优越集团控股(01841) - 2025 - 年度财报

Company Information Board Composition The company's board of directors comprises executive directors Mr. Lam Kim Wan (Chairman) and Mr. Fong Wing Kwong (CEO), along with independent non-executive directors Ms. Sze Tak On, Mr. Leung Siu Hong, and Mr. Kwok Wing Fung (appointed on August 30, 2024, with Mr. Yu Ming Wai retiring on the same day), supported by audit, remuneration, and nomination committees - Executive Directors include Mr. Lam Kim Wan (Chairman) and Mr. Fong Wing Kwong (Chief Executive Officer)[2] - Independent Non-Executive Directors include Ms. Sze Tak On, Mr. Leung Siu Hong, and Mr. Kwok Wing Fung (appointed on August 30, 2024)[2] - Mr. Yu Ming Wai retired as an Independent Non-Executive Director on August 30, 2024[2] - Board Committees include the Audit Committee (Chairman: Ms. Sze Tak On), Remuneration Committee (Chairman: Mr. Leung Siu Hong), and Nomination Committee (Chairman: Mr. Lam Kim Wan)[2] Company Secretary and Auditor Mr. Wan Chun Wai serves as the Company Secretary, and Shinewing (HK) CPA Limited is the company's auditor - The Company Secretary is Mr. Wan Chun Wai (CPA)[2] - The Auditor is Shinewing (HK) CPA Limited[2] Registered and Business Locations The company's registered office is in the Cayman Islands, with its head office and principal place of business in Hong Kong located at 2/F, 35-45B Bonham Strand East, Sheung Wan; the company website is www.aplusgp.com and stock code is 1841 - The registered office is located at Cricket Square, Cayman Islands[2] - The head office and principal place of business in Hong Kong are located at 2/F, 35-45B Bonham Strand East, Sheung Wan, Hong Kong[3] - The company website is www.aplusgp.com, and the stock code is 1841[3] Chairman's Statement Performance Review For the year ended March 31, 2025, the Group's revenue and gross profit significantly decreased, resulting in a net loss primarily due to reduced revenue FY2025 Performance Overview | Indicator | FY2025 (HK$) | FY2024 (HK$) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 97,800,000 | 125,100,000 | -21.8% | | Gross Profit | 42,700,000 | 57,800,000 | -26.0% | | Profit (Loss) After Tax | (1,600,000) | 8,600,000 | Shifted from profit to loss | - The post-tax loss is primarily attributed to a revenue decreased by approximately HK$27.3 million[6] Outlook The financial printing industry faces significant challenges from the HKEX's paperless listing reform, potentially reducing demand for printed documents; the Group will focus on strengthening core competencies like brand building, networking, and service delivery, while preparing to seize new market opportunities - The HKEX implemented paperless listing reform in January 2025, requiring listed issuers to communicate primarily electronically with shareholders and abolishing paper application forms, posing a significant challenge to the financial printing industry[7] - The Group will focus on strengthening core competencies such as brand building, networking, and service delivery to maintain its competitive advantage[7] - Overall liquidity in the Hong Kong capital market is expected to improve, and the Group is prepared to seize new opportunities[7] Dividend Policy The Board does not recommend paying any final dividend for the year ended March 31, 2025 (2024: nil), having established a robust dividend policy to balance shareholder returns with long-term sustainable development and sufficient working capital - The Board does not recommend paying any final dividend for the year ended March 31, 2025 (2024: nil)[9] - The company has established a robust dividend policy aimed at balancing shareholder returns with the Group's long-term sustainable development needs and retaining sufficient working capital[10] Management Discussion and Analysis Business Review The Group, a Hong Kong financial printing service provider, offers services including financial reports, announcements, circulars, debt offering circulars, IPO prospectuses, and fund documents, operating through its wholly-owned subsidiaries APF and Aplus International, with revenue declining across all service segments - The Group is a Hong Kong financial printing service provider, offering typesetting, design, translation, printing, and delivery services[14] - Business is primarily conducted through two wholly-owned subsidiaries: APF (focusing on listed company compliance documents) and Aplus International (specializing in debt offering circulars and initial public offering prospectuses)[14] Revenue and Proportion by Service Segment (FY2025 vs FY2024) | Service Category | FY2025 Revenue (HK$ '000) | FY2025 Proportion (%) | FY2024 Revenue (HK$ '000) | FY2024 Proportion (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Results Announcements and Financial Reports | 52,600 | 53.7% | 63,800 | 51.0% | -17.5% | | Company Announcements and Shareholder Circulars | 32,800 | 33.5% | 43,000 | 34.4% | -23.8% | | Debt Offering Circulars and IPO Prospectuses | 7,500 | 7.6% | 9,400 | 7.5% | -20.5% | | Fund Documents | 1,100 | 1.1% | 1,400 | 1.1% | -21.9% | | Others | 3,900 | 4.0% | 7,500 | 6.0% | -47.5% | - Revenue from debt offering circulars and initial public offering prospectuses decreased primarily due to a reduction in the number of initial public offering projects participated[17] - Revenue from other services decreased primarily due to market demand decreased[19] Financial Review For the year ended March 31, 2025, the Group's revenue, gross profit, other income, selling and distribution expenses, administrative expenses, impairment loss on trade receivables, and income tax expense all decreased, leading to a shift from profit to loss Key Financial Indicators Changes (FY2025 vs FY2024) | Indicator | FY2025 (HK$ '000) | FY2024 (HK$ '000) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Revenue | 97,800 | 125,100 | -21.8% | Revenue decrease across all segments | | Cost of Services | 55,100 | 67,300 | -18.1% | | | Gross Profit | 42,700 | 57,800 | -26.0% | | | Other Income | 2,700 | 3,400 | -20.6% | Decrease in reversal of impairment loss on trade receivables and bad debt recovery | | Selling and Distribution Expenses | 17,700 | 19,200 | -7.9% | Decrease in staff costs | | Administrative Expenses | 27,500 | 30,300 | -9.2%