Revenue and Profitability - Revenue for the year ended September 30, 2025, reached HKD 8,660,594, a 451.8% increase from HKD 1,569,387 in 2024[2] - The cryptocurrency trading business generated revenue of HKD 8,612,486, up 466.5% from HKD 1,520,345 in the previous year[2] - Gross profit increased to HKD 47,635, representing a 7.7% rise from HKD 44,224 in 2024, although the gross margin decreased to 0.6% from 2.8%[2] - The company reported a loss before tax of HKD 9,637, a decline of 117.1% compared to a profit of HKD 56,379 in 2024[2] - The company reported a total comprehensive income of HKD 10,036 for the year, compared to HKD 55,131 in 2024[6] - The segment performance showed a loss of HKD 37,899 for the year ending September 30, 2025, compared to a profit of HKD 141,728 in the previous year, reflecting a decline in profitability[21][22] - The company reported a loss attributable to owners of HKD 9,212,000 for 2025, a decline from a profit of HKD 54,322,000 in 2024[38] - The basic loss per share for 2025 was calculated based on a weighted average of 536,728,224 shares, compared to 465,960,665 shares in 2024[37] Cash Flow and Financial Position - Net cash decreased by 78.8% to HKD 13,195 from HKD 62,282 in the previous year[2] - The total assets less current liabilities increased to HKD 766,156 from HKD 284,057 in the previous year[7] - The company experienced a significant increase in non-current assets, totaling HKD 70,573, up from HKD 23,156 in 2024[7] - The company reported interest income of HKD 585 for the fiscal year ending September 30, 2025, compared to HKD 37 in the previous year, indicating a notable increase in interest earnings[25] - The net cash inflow from operating activities for the fiscal year 2025 was approximately HKD 16.6 million, a turnaround from a net cash outflow of approximately HKD 10.7 million in 2024[106] - The net cash inflow from investing activities for the fiscal year 2025 was approximately HKD 86.1 million, compared to a net cash outflow of approximately HKD 21.9 million in 2024[107] - The net cash inflow from financing activities for the fiscal year 2025 was approximately HKD 272.5 million, up from a net cash outflow of approximately HKD 223.8 million in 2024, mainly due to net proceeds from share issuance of approximately HKD 275.1 million[108] - The group’s cash and cash equivalents as of September 30, 2025, amounted to approximately HKD 448.6 million, significantly up from HKD 62.3 million as of September 30, 2024[118] Acquisitions and Investments - The company acquired 100% of Sinohope JP Limited and approximately 7.69% of BitTrade Inc., enhancing its position in the virtual asset ecosystem[10] - The company acquired 92.31% of BitTrade's equity, completing the acquisition on April 15, 2025, and BitTrade will become an indirect subsidiary[11] - The acquisition cost included the issuance of 108,992,785 ordinary shares to the seller of the British Virgin Islands company and 9,908,988 ordinary shares to the seller of BitTrade[12] - The acquisition of BitTrade is classified as a business combination under Hong Kong Financial Reporting Standards No. 3 upon gaining control on April 15, 2025[12] - The total consideration for the acquisition of BitTrade's remaining equity increased the ownership from 91.67% to 100% and was settled by issuing 9,908,988 shares valued at HKD 19,785 million[66] - The acquisition of BitTrade resulted in a bargain purchase gain of HKD 60,948 million, primarily due to the fair value change of the consideration paid, as the market price of the company's ordinary shares decreased from HKD 2.18 to HKD 1.49[64] Share Capital and Financing - The company issued 157,000,000 new ordinary shares at a subscription price of HKD 2.08, raising approximately HKD 324,605,000, which has been included in capital reserves[53] - The company completed the issuance of 166,000,000 new ordinary shares at a subscription price of HKD 1.66, with a total premium of approximately HKD 274,906,000 after expenses[55] - The company plans to increase its authorized share capital from 700,000,000 to 900,000,000 ordinary shares[57] - The company’s share premium as of October 1, 2023, was HKD 436,699,000, which increased due to share issuances[58] - The group’s debt-to-equity ratio as of September 30, 2025, was approximately 0.58, with total borrowings of approximately HKD 435.4 million against a net asset value of approximately HKD 757.1 million[112] Operational Performance and Strategy - The company aims to enhance shareholder value through strategic optimization of core businesses to drive revenue and profit growth[127] - The company plans to advance its global brand strategy upgrade with Bitfire Prime as the core entry point for high-net-worth clients[128] - The company will continue to develop a multi-dimensional trading brand structure, including Bitfire Exchanges, Bitfire Prime, and Bitfire Hub[130] - The asset management business will focus on expanding its presence in the Hong Kong market and optimizing the structure of virtual asset fund products[130] - The company is entering a new phase of "AI-driven, multi-strategy collaboration" in its quantitative business, investing in deep learning market prediction models[130] - The company is committed to maintaining a "safe and compliant" operational baseline while creating value for customers[132] - The company will implement strict risk control measures and conduct thorough due diligence on counterparties to ensure compliance with investment policies[126] Legal and Compliance - The company has appointed UK legal advisors to assess the situation regarding a lawsuit, which was deemed to have insufficient evidence against the company, leading to a high chance of successfully overturning the UK order[74] - The company has received a voluntary dismissal notice from the US Bankruptcy Court indicating that all claims related to the lawsuit against Hbit have been withdrawn[76] - The company has adopted the standard code for securities transactions by directors, confirming compliance as of September 30, 2025[137] - The audit committee, comprising Mr. Ye Weiming (Chairman), Mr. Yu Junjie, and Dr. Lin Jiali, reviewed the accounting principles and practices adopted by the group[139] - The auditor, Deloitte Touche Tohmatsu, confirmed that the financial statements for the year ended September 30, 2025, are consistent with the audited consolidated financial statements[140] Employee and Operational Infrastructure - The total employee cost for the fiscal year 2025 was approximately HKD 63.5 million, a decrease from HKD 67.5 million in the fiscal year 2024[133] - As of September 30, 2025, the group had 173 employees, an increase from 86 employees as of September 30, 2024[133] - The group has implemented operational infrastructure to support business growth, including expanding IT infrastructure and hiring personnel with expertise in legal, regulatory, compliance, financial reporting, operations, and technology development[121] Dividends and Contingent Liabilities - The group did not recommend a final dividend for the fiscal year 2025, consistent with the previous year[105] - The group has no significant contingent liabilities as of September 30, 2025, remaining at zero, similar to the previous year[115]
新火科技控股(01611) - 2025 - 年度业绩