Financial Performance - Group revenue decreased by approximately 26.3% to approximately HK$218.3 million for the year ended 30 June 2025, compared to HK$296.2 million in the previous year[8]. - The Group recorded a loss attributable to owners of the Company of approximately HK$88.6 million, a significant decline from a profit of approximately HK$17.1 million in the prior year[9]. - Gross profit dropped by approximately 26.4% from approximately HK$83.7 million for the year ended 30 June 2024 to approximately HK$61.6 million for the year ended 30 June 2025[28]. - The net loss for the year ended 30 June 2025 was approximately HK$88.6 million, a turnaround from a profit of approximately HK$17.1 million for the year ended 30 June 2024[29]. - The net profit margin decreased from approximately 5.8% for the year ended 30 June 2024 to a net loss margin of approximately 40.6% for the year ended 30 June 2025[29]. - Basic loss per share for the year ended 30 June 2025 was HK18.47 cents, compared to basic earnings per share of HK3.57 cents for the year ended 30 June 2024[30]. Asset and Liability Management - The total assets of the Group decreased to approximately HK$515.3 million as of 30 June 2025, down from HK$632.4 million in the previous year[5]. - Total liabilities decreased to approximately HK$143.9 million as of 30 June 2025, compared to HK$152.7 million in the previous year[5]. - Equity attributable to owners of the Company was approximately HK$371.4 million as of 30 June 2025, down from HK$479.7 million in the previous year[5]. - The Group's net assets decreased from approximately HK$479.7 million as of 30 June 2024 to approximately HK$371.4 million as of 30 June 2025, primarily due to impairment losses[71]. Cash Flow and Dividends - Cash and cash equivalents as of 30 June 2025 were approximately HK$276.7 million, down from approximately HK$317.0 million in the previous year[10]. - The Board recommended a special dividend of HK1.0 cent per share and a final dividend of HK2.5 cents per share, bringing the total dividend for the year to HK4.5 cents per share, up from HK3.5 cents in the previous year[11]. - The Directors recommended a total dividend of HK4.5 cents per share for the current year, up from HK3.5 cents per share in the previous year[83]. Operational Strategy - Strategic initiatives are in place to navigate uncertain market conditions and capture future opportunities in the 2025/2026 financial year[12]. - The Group is advancing the establishment of a manufacturing hub in Indonesia to enhance cost competitiveness and strengthen supply chain resilience[23]. - A strategic investment in ESG Print Limited is being completed to address the growing demand for ESG-related printing solutions[23]. - The Group plans to invest in advanced printing technologies and automation to enhance quality and turnaround times while expanding smart packaging and sustainable product offerings[50]. - The Group is evaluating Indonesia as a second manufacturing hub to diversify production and improve supply chain robustness[50]. Revenue Breakdown - The revenue contribution from packaging printing services was 42.2% for the year ended 30 June 2025, compared to 24.8% for the year ended 30 June 2024[36][38]. - The contribution from card printing services decreased significantly from 6.4% in 2024 to 5.3% in 2025, reflecting changing customer sentiment[36][38]. - Revenue from packaging printing increased by approximately 25.8% to approximately HK$92.2 million for the year ended 30 June 2025, compared to approximately HK$73.3 million for the year ended 30 June 2024[39]. - Revenue from paper gift set printing decreased by approximately 45.9% to approximately HK$102.0 million for the year ended 30 June 2025, down from approximately HK$188.4 million for the year ended 30 June 2024[40]. - Revenue from card printing services decreased by approximately 39.5% to approximately HK$11.5 million for the year ended 30 June 2025[41]. - Revenue from smart package printing dropped by approximately 45.3% to approximately HK$5.2 million for the year ended 30 June 2025[42]. - Revenue from other printing increased by approximately 23.3% to approximately HK$7.4 million for the year ended 30 June 2025[43]. Cost Management - Gross profit margin remained stable at approximately 28.2%, compared to approximately 28.3% in the previous year, indicating effective cost management[10]. - Administrative expenses decreased from approximately HK$72.1 million for the year ended 30 June 2024 to approximately HK$65.2 million for the year ended 30 June 2025, due to a deterioration in overall results and stricter cost control policies[65]. - Other operating income dropped from approximately HK$3.7 million for the year ended 30 June 2024 to approximately HK$0.6 million for the year ended 30 June 2025, primarily due to an impairment loss of trade receivables of approximately HK$2.0 million[66]. - Impairment losses of property, plant and equipment and right-of-use assets increased significantly from approximately HK$1.2 million for the year ended 30 June 2024 to approximately HK$87.7 million for the year ended 30 June 2025, reflecting worsened operating performance[67]. - Other income and government grants decreased from approximately HK$17.3 million for the year ended 30 June 2024 to approximately HK$14.3 million for the year ended 30 June 2025, attributed to lower time deposit