中国数智科技(01796) - 2025 - 年度财报

Company Information This section provides an overview of the company's board composition, key personnel changes, and essential contact and registration details Board of Directors and Committee Composition The Company's Board of Directors comprises Executive, Non-Executive, and Independent Non-Executive Directors, with Audit, Remuneration, and Nomination Committees established, noting several changes in directors and committee members during the reporting period - The Board Chairman, Mr. Liang Wenzhi, resigned on November 6, 2024, leaving the Chairman position vacant[3] - Mr. Deng Houhua, Ms. Ya Li, and Ms. Chen Yan were appointed as new Directors between December 2024 and June 2025[3][4] - Mr. Zheng Bailin serves as Chairman for the Audit Committee, Remuneration Committee, and Nomination Committee[3][4] Company Contact and Registration Information The Company's headquarters and principal place of business in Hong Kong are located in Tsuen Wan, with its registered office in the Cayman Islands, and details of legal advisors, share registrars, and auditors are provided - The Company's headquarters and principal place of business in Hong Kong are located at Unit 3, 32/F, Cable TV Tower, 9 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong[6] - The auditor is Grant Thornton Hong Kong Limited[6] - The Company's website is www.metaspacex.hk, and its stock code is 1796[6] CEO's Report This report provides an overview of the Hong Kong economy and construction industry, along with a review and outlook of the Group's business performance Hong Kong Economic and Construction Industry Overview In 2024, Hong Kong's economy grew moderately by 2.5%, driven by goods exports, services, and investment, but private consumption remained cautious, while the nominal value of construction works increased by 7.2%, non-site works decreased by 6.0%, indicating challenges for the renovation sector - In 2024, Hong Kong's real Gross Domestic Product (GDP) increased by 2.5%[7] - The nominal value of construction works completed by main contractors in 2024 was 290.5 billion HKD, an increase of 7.2% from last year[7] - The nominal value of non-site construction works decreased by 6.0% to approximately 8.73 billion HKD, with a decreased number of renovation projects[7] Group Business Review and Outlook As a professional renovation contractor, the Group's total revenue for FY2025 was approximately 263.9 million HKD, a 42.7% year-on-year decrease, with gross profit margin falling to 2.1%, and facing global economic uncertainty and a real estate market downturn, the Group aims to maintain core business stability while exploring new technological and innovative development opportunities FY2025 Key Financial Data | Metric | FY2025 (million HKD) | FY2024 (million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 263.9 | 460.3 | -42.7% | | Gross Profit Margin | 2.1% | 4.4% | -2.3 percentage points | - Revenue decrease primarily due to fewer contracts undertaken[8] - Looking ahead to 2025, the Group will maintain core business stability while actively exploring opportunities in emerging technologies and innovative development[10] Management Discussion and Analysis This section provides an overview of the industry, a review of the Group's business and financial performance, its liquidity, capital structure, treasury policy, key risks, and future plans Industry Overview In 2024, the global economy experienced a slow recovery, with Hong Kong's GDP growing by 2.5%, but the weak real estate market and ineffective government measures led to a contraction in the renovation industry, intensifying competition and generally decreasing revenue - In 2024, Hong Kong's real Gross Domestic Product increased by 2.5% compared to 2023[13] - The real estate market was weak, and the government's relaxation of 'cooling measures' failed to effectively stimulate the market[13] - Renovation industry activities further contracted, leading to intensified industry competition and general decline in revenue[13] Business Review The Group, a renowned renovation contractor in Hong Kong, provides renovation services for new buildings and interior refurbishment for existing ones, with FY2025 revenue of approximately 263.9 million HKD, a 42.7% decrease from FY2024, and gross profit margin falling from 4.4% to 2.1%, primarily due to fewer market projects and intense industry competition - The Group provides renovation services for new buildings and interior refurbishment services for existing buildings[14] Business Performance Comparison | Metric | FY2025 (million HKD) | FY2024 (million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 263.9 | 460.3 | -42.7% | | Gross Profit Margin | 2.1% | 4.4% | -2.3 percentage points | - The decrease in revenue and gross profit margin is primarily due to fewer market projects and intense industry competition[14] Prospects Hong Kong's economy is projected to grow moderately by 2% to 3% in 2025, with continued growth in service exports expected, while the real estate sector faces short-term subdued demand, maintaining pressure on the renovation industry, though government talent attraction strategies and metropolitan development plans may drive long-term market growth, prompting the Group to monitor trends and adapt strategies for new opportunities - Hong Kong's real GDP growth forecast for 2025 is between 2% to 3%[15] - The real estate industry is not expected to experience significant fluctuations in the short term, and the renovation industry will continue to face pressure[16] - The Group will closely monitor market trends, adjust strategies, and seize new business opportunities aligned with its strategic vision and core capabilities[16] Financial Review The Group's FY2025 revenue significantly decreased by 42.7% to 263.9 million HKD, gross profit fell to 5.5 million HKD, and gross profit margin dropped to 2.1%, while administrative and other operating expenses increased by 71.2% to 32.7 million HKD due to higher write-offs of retention receivables and increased provision for expected credit losses, leading to an expanded net loss of 32.2 million HKD despite reduced finance costs FY2025 Financial Performance Comparison | Metric | FY2025 (million HKD) | FY2024 (million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 263.9 | 460.3 | -42.7% | | Gross Profit | 5.5 | 20.2 | -72.8% | | Gross Profit Margin | 2.1% | 4.4% | -2.3 percentage points | | Administrative and Other Operating Expenses | 32.7 | 19.1 | +71.2% | | Finance Costs | 5.1 | 5.8 | -12.1% | | Net Loss | 32.2 | 4.4 | +631.8% | - The increase in administrative and other operating expenses is mainly due to an increase of approximately 5.4 million HKD in write-offs of retention receivables and an increase of 11.1 million HKD in provision for expected credit losses[20] - The increase in net loss is primarily due to decreased revenue and gross profit, as well as increased administrative and other operating expenses[23] Liquidity, Financial Resources, and Capital Structure In FY2025, the Group's capital structure remained unchanged, with issued share capital at 4.8 million HKD, while total cash and bank balances decreased by approximately 9.5 million HKD to 43.1 million HKD, and the debt-to-equity ratio rose from 55.0% to 82.8%, mainly due to a reduction in total equity from the net loss - The Company's issued share capital is 4.8 million HKD, with 480,000,000 shares[24] Liquidity Position | Metric | March 31, 2025 (million HKD) | March 31, 2024 (million HKD) | Change (million HKD) | | :--- | :--- | :--- | :--- | | Total Cash and Bank Balances | 43.1 | 52.6 | -9.5 | | Debt-to-equity Ratio | 82.8% | 55.0% | +27.8 percentage points | - The increase in debt-to-equity ratio is mainly due to a decrease in total equity resulting from the net loss incurred[24](index=