Global Distribution Network Worldwide Distribution As of March 31, 2025, the group's global store count decreased by 296 to 3,287, with self-operated stores increasing by 53 and franchised stores decreasing by 348 Global Store Count Changes (As of March 31) | Store Type | Region | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Self-operated Stores | Total | 287 | 234 | +53 | | | Mainland China | 193 | 150 | +43 | | | Hong Kong, Macau & Overseas | 94 | 84 | +10 | | Franchised Stores | Total | 2,983 | 3,331 | -348 | | | Mainland China | 2,969 | 3,322 | -353 | | | Hong Kong, Macau & Overseas | 14 | 9 | +5 | | Specialty Stores | Total | 17 | 18 | -1 | | | Mainland China | 17 | 18 | -1 | | Global Total | | 3,287 | 3,583 | -296 | - By brand, the core 'Lukfook' brand saw a net decrease of 312 stores, while the '3DG Jewellery' brand had a net increase of 21 stores, reflecting the group's multi-brand strategy adjustments6 Mainland China Distribution As of March 31, 2025, the group's total store count in Mainland China decreased by 311 to 3,179, with self-operated stores increasing by 43 but franchised and specialty stores decreasing by 354, primarily in Tier 4 and below cities Mainland China Store Distribution Changes by City Tier | City Tier | Self-operated Store Change | Franchised/Specialty Store Change | Total Change | | :--- | :--- | :--- | :--- | | Tier 1 | +16 | -71 | -55 | | Tier 2 | +15 | -42 | -27 | | Tier 3 | -2 | -62 | -64 | | Tier 4 & Below | +14 | -179 | -165 | | Total | +43 | -354 | -311 | Mainland China Store Distribution Changes by Region | Region | Self-operated Store Change | Franchised/Specialty Store Change | Total Change | | :--- | :--- | :--- | :--- | | North China | +23 | -73 | -50 | | East China | +9 | -53 | -44 | | South China | +3 | -86 | -83 | | Central China | +8 | -128 | -120 | | West China | 0 | -14 | -14 | | Total | +43 | -354 | -311 | Operational Highlights Revenue and Profit Analysis For FY2025, the group's overall revenue decreased by 12.9% and segment profit by 22.6%, with Hong Kong, Macau & Overseas markets contributing the most revenue but experiencing a 19.6% decline, while retail business remained the primary revenue source despite a decline in both revenue and profit By Market Hong Kong, Macau & Overseas market revenue decreased by 19.6% to HKD 8.068 billion, but adjusted segment profit increased by 7.8%, while Mainland China market revenue remained stable with a slight 0.2% decrease to HKD 5.273 billion, but segment profit and adjusted segment profit both significantly declined Revenue and Segment Profit by Market (Million HKD) | Market | Revenue | Revenue YoY | Segment Profit | Segment Profit YoY | Adjusted Segment Profit¹ | Adjusted Segment Profit YoY | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong, Macau & Overseas | 8,068 | -19.6% | 1,089 | -7.7% | 1,330 | +7.8% | | Mainland China | 5,273 | -0.2% | 577 | -40.7% | 829 | -17.6% | | Overall | 13,341 | -12.9% | 1,666 | -22.6% | 2,159 | -3.6% | By Business Retail business revenue decreased by 13.5% to HKD 11.031 billion, accounting for 82.7% of total revenue, while wholesale business revenue decreased by 8.8% with a sharp 92.4% drop in segment profit, and brand licensing business revenue also declined by 12.6% Revenue and Segment Profit by Business (Million HKD) | Business | Revenue | Revenue YoY | Segment Profit | Segment Profit YoY | Adjusted Segment Profit¹ | Adjusted Segment Profit YoY | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Retail | 11,031 | -13.5% | 1,026 | -17.7% | 1,418 | +8.4% | | Wholesale | 1,406 | -8.8% | 14 | -92.4% | 115 | -45.7% | | Brand Business | 904 | -12.6% | 626 | -13.1% | 626 | -13.1% | By Product Despite a 15.0% decrease in sales of gold and platinum products to HKD 8.822 billion due to high gold prices, their gross profit increased by 16.2% due to a 7.1 percentage point rise in gross margin, while fixed-price jewellery sales decreased by 7.6% with stable gross profit Sales and Gross Profit by Product (Million HKD) | Product Category | Sales | Sales YoY | Gross Profit | Gross Profit YoY | Gross Margin | Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gold & Platinum | 8,822 | -15.0% | 2,325 | +16.2% | 26.4% | +7.1 p.p. | | Fixed-Price Jewellery | 3,615 | -7.6% | 1,424 | +0.1% | 39.4% | +3.0 p.p. | | Overall | 12,437 | -13.0% | 3,749 | +9.5% | 30.1% | +6.2 p.p. | Retail Sales Performance For FY2025, overall same store sales (SSS) decreased by 25%, a sharp contrast to the 32% growth in