富一国际控股(01470) - 2025 - 年度业绩

Performance Highlights The company achieved a 7.4% revenue growth and a significant increase in annual profit to HK$5.4 million in FY2025, with no dividends proposed FY2025 Performance Highlights | Metric | Performance | | :--- | :--- | | Revenue Growth | Increased by approximately 7.4% YoY | | Annual Profit | Approximately HK$5.4 million (HK$1.3 million in prior year) | | Dividend | No dividend proposed | Consolidated Financial Statements The consolidated financial statements present the company's profit or loss, comprehensive income, and financial position, highlighting significant growth in net profit and cash reserves Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended April 30, 2025, the company reported revenue of HK$77.224 million, a 7.4% increase, with profit attributable to owners significantly rising to HK$5.416 million due to substantial reductions in selling, distribution, and administrative expenses Consolidated Statement of Profit or Loss (For the year ended April 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 77,224 | 71,854 | +7.4% | | Gross Profit | 22,357 | 41,460 | -46.1% | | Selling and Distribution Costs | (9,361) | (21,100) | -55.6% | | Administrative Expenses | (8,134) | (18,015) | -54.9% | | Profit Before Tax | 6,940 | 4,544 | +52.7% | | Profit for the Year Attributable to Owners of the Company | 5,416 | 1,281 | +322.8% | | Earnings Per Share (HK Cents) | 0.68 | 0.16 | +325.0% | Consolidated Statement of Financial Position As of April 30, 2025, total assets increased to HK$209 million and total equity to HK$20.424 million, driven by a significant rise in cash and cash equivalents to HK$127 million, while trade and other payables also increased Consolidated Statement of Financial Position Summary (As of April 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Assets | | | | Non-current Assets | 1,751 | 1,768 | | Cash and Cash Equivalents | 127,130 | 65,837 | | Inventories | 7,298 | 4,523 | | Trade and Other Receivables and Prepayments | 72,739 | 100,962 | | Total Assets | 208,918 | 173,090 | | Equity and Liabilities | | | | Total Equity | 20,424 | 15,371 | | Trade and Other Payables | 142,112 | 110,540 | | Amount Due to Ultimate Holding Company | 46,074 | 46,095 | | Total Liabilities | 188,494 | 157,719 | | Total Equity and Liabilities | 208,918 | 173,090 | Notes to the Consolidated Financial Statements This section provides detailed notes on the company's operations, accounting policies, and specific financial statement line items Company Information and Accounting Policies The company, an investment holding entity registered in the Cayman Islands, primarily engages in watch wholesale, compound fertilizer manufacturing and sales, and trading agency for fertilizer-related products, with no significant impact from newly applied HKFRS amendments this year - Company's principal activities include watch wholesale in Hong Kong, compound fertilizer manufacturing and sales in Mainland China, and trading agency for fertilizer raw materials and products[7] - Newly applied accounting standards concerning sale and leaseback, liability classification, and supplier finance arrangements had no material impact on the financial statements after assessment[9][10][12] Revenue Total revenue for the year was HK$77.224 million, a 7.4% year-on-year increase, primarily driven by a significant rise in compound fertilizer sales, which offset a substantial decline in commission income Revenue Composition | Revenue Source | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Sales of Watches | 1,162 | 1,771 | -34.4% | | Sales of Compound Fertilizer | 58,099 | 30,960 | +87.7% | | Service Income | 9 | 10 | -10.0% | | Commission Income | 17,954 | 39,113 | -54.1% | | Total Revenue | 77,224 | 71,854 | +7.4% | Segment Information The Group's operations are categorized into wholesale, trading, and manufacturing segments, with the manufacturing segment (compound fertilizer) becoming the primary contributor to revenue and profit this year, while most revenue originated from Mainland China Performance by Business Segment (2025) | Segment | Revenue (HK$ Thousand) | Segment (Loss)/Profit (HK$ Thousand) | | :--- | :--- | :--- | | Wholesale (Watches) | 1,171 | (905) | | Trading (Fertilizer Agency) | 17,954 | 7,175 | | Manufacturing (Compound Fertilizer) | 58,099 | 2,342 | | Total | 77,224 | 8,612 | Performance by Business Segment (2024) | Segment | Revenue (HK$ Thousand) | Segment (Loss)/Profit (HK$ Thousand) | | :--- | :--- | :--- | | Wholesale (Watches) | 1,781 | (5,361) | | Trading (Fertilizer Agency) | 39,113 | 16,261 | | Manufacturing (Compound Fertilizer) | 30,960 | 1,471 | | Total | 71,854 | 12,371 | Revenue by Geographical Location of Customers | Region | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Mainland China | 76,053 | 70,073 | | Hong Kong | 1,171 | 1,781 | | Total | 77,224 | 71,854 | Other Income and Losses Net Net other income and losses for the year amounted to HK$2.087 million, a slight decrease from HK$2.37 million last year, primarily due to a significant reduction in net exchange gains offset by new commission income from wine sales Other Income and Losses Net Details | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net Exchange Gain | 55 | 1,939 | | Interest Income | 99 | 281 | | Gain on Disposal of Property, Plant and Equipment | 285 | — | | Commission Income from Sales of Wine | 1,607 | — | | Total | 2,087 | 2,370 | Finance Costs and Profit Before Tax Finance costs significantly decreased to HK$9 thousand this year, and profit before tax reached HK$6.94 million, largely attributable to a substantial reduction in total staff costs from HK$18.692 million to HK$9.697 million - Finance costs decreased from HK$0.171 million to HK$0.009 million, mainly due to reduced interest on lease liabilities[30] Profit Before Tax Deductions | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total Staff Costs | 9,697 | 18,692 | | Freight Costs | 2,079 | 13,646 | | Carrying Amount of Inventories Sold | 53,931 | 30,002 | Income Tax Expense Income tax expense for the year was HK$1.524 million, a notable decrease from HK$3.263 million last year, primarily due to a reduction in current tax for China enterprise income tax Income Tax Expense Composition | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current Tax (China) | 1,512 | 3,440 | | Over-provision in Prior Years (China) | (203) | (166) | | Deferred Tax | 215 | (11) | | Total | 1,524 | 3,263 | Dividends and Earnings Per Share The company did not propose or pay any dividends for FY2025 or FY2024, while basic and diluted earnings per share significantly increased to 0.68 HK cents this year, driven by higher net profit - The Board did not recommend the payment of any dividend for the years ended April 30, 2025 and 2024[33] Earnings Per Share Calculation | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners (HK$ Thousand) | 5,416 | 1,281 | | Weighted Average Number of Ordinary Shares | 800,000,000 | 800,000,000 | | Basic and Diluted Earnings Per Share (HK Cents) | 0.68 | 0.16 | Key Assets and Liabilities This year, the Group's prepayments decreased from HK$100 million to HK$72.225 million, mainly for fertilizer raw material purchases, while trade payables significantly increased from HK$15.487 million to HK$70.257 million, and the amount due to the ultimate holding company remained at HK$46.074 million, being unsecured, interest-free, and repayable on demand Trade and Other Receivables and Prepayments As of April 30, 2025, total trade and other receivables and prepayments amounted to HK$72.739 million, a decrease from HK$100.962 million in the prior year, with prepayments for fertilizer-related product purchases in China constituting the majority Receivables and Prepayments Details | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade Receivables | 363 | 545 | | Prepayments | 72,225 | 100,215 | | Total | 72,739 | 100,962 | - Trade receivables overdue by more than 90 days amounted to HK$0.146 million, which management believes has significantly reduced credit risk and requires no provision[38] Trade and Other Payables As of April 30, 2025, total trade and other payables increased to HK$142 million from HK$111 million in the prior year, primarily due to a substantial rise in trade payables from HK$15.487 million to HK$70.257 million, while contract liabilities (customer advances) decreased Trade and Other Payables Details | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade Payables | 70,257 | 15,487 | | Other Accruals and Payables | 33,895 | 36,357 | | Contract Liabilities | 37,960 | 58,696 | | Total | 142,112 | 110,540 | - The amount due to the ultimate holding company is approximately HK$46.074 million, which is unsecured, interest-free, and repayable on demand[43][6] Management Discussion and Analysis This section provides an overview of the Group's business and financial performance, liquidity, human resources, and future outlook Business Review Despite a challenging operating environment with stagnant watch wholesale and significantly reduced fertilizer trading due to price declines and export policy tightening, the Group achieved overall revenue and profit growth by leveraging its compound fertilizer manufacturing and sales business and implementing strict cost controls - Urea export volume significantly decreased by approximately 94.3% year-on-year due to tightening export policies[45] - Compound fertilizer trading volume decreased by approximately 45.4% year-on-year, but increased domestic urea trading volume partially offset the impact[45] - The compound fertilizer manufacturing business produced 27,486 tons and sold 26,339 tons for the year, becoming the primary driver of performance growth[46] Financial Review Total revenue increased by 7.4% to HK$77.2 million this year, primarily driven by an 87.4% growth in compound fertilizer manufacturing and sales revenue, which offset a 54.0% decline in trading business revenue, leading to increased profit before tax and profit attributable to owners despite a 46.0% decrease in gross profit due to significant reductions in operating expenses like freight and staff costs Key Financial Item Changes | Item | 2025 (HK$ Million) | 2024 (HK$ Million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 77.2 | 71.9 | +7.4% | | Gross Profit | 22.4 | 41.5 | -46.0% | | Selling and Distribution Costs | 9.4 | 21.1 | -55.5% | | Administrative