Share | 1.7 HK cents | 10.7 HK cents | Loss narrowed | | Consolidated Net Asset Value Per Share | HKD 3.00 | HKD 3.02 | -HKD 0.02 | - Revenue growth was primarily attributed to a 7.7% increase in the high-tech distribution and services segment, driven by increased capital investment in the EV industry and customer overseas expansion demand[42] - The net loss for the year was primarily due to a non-cash impairment of approximately HKD 18.86 million on investment properties, resulting from the downturn in the Hong Kong property market[46] HI-TECH DISTRIBUTION AND SERVICES DIVISION This core segment returned to profitability with a net profit of HKD 42.10 million, driven by strong demand in EV and smartphone sectors HI-TECH DISTRIBUTION AND SERVICES DIVISION - Performance Overview | Indicator | FY2025 (HKD thousands) | FY2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue | 1,236,648 | 1,147,992 | +7.7% | | Direct Machine Sales | 1,060,222 | 1,026,289 | +3.3% | | Parts and Software Sales | 99,280 | 68,324 | +45.3% | | Sales Support and Other Services | 77,146 | 53,379 | +44.5% | | Net Profit/(Loss) | 42,099 | (3,260) | Turned profitable | - Performance growth was primarily driven by a rebound in demand from the Electric Vehicle (EV) and smartphone industries, particularly due to customers establishing new manufacturing facilities in Southeast Asia, leading to significant increases in parts sales and sales support service revenue[52][53] LEASING DIVISION Despite a 12% revenue decrease, the leasing segment's net profit surged by 209.4% to HKD 15.48 million, driven by strong operating lease growth LEASING DIVISION - Performance Overview | Indicator | FY2025 (HKD thousands) | FY2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue | 135,813 | 154,346 | -12.0% | | Machine Sales | 73,166 | 116,386 | -37.1% | | Operating Leases | 53,431 | 29,216 | +82.9% | | Finance Leases | 9,216 | 8,744 | +5.4% | | Net Profit | 15,475 | 5,002 | +209.4% | - Despite a significant decline in machine sales revenue, operating lease income surged, primarily due to increased rental prices and sustained customer renewal demand, which reduced equipment idle rates and improved utilization efficiency[60] ELECTRONIC PAYMENT SOLUTION DIVISION This segment saw a 7.9% revenue decline and expanded net loss due to weak local consumption and ongoing IT investments ELECTRONIC PAYMENT SOLUTION DIVISION - Performance Overview | Indicator | FY2025 (HKD thousands) | FY2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 2,838 | 3,082 | -7.9% | | Net Loss | (4,690) | (3,725) | -25.9% (Loss widened) | | Of which: Amortization of intangible assets | 2,598 | - | - | - Revenue decline was primarily attributed to weak local consumption in Hong Kong and low consumer confidence; the expanded loss included approximately HKD 2.6 million in intangible asset amortization[67] - Group management successfully restructured the Jarvix business over the past two years, investing in IT upgrades and optimizing operations to provide more comprehensive online and offline payment solutions[66] OUTLOOK The Group anticipates growth from China's resilient market, EV and AI sectors, while expanding in Southeast Asia and launching new SMT products - The Group expects China's strong economic performance (projected 5% GDP growth in 2025) and the rapid development of the EV and AI industries to provide a favorable business backdrop[71][75][76] - The high-tech distribution division anticipates steady growth in customer orders and plans to launch the new generation SMT product, NXTR, by the end of 2025 to drive replacement demand[82][83] - The leasing business will focus on enhancing equipment utilization and diversifying products to capitalize on the growing demand for SMT equipment driven by the "Made in China 2025" policy[86][87] - The electronic payment business (Jarvix), following strategic restructuring, targets young and high-end consumer groups and expects to benefit from Hong Kong government consumption stimulus measures and tourism recovery[90][96] LIQUIDITY AND FINANCIAL RESOURCES The Group maintains a net cash position, relying on internal resources and bank financing, with total assets of HKD 1.957 billion and total liabilities of HKD 594 million Financial Position Overview (As at March 31, 2025) | Indicator | Amount (HKD thousands) | | :--- | :--- | | Total Assets | 1,957,197 | | Total Liabilities | 594,266 | | Bank Facilities | 708,195 | | Utilized Bank Facilities | 178,842 | | Consolidated Net Asset Value Per Share | HKD 3.00 | - The Group maintained a net cash position in both FY2025 and FY2024[97] Profiles of Directors and Senior Management Provides biographical information and roles of the company's directors and key senior management personnel Corporate Governance Report Details the company's corporate governance framework, including board structure, committees, and compliance with relevant codes Board of Directors and Committees The Board comprises six directors, including three independent non-executive directors, meeting governance code requirements, with high attendance at 11 meetings - The Board consists of 6 directors, with 3 independent non-executive directors, exceeding one-third as required by the Corporate Governance Code[132] - During the reporting year, the Board held 11 meetings with an average attendance rate of approximately 97%[139] - The company has established Nomination, Remuneration, and Audit Committees, whose composition and operations comply with the Corporate Governance Code[163] Risk Management and Internal Controls The Group maintains an effective risk management and internal control system based on the COSO 2013 framework, reviewed annually by independent consultants - The Group employs an internal control system based on the COSO 2013 framework and has established a four-stage risk management process[209][210][213] - The Group engaged an independent internal control consultant to conduct annual reviews of its risk management and internal control systems, reporting to the Board and Audit Committee[225] - The Board, after review, considers the Group's risk management and internal control systems to be effective and adequate for the year ended March 31, 2025[230] Report of the Directors Provides an overview of the company's financial performance, dividend