Financial Performance - The total revenue for the year ended June 30, 2025, was HKD 57,311,000, a decrease of 72.6% compared to HKD 208,612,000 in 2024[3] - The gross profit for the year was HKD 4,238,000, down 62.8% from HKD 11,400,000 in the previous year[3] - The net loss for the year was HKD 50,309,000, compared to a net loss of HKD 12,222,000 in 2024, representing a 312.5% increase in losses[4] - The company reported a basic and diluted loss per share of HKD 5.03, compared to HKD 1.82 in the previous year[4] - The group reported a pre-tax loss from continuing operations of HKD 51,445,000 for the year ended June 30, 2025, compared to a pre-tax loss of HKD 12,776,000 in 2024[16][17] - The company reported a basic loss attributable to owners of HKD 44,226,000 for the year ended June 30, 2025, compared to a loss of HKD 12,420,000 for the year ended June 30, 2024[24] - The loss attributable to the company's owners for the year was approximately HKD 44.2 million, compared to HKD 12.4 million in 2024, with a notable increase in losses attributed to reduced contributions from smart city solutions and renewable energy businesses[43] Assets and Liabilities - The total assets less current liabilities amounted to HKD 120,564,000, an increase of 15.3% from HKD 104,569,000 in 2024[5] - Non-current assets increased to HKD 45,629,000 from HKD 42,383,000, reflecting a growth of 5.3%[5] - The total trade receivables increased to HKD 162,661,000 in 2025 from HKD 150,366,000 in 2024, with an impairment loss provision of HKD 47,135,000[26] - Accounts receivable (net of expected credit losses) as of June 30, 2025, totaled HKD 115,526,000, a decrease from HKD 142,837,000 in 2024, reflecting a reduction of approximately 19%[27] - The overdue accounts receivable increased significantly, with amounts over one year rising to HKD 117,980,000 in 2025 from HKD 5,406,000 in 2024, indicating a substantial increase of over 2,000%[28] - Accounts payable increased to HKD 170,785,000 in 2025 from HKD 151,245,000 in 2024, reflecting a growth of approximately 13%[30] Revenue Segments - Revenue from the technology segment, specifically smart city solutions, was HKD 48,749,000 in 2025, down from HKD 179,878,000 in 2024, indicating a decrease of about 72.9%[14] - The renewable energy segment generated revenue of HKD 8,562,000 in 2025, compared to HKD 28,734,000 in 2024, reflecting a decline of approximately 70.1%[14] - The group’s revenue for the year ended June 30, 2025, was HKD 57,311,000, a decrease from HKD 208,612,000 in 2024, representing a decline of approximately 72.6%[14] Strategic Initiatives - The company has initiated measures to strengthen cost control and aims to achieve profitable operations with positive cash flow[8] - The company launched a new business related to hydrogen-oxygen machines on September 27, 2025, expected to generate positive cash flow[8] - The company has reached agreements with major shareholders for financial support to improve liquidity[8] - The company is actively negotiating repayment schedules with various trade debtors and creditors to manage cash flow[8] - The company has strategically shifted its investment focus towards green energy, achieving significant breakthroughs in hydrogen and oxygen production technology, with expected industrial application in Q4 2025[33] - The launch of the world's first scalable hydrogen production machine, "Chuang Zhi Rong Hydrogen," is set for September 30, 2025, marking a major milestone in the company's green energy initiatives[33] Market and Industry Trends - The global hydrogen market is projected to reach a demand of 97 million tons in 2023, with an expected annual production capacity of 49 million tons by 2030 for low-emission hydrogen[78] - The green hydrogen sector is estimated to be valued at HKD 71 billion in 2024, with a compound annual growth rate of 56.75% expected to rise to HKD 1.05 trillion by 2030[78] - The overall hydrogen market revenue is forecasted to grow from HKD 1.75 trillion in 2025 to HKD 2.44 trillion by 2030[78] - The steam supply market in China is substantial, driven by industrial demand, urbanization, and environmental regulations, with estimates suggesting a market size of several hundred billion RMB annually[82] Financial Management - The group’s financial liquidity remains positive, with total liquid funds amounting to approximately HKD 11.9 billion as of June 30, 2025[88] - The group raised approximately HKD 23 million from a placement of shares, with funds allocated for renewable energy and data center operations[90] - The company maintained a prudent financial policy, ensuring a positive liquidity position through internal resources and bank borrowings[92] - The company has no authorized but uncontracted capital commitments as of June 30, 2025, compared to a commitment of approximately HKD 5.5 million in the previous year[93] Employee and Operational Costs - The total employee cost for the year ended June 30, 2025, was approximately HKD 21.3 million, an increase from HKD 12.7 million in the previous year[97] - General and administrative expenses rose by approximately 65.5% to about HKD 37.6 million, mainly due to increased R&D and administrative expenses from the newly launched green energy business[45] Dividends and Shareholder Returns - The company did not declare or recommend any dividends for the year ended June 30, 2025, nor for the year ended June 30, 2024[23] - The company did not recommend any final dividend for the year ended June 30, 2025, consistent with the previous year[100]
冠军科技集团(00092) - 2025 - 年度业绩