富誉控股(08269) - 2025 - 年度财报

Company Information Company Basic Information Fuyu Holdings Limited is a Cayman Islands-incorporated company listed on GEM, with key information on its board, legal representatives, and auditors disclosed - The Company is incorporated in the Cayman Islands and listed on GEM of the Stock Exchange of Hong Kong Limited, stock code 8269[8][9] - The Board of Directors includes Executive Director Ms. Lin Su and three Independent Non-Executive Directors: Mr. Lau Wing Sing, Mr. Tam Chak Chi, and Mr. Chan Ka Hung[8] - Ms. Tam Tsz Yan is the Company Secretary, and Treasure Trust CPA Limited is the auditor[8] Directors' Report Annual Results and Business Overview The Group's FY2025 business focused on natural resources, fashion product sales, and money lending, with investments in listed securities and diversification efforts - For the financial year ended March 31, 2025, the Group's business primarily focused on natural resources and commodity trading, fashion product sales, and money lending business[11] - The Group utilized short-term idle funds for investments in listed securities and actively sought other suitable investment opportunities for business diversification[11][12] - The Group continued to focus on fashion product sales and distribution in Hong Kong and Asia, including electronic accessories, storage boxes, and fashion apparel, actively participating in marketing activities and enhancing R&D capabilities[11] Management Discussion and Analysis Financial Review FY2025 revenue grew 9.6% to HK$35.4 million, gross profit increased to HK$7.3 million, and loss attributable to owners significantly reduced to HK$3.6 million due to cost control and higher gross profit Key Financial Indicators for FY2025 (HK$ thousand) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 35,400 | 32,300 | +9.6% | | Operating Gross Profit | 7,300 | 2,600 | +180.8% | | Other Income and Losses | 2,900 (Net Gain) | (60) (Net Loss) | - | | Operating Expenses | 10,400 | 15,500 | -32.9% | | Finance Costs | 400 | 400 | 0% | | Loss Attributable to Owners | (3,600) | (30,700) | -88.3% | - Revenue growth was primarily driven by increased sales and distribution of consumer goods, while money lending business revenue decreased[14] - Operating expenses decreased by 32.9%, mainly due to effective cost control measures and reduced marketing expenses[15] Business Review The Group's business segments include natural resources, fashion and consumer goods, money lending, and securities investment, with a shift towards consumer goods and increased investment portfolio fair value - The Group's business is divided into four operating segments: natural resources and commodities, branded fashion products and other consumer goods, money lending, and securities investment[17] Natural Resources and Commodities Due to an unfavorable macro environment, the Group suspended natural resource trading in 2024, reallocating resources to consumer and fashion product sales, while monitoring for future re-engagement - In 2024, due to an unfavorable macro environment, the Group did not engage in crude palm oil trading business[18] - The Group reallocated more resources to the consumer and fashion product sales segment and will continue to monitor the business environment[18] Branded Fashion Products and Other Consumer Goods The Group is optimistic about its consumer and fashion business, which generated HK$34.2 million in FY2025, expanding through R&D, brand collaborations, marketing, and planned use of motion-sensing game technology Revenue from Consumer and Fashion Products (HK$ thousand) | Year | Revenue (HK$ thousand) | | :--- | :--- | | 2025 | 34,200 | | 2024 | 30,400 | - The Group continued to sell popular branded fashion products and its own brand products, enhancing product features through technology and R&D[21] - To enhance brand image, the Group will develop new intellectual property, participate in marketing activities, place internet advertisements, and plans to use motion-sensing game technology to increase brand awareness[21] Money Lending Business Money lending revenue decreased to HK$1.2 million in FY2025, but management sees continued demand, providing unsecured loans at 6-12% annual interest, repayable within 12 months Revenue from Money Lending Business (HK$ thousand) | Year | Revenue (HK$ thousand) | | :--- | :--- | | 2025 | 1,200 | | 2024 | 1,900 | - The Group's money lending business primarily provides secured or unsecured loans to individuals and corporations in Hong Kong and China, funded by internal resources[25] - Loans receivable bear annual interest rates ranging from 6% to 12%, are all unsecured, and are repayable within 12 months after the reporting period end[26] Securities Investment The securities investment segment reported a net loss of HK$1 million in FY2025, but the portfolio's fair value significantly increased to HK$11.3 million, with a diversified strategy focused on Hong Kong-listed securities Net Loss from Securities Investment and Investment Portfolio Fair Value (HK$ thousand) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Loss from Securities Investment | (1,000) | (60) | | Investment Portfolio Fair Value | 11,300 | 300 | - The increase in investment portfolio fair value was mainly due to borrowers repaying securities assets[31] - The Group will maintain a diversified investment portfolio across different market segments to minimize associated risks[32] Financial Position As of March 31, 2025, the Group's net assets decreased to HK$7.3 million, primarily due to increased trade payables, with non-current assets at zero Group Net Assets and Net Current Assets (HK$ thousand) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Assets | 7,300 | 10,800 | | Non-Current Assets | 0 | 13 | | Net Current Assets | 7,300 | 17,100 | - The decrease in net assets and net current assets was primarily due to an increase in trade payables of approximately HK$8 million[33][35] Liquidity and Financial Resources As of March 31, 2025, the Group's gearing ratio rose to 46.5%, current ratio fell to 1.2, mainly due to increased trade payables and reclassified bonds, with no available bank facilities Group Liquidity Indicators | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Gearing Ratio | 46.5% | 36.7% | | Current Ratio | 1.2 | 1.4 | - The decrease in the current ratio was mainly due to an increase in trade payables and the reclassification of bonds payable from non-current to current liabilities[36] - As of March 31, 2025, the Group had no available bank facilities[37] Significant Acquisitions and Disposals of Subsidiaries and Associates The Group undertook no other significant acquisitions or disposals of subsidiaries and associates during the year ended March 31, 2025 - The Group had no significant acquisitions or disposals of subsidiaries and associates during the current year[38] Significant Investments As of March 31, 2025, the Group's financial assets at fair value through profit or loss totaled HK$11.3 million, primarily Hong Kong-listed equity investments, managed with a passive, diversified strategy Details of Significant Investments (as of March 31, 2025) | Company Name | Fair Value (HK$ thousand) | Approximate Percentage of Financial Assets (%) | Approximate Percentage of Total Assets (%) | | :--- | :--- | :--- | :--- | | New Concepts Holdings Limited | 3,914 | 34.6 | 6.7% | | China Investment and Finance Group Limited | 3,570 | 31.5 | 6.1% | | Other Securities | 3,836 | 33.9 | 6.5% | | Total | 11,320 | 100.0 | 19.3% | - The Group adopts a passive investment strategy and maintains a diversified investment portfolio to mitigate risks[41]