新兴印刷(01975) - 2025 - 年度业绩

Consolidated Financial Results Consolidated Statement of Profit or Loss The Group recorded a net loss of 88.65 million HKD for the year ended June 30, 2025, a reversal from a net profit of 17.15 million HKD in the prior year, primarily due to a 26.3% revenue decline and significant impairment losses on property, plant, and equipment and right-of-use assets Key Financial Data from Consolidated Statement of Profit or Loss | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 218,338 | 296,242 | -26.3% | | Cost of sales | (156,746) | (212,512) | -26.3% | | Gross profit | 61,592 | 83,730 | -26.4% | | Other income | 13,656 | 16,861 | -19.0% | | Government grants | 664 | 477 | +39.2% | | Selling and distribution expenses | (5,276) | (5,438) | -3.0% | | Administrative expenses | (65,207) | (72,111) | -9.5% | | Net other operating income | 554 | 3,655 | -84.8% | | Finance costs | (7,049) | (7,903) | -10.8% | | Impairment of property, plant and equipment | (57,730) | (756) | +7589.1% | | Impairment of right-of-use assets | (29,990) | (444) | +6656.8% | | Profit/(Loss) before tax | (88,786) | 18,071 | -590.2% | | Income tax credit/(expense) | 138 | (926) | -114.9% | | Profit/(Loss) for the year | (88,648) | 17,145 | -617.0% | | Basic and diluted earnings/(loss) per share | (18.47) HK cents | 3.57 HK cents | -617.0% | Consolidated Statement of Comprehensive Income For the year ended June 30, 2025, the Group reported a total comprehensive loss of 91.52 million HKD, a significant deterioration from a total comprehensive income of 16.09 million HKD in the prior year, mainly due to the annual loss and exchange differences from overseas operations Key Data from Consolidated Statement of Comprehensive Income | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | | :--- | :--- | :--- | :--- | | Profit/(Loss) for the year | (88,648) | 17,145 | (105,793) | | Exchange differences on translation of overseas operations | (2,869) | (1,059) | (1,810) | | Other comprehensive loss for the year, net of tax | (2,869) | (1,059) | (1,810) | | Total comprehensive income/(loss) for the year | (91,517) | 16,086 | (107,603) | Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets and net assets both decreased, with total non-current assets falling by 33.9% and net assets by 22.6%, primarily due to impairment of property, plant, and equipment and right-of-use assets Key Data from Consolidated Statement of Financial Position | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | | | | | Property, plant and equipment | 89,585 | 158,956 | -43.6% | | Right-of-use assets | 71,453 | 93,302 | -23.5% | | Total non-current assets | 171,174 | 258,780 | -33.9% | | Current Assets | | | | | Inventories | 17,930 | 16,969 | +5.7% | | Trade receivables | 40,824 | 26,000 | +57.0% | | Cash and cash equivalents | 276,650 | 316,885 | -12.7% | | Total current assets | 344,165 | 373,656 | -7.9% | | Current Liabilities | | | | | Trade payables | 12,807 | 9,641 | +32.8% | | Total current liabilities | 55,887 | 52,984 | +5.5% | | Non-current Liabilities | | | | | Lease liabilities | 86,239 | 97,389 | -11.4% | | Total non-current liabilities | 88,026 | 99,709 | -11.7% | | Equity | | | | | Net assets | 371,426 | 479,743 | -22.6% | Notes to the Financial Statements Company and Group Information The Company is an investment holding company incorporated in the Cayman Islands, with its principal place of business in Hong Kong, and the Group's business involves manufacturing and selling printed products - The company is registered in the Cayman Islands, with its principal place of business in Hong Kong, and the Group's main business is the manufacturing and sale of printed products[6][7] Basis of Preparation and Changes in Accounting Policies Financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, using the historical cost convention, with newly adopted revised standards having no material impact on the Group's financial position or performance - Financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, adopting the historical cost convention[8] - Newly adopted revised standards for the current year include HKFRS 16 (lease liabilities in a sale and leaseback transaction), HKAS 1 (classification of liabilities as current or non-current, non-current liabilities with covenants), and HKAS 7/HKFRS 7 (supplier finance arrangements)[9] - The revised standards have no impact on the Group's financial position or performance, as the Group is not involved in sale and leaseback transactions with variable lease payments, liability classifications remain unchanged, and there