FY2024, with Hong Kong and Macau markets seeing a 28% decline and Mainland China a 12% decline, and gold and platinum products experiencing larger SSS drops than fixed-price jewellery in both markets Same Store Sales Growth Rate (SSS) | Market/Product | FY2025 | FY2024 | | :--- | :--- | :--- | | Overall | -25% | +32% | | Gold & Platinum | -28% | +38% | | Fixed-Price Jewellery | -14% | +16% | | Hong Kong & Macau | -28% | +40% | | Gold & Platinum | -32% | +46% | | Fixed-Price Jewellery | -15% | +22% | | Mainland China | -12% | -2% | | Gold & Platinum | -12% | +2% | | Fixed-Price Jewellery | -14% | -21% | Financial Highlights Financial Performance For FY2025, the group's revenue decreased by 12.9% to HKD 13.341 billion, but gross profit increased by 5.8% due to rising gold prices, while operating profit and profit for the year significantly declined by 33.3% and 39.3% respectively, and basic earnings per share decreased by 37.9% despite an increased payout ratio FY2025 Financial Performance Summary (Million HKD) | Metric | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 13,341 | 15,326 | -12.9% | | Gross Profit | 4,417 | 4,174 | +5.8% | | Operating Profit | 1,412 | 2,116 | -33.3% | | Profit for the Year | 1,068 | 1,758 | -39.3% | | Profit Attributable to Equity Holders | 1,100 | 1,767 | -37.8% | | Basic Earnings Per Share (HKD) | 1.87 | 3.01 | -37.9% | | Full-Year Dividend Per Share (HKD) | 1.10 | 1.41 | -22.0% | | Payout Ratio | 59% | 47% | +12 p.p. | | Gross Margin | 33.1% | 27.2% | +5.9 p.p. | | Net Margin | 8.0% | 11.5% | -3.5 p.p. | Key Financial Indicators For FY2025, the group's inventory increased by 12.2% year-on-year, leading to a significant increase in average inventory turnover days from 310 to 427 days, and the company shifted from a net cash position of HKD 570 million to net borrowings of HKD 205 million due to a 53.8% increase in bank and gold borrowings, while Return on Equity (ROE) decreased from 13.7% to 8.3% FY2025 Key Financial Indicators | Metric | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Inventory (Million HKD) | 10,739 | 9,567 | +12.2% | | Average Inventory Turnover Days | 427 | 310 | +117 days | | Net (Borrowings)/Cash (Million HKD) | (205) | 570 | -135.9% | | Debt-to-Equity Ratio | 36.0% | 31.0% | +5.0 p.p. | | Return on Equity (ROE) | 8.3% | 13.7% | -5.4 p.p. | Corporate Profile Luk Fook Group, established in 1991 and listed on the Hong Kong Stock Exchange in 1997, is a leading jewellery retailer in Hong Kong and Mainland China, primarily engaged in the procurement, design, wholesale, licensing, and retail of gold, platinum, and jewellery products, continuously expanding its market share and competitiveness through a multi-brand strategy, including the acquisition of 3DG Jewellery International's controlling stake in 2024 - The group primarily engages in the procurement, design, wholesale, trademark licensing, and retail of various gold, platinum, and jewellery products34 - Currently, the group operates over 3,100 retail points across 11 countries and regions globally, continuously seeking new international market opportunities34 - In January 2024, the group successfully acquired a controlling stake in 3DG Jewellery International to advance its multi-brand strategy and enhance market share and competitiveness35 Chairman's Statement Performance Review The Chairman noted that the group's business faced challenges in FY2025 due to macroeconomic uncertainties, rising gold prices, and inflationary pressures, resulting in a 12.9% decrease in total revenue and a 37.8% decline in profit attributable to equity holders, despite which the group responded by optimizing business models and improving efficiency, with a net reduction of 296 global stores FY2025 Performance Summary | Metric | Amount (HKD) | YoY Change | | :--- | :--- | :--- | | Total Revenue | 13.341 billion | -12.9% | | Profit Attributable to Equity Holders | 1.100 billion | -37.8% | | Basic Earnings Per Share | 1.87 | -37.9% | | Full-Year Dividend Per Share | 1.10 | -22.0% | | Full-Year Payout Ratio | 59% | +12 p.p. | - The total number of global stores decreased by 296 from 3,583 to 3,287, with the 'Lukfook' brand seeing a net decrease of 312 stores and the '3DG Jewellery' brand a net increase of 21 stores43 Outlook The group maintains a cautiously optimistic outlook for its medium-to-long-term business in Mainland China and sees strong growth potential in overseas markets, planning to open a net of 50 new stores in Mainland China, 