policy, and significant corporate events during the reporting period Dividends and Reserves The Board does not recommend a dividend for the year, with distributable reserves decreasing to HKD 424 million - The Directors do not recommend the payment of any dividend for the year ended March 31, 2025[296] - As at March 31, 2025, the company's distributable reserves were approximately HKD 424 million, lower than HKD 460 million in 2024[298] Directors and Substantial Shareholders Discloses the shareholdings of directors and substantial shareholders, including Ms. Zhang Yifan's 56.55% stake Substantial Shareholders' Shareholdings (As at March 31, 2025) | Shareholder Name | Capacity | Number of Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Sky Virtue Holdings Limited (wholly-owned by Ms. Zhang Yifan) | Beneficial owner | 257,003,901 | 56.55% | | Sincere Ardent Limited (wholly-owned by Ms. Lu Ying) | Beneficial owner | 51,752,205 | 11.39% | | Sun Ciying | Beneficial owner | 39,861,357 | 8.77% | Equity-Linked Agreements The company adopted a new share option scheme in 2023, with all options under the previous 2014 scheme lapsing and no new options granted - The company adopted a new "2023 Scheme" on September 7, 2023, replacing the "2014 Scheme" which expired on September 4, 2024[335][353] - As at March 31, 2025, all 32,056,388 unexercised share options under the "2014 Scheme" had lapsed[360] - As at March 31, 2025, no share options had been granted under the new "2023 Scheme"[344] Independent Auditor's Report Presents the auditor's opinion on the financial statements and highlights key audit matters requiring significant judgment Auditor's Opinion and Key Audit Matters Ernst & Young issued an unmodified opinion on the financial statements, with key audit matters including ECLs for receivables and impairment of goodwill/intangible assets - The auditor issued an unmodified opinion, stating that the consolidated financial statements give a true and fair view of the Group's financial position, performance, and cash flows[399] - Key Audit Matter One: Assessment of Expected Credit Losses (ECLs) for trade receivables (approximately HKD 307 million) and finance lease receivables (approximately HKD 67.5 million), due to significant management judgment involved[406] - Key Audit Matter Two: Impairment assessment of goodwill and other intangible assets (approximately HKD 391 million) related to high-tech distribution services and electronic payment solutions, relying on significant judgments and estimates of future cash flows[418][419] Consolidated Statement of Profit or Loss Summarizes the Group's financial performance for the year, showing revenue, gross profit, operating loss, and net loss Consolidated Statement of Profit or Loss Summary (Year Ended March 31) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 1,375,299 | 1,305,420 | | Gross Profit | 289,401 | 205,567 | | Operating Loss | (1,268) | (55,216) | | Profit/(Loss) before income tax | 4,303 | (44,790) | | Loss for the year | (7,904) | (48,735) | | Basic loss per share (HK cents) | (1.7) | (10.7) | Consolidated Statement of Comprehensive Income Presents the Group's total comprehensive loss for the year, including net loss and other comprehensive losses Consolidated Statement of Comprehensive Income Summary (Year Ended March 31) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Loss for the year | (7,904) | (48,735) | | Other comprehensive loss (primarily currency translation differences) | (2,903) | (13,728) | | Total comprehensive loss for the year | (10,807) | (62,463) | Consolidated Statement of Financial Position Provides a snapshot of the Group's assets, liabilities, and equity as of the reporting date Consolidated Statement of Financial Position Summary (As at March 31) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Non-current assets | 772,710 | 788,934 | | Current assets | 1,184,487 | 1,168,124 | | Total assets | 1,957,197 | 1,957,058 | | Current liabilities | 562,288 | 536,954 | | Non-current liabilities | 31,978 | 46,366 | | Total liabilities | 594,266 | 583,320 | | Total equity | 1,362,931 | 1,373,738 | Consolidated Statement of Changes in Equity Details the changes in the Group's equity attributable to owners, primarily due to the total comprehensive loss for the year - As at March 31, 2025, total equity attributable to owners of the Company was HKD 1.363 billion, a decrease of approximately HKD 10.81 million from the beginning of the year; this reduction was primarily due to a total comprehensive loss of HKD 10.81 million for the year, comprising a net loss of HKD 7.90 million and currency translation differences of HKD 2.90 million[455] Consolidated Statement of Cash Flows Reports the Group's cash inflows and outflows from operating, investing, and financing activities Consolidated Statement of Cash Flows Summary (Year Ended March 31) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Net cash flows from operating activities | 28,186 | (41,416) | | Net cash flows from investing activities | (42,362) | (7,400) | | Net cash flows from financing activities | (12,451) | (22,647) | | Decrease in cash and cash equivalents | (26,627) | (71,463) | | Cash and cash equivalents at beginning of year | 345,494 | 425,154 | | Cash and cash equivalents at end of year | 321,450 | 345,494 | Notes to Financial Statements Provides detailed explanations and breakdowns of items presented in the primary financial statements Segment Information The Group operates three segments: high-tech distribution, leasing, and electronic payment, with most revenue from China FY2025 Segment Performance | Segment | Revenue (HKD thousands) | Segment Results (HKD thousands) | | :--- | :--- | :--- | | High-tech product distribution and services | 1,236,648 | 49,114 | | Leasing | 135,813 | 21,967 | | Electronic payment solutions | 2,838 | (5,119) | | Total | 1,375,299 | 65,962 | - Geographically, the China market, including Hong Kong, contributed HKD 1.292 billion in revenue, accounting for 94% of total revenue[815] Properties Held by the Group Details the Group's investment properties in Hong Kong, held for rental income - The Group holds two primary investment properties, both located in Hong Kong, used for rental income; one is at 9 Seymour Road, The Icon, and the other at 21 Borrett Road[1032]