are no supplier finance arrangements[10][11] Operating Segment Information The Group operates a single reportable segment, manufacturing and selling printed products, with revenue primarily from Europe, Hong Kong, and Mainland China, where revenue significantly grew, and non-current assets mainly located in Mainland China and Indonesia, posing credit concentration risk with two major customers - The Group has only one reportable operating segment: manufacturing and selling printed products[12] Geographical Information In 2025, the Group's revenue primarily originated from Europe (71.41 million HKD), Hong Kong (65.43 million HKD), and Mainland China (50.33 million HKD), with Mainland China revenue significantly increasing by 263.0% year-on-year, and non-current assets concentrated in Mainland China (132.92 million HKD) and Indonesia (24.95 million HKD) Revenue from External Customers (by location of delivery) | Revenue Source | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Europe | 71,413 | 88,241 | -19.1% | | Hong Kong | 65,425 | 84,408 | -22.5% | | Mainland China | 50,327 | 13,870 | +263.0% | | Asia (excluding Mainland China and Hong Kong) | 12,344 | 25,358 | -51.3% | | United States | 7,643 | 56,748 | -86.5% | | Oceania | 2,566 | 13,959 | -81.6% | | Others | 8,620 | 13,658 | -36.9% | | Total Revenue | 218,338 | 296,242 | -26.3% | Non-current Assets (by location of assets) | Location of Non-current Assets | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Mainland China | 132,921 | 247,933 | | Republic of Indonesia | 24,949 | – | | Hong Kong | 8,985 | 7,124 | | Total | 166,855 | 255,057 | Major Customer Information The Group exhibits high revenue concentration with two major customers, with Customer A's revenue contribution significantly decreasing from 180.48 million HKD in 2024 to 91.72 million HKD in 2025 Revenue from Major Customers | Customer | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Customer A | 91,720 | 180,482 | -49.2% | | Customer B | 27,292 | 34,971 | -22.0% | Revenue, Other Income and Government Grants In 2025, the Group's total revenue was 218.34 million HKD, entirely from goods transferred at a point in time under customer contracts, while total other income and government grants decreased by 17.4% to 14.32 million HKD, mainly due to reduced interest income Analysis of Revenue, Other Income and Government Grants | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue from customer contracts | 218,338 | 296,242 | -26.3% | | Interest income | 13,530 | 16,349 | -17.3% | | Total other income | 13,656 | 16,861 | -19.0% | | Government grants | 664 | 477 | +39.2% | | Total other income and government grants | 14,320 | 17,338 | -17.4% | - Government grants primarily originate from innovation and technology transformation programs in Mainland China and Hong Kong, as well as employment stabilization subsidies[16] Details of Profit/(Loss) Before Tax The Group's 2025 loss before tax was 88.79 million HKD, primarily impacted by 87.72 million HKD in impairment losses on property, plant, and equipment and right-of-use assets, with staff welfare expenses and depreciation decreasing, but trade receivables impairment losses significantly increasing Items Deducted From/(Credited To) Profit/(Loss) Before Tax | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 156,746 | 212,512 | -26.3% | | Depreciation of property, plant and equipment | 21,321 | 21,747 | -1.9% | | Depreciation of right-of-use assets | 13,447 | 14,104 | -4.6% | | Total staff welfare expenses | 60,649 | 65,805 | -7.8% | | Write-down/(Reversal of impairment loss) on trade receivables | 1,984 | (151) | +1413.2% | | Impairment of property, plant and equipment | 57,730 | 756 | +7589.1% | | Impairment of right-of-use assets | 29,990 | 444 | +6656.8% | | Interest on lease liabilities | 7,049 | 7,903 | -10.8% | Income Tax In 2025, the Group recorded an income tax credit of 0.14 million HKD, compared to an income tax expense of 0.93 million HKD in 2024, mainly due to reduced tax provisions resulting from lower assessable profits in Hong Kong - Hong Kong profits tax rate is 16.5%, with qualifying subsidiaries taxed at 8.25% for the first 2 million HKD of assessable profits[19] Total Income Tax Expense/(Credit) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Total tax expense/(credit) for the year | (138) | 926 | Dividends The Group proposed total dividends of 21.60 million HKD for 2025, comprising interim, special, and final dividends, exceeding the 16.80 million HKD distributed in 2024 Dividend Distribution | Dividend Type | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Interim dividend (1.0 HK cent per share) | 4,800 | 4,800 | | Proposed special dividend (1.0 HK cent per share) | 4,800 | – | | Proposed final dividend (2.5 HK cents per share) | 12,000 | 12,000 | | Total | 21,600 | 16,800 | Earnings/(Loss) Per Share Basic loss per share was 18.47 HK cents in 2025, a reversal from basic earnings per share of 3.57 HK cents in 2024, primarily due to the annual loss, with basic and diluted figures being identical due to no potential dilutive ordinary shares Earnings/(Loss) Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) attributable to equity holders of the Company (thousand HKD) | (88,648) | 17,145 | | Weighted average number of ordinary shares in issue during the year | 480,000,000 | 480,000,000 | | Basic and diluted earnings/(loss) per share (HK cents) | (18.47) | 3.57 | Trade Receivables Net trade receivables increased to 40.82 million HKD in 2025, a 57.0% year-on-year rise, mainly due to a significant increase in impairment losses to 2.17 million HKD, with the Group facing 47% credit concentration risk from two major customers Trade Receivables and Impairment Losses | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables | 42,995 | 26,187 | +64.2% | | Less: Impairment losses | (2,171) | (187) | +1061.0% | | Carrying amount, net | 40,824 | 26,000 | +57.0% | - Trade terms typically involve a one-month credit period, extendable up to four months, and 47% of the Group's trade receivables are from two major customers, indicating credit concentration risk[23] Ageing Analysis of Trade Receivables | Ageing | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 1 month | 23,944 | 14,092 | | 1 to 2 months | 10,614 | 7,374 | | 2 to 3 months | 2,706 | 4,121 | | Over 3 months | 3,560 | 413 | | Total | 40,824 | 26,000 | Trade Payables Total trade payables increased to 12.81 million HKD in 2025, a 32.8% year-on-year rise, with these non-interest-bearing payables typically settled within three months Ageing Analysis of Trade Payables | Ageing | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 1 month | 7,204 | 5,071 | | 1 to 2 months | 4,594 | 4,157 | | 2 to 3 months | 737 | 219 | | Over 3 months | 272 | 194 | | Total | 12,807 | 9,641 | - Trade payables are non-interest-bearing and typically settled within three months[25] Management Discussion and Analysis Business Review As a one-stop printing service provider, the Group faced macroeconomic challenges and subdued demand in the Hong Kong printing industry in FY2025, responding with risk mitigation, business diversification, cost control, strategic investment in ESG Print Limited, and planning for an Indonesian manufacturing center, resulting in a shift from profit to loss due to revenue decline and asset impairment - The Group faced a challenging macroeconomic backdrop in FY2024-2025, including geopolitical tensions, Sino-US trade friction, high inflation, and concerns over slowing global economic growth[27] - The Group implemented measures to mitigate risks, diversify business exposure, and safeguard profitability, including strategic investment in ESG Print Limited to address sustainability demands, advancing plans for an Indonesian manufacturing center to enhance cost competitiveness, and strengthening cost control and operational management[27] Service Overview The Group offers diverse printing services, encompassing packaging printing (corrugated boxes, gift boxes), paper gift set printing, color card printing, smart packaging printing (RFID tags, QR codes), and other printing services - The Group provides five main categories of printing services: packaging printing, paper gift set printing, color card printing, smart packaging printing (including RFID tags and QR codes), and other printing services[26] Operating Environment and Strategic Responses Facing challenges like geopolitical tensions, Sino-US trade friction, high inflation, and global economic slowdown, the Group mitigates risks, diversifies business, and safeguards profitability through strategic investment in ESG Print Limited, planning an Indonesian manufacturing center, strengthening cost control, and optimizing operational management - The macroeconomic backdrop is challenging, including geopolitical tensions, Sino-US trade friction, high inflation, and slowing global economic growth, leading to reduced customer confidence and orders[27] - The Group strategically invested in ESG Print Limited to meet ESG-related printing demands and is advancing plans for an Indonesian manufacturing center to enhance cost competitiveness and supply chain resilience[27] - The