20 overseas, and 2 in Macau for FY2025/26, while implementing a new three-year corporate strategy focused on overseas market expansion, market-oriented products, and operational efficiency optimization - The group maintains a cautiously optimistic outlook for its medium-to-long-term business in Mainland China and plans to open a net of 50 new stores in Mainland China, approximately 20 in overseas markets, and 2 in Macau for FY2025/2649 - The three key pillars of the new three-year corporate strategy are: overseas market expansion, market-oriented products, and operational efficiency optimization50 - 3DG Jewellery Group's performance has been strong post-merger, with revenue reaching HKD 712 million for the nine months ended March 31, 2025, a nearly 20% year-on-year increase, and gross margin improving by 7 percentage points to 35%, positioning it as a significant growth driver for the group48 Management Discussion and Analysis Financial Performance Review For FY2025, total revenue decreased by 12.9% to HKD 13.341 billion, but gross profit increased by 5.8% due to rising gold prices, despite which operating profit and profit for the year significantly declined by 33.3% and 39.3% respectively, primarily due to expanded gold hedging losses and a high base effect from a one-off acquisition gain in the prior year - Total revenue decreased by 12.9% to HKD 13.341 billion, but gross profit increased by 5.8% to HKD 4.417 billion, primarily due to an increase in gross margin from 27.2% to 33.1%63 - Profit for the year decreased by 39.3% to HKD 1.068 billion, mainly impacted by two factors: 1) gold hedging losses expanding from HKD 121 million to HKD 493 million; and 2) a one-off acquisition gain of HKD 213 million in the prior year64 Business Overview Under its multi-brand strategy, the group operates 2 main brands and 4 sub-brands/product lines, with a global store count of 3,287 as of March 31, 2025, representing a net decrease of 296 stores year-on-year, specifically a net decrease of 312 'Lukfook' brand stores and a net increase of 21 '3DG Jewellery' brand stores Store Count by Brand (As of March 31) | Brand/Product Line | 2025 | 2024 | | :--- | :--- | :--- | | Lukfook Jewellery | 2,805 | 3,117 | | 3DG Jewellery | 239 | 218 | | Lukfook Joaillerie | 39 | 28 | | Goldstyle | 27 | 56 | | Heirloom Fortune | 160 | 146 | | Love LUKFOOK JEWELLERY | 17 | 18 | | Total | 3,287 | 3,583 | Analysis by Business Segment Retail business remains the primary revenue source, accounting for 82.7% of total revenue, but its revenue decreased by 13.5% year-on-year, while wholesale business revenue declined by 8.8% and segment profit sharply dropped by 92.4% due to weak demand for diamond products in Mainland China and fewer franchised stores, and brand business revenue also decreased by 12.6% - Retail business revenue was HKD 11.031 billion, a 13.5% year-on-year decrease; segment profit was HKD 1.026 billion, a 17.7% year-on-year decrease72 - Wholesale business revenue was HKD 1.406 billion, an 8.8% year-on-year decrease; segment profit sharply declined by 92.4% from HKD 186 million to HKD 14.05 million73 - Brand business revenue was HKD 904 million, a 12.6% year-on-year decrease; segment profit was HKD 626 million, a 13.1% year-on-year decrease74 Analysis by Product Category International gold prices increased by nearly 30% year-on-year, impacting consumer sentiment and leading to a 15.0% decrease in sales of gold and platinum products by weight, yet the rising gold prices also boosted their gross margin by 7.1 percentage points, resulting in a 16.2% increase in gross profit, while fixed-price jewellery sales decreased by 7.6% with stable gross profit, and overall same store sales declined by 25.1% - Gold and platinum product sales were HKD 8.823 billion, a 15.0% year-on-year decrease, accounting for 70.9% of total sales82 - Fixed-price jewellery product sales were HKD 3.615 billion, a 7.6% year-on-year decrease, accounting for 29.1% of total sales83 - The group's overall same store sales were -25.1%, with gold and platinum products at -28.5% and fixed-price jewellery products at -14.1%84 Business Review by Market Hong Kong, Macau & Overseas markets experienced declines in both revenue and profit, primarily due to weak tourist spending, with same store sales decreasing by 26.2%, while Mainland China market revenue remained stable but profit significantly declined, though retail business improved in the second half of the fiscal year with same store