Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 8,651,000, a decrease of 10% compared to HKD 9,569,000 in 2024[5] - Revenue from fund management business increased by 2% to HKD 5,860,000 from HKD 5,752,000[5] - Consulting service revenue rose significantly by 41% to HKD 2,750,000 from HKD 1,944,000[5] - Net trading income plummeted by 98% to HKD 41,000 from HKD 1,873,000[5] - Operating loss improved by 31% to HKD 33,133,000 from HKD 47,962,000[5] - Loss attributable to owners decreased by 30% to HKD 33,936,000 from HKD 48,506,000[5] - Total comprehensive loss reduced by 34% to HKD 32,559,000 from HKD 49,475,000[5] - Basic and diluted loss per share improved by 33% to HKD 8.15 from HKD 12.13[5] - The loss before tax for the reporting period was HKD 33.6 million, compared to a loss of HKD 48.4 million in 2024, with the attributable loss to shareholders being HKD 33.9 million (after tax) in the reporting period and HKD 48.5 million in the first half of 2024[12] - The group reported a pre-tax loss of HKD 33,606,000 for 2025, an improvement from a loss of HKD 48,395,000 in 2024[119] Market Conditions - The MSCI World Index increased by 19.0% during the reporting period, with strong quarterly returns following a slight decline in Q1[7] - The VIX index decreased from 17.4 at the end of 2024 to 15.0 by December 31, 2025, indicating lower market volatility[7] - The realized volatility of the MSCI World Index was 18.8% and the S&P 500 Index was 24.6% in the first half of 2025, indicating a favorable trading environment compared to the previous year[9] - The realized volatility of the Nikkei Index was 22.7% and the Kospi Index was 27.3% at the end of 2025, both above their long-term averages[9] - The VIX index peaked at 52.3 in mid-April 2025, with a modest increase from 22.3 to 24.7 throughout the month[34] - The overall data remains strong, but the breadth of the U.S. market has narrowed in 2025, indicating a concentration of performance among top stocks[74] Asset Management - The asset management size decreased to $278 million as of December 31, 2025, down from $501 million at the end of 2024 and $474 million at the end of June 2025[11] - The asset management scale for the past 12 months was reported at USD 512 million, compared to USD 501 million in the previous year[13] - The company's assets under management reached $278 million as of December 31, 2025, with $223 million utilizing the relative value volatility strategy and $55 million employing new strategies such as TP Volatility Premium and TP China Dragon[32] - The overall asset management scale decreased in 2025 compared to 2024, influenced by specific client changes and challenging market conditions[41] - The group faced a significant reduction in asset management scale due to the final redemption notice from its last client, impacting future revenue potential[152] Investment Strategies - The TP RV Volatility strategy achieved a positive return of 6.3% in the first half of 2025, but faced a negative return of 3.1% in the second half, resulting in an overall return of 2.9% for the year[9] - The TP Volatility Premium strategy recorded a return of 4.9% in 2025, demonstrating resilience during market volatility in April, while the TP China Dragon strategy achieved a return of 10.2% since its inception in May 2025[11] - The True Partner Fund was recognized as the "Best Performing Fund" in the global relative value volatility category at the Hedge Fund Journal Performance Awards in June 2025[10] - The company is actively seeking additional investors for its new investment strategies, which have shown significant potential for growth[11] - The company is exploring opportunities to restructure its entities to further enhance operational efficiency[12] Cost Management - General and administrative expenses for the reporting period were HKD 41.9 million, increasing to HKD 57.9 million in 2024, primarily due to reductions in employee costs and professional fees[12] - The company reduced its workforce by 19% and implemented cost-cutting measures, expecting additional benefits from these adjustments over the next twelve months[12] - The total unallocated corporate expenses for 2025 were HKD 42,388,000, compared to HKD 57,954,000 in 2024, showing a decrease of 26.8%[130] Client Engagement - The company continues to engage in marketing efforts to attract potential investors, supported by the strong performance of its relative value volatility strategy[11] - The group actively engaged with investors and potential clients through webinars and one-on-one online meetings, discussing the positive performance of the True Partner Fund for 2024 and 2025[49] - The company is in discussions with potential investors for new products, including a short volatility strategy (TP Volatility Premium) and a strategy combining Chinese equity exposure with protective options (TP China Dragon), both of which have shown strong performance[52] Corporate Governance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1, ensuring adherence to good corporate governance standards[188] - The audit committee has been established in accordance with GEM Listing Rules and is responsible for reviewing financial statements and internal controls[195] - The board believes that separating the roles of chairman and CEO is beneficial for the company and its shareholders, with the roles being divided from March 27, 2026[189] Future Outlook - The company is focused on maintaining a robust and efficient business model to navigate current market challenges and capitalize on potential cyclical opportunities[12] - The company anticipates that the adjustments made will not change the plans outlined in the prospectus[12] - The company expects positive returns from all three strategies (TP RV Volatility, TP Volatility Premium, and TP China Dragon) in 2025, with TP China Dragon showing particularly strong performance at approximately +10.2% since its launch on May 1, 2025[106]
TRUE PARTNER(08657) - 2025 - 年度业绩