Group is strengthening operational management discipline by enhancing cost control, optimizing procurement and production scheduling, and focusing on service quality[27] Overall Financial Performance In FY2025, the Group's revenue decreased by 26.3% to 218.3 million HKD, and gross profit fell by 26.4%, shifting from a 17.1 million HKD profit last year to an 88.6 million HKD loss, primarily due to 87.7 million HKD in asset impairment losses, with basic earnings per share turning into a basic loss per share of 18.47 HK cents - For the year ended June 30, 2025, the Group's revenue decreased by 26.3% to approximately 218.3 million HKD, primarily due to reduced revenue from color card and paper gift set printing, reflecting conservative customer spending patterns amid global economic slowdown and high inflation[28][40] - Gross profit decreased by 26.4% year-on-year to approximately 61.6 million HKD, with the gross profit margin remaining stable at approximately 28.2% (2024: 28.3%)[28][29][41] - The Group shifted from a profit of approximately 17.1 million HKD last year to a loss of approximately 88.6 million HKD for the year, primarily due to impairment losses totaling approximately 87.7 million HKD on property, plant, and equipment and right-of-use assets[29][45] - Basic loss per share was 18.47 HK cents, compared to basic earnings per share of 3.57 HK cents in the prior year[29] Business Unit Overview The Group comprises five main business units, with packaging printing and other printing revenues growing in FY2025, while paper gift set, color card, and smart packaging printing revenues declined, reflecting shifts in market demand and conservative customer spending - The Group consists of five main business units: packaging printing, paper gift set printing, color card printing, smart packaging printing, and other printing[30] Revenue Contribution In FY2025, packaging printing and paper gift set printing were the primary revenue sources, contributing 42.2% and 46.7% respectively, with packaging printing's share significantly increasing and paper gift set printing's share substantially decreasing compared to 2024 Business Unit Revenue Contribution | Business Unit | 2025 Revenue Contribution (%) | 2024 Revenue Contribution (%) | | :--- | :--- | :--- | | Packaging Printing | 42.2% | 24.8% | | Paper Gift Set Printing | 46.7% | 63.6% | | Color Card Printing | 5.3% | 6.4% | | Smart Packaging Printing | 2.4% | 3.2% | | Other Printing | 3.4% | 2.0% | Packaging Printing Revenue from packaging printing services increased by 25.8% year-on-year to 92.2 million HKD, primarily driven by the Group's introduction of advanced packaging technologies, leading to increased customer orders - Packaging printing revenue grew by 25.8% to approximately 92.2 million HKD, mainly due to the introduction of advanced packaging technologies prompting more customer orders[34] Paper Gift Set Printing Revenue from paper gift set printing decreased by 45.9% year-on-year to 102.0 million HKD, primarily because customers, concerned about global economic slowdown and high inflation, reduced spending on promotional and marketing products - Paper gift set printing revenue decreased by 45.9% to approximately 102.0 million HKD, as customers, influenced by global economic slowdown and high inflation concerns, tightened spending on promotional and marketing products[35] Color Card Printing Revenue from color card printing decreased by 39.5% year-on-year to 11.5 million HKD, mainly due to a decline in orders as customers did not hold promotional activities during the year - Color card printing revenue declined by 39.5% to approximately 11.5 million HKD, primarily because customers did not conduct promotional activities during the year[36] Smart Packaging Printing Revenue from smart packaging printing services decreased by 45.3% year-on-year to 5.2 million HKD, mainly because customers reduced spending on marketing and promotional products amidst economic slowdown and high inflation - Smart packaging printing revenue decreased by 45.3% to approximately 5.2 million HKD, as customers adopted conservative spending patterns and reduced marketing and promotional expenditures amidst economic slowdown and high inflation[37] Other Printing Revenue from other printing businesses increased by 23.3% year-on-year to 7.4 million HKD, primarily due to some customers launching new puzzle and label projects - Other printing business revenue increased by 23.3% to approximately 7.4 million HKD, primarily benefiting from customers launching new puzzle and label projects[38] Outlook The Group