sales decreasing by 11.9%, and Mainland China e-commerce revenue slightly increased by 0.4%, accounting for 58.4% of Mainland China retail revenue Hong Kong, Macau and Overseas Despite an increase in Mainland visitor numbers, per capita spending declined, leading to a decrease in Hong Kong and Macau retail revenue, with Hong Kong market retail revenue down 20.0% and Macau market down 28.5%, resulting in an overall regional revenue decrease of 19.6% to HKD 8.068 billion and a 7.7% decline in segment profit, with same store sales down 26.2% - Hong Kong market retail revenue decreased by 20.0% to HKD 5.087 billion; Macau market revenue decreased by 28.5% to HKD 2.069 billion94 - Overall same store sales for Hong Kong, Macau & Overseas markets were -26.2%, with gold and platinum products at -30.1% and fixed-price jewellery products at -14.1%105 Mainland China Mainland China's overall revenue slightly decreased by 0.2% to HKD 5.273 billion, but segment profit significantly declined by 40.7%, with retail business revenue increasing by 10.4% but wholesale business revenue decreasing by 12.2% and turning into a loss, and brand licensing business revenue also decreasing by 13.6%, while Mainland China e-commerce revenue slightly increased by 0.4% to HKD 1.844 billion, accounting for 58.4% of Mainland China retail revenue - Mainland China retail revenue increased by 10.4% year-on-year to HKD 3.160 billion, but segment profit decreased from HKD 194 million to HKD 57.38 million109 - Mainland China wholesale business revenue decreased by 12.2% year-on-year to HKD 1.259 billion, turning from a profit of HKD 105 million to a loss of HKD 55.30 million110 Mainland China E-commerce Business Performance | Metric | FY2025 | YoY Change | | :--- | :--- | :--- | | Revenue (Million HKD) | 1,844 | +0.4% | | Average Selling Price (RMB) | 2,200 | +22.2% | | % of Mainland China Retail Revenue | 58.4% | -5.8 p.p. | | % of Group Retail Revenue | 16.7% | +2.3 p.p. | Financial Review As of March 31, 2025, the group transitioned from a net cash position to net borrowings of HKD 205 million, primarily due to increased bank and gold borrowings, while inventory levels rose by 12.2% to HKD 10.739 billion, causing average inventory turnover days to significantly increase from 310 to 427 days, with gold products increasing by 96 days and fixed-price jewellery by 128 days - The group's cash and bank balances were HKD 1.991 billion, with total bank and gold borrowings of HKD 2.196 billion, resulting in net borrowings of HKD 205 million, compared to net cash of HKD 570 million in the prior year126 Inventory Turnover Days (By Product) | Inventory Turnover Days | FY2025 | YoY Change | | :--- | :--- | :--- | | Average Inventory Turnover Days | | | | Gold | 276 | +96 | | Fixed-Price Jewellery | 866 | +128 | | Overall | 427 | +117 | | Period-End Inventory Turnover Days | | | | Gold | 306 | +115 | | Fixed-Price Jewellery | 879 | +126 | | Overall | 451 | +129 | Outlook and Strategy The group anticipates sustained high gold prices, but improved gross margins are expected to mitigate the impact of sales declines, and it will actively promote fixed-price gold products, with a positive start to the new fiscal year (April 1 to June 21) showing improved same store sales, including nearly 20% growth in Mainland China, as the group implements a new three-year strategy focused on expanding overseas markets, offering market-oriented products, and enhancing operational efficiency - The new fiscal year (April 1 to June 21, 2025) has started well, with Mainland China same store sales growing by nearly 20% and Hong Kong and Macau markets remaining flat147 - Future three-year goals include entering at least 3 new countries and opening a net of 50 new overseas stores156 - Strategic priorities include: 1) Overseas market expansion (physical stores + e-commerce); 2) Market-oriented products (covering high-end and affordable luxury); 3) Operational efficiency optimization (supply chain, automation, big data, and AI technology)152156158159 Multi-Brand Strategy Brand Portfolio Overview To meet diverse consumer needs, the group implements a multi-brand strategy, with brands including Lukfook Jewellery, 3DG Jewellery, Heirloom Fortune, Goldstyle, Lukfook Joaillerie, and Love LUKFOOK JEWELLERY, each targeting different segments such as mass market, affordable luxury, traditional craftsmanship, fashion, high-end, and youth, and employing precise marketing through celebrity endorsements, IP