同景新能源(08326) - 2025 - 年度财报

Company Information This section provides an overview of the company's governance structure, including its board composition and key professional advisors Board of Directors and Committees The company's board comprises three executive and three independent non-executive directors, with audit, remuneration, nomination, and compliance committees ensuring robust corporate governance - Board members include Mr. Wu Jiannong (Chairman and CEO), Ms. Shen Menghong, Mr. Xu Shuisheng (Executive Directors), and Ms. Wang Xiaoxiong, Mr. Zhou Yuan, Mr. Shen Fuxin (Independent Non-Executive Directors)[5] - The company has an Audit Committee (Chairperson: Ms. Wang Xiaoxiong), Remuneration Committee (Chairman: Mr. Zhou Yuan), Nomination Committee (Chairperson: Ms. Wang Xiaoxiong), and Compliance Committee (Chairperson: Ms. Shen Menghong)[5] Contact and Professional Advisors The company is registered in the Cayman Islands with its Hong Kong headquarters in Central, appointing Union Registrars Limited as its Hong Kong share registrar and UHY CPA Limited as its auditor - The company's registered office is in the Cayman Islands, with its Hong Kong headquarters and principal place of business at Unit 19, 20/F, Wellington Plaza, 1 Wellington Street, Central, Hong Kong[5] - Union Registrars Limited serves as the Hong Kong share registrar, and UHY CPA Limited is the auditor[6] - The company's stock code is 8326, and its official website is www.tonkinggroup.com.hk[6](index=6&type=chunk) Chairman's Statement This statement highlights the Group's financial achievements and strategic direction for the year, emphasizing growth and future focus on renewable energy Financial Performance For the year ended March 31, 2025, the Group achieved significant growth in both revenue and profit attributable to owners, increasing by 34.4% and 118.3% year-on-year, respectively FY2025 Financial Performance | Indicator | FY2025 (HKD) | FY2024 (HKD) | Year-on-year Growth | | :--- | :--- | :--- | :--- | | Revenue | 1,030,000,000 | 766,100,000 | 34.4% | | Profit attributable to owners of the Company | 71,700,000 | 32,800,000 | 118.3% | Corporate Actions and Strategic Outlook The company completed a voluntary conditional cash offer and rights issue during the year, strengthening its financial position, and plans to focus on building green, smart photovoltaic power stations in the new energy era - The company completed a voluntary conditional cash offer in May 2024 and a rights issue in August 2024, issuing one rights share for every two existing shares, which strengthened the Group's financial position and avoided ongoing interest expenses[10] - In response to the 2030 carbon peak and 2060 carbon neutrality goals, the Group will primarily drive solar photovoltaic power generation, aiming to build green, smart photovoltaic power stations globally[10] Management Discussion and Analysis This section reviews the Group's business performance, financial position, liquidity, and key risks, alongside its human resources and environmental policies Business Review and Future Prospects The Group's renewable energy business now focuses on one-stop photovoltaic power station solutions and patented tracking fixed bracket system sales, actively adapting to market changes for intelligent and efficient development - The Group's renewable energy business is divided into two main segments: providing one-stop value-added solutions for photovoltaic power stations (EPC, maintenance support, and inspection) and selling patented photovoltaic tracking fixed bracket systems[16] - In 2024, global newly installed photovoltaic capacity reached 530 GW, a 35.9% year-on-year increase, with China's new installations at 277.57 GW, a 28.3% year-on-year increase, accounting for 40% of the global total[16] - The Group is committed to building a digital and intelligent photovoltaic tracking control platform, utilizing big data and AI technology to reduce costs, increase power generation, and adapt to the end of the fixed feed-in tariff era for domestic photovoltaic power stations[16][19] Financial Review The Group achieved substantial growth in revenue and net profit in FY2025, though cost of sales and administrative expenses also increased FY2025 Financial Review | Indicator | FY2025 (HKD thousands) | FY2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,029,921 | 766,108 | Increased by 34.4% | | Cost of sales | 875,513 | 669,599 | Increased | | Total administrative and other operating expenses | 47,618 | 39,874 | Increased by 19.4% | | Profit attributable to owners of the Company | 71,652 | 32,822 | Increased by 118.3% | Liquidity, Financial and Capital Resources The Group significantly enhanced its share capital and equity through a rights issue and increased net profit, improving cash position, reducing the gearing ratio, and strengthening financial stability FY2025 Liquidity and Capital Position | Indicator | As of March 31, 2025 (HKD thousands) | As of March 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Total number of issued shares | 1,227,000,000 shares | 818,000,000 shares | Increased | | Share capital | 12,270 | 8,180 | Increased | | Equity attributable to owners of the Company | 357,197 | 253,900 | Increased | | Cash and cash equivalents | 80,672 | 44,318 | Increased | | Restricted/pledged bank deposits | 44,084 | 48,959 | Decreased | | Total bank and other borrowings | 94,358 | 96,905 | Decreased | | Gearing ratio | 29% | 37% | Decreased by 8 percentage points | - The decrease in gearing ratio is primarily attributable to the completion of the rights issue and an increase in net profit during the year[27] - The Group is primarily exposed to RMB exchange rate fluctuation risk and has not entered into foreign exchange contracts for hedging, but may consider using hedging derivative instruments in the future[29] Employees and Remuneration Policy As of March 31, 2025, the Group's employee count increased to 162, offering competitive remuneration, internal training, and various benefits to attract and retain talent - As of March 31, 2025, the Group had 162 employees (including directors), an increase from 128 in 2024[33] - The Group offers competitive remuneration (referencing market conditions, individual qualifications, and experience) and various internal training programs, along with benefits such as a profit-sharing scheme, medical insurance, work injury insurance, and rental allowances[33] Key Risks and Uncertainties The Group faces credit, interest rate, and liquidity risks, managed through monitoring and strategic approaches to balance funding sustainability and flexibility - Credit risk primarily arises from contract assets, trade and bills receivables, other receivables, and cash equivalents[34] - The Group has no significant interest-bearing financial assets and liabilities with floating interest rates, so interest rate risk is not significant[35] - Liquidity risk is managed by utilizing bank borrowings, advances from related parties, and internally generated funds to maintain funding sustainability and flexibility[36] Environmental Policy and Performance The Group is committed to enhancing green initiatives and environmental awareness in daily operations, adhering to 3R principles, and integrating its ESG report into the annual report - The Group promotes environmental protection, educates employees on environmental awareness, adheres to the 3R principles of recycle, reuse, and reduce waste, and uses energy-efficient appliances in production[37] - The Group's Environmental, Social and Governance Report is included in the annual report, detailing its environmental efforts[38] Key Relationships with Employees, Customers, and Suppliers The Group maintains good relationships with employees, customers, and suppliers, ensuring fair remuneration and no significant salary payment disputes - The Group maintains good relationships with customers and suppliers[39][40] - For the year ended March 31, 2025, there were no significant disputes regarding salary payments, and all employees received fair remuneration and benefits[40] Key Performance Indicators The Group's key financial performance indicators are detailed in the 'Five-Year Financial Summary' section of the annual report - The Group's key financial performance indicators for the