Expenses | 8.1 | 18.0 | -55.0% | | Profit Before Tax | 6.9 | 4.5 | +53.3% | | Profit Attributable to Owners | 5.4 | 1.3 | +315.4% | Financial Position and Liquidity The Group maintains a robust financial position, primarily funded by operating cash flow and loans from its ultimate holding company, with total cash and cash equivalents increasing to HK$127 million at the reporting period end, a current ratio of approximately 1.1 times, and a net cash position without capital gearing - As of April 30, 2025, total cash and cash equivalents were approximately HK$127.1 million, a significant increase from HK$65.8 million in the prior year[54] - The current ratio (current assets/current liabilities) remained at approximately 1.1 times in both years[54] - The Group maintains a net cash position, thus the capital gearing ratio is not applicable[54] Human Resources As of April 30, 2025, the Group's total number of employees decreased to 57 from 62, and total remuneration costs significantly declined to approximately HK$9.7 million from HK$18.7 million, reflecting the Group's cost control measures Employee and Remuneration Overview | Item | 2025 | 2024 | | :--- | :--- | :--- | | Number of Employees (Period End) | 57 | 62 | | Total Remuneration Costs (HK$ Million) | 9.7 | 18.7 | Debts and Charges on Assets At the reporting period end, the Group had no bank borrowings, asset charges, bank facilities, or financial derivative instruments, indicating a simple financial structure - As of April 30, 2025 and 2024, the Group had no bank borrowings or any charges on assets[58] Significant Investments and Commitments At the reporting period end, the Group had no significant investments, major investment plans, significant capital commitments, or significant contingent liabilities - As of April 30, 2025, the Group had no significant investments, major capital asset plans, significant capital commitments, or significant contingent liabilities[59][60][61][62] Outlook Looking ahead, domestic fertilizer demand is expected to grow, though prices will fluctuate due to various factors, and environmental policies may increase production costs, while export policies are unlikely to ease in the short term, continuing to impact export business; the Group will focus on strengthening production management, developing environmentally friendly and efficient fertilizer products, and optimizing sales channels to enhance competitiveness - Domestic fertilizer demand is expected to grow, but export policies are unlikely to ease in the short term, which will continue to affect export business[64] - The Group's future strategic focus is on strengthening production management, developing environmentally friendly and high-efficiency fertilizer products, and optimizing sales channels[65] Corporate Governance and Other Information This section details the company's corporate governance practices, compliance statements, and other relevant shareholder information Annual General Meeting and Dividends The Board has resolved not to recommend any final dividend for the year, and the company's upcoming Annual General Meeting is expected to be held on October 17, 2025 - The Board does not recommend the payment of any final dividend for the year ended April 30, 2025[63] - The Annual General Meeting is expected to be held on October 17, 2025[66] Compliance Statement During the year, the company and its directors complied with the Model Code for Securities Transactions by Directors of Listed Issuers, did not purchase, sell, or redeem any listed securities, and maintained sufficient public float - All Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout the year[69] - The company did not repurchase any securities during the year and maintained a sufficient public float as required by the Listing Rules[70][72] Corporate Governance Practices The company has adopted and largely complied with the Corporate Governance Code, with three deviations: the Board did not meet quarterly, the Chairman and Chief Executive Officer roles are combined, and the Chairman was unable to attend the 2024 AGM - Deviation from Code Provision C.5.1: The Board held two regular meetings during the year, not quarterly, due to the Group's relatively simple operations[74] - Deviation from Code Provision C.2.1: Mr. Liu Guoqing holds both Chairman and Chief Executive Officer roles, which the Board believes enhances management efficiency[75] - Deviation from Code Provision F.2.2: The Chairman was unable to attend the 2024 Annual General Meeting due to business commitments[76] Audit Committee Review The Audit Committee has reviewed the Group's annual results and audited consolidated financial statements, deeming them prepared in compliance with applicable accounting standards and Listing Rules with adequate disclosures, and the independent auditor, Fan Chan & Co. CPA Limited, confirmed consistency with the audited statements - The Audit Committee has reviewed the audited consolidated financial statements and annual results for the year[77] - Independent auditor Fan Chan & Co. CPA Limited confirmed that the financial data in this announcement is consistent with the amounts in the audited consolidated financial statements[78]