Financial Performance - For the year ending December 31, 2025, the revenue was approximately HKD 209.44 million, an increase of about 179.4% compared to HKD 74.96 million for the year ending December 31, 2024[7] - The profit for the year ending December 31, 2025, was approximately HKD 59.11 million, a turnaround from a loss of approximately HKD 2.32 million for the year ending December 31, 2024[7] - The increase in revenue was primarily driven by growth in securities/derivatives services, placement and underwriting services, virtual asset services, handling fee services, and financial advisory services[7] - The total revenue for the year ending December 31, 2025, is HKD 229,362,953, compared to HKD 77,652,468 for 2024, representing a significant increase of 194%[9] - Customer contract revenue reached HKD 177,661,048 in 2025, up from HKD 46,197,062 in 2024, indicating a growth of 284%[9] - The company reported a net profit of HKD 59,108,774 for 2025, a substantial recovery from a loss of HKD 2,321,409 in 2024[10] - The company’s financial performance reflects a recovery and growth trajectory across its major operating segments[7] - The basic earnings per share for the year was HKD 30.85, compared to a loss per share of HKD 1.64 in the previous year[6] - The diluted earnings per share for the year ending December 31, 2025, is projected to be HKD 0.3069, based on a profit attributable to shareholders of HKD 60,363,502 and a weighted average number of ordinary shares of 196,684,368[48] Expenses and Costs - Employee costs increased to HKD 55.82 million, reflecting a rise of 42.0% compared to the previous year[6] - Other operating expenses rose to HKD 68.06 million, representing a significant increase of 204.4% from HKD 45.71 million[6] - The total commission expenses for the year were HKD 56.65 million, a dramatic increase of 500.3% from HKD 9.44 million[6] - The company incurred employee costs totaling HKD 33,425,219 in 2025, compared to HKD 22,984,554 in 2024, an increase of approximately 46%[34] - The pre-tax profit for 2025 was impacted by various expenses, including depreciation of property, plant, and equipment amounting to HKD 2,530,573, down from HKD 3,032,946 in 2024[41] - Financing costs totaled HKD 6,066,759 in 2025, slightly decreased from HKD 6,087,035 in 2024, with bank and other borrowings interest at HKD 5,013,516[42] - The total tax expense for 2025 was HKD 3,282,925, compared to a tax credit of HKD 163,405 in 2024, reflecting a significant change in taxable profits[45] Dividends - The company proposed a final dividend of HKD 3.00 per share for the year ending December 31, 2025, up from HKD 1.80 per share for the year ending December 31, 2024[8] - The company declared an interim dividend of HKD 3,179,100 for 2025, compared to HKD 208,022 in 2024, indicating a strong increase in shareholder returns[45] - The proposed final dividend is HKD 0.03 per share for the year ended December 31, 2025, totaling approximately HKD 6,376,440, compared to HKD 0.018 per share for the year ended December 31, 2024[130] Assets and Liabilities - Total assets as of December 31, 2025, amount to HKD 430,287,287, a decrease from HKD 457,926,031 in 2024[11] - The total liabilities decreased to HKD 262,766,428 in 2025 from HKD 341,619,086 in 2024, showing a reduction of 23%[11] - The company's equity increased to HKD 238,676,108 in 2025 from HKD 177,471,226 in 2024, representing a growth of 34%[12] - Total accounts receivable decreased to HKD 304,671,846 in 2025 from HKD 410,786,577 in 2024, reflecting a reduction of approximately 25.8%[52] - Margin client receivables amounted to HKD 146,075,909 in 2025, down from HKD 195,798,257 in 2024, indicating a decline of about 25.4%[52] - Cash client receivables decreased to HKD 33,223,061 in 2025 from HKD 59,400,366 in 2024, representing a drop of approximately 44.1%[52] Revenue Sources - The virtual asset trading and related income surged to HKD 98,520,681 in 2025, up from HKD 14,306,688 in 2024, marking an increase of approximately 588%[38] - The brokerage service revenue for 2025 was HKD 39,248,945, compared to HKD 13,365,373 in 2024, reflecting a growth of around 194%[38] - The financing service segment generated revenue of HKD 17,028,640 in 2025, slightly down from HKD 17,404,427 in 2024, a decrease of about 2%[37] - Revenue from brokerage and futures services accounted for approximately 18.8% and 18.5% of total revenue for the years ending December 31, 2025, and 2024, respectively[73] - Revenue from placement and underwriting services represented about 3.2% and 5.6% of total revenue for the years ending December 31, 2025, and 2024, respectively[75] - Financing services contributed approximately 8.1% and 23.2% to total revenue for the years ending December 31, 2025, and 2024, respectively[78] - Asset management services accounted for about 4.5% and 9.2% of total revenue for the years ending December 31, 2025, and 2024, respectively[80] - Financial advisory services generated approximately 0.8% and 0.9% of total revenue for the years ending December 31, 2025, and 2024, respectively[81] Virtual Asset Services - The group has established a proprietary research and development team for virtual asset trading and management services, becoming the first licensed entity in Hong Kong for such services in 2023[83] - The group aims to enhance its marketing capabilities and optimize loan service procedures to solidify its customer base[78] - The group is expanding its asset management services by establishing private funds in various jurisdictions, including China and Singapore[80] - The group provides comprehensive financial services, with placement and underwriting services being a major source of stable income[75] - The group is the first and only full-service broker for virtual assets, offering trading, consulting, and asset management services[85] - The company has launched "VictoryX," the first app in Hong Kong that allows simultaneous trading of securities and virtual assets, enhancing customer access to diverse investment products[96] - The company is the first licensed financial institution in Hong Kong approved to offer virtual asset trading and related services to retail customers[96] - The strong growth in revenue from virtual asset trading services is attributed to Hong Kong's positioning as a global leader in the virtual asset industry, leading to optimistic future revenue expectations[103] Regulatory Compliance and Governance - The company has fully complied with the corporate governance code as of December 31, 2025, ensuring high standards of corporate governance[133] - The audit committee consists of one non-executive director and two independent non-executive directors, ensuring compliance with GEM listing rules[134] - All directors confirmed adherence to the trading standards during the year ending December 31, 2025[135] - The company did not buy, sell, or redeem any listed securities during the year ending December 31, 2025[136] - No directors or controlling shareholders had interests in any competing businesses as of December 31, 2025[137] Future Outlook - The economic outlook for Hong Kong in 2026 is optimistic, with GDP growth projected between 2.0% and 3.0%[90] - The company anticipates that the proportion of revenue from the virtual asset division will continue to increase as investor awareness and regulatory frameworks improve[95] - The company plans to explore opportunities in financial advisory services, participating in various new projects as an independent financial advisor[88] - The asset management division is expected to play a significant role in the group's future development, with resources allocated for expansion[88]
胜利证券(08540) - 2025 - 年度业绩