环球印馆(08448) - 2025 - 年度财报

Corporate Information This report provides basic corporate information for Global Printing Holdings Limited, including key contacts for the board, committees, legal advisors, bankers, auditor, and share registrar[5][6] Chairman's Statement Business Review and Prospects The Group achieved a significant turnaround in FY2025 with a 134.4% revenue increase and a return to profitability, driven by successful overseas expansion that offset local market challenges FY2025 Performance Highlights | Indicator | FY2025 | FY2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. HK$163.9 million | Approx. HK$69.9 million | ▲ 134.4% | | Total comprehensive income/(loss) attributable to equity holders | Income approx. HK$0.5 million | Loss approx. HK$28.4 million | Turnaround to profit | - To counter price competition and high production costs in Hong Kong, the Board terminated the final construction phase of the new Tsing Yi production base to ensure the company's operational continuity and long-term stability[9] - Despite challenges in the Hong Kong market, the company's overseas expansion in Mainland China, Taiwan, and the US progressed well, enhancing overall profitability and diversifying revenue streams[11] Management Discussion and Analysis Financial Review In FY2025, the Group's financial performance rebounded strongly, with revenue soaring 134.4% to HK$164 million and achieving a turnaround to profitability through market expansion and cost control Key Financial Indicators for FY2025 | Financial Indicator | FY2025 (HK$ million) | FY2024 (HK$ million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | 163.9 | 69.9 | ▲ 134.4% | | Cost of Sales | 128.9 | 60.5 | ▲ 113.1% | | Gross Profit | 35.0 | 9.4 | ▲ 272.3% | | Gross Profit Margin | 21.3% | 13.5% | ▲ 7.8pp | | Administrative and Other Expenses | 25.3 | 32.3 | ▼ 14.4% | | Comprehensive Income/(Loss) Attributable to Equity Holders | 0.5 | (28.4) | Turnaround to profit | - The substantial revenue growth was primarily attributed to the Group's expansion into new geographic segments and the introduction of business in selling printing-related raw materials and machinery[15] - Trade receivables increased from HK$4.6 million to HK$58.2 million, leading to a higher impairment loss of HK$2.5 million; however, most receivables were settled post-reporting date, and the loss is expected to be reversed[21][29] - Cash and cash equivalents decreased from HK$9.8 million to HK$1.8 million, mainly due to the utilization of proceeds from the rights issue[33] Liquidity, Financial Resources, and Capital Structure As of 31 March 2025, the Group recorded net current liabilities of approximately HK$8.0 million and improved its current ratio to 0.91, while undertaking a capital reorganization to optimize its structure Liquidity and Capital Structure Indicators (as at 31 March) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Net Current Liabilities | Approx. HK$8.0 million | Approx. HK$6.8 million | | Cash and Cash Equivalents | Approx. HK$1.8 million | Approx. HK$9.8 million | | Current Ratio | 0.91 | 0.77 | | Gearing Ratio | 3.8 | 4.8 | - On 18 March 2025, the company implemented a share consolidation, combining every five shares of HK$0.05 each into one consolidated share of HK$0.25[39] - On 29 May 2025, the company further implemented a capital reduction and share subdivision as part of its capital reorganization[40] Principal Risks and Uncertainties The Group faces key risks including reliance on customer retention, concentration on a single largest customer (31.93% of revenue), cost volatility, and macroeconomic changes in key markets - The Group's largest customer accounted for 31.93% of total revenue in FY2025, indicating a customer concentration risk[47] - Profitability is affected by fluctuating costs of raw materials and subcontracting services, which are subject to uncontrollable factors like government policies and market competition[48] - The business is susceptible to economic conditions in key markets such as Hong Kong, Mainland China, Taiwan, and the US, including recessions, inflation, and trade policies[51] Use of Proceeds The Group fully utilized the HK$24.0 million net proceeds from the 2018 share offer in FY2025 and has used most of the HK$32.7 million from the 2023 rights issue, with HK$1.0 million remaining - The net proceeds of HK$24.0 million from the 2018 share offer were fully utilized during FY2025 after two changes in their intended use[56][58] Use of Proceeds from 2023 Rights Issue (HK$ million) | Intended Use | Planned Amount (Approx.) | Utilized in FY2025 (Approx.) | Unutilized Balance (Approx.) | Expected Full Utilization Date | | :--- | :--- | :--- | :--- | :--- | | Repayment of trade and other payables | 8.6 | 8.6 | – | Completed | | Partial repayment of a shareholder's loan | 16.2 | 16.2 | – | Completed | | Settlement of additional staff salaries | 4.6 | 3.6 | 1.0 | Before 31 March 2026 | | Settlement of rental payments | 3.3 | 3.3 | – | Completed | | Total | 32.7 | 31.7 | 1.0 | | Biographical Details of Directors and Senior Management Profiles of Directors and Senior Management This section details the professional backgrounds of the company's directors and senior management, led by Chairman and CEO Mr. Lam Shing Tai, who has extensive industry experience - Mr. Lam Shing Tai, aged 58, serves as Executive