anticipates continued operational uncertainty for FY2025-2026 but will focus on strengthening core competencies through investing in advanced technology, expanding smart packaging and sustainable product lines, advancing the Indonesian manufacturing center, deepening customer collaboration, and strict cost control to achieve selective growth and sustainable development - The operating outlook for FY2025-2026 remains uncertain, influenced by geopolitical risks, trade friction, and inflationary pressures[39] - The Group will focus on investing in advanced printing technologies and automation equipment, expanding smart packaging and sustainable product lines, advancing the evaluation of a second manufacturing center in Indonesia, deepening strategic collaboration with core customers, and maintaining strict cost control[39] Financial Performance Analysis This section details the changes and reasons behind the Group's financial metrics, noting that revenue and gross profit declined due to weak market demand, administrative expenses decreased due to cost control, but a significant increase in asset impairment losses led to the Group's shift from profit to loss Revenue Group revenue decreased by 26.3% year-on-year to 218.3 million HKD, primarily due to reduced revenue from color card and paper gift set printing, reflecting conservative customer spending patterns amidst global economic slowdown and high inflation - Revenue decreased by 26.3% year-on-year to approximately 218.3 million HKD, primarily due to reduced revenue from color card and paper gift set printing, reflecting customers' reduced spending on printing and promotional items due to global economic slowdown and high inflation[40] Gross Profit and Gross Margin Gross profit decreased by 26.4% year-on-year to 61.6 million HKD, in line with the decline in sales, while the gross profit margin remained stable at 28.2% in 2025, compared to 28.3% in 2024 - Gross profit decreased by 26.4% year-on-year to approximately 61.6 million HKD, consistent with the decline in sales[41] - The gross profit margin remained stable, at approximately 28.2% in 2025 and approximately 28.3% in 2024[41] Selling and Distribution Expenses Selling and distribution expenses remained stable at 5.3 million HKD in 2025 and 5.4 million HKD in 2024, primarily comprising salaries and transportation costs - Selling and distribution expenses remained stable, at approximately 5.3 million HKD (2025) and approximately 5.4 million HKD (2024), primarily consisting of salaries and transportation costs[42] Administrative Expenses Administrative expenses decreased by 9.5% year-on-year to 65.2 million HKD, primarily due to the Group's declining performance and the implementation of stricter cost control policies - Administrative expenses decreased by 9.5% to approximately 65.2 million HKD, primarily due to the Group's declining performance and the implementation of stricter cost control policies[43] Net Other Operating Income Net other operating income significantly decreased by 84.8% to 0.6 million HKD, primarily due to an impairment loss on trade receivables of 2.0 million HKD recorded in 2025, compared to a reversal of impairment loss of 0.2 million HKD in the prior year - Net other operating income decreased to approximately 0.6 million HKD (2024: approximately 3.7 million HKD), primarily due to an impairment loss on trade receivables of approximately 2.0 million HKD recorded in 2025, compared to a reversal of impairment loss of approximately 0.2 million HKD in the prior year[44] Impairment of Property, Plant and Equipment and Right-of-Use Assets Impairment losses on property, plant, and equipment and right-of-use assets collectively increased significantly to 87.7 million HKD, compared to 1.2 million HKD last year, primarily because the Group incurred an operating loss this year, prompting management to conduct an impairment assessment - Impairment losses on property, plant and equipment and right-of-use assets totaled approximately 87.7 million HKD (2024: approximately 1.2 million HKD), a significant increase, primarily due to the operating loss incurred this year, which led management to conduct an impairment assessment[45] Other Income and Government Grants Other income and government grants decreased by 17.4% year-on-year to 14.3 million HKD, primarily due to reduced interest income from maintaining lower fixed deposits during the year - Other income and government grants decreased to approximately 14.3 million HKD (2024: approximately 17.3 million HKD), primarily due to maintaining lower fixed deposits during the year[46] Finance