Financial Performance - The Group's overall revenue for FY2024/2025 fell short of expectations due to the decline in traditional advertising business, which has not been fully offset by the new digital business revenue[17]. - The Group recorded a revenue of approximately HK$44.5 million for the year ended 30 June 2025, representing a decrease of approximately 64.3% compared to HK$124.5 million for the year ended 30 June 2024[35]. - The decline in revenue was primarily due to structural challenges in the traditional internet advertising business, which faced a saturated market and reduced budgets from advertisers[38]. - The Group recorded a loss of approximately HK$20.3 million for the year ended 30 June 2025, compared to a profit of approximately HK$17.5 million for the year ended 30 June 2024[52][57]. - Other income, gains and losses, net, resulted in a loss of approximately HK$14.4 million for the year ended 30 June 2025, compared to net gains of approximately HK$39.1 million for the year ended 30 June 2024[43][46]. Business Strategy and Focus - The Group is focusing on internet advertising services and building a digitalization empowerment platform amidst escalating global trade frictions and fierce market competition[16]. - The Group is implementing strategic adjustments to optimize its business model and gradually shift focus towards internet-derived product promotion and the development of a digitalized ecosystem[18]. - The digitalization empowerment platform business showed strong performance with substantial year-on-year growth, gradually becoming a new driver for the Group[38]. - The Group plans to strengthen data-driven capabilities and AI technology applications to enhance advertising conversion rates and customer returns[20]. - The Group aims to accelerate its expansion into cultural tourism projects and IP content development, leveraging existing advertising customer resources[20]. Cost and Expenses - The Group's cost of sales for the year ended 30 June 2025 was approximately HK$43.1 million, a decrease of about 68.5% compared to HK$136.5 million for the year ended 30 June 2024[40][45]. - Selling and distribution expenses increased to approximately HK$1.1 million for the year ended 30 June 2025 from HK$0.9 million in the previous year, primarily due to marketing investments in the digitalization empowerment platform business[48][53]. - Administrative expenses decreased by approximately 25.9% to approximately HK$6.0 million for the year ended 30 June 2025, down from approximately HK$8.1 million for the year ended 30 June 2024[49][54]. - Finance costs decreased significantly to HK$30,000 for the year ended 30 June 2025 from HK$1.3 million for the year ended 30 June 2024[50][55]. Shareholder and Capital Management - The Board proposed a share consolidation on September 15, 2025, consolidating every 20 existing shares into 1 consolidated share, resulting in an authorized share capital of HK$40,000,000 divided into 200,000,000 consolidated shares[82]. - The subscription agreement with Invengo Technology Pte. Ltd. involves the allotment of 8,246,400 consolidated shares at a subscription price of HK$1.60 per share, with the closing price on September 15, 2025, being HK$0.99[89]. - The company raised a total of HK$9,620,800 through the subscription of 137,440,000 ordinary shares at HK$0.07 per share[171][172]. - The net proceeds from the share issue are approximately HK$9,520,800, which will be used for repayment of borrowings and general working capital[180][181]. - The premium on the issue of shares amounted to approximately HK$8,146,400, credited to the company's share premium account[173]. Workforce and Employee Management - As of June 30, 2025, the Group had a total workforce of 12 employees, with total staff costs approximately HK$1.6 million, a decrease from HK$2.4 million for the year ended June 30, 2024[91]. - The emolument policy for employees is based on duties, responsibilities, and performance, with annual reviews conducted by the Remuneration Committee[92]. - The Group provides various training to enhance employees' technical skills and safety awareness[97]. - Monthly contributions to the Mandatory Provident Fund for Hong Kong employees are 5% of their monthly income, capped at HK$1,500[98]. - Contributions to the PRC government retirement benefit schemes are based on certain percentages of applicable payroll costs[99]. Governance and Management Changes - Mr. Zeng Jin has been appointed as an executive director and chairman of the Board effective June 4, 2024[101]. - Changes in the Board included the resignation of Ms. Liu Qin and Mr. Gan Xiaohua as executive directors in June and July 2025, respectively[159]. - Ms. Zhu Minli and Ms. Zhu Xiaolin were appointed as independent non-executive directors on January 20, 2025[158]. - The Company will hold an annual general meeting where certain Directors will offer themselves for re-election[160]. Risk Management - The Group's risk management policies aim to minimize the adverse effects of market risks, including currency and interest rate risks, on financial performance[73]. - The Group has not entered into any interest rate hedging contracts due to relatively low current interest rates but continues to monitor interest rate exposure closely[69]. - The Group's foreign exchange exposure was minimal, with no significant adverse effects from changes in foreign exchange rates during the reporting period[68]. Corporate Changes - The Company underwent a name change from "Million Stars Holdings Limited" to "Web3 Meta Limited" effective September 12, 2024[128]. - The Group's environmental, social, and governance performance is discussed in the report spanning pages 58 to 93[139]. - The Group did not engage in any material acquisitions or disposals during the year ended June 30, 2025[74]. - The Group did not have any significant capital commitments or contingent liabilities as of June 30, 2025, remaining consistent with the previous year[71][72].
瓦普思瑞元宇宙(08093) - 2025 - 年度财报