Director, Chairman, and CEO, responsible for the Group's overall management and strategic planning, holding approximately 65.54% of the company's shares[65][66] - The Board members possess diverse industry backgrounds, including expertise in import/export, financial leasing, printing, accounting, and information technology[67][68][69] - The three Independent Non-executive Directors provide professional oversight in accounting, business advisory, and corporate governance[70][71][72] Report of the Directors Business and Financial Position The Group's principal activities are general printing services and trading of printing equipment; the Board does not recommend a dividend for the year ended 31 March 2025 - The Group's principal activities are providing general printing services and trading printing equipment and consumables[75] - The Board does not recommend the payment of a final dividend for FY2025[78][41] - During the year, the company implemented a share consolidation, merging every five shares of HK$0.05 each into one share of HK$0.25[80] Directors' and Shareholders' Interests Chairman Mr. Lam Shing Tai holds a combined interest of approximately 65.54% of the company's shares through controlled corporations and concert party arrangements Equity Distribution of Major Directors and Shareholders as at 31 March 2025 | Shareholder Name | Capacity/Nature of Interest | Number of Shares Held (Post-Consolidation) | Approx. Shareholding Percentage | | :--- | :--- | :--- | :--- | | Mr. Lam Shing Tai | Interest in controlled corporations and jointly held | 65,410,466 | 65.54% | | New Metro Inc. | Beneficial owner and jointly held | 65,410,466 | 65.54% | | Mr. Chow Man Keung | Beneficial owner and jointly held | 65,410,466 | 65.54% | | Mr. Koh Ching Her | Beneficial owner and jointly held | 65,410,466 | 65.54% | Supplier, Customer, and Employee Relations The Group has a highly concentrated supplier and customer base, with its top supplier and customer accounting for 77.0% of purchases and 31.9% of sales, respectively - Supplier concentration is very high, with the largest supplier accounting for 77.0% of total purchases[102] - Customer concentration is high, with the largest customer representing 31.9% of total revenue[102] Employee Information | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 39 | 39 | | Staff Costs | Approx. HK$14.9 million | Approx. HK$20.3 million | Corporate Governance Report Corporate Governance Practices and the Board The company complied with the Corporate Governance Code, with the sole deviation being the combined role of Chairman and CEO, a structure the Board deems beneficial for strategic execution - During the reporting period, the company complied with all applicable provisions of the Corporate Governance Code except for one deviation: the roles of Chairman and CEO are both held by Mr. Lam Shing Tai, which does not conform to code provision C.2.1[122][134] - The Board believes that despite this deviation, the balance of power is adequately ensured by the presence of three Independent Non-executive Directors and collective decision-making processes[134] - The Board composition is diverse, with members possessing professional experience in printing, corporate governance, accounting, business advisory, and information technology[130][131] Board Committees The Board has established four committees—Audit, Remuneration, Nomination, and Risk Management—each chaired by and composed of Independent Non-executive Directors to ensure effective oversight - The Audit Committee, chaired by Mr. Wong Chun Kwok, oversees financial reporting processes, internal controls, and risk management systems[139] - The Remuneration Committee, chaired by Mr. Ho Ka Ming, is responsible for recommending remuneration policies for directors and senior management[141][143] - The Nomination Committee, chaired by Ms. So Shuk Yan, reviews the Board's structure and makes recommendations on director appointments[145][146] - The Risk Management Committee, chaired by Mr. Wong Chun Kwok, is responsible for overseeing the risk management framework[155][156] Risk Management and Internal Control The Board is ultimately responsible for the Group's risk management and internal control systems, which it reviews annually and considered effective and adequate for the year ended 31 March 2025 - The Board has overall responsibility for establishing, implementing, monitoring, and reviewing the Group's internal control systems, assessing their effectiveness at least annually[172] - The Group's risk management system aims to identify potential risks, conduct assessments, develop mitigation measures, and continuously review internal control procedures[175] - The Board considers the risk management and internal control policies and procedures executed during the year ended 31 March 2025 to be effective and adequate[174] Environmental, Social and Governance Report ESG Governance and Strategy The Board holds full responsibility for the Group's ESG strategy, identifying six material ESG issues that form the foundation of its sustainability initiatives - The Board assumes full responsibility for the Group's ESG strategy and reporting, with oversight and execution managed by a Sustainability Committee and an ESG Taskforce[183][185] - The Group has identified six material ESG issues as the focus of its sustainability strategy, including compliant