Financial Performance - For the year ended March 31, 2025, the Group recorded gross proceeds from the disposal of listed equity securities of approximately HK$16.4 million, a decrease of approximately 44.9% compared to HK$29.8 million in the previous year[11]. - The Group's revenue increased to approximately HK$6.5 million, representing a growth of approximately 22.9% from HK$5.3 million in the prior year[11]. - The loss attributable to the owners of the Company decreased significantly to approximately HK$5.5 million from approximately HK$37.8 million in 2024[11]. - The audited consolidated net assets of the Group as of March 31, 2025, amounted to approximately HK$153.4 million, down from approximately HK$158.9 million in 2024[11]. - The net asset per share decreased to approximately HK$0.37 from approximately HK$0.39 in the previous year[11]. - The overall loss from trading stocks decreased from approximately HK$32.5 million to approximately HK$6.6 million[12]. - The Group's receivables and unlisted debt investments saw a reversal of impairment losses of approximately HK$0.4 million, compared to impairment losses of approximately HK$2.7 million in the previous year[12]. - WLS Holdings Limited reported an audited consolidated loss attributable to shareholders of approximately HK$11.1 million for the year ended 30 April 2024[25]. - Minerva Group Holding Limited reported an audited consolidated loss attributable to shareholders of approximately HK$143.9 million for the financial year ended 31 December 2024[37]. - Minerva reported a significant net loss of approximately HK$143.9 million for the fiscal year ending December 31, 2024, primarily due to a 20.1% decline in the Hang Seng Composite Industry Index - Healthcare and extensive impairment of its loan portfolio[40][42]. Investment Portfolio - As of March 31, 2025, the Group's investment portfolio was valued at approximately HK$148.3 million, comprising listed equities, unlisted equities, and debt investments[19]. - The Group held HK$99.6 million in a portfolio of listed shares across 49 companies, HK$6.8 million in direct investments in unlisted equities, and HK$41.9 million in bonds issued by two listed companies and one unlisted company[19]. - The investment portfolio is carefully managed and diversified to minimize commercial risk from over-concentration in any single industry[20]. - The Group's principal activity is investment holding, with subsidiaries engaged in securities trading and investment holding[122]. - For the year ended March 31, 2025, the Group's turnover and results were primarily derived from interest income and dividend income from investment holding[123]. Business Strategy and Operations - The company is focusing on scaffolding, fitting out, and auxiliary services, as well as money lending and securities investment, amidst a complicated external environment due to geopolitical tensions and monetary tightening[26]. - WLS is reviewing its existing asset structure and business strategies to consolidate resources and prepare for future uncertainties[32]. - The company plans to enhance competitiveness by revitalizing the scaffolding business and focusing on higher profit margin segments like money lending operations[32]. - WLS's money lending business has generated stable income despite repayment difficulties, and the company is committed to improving collection procedures[30]. - The management believes that the construction and infrastructure sectors align with the Hong Kong Government's development plans, which may yield positive long-term returns[34]. - The corporate default rate globally increased to 1.91%, highlighting the impact of high interest rates and liquidity constraints[42][45]. - Loan defaults for government-backed loans to small and mid-sized enterprises in Hong Kong surged to HK$14.7 billion, while credit-impaired loans at Hang Seng Bank rose to HK$19.8 billion from HK$1.08 billion in 2023[38][40]. Risk Management and Financial Strategies - Minerva's financial strategies have been realigned to mitigate escalating credit risks and interest rate pressures, adopting a more prudent approach to recognize additional impairments[39][41]. - Despite challenges, Minerva's money lending and financial services operations provided consistent returns and modest growth, with a successful Nasdaq listing of a private equity investment via a de-SPAC transaction[42][45]. - Looking ahead to 2025, Minerva maintains cautious optimism for gradual stabilization in the Hong Kong and global economy, while remaining vigilant to potential credit default risks[43][45]. - The company aims to preserve shareholder value through rigorous risk management while seeking opportunities to diversify revenue and enhance returns[43][45]. Corporate Governance - The Company complied with the Corporate Governance Code throughout the year, with ongoing efforts to separate the roles of Chairman and CEO[100][101]. - The audit committee reviewed the consolidated results for the year, including accounting principles and practices adopted by the Company[102][104]. - The directors' emoluments are reviewed and recommended by the Remuneration Committee and fixed by the Board with shareholder authorization[179]. - The company has arranged appropriate insurance cover for directors' and officers' liabilities[165]. - The company has complied with the public float requirement of the Listing Rules for the year ended March 31, 2025[181]. Dividend Policy - The Directors do not recommend the payment of a dividend for the year ended March 31, 2025, consistent with the previous year where no dividend was paid[125]. - The board will consider various factors, including financial performance and capital requirements, when deciding on dividend payments[151]. - The company established a dividend policy in January 2019 to provide stable and sustainable returns to shareholders[150]. - The board retains the right to update or amend the dividend policy at any time[153]. Environmental and Social Responsibility - The Group has initiated paper recycling in offices to promote environmental protection and efficient resource utilization[192]. - The company emphasizes adherence to anti-corruption practices and core values of honesty, integrity, and fair play among employees[193]. - The company supports long-term community investment and encourages employee participation in volunteer work[196].
中国投融资(01226) - 2025 - 年度财报