Costs Finance costs decreased by 10.8% year-on-year to 7.0 million HKD, primarily due to the repayment of lease liabilities during the year - Finance costs decreased to approximately 7.0 million HKD (2024: approximately 7.9 million HKD), primarily due to the repayment of lease liabilities during the year[47] Income Tax Credit/(Expense) Income tax shifted from an expense of 0.9 million HKD in 2024 to a credit of 0.1 million HKD in 2025, mainly due to reduced tax provisions resulting from lower assessable profits in Hong Kong - Income tax shifted from an expense of approximately 0.9 million HKD last year to a credit of approximately 0.1 million HKD this year, primarily due to a decrease in Hong Kong profits tax provision resulting from lower assessable profits in Hong Kong[48] Liquidity and Capital Resources The Group's net assets decreased by 22.6% to 371.4 million HKD, primarily due to asset impairment, with cash and cash equivalents at 276.7 million HKD, net current assets at 288.3 million HKD, and the current ratio declining from 7.1 to 6.2, while the Group has no interest-bearing bank borrowings and capital expenditures focused on automation, equipment upgrades, and Indonesian land acquisition - Net assets decreased by 22.6% to approximately 371.4 million HKD (2024: approximately 479.7 million HKD), primarily due to impairment losses totaling approximately 87.7 million HKD on property, plant and equipment and right-of-use assets during the year[49] - Cash and bank balances were approximately 276.7 million HKD (2024: approximately 317.0 million HKD), with net current assets of approximately 288.3 million HKD (2024: approximately 320.7 million HKD)[49] - The current ratio decreased from approximately 7.1 in 2024 to approximately 6.2 in 2025[49] - The Group has no interest-bearing bank borrowings, and thus the debt-to-equity ratio is not applicable[50] - Capital expenditure for the year exceeded 35.1 million HKD, primarily allocated to automation, equipment upgrades, leasehold improvement works, and the acquisition of land in Indonesia[50] Contingent Liabilities and Pledged Assets As of June 30, 2025, the Group had no significant contingent liabilities and no assets were pledged - As of June 30, 2025, the Group had no significant contingent liabilities and no assets were pledged[51] Employees and Remuneration Policy As of June 30, 2025, the Group employed 587 staff in Hong Kong and Mainland China, with direct labor costs decreasing by 16.2% to 22.8 million HKD, and remuneration packages determined by market terms, individual qualifications, and annual performance reviews - As of June 30, 2025, the Group had 587 employees in Hong Kong and Mainland China[52] - Direct labor costs (including salaries, bonuses, and other employee benefits) decreased from approximately 27.2 million HKD in 2024 to approximately 22.8 million HKD in 2025, a year-on-year reduction of 16.2%[52] - Remuneration packages are determined by market terms and individual qualifications, and are reviewed annually based on performance appraisals and relevant factors[52] Dividend Policy To celebrate its 50th anniversary, the Board recommended a special dividend of 1.0 HK cent and a final dividend of 2.5 HK cents per share, bringing the total dividend for the year to 4.5 HK cents per share, higher than last year's 3.5 HK cents per share - The Board recommended a special dividend of 1.0 HK cent and a final dividend of 2.5 HK cents per share, subject to shareholders' approval[53] - Including the interim dividend of 1.0 HK cent per share, the total dividend for the year is 4.5 HK cents per share (2024: 3.5 HK cents per share)[53] Other Information Annual General Meeting and Share Registrar The 2025 Annual General Meeting will be held on November 27, 2025, with share transfer registration suspended from November 24 to November 27 to determine eligibility for attendance and voting, and again from December 3 to December 4 to determine eligibility for the proposed special and final dividends - The 2025 Annual General Meeting will be convened on November 27, 2025[54] - Share transfer registration will be suspended from November 24 to November 27, 2025, to determine eligibility for attending and voting at the Annual General Meeting[55] - Share transfer registration will be suspended from December 3 to December 4, 2025, to determine eligibility for the proposed special and final dividends[56] Use of Proceeds The net proceeds from the initial public offering were 124.0 million HKD, with 122.0 million HKD utilized as of this announcement date, primarily for equipment