collaborations, and themed events - Lukfook Jewellery: Focuses on the mass luxury market, featuring actor Cheng Yi as its global brand ambassador and launching the "Ice • Diamond Light Gold" series to enhance its youthful brand image163168 - 3DG Jewellery: Positioned in the affordable luxury market, announced Kelly Chen as its brand friend, and highlights personalized DIY matching with its "Love Lane" series180181183 - Heirloom Fortune: Specializes in ancient gold craftsmanship, launching series like "Song Rhyme Heirloom" and "Dunli Jinhuang" to preserve traditional culture, and has opened its first store in Hong Kong187189190 - Other Brands: Goldstyle focuses on hard gold craftsmanship; Lukfook Joaillerie targets the high-end market and actively expands in Southeast Asia; Love LUKFOOK JEWELLERY targets young consumers and has opened its first overseas store in Thailand195197205207 Product Design, Quality and Service The group emphasizes product design and quality, with its professional design team having accumulated 220 awards, ensuring product quality through its wholly-owned subsidiaries, China Gemological Laboratory Limited and Victoria Gemological Institute, while service adheres to the "Six Heart Service" standard, optimizing e-commerce systems and O2O shopping experiences, and introducing three new store concepts—"Image Store," "Affordable Luxury Store," and "Concept Store"—to enhance the shopping environment - The group's professional jewellery design team has won numerous awards in various competitions, accumulating 220 awards as of March 31, 2025209211 - Professional appraisal and quality assurance services are provided through its wholly-owned subsidiaries, China Gemological Laboratory Limited and Victoria Gemological Institute215218 - To enhance the shopping experience, the group has developed three new store concepts for "Lukfook Jewellery": "Image Store," "Affordable Luxury Store," and "Concept Store"226 Corporate Governance Report This report outlines the company's corporate governance framework, culture, and practices, detailing the diverse board of directors comprising five executive, three non-executive, and four independent non-executive directors, along with the responsibilities, composition, and meeting attendance of its committees (Audit, Nomination, Remuneration), emphasizing risk management and internal controls through a dedicated Risk Management and Sustainability Committee, and covering shareholder rights, investor relations, and information disclosure policies - The company's Chairman and Chief Executive Officer are held by the same person (Mr Wong Wai Sheung), which the company believes aids business development in Mainland China, and the existing board structure ensures a balance of power245246 - The Board has established an Audit Committee, a Nomination Committee, and a Remuneration Committee, with the Audit and Remuneration Committees composed entirely of independent non-executive directors, and the Nomination Committee predominantly comprising independent non-executive directors284285297317 - The company has established risk management and internal control systems, and a Risk Management and Sustainability Committee is in place to oversee the risk management system, sustainability strategy, and related risk assessments331339 Report of the Directors This report summarizes the company's principal activities, business review, key risks and uncertainties, financial highlights, and directors' and shareholders' interests, noting that the group primarily engages in the retail, wholesale, and brand licensing of jewellery products, facing key risks including global economic conditions, geopolitical factors, raw material price fluctuations, and intense market competition, and detailing the shareholdings of directors and major shareholders in the company and its associated companies, such as 3DG Jewellery International - The group faces key risks including: economic risks (global economic slowdown), political risks (geopolitics, trade policies), operational risks (rent, raw material prices, intense competition, inventory turnover), and regulatory risks (legal changes, intellectual property)409410412415 Five-Year Financial Summary (Million HKD) | Fiscal Year | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 13,341 | 15,326 | 11,978 | 11,738 | 8,861 | | Profit Attributable to Equity Holders | 1,100 | 1,767 | 1,285 | 1,392 | 1,017 | | Total Assets | 17,898 | 16,854 | 14,929 | 16,220 | 14,512 | | Total Liabilities | 4,756 | 3,990 | 2,708 | 4,142 | 3,188 | - As of March 31, 2025, Chairman Mr Wong Wai Sheung and his family trust collectively held approximately 44.54% of the company's shares518 Independent Auditor's Report PricewaterhouseCoopers issued a standard unqualified audit opinion, affirming that the group's consolidated financial statements fairly and accurately reflect its financial position and operating results, with two key audit matters identified: the existence and valuation of inventory, and the impairment assessment of goodwill and trademarks - Auditor's Opinion: The consolidated financial statements present fairly, in all material respects, the consolidated financial position of the group as at March 31, 2025, and its consolidated financial performance and consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards591 - Key Audit Matter 1: The existence and valuation of inventory, due to its high value and portability, posing theft risk, and the significant management judgment and estimation involved in assessing its net realizable value600601605 - Key Audit Matter 2: Impairment assessment of goodwill and trademarks, where the estimation of recoverable amounts involves high inherent risk and relies on significant assumptions made by management in calculating discounted cash flows using the value-in-use or fair value less costs of disposal methods615626 Financial Statements Consolidated Income Statement For FY2025, revenue was HKD 13.341 billion, a 12.9% year-on-year decrease, while gross profit was HKD 4.417 billion, a 5.8% year-on-year increase, but operating profit decreased by 33.3% to HKD 1.412 billion due to expanded other net losses (primarily gold hedging losses) and increased operating expenses, resulting in a profit for the year of HKD 1.068 billion, a 39.3% year-on-year decrease Consolidated Income Statement Summary (Thousand HKD) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 13,341,295 | 15,325,962 | | Cost of Sales | (8,924,289) | (11,151,623) | | Gross Profit | 4,417,006 | 4,174,339 | | Other Income | 132,540 | 197,181 | | Other (Losses)/Gains, Net | (523,516) | 92,206 | | Selling & Distribution Expenses | (2,233,305) | (2,043,459) | | Administrative Expenses | (379,928) | (254,107) | | Operating Profit | 1,412,051 | 2,115,623 | | Profit Before Income Tax | 1,379,443 | 2,085,004 | | Profit for the Year | 1,067,858 | 1,757,838 | | Profit Attributable to Equity Holders of the Company | 1,099,864 | 1,767,305 | Consolidated Balance Sheet As of March 31, 2025, total assets were HKD 17.898 billion, a 6.2% year-on-year increase driven primarily by increased inventory, while total liabilities were HKD 4.756 billion, a 19.2% year-on-year increase mainly due to higher bank and gold borrowings, and total equity slightly increased by 2.2% to HKD 13.142 billion Consolidated Balance Sheet Summary (Thousand HKD) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Non-current Assets | 4,305,795 | 4,521,756 | | Current Assets | 13,591,860 | 12,332,308 | | Of which: Inventory | 10,738,527 | 9,567,062 | | Of which: Cash & Bank Balances | 1,913,986 | 1,998,219 | | Total Assets | 17,897,655 | 16,854,064 | | Equity & Liabilities | | | | Total Equity | 13,142,122 | 12,863,898 | | Non-current Liabilities | 432,712 | 473,357 | | Current Liabilities | 4,322,821 | 3,516,809 | | Of which: Bank & Gold Borrowings | 2,196,369 | 1,427,805 | | Total Liabilities | 4,755,533 | 3,990,166 | | Total Equity & Liabilities | 17,897,655 | 16,854,064 | Consolidated Statement of Cash Flows For FY2025, net cash inflow from operating activities significantly decreased to HKD 919 million from HKD 1.663 billion in the prior year, while net cash outflow from investing activities was HKD 182 million, and net cash outflow from financing activities was HKD 805 million, primarily for loan repayments and dividend payments, resulting in a net decrease in cash and cash equivalents of HKD 68.33 million Consolidated Statement of Cash Flows Summary (Thousand HKD) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 919,196 | 1,662,913 | | Net Cash Outflow from Investing Activities | (182,483) | (777,336) | | Net Cash Outflow from Financing Activities | (805,045) | (1,257,335) | | Net Decrease in Cash & Cash Equivalents | (68,332) | (371,758) | | Cash & Cash Equivalents at Beginning of Year | 1,930,611 | 2,347,651 | | Exchange Differences | (1,443) | (45,282) | | Cash & Cash Equivalents at End of Year | 1,860,836 | 1,930,611 |
六福集团(00590) - 2025 - 年度财报