operations, resource utilization, waste management, supply chain management, talent development, and occupational health and safety[186] Operating Practices The Group implements comprehensive supply chain management, strict product quality controls, and robust anti-corruption measures, with no legal cases related to corruption during the year - The Group implements a stringent supplier selection and annual review mechanism and promotes green procurement, such as using FSC-certified paper[187][189] - During the reporting period, there were 1,311 product re-execution incidents, 79% of which were caused by human error, prompting ongoing reviews of production processes[197] - The Group has established an anti-corruption policy and whistle-blowing channels, with no material non-compliance or corruption-related legal cases identified during the period[204] Employment and Labour Practices The Group is committed to an equal and diverse workplace for its 39 employees, strictly prohibiting child and forced labor, and recorded no work-related injuries during the reporting period Employee Structure as at 31 March 2025 | Category | Breakdown | Percentage/Number | | :--- | :--- | :--- | | Total Headcount | | 39 | | By Gender | Male | 46% | | | Female | 54% | | By Age Group | 18-29 | 10% | | | 30-50 | 64% | | | Above 50 | 26% | | By Job Function | Management | 21% | | | Staff | 79% | - The Group strictly prohibits the use of child and forced labor, verifying applicants' identities during recruitment to ensure compliance with legal age requirements[208] - During the reporting period, the Group had no work-related fatalities and received no reports of lost days due to work injury[218] Environmental Performance The Group focuses on reducing its environmental impact from electricity and paper consumption, with total GHG emissions of 357 tonnes of CO2e and a low assessed risk from climate change Key Environmental Performance Indicators for FY2025 | Indicator | Unit | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Total GHG Emissions | tonnes CO2e | 357 | 357 | | - Scope 2 (Indirect) | tonnes CO2e | 560 | 311 | | Electricity Consumption | kWh | 800,464 | 444,782 | | Paper Consumption | kg | 0 | 45,682 | - To reduce energy consumption, the Group has implemented several energy-saving measures, including zoned lighting, restricted air conditioning use, and energy-efficient office practices[220][222] - The Group assesses its physical and transition risks related to climate change as low overall but acknowledges market opportunities and challenges from customer expectations for environmental responsibility[226][228] Independent Auditor's Report Auditor's Opinion The auditor issued an unqualified opinion on the financial statements but highlighted a material uncertainty related to going concern due to the Group's net current liability position - The auditor issued an unqualified opinion, stating that the financial statements give a true and fair view of the Group's financial position[236] - Material Uncertainty Related to Going Concern: The auditor drew attention to the Group's net current liabilities of HK$7,980,974 as of 31 March 2025, which indicates a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern, though the opinion is not modified in this respect[238] - Key Audit Matter: The auditor identified the "Impairment assessment of property, plant and equipment, intangible assets and right-of-use assets" as a key audit matter due to the significant management estimates and judgments involved in future cash flow projections[240][241][242] Consolidated Financial Statements Financial Statement Summary The audited financial statements show the Group achieved revenue of HK$164 million and returned to a profit of approximately HK$0.68 million for the fiscal year Core Financial Data from FY2025 Statements (HK$) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Consolidated Statement of Comprehensive Income | | | | Revenue | 163,861,815 | 69,930,379 | | Profit/(Loss) for the year | 677,089 | (28,670,570) | | Basic earnings/(loss) per share | 0.62 HK cents | (48.00) HK cents | | Consolidated Statement of Financial Position | | | | Total Assets | 109,352,000 | 52,515,843 | | Total Liabilities | 101,614,120 | 45,377,187 | | Total Equity | 7,737,868 | 7,138,656 | | Consolidated Statement of Cash Flows | | | | Net cash from operating activities | 6,153,316 | (32,839,105) | | Cash and cash equivalents at year end | 1,769,519 | 9,778,940 | Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Financial Statements Financial Summary Five-Year Financial Summary This section summarizes key financial data from FY2021 to FY2025, showing a return to profitability in the latest year after four consecutive years of losses Five-Year Summary of Results (HK$ thousand) | For the year ended 31 March | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 163,861 | 69,930 | 95,474 | 113,652 | 103,133 | | Gross Profit | 34,973 | 9,417 | 14,692 | 24,396 | 20,298 | | Profit/(Loss) for the year | 606 | (28,671) | (20,503) | (4,447) | (12,536) | Five-Year Summary of Assets, Liabilities, and Equity (HK$ thousand) | As at 31 March | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 109,352 | 52,516 | 32,814 | 49,358 | 54,641 | | Total Liabilities | 101,614 | 45,377 | 33,495 | 29,536 | 30,372 | | Total Equity | 7,738 | 7,139 | (681) | 19,822 | 24,269 |