upgrades, relocation of the Shenzhen factory, and general working capital, and the remaining 2.0 million HKD is expected to be fully utilized by June 30, 2026 - The net proceeds from the initial public offering amounted to 124.0 million HKD[57] Details of Use of Net Proceeds | Intended Use | Planned Use (million HKD) | Actual Use as of this Announcement Date (million HKD) | Unutilized Net Proceeds as of this Announcement Date (million HKD) | | :--- | :--- | :--- | :--- | | Phased acquisition of four printing machines | 80.6 | 80.6 | – | | Relocation of Shenzhen factory | 31.0 | 31.0 | – | | Upgrade of ERP system | 4.1 | 2.1 | 2.0 | | General working capital | 8.3 | 8.3 | – | | Total | 124.0 | 122.0 | 2.0 | - The remaining 2.0 million HKD of net proceeds is expected to be fully utilized by June 30, 2026[58] Dealings in Listed Securities For the year ended June 30, 2025, and up to the date of this announcement, neither the Company nor any of its subsidiaries acquired, redeemed, or sold any of the Company's securities - Neither the Company nor any of its subsidiaries acquired, redeemed, or sold any of the Company's listed securities[59] Corporate Governance During the reporting period, the Group complied with Appendix C1 of the Listing Rules' Corporate Governance Code and Appendix C3's Standard Securities Dealing Code for Directors, with no share options granted since the adoption of the share option scheme, and the Audit Committee having reviewed annual results and accounting standards Corporate Governance Code The Company has consistently complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules throughout the year ended June 30, 2025, and up to the date of this announcement - The Company has consistently complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules during the reporting period[60] Standard Securities Dealing Code for Directors Following inquiry, the Directors confirmed compliance with the Standard Securities Dealing Code for Directors, as set out in Appendix C3 of the Listing Rules, throughout the year ended June 30, 2025 - The Directors confirmed compliance with the Standard Securities Dealing Code for Directors set out in Appendix C3 of the Listing Rules during the reporting period[61] Share Option Scheme The Company adopted a share option scheme on October 9, 2017, but no share options have been granted since its adoption, and there were no outstanding share options as of June 30, 2025 - The Share Option Scheme was adopted on October 9, 2017, but no share options have been granted since its adoption, and there are no outstanding share options[62] Audit Committee The Audit Committee, comprising three independent non-executive directors, has reviewed the annual final results, accounting standards, and discussed audit, internal control, and financial reporting matters - The Audit Committee, composed of three independent non-executive directors, has reviewed the annual final results, accounting standards, and discussed audit, internal control, and financial reporting matters[63] Review of Preliminary Announcement The Group's auditor, Ernst & Young, has reconciled the figures in the preliminary results announcement with the draft consolidated financial statements, though this work does not constitute an assurance engagement - The Group's auditor, Ernst & Young, has reconciled the figures in the preliminary results announcement with the draft consolidated financial statements, but this work does not constitute an assurance engagement[64] Publication of Results and Annual Report The Company's full-year results announcement has been published on the HKEX and company websites, and the annual report will be dispatched to shareholders and posted on the aforementioned websites in due course - The full-year results announcement has been published on the HKEX and company websites[65] - The annual report will be dispatched to shareholders and posted on the aforementioned websites in due course[65] Acknowledgements and Board of Directors The Board of Directors extends its gratitude to shareholders, business partners, and employees, with the Board members on the announcement date including executive, non-executive, and independent non-executive directors - The Board of Directors extends its sincere gratitude to shareholders, business partners, and employees[66] - The Board of Directors comprises Executive Directors Mr. Chan Tit Sang, Mr. Chan Chi Kin, Mr. Chan Chi Ming, and Mr. Chan Chun Sang; Non-executive Director Ms. Cheung Mei Yee; and Independent Non-executive Directors Dr. Chu Pu Kwan, Mr. Wong Kam Fai, and Mr. Woo Chun Sing[68]