balances[68]. - Finance costs reduced from approximately HK$7.9 million for the year ended 30 June 2024 to approximately HK$7.0 million for the year ended 30 June 2025, mainly due to continuous repayment of lease liabilities[69]. Corporate Governance - The Company emphasizes accountability and transparency in its corporate governance practices, aiming to continuously improve these practices[100]. - The board consists of 8 directors, including 4 executive directors, 3 independent non-executive directors, and 1 non-executive director, ensuring a balanced composition for effective management[102]. - All independent non-executive directors have confirmed their independence in accordance with the guidelines set out in the Listing Rules[104]. - The attendance record for board meetings shows a 100% attendance rate for all directors since June 30, 2024[118]. - The Company Secretary ensures compliance with procedures and regulations, maintaining minutes of board meetings available for inspection[119]. - Directors have full access to Group information and can obtain independent professional advice when necessary[120]. - Newly appointed directors receive comprehensive induction and ongoing professional development to understand the Company's operations and responsibilities[121]. - The Company has engaged AE Majoris Corporate Services Company Limited for compliance and company secretarial services to adapt to regulatory changes[127]. - The Company Secretary completed no less than 15 hours of relevant professional training for the year ended June 30, 2025, as required by the Listing Rules[128]. Audit and Remuneration - The auditors received approximately HK$1,398,000 for audit services for the year ended June 30, 2025, compared to HK$1,358,000 in 2024[145]. - Non-audit services provided to the Group amounted to approximately HK$65,500 for the year, down from HK$80,000 in 2024[145]. - The Remuneration Committee reviewed the remuneration policy and structure for all directors and senior management, which includes basic salary and performance bonuses[153]. - The Remuneration Committee held two meetings since June 30, 2024, with a 100% attendance rate by all members[155]. Shareholder Engagement - The Company emphasizes the importance of communication with shareholders and has adopted a Shareholders Communication Policy to provide timely information[189]. - Voting at general meetings will be conducted by poll, with detailed procedures explained to shareholders at the start of the meeting[191]. - The Company has established procedures for shareholders to move resolutions at general meetings through requisitioning an EGM[200]. - The Company’s governance report highlights the importance of shareholder engagement and the presence of external auditors at the AGM to address shareholder inquiries[190].

Stock Option Plan - The company provided additional information regarding its stock option plan in the annual report[3] - The exercise period for stock options can be determined at the discretion of the board, not exceeding ten years from the grant date[4] - The annual report remains unchanged except for the disclosed information in this announcement[4]

Financial Performance - For the fiscal year ending June 30, 2025, the company demonstrated resilience with stable performance despite external challenges, maintaining a strong cash flow for future investments[10]. - The company's attributable operating profit increased by 7% year-on-year to HKD 4,466.2 million for the fiscal year 2025[43]. - Attributable profit to shareholders rose by 4% to HKD 2,162.0 million, reflecting the company's ability to create value for shareholders in a challenging environment[44]. - Total revenue for 2025 was HKD 24,285.3 million, compared to HKD 26,421.6 million in 2024[26]. - Adjusted EBITDA for 2025 was HKD 7,315.8 million, slightly up from HKD 7,240.5 million in 2024[26]. - The company's total assets increased to HKD 172,895.6 million in 2025 from HKD 155,083.7 million in 2024[26]. - Cash and bank balances rose to HKD 20,210.7 million in 2025, compared to HKD 14,788.0 million in 2024[26]. - The net debt ratio increased to 37% in 2025 from 35% in 2024[26]. - The company's overall financial performance was impacted by non-operating items, resulting in a net profit attributable to shareholders of HKD 2,162.0 million, a slight decrease from HKD 2,084.2 million in 2024[57]. Dividends and Shareholder Returns - The company has maintained a sustainable and progressive dividend policy, having distributed dividends for 22 consecutive years[17]. - The board proposed a final ordinary dividend of HKD 0.35 per share for fiscal year 2025, consistent with the previous year, resulting in a total dividend of HKD 0.95 per share for the fiscal year[54]. Strategic Investments and Acquisitions - The company is actively seeking acquisition opportunities that align with its long-term vision, focusing on sustainable and risk-adjusted returns[11]. - The group announced the acquisition of a 43.93% stake in uSMART, a leading tech-driven financial services company, to enhance its wealth management offerings, with the deal expected to accelerate the development of the financial services segment[47]. - The company strategically optimized its business portfolio, completing the sale of its duty-free business in December 2024[45]. - The group completed the sale of its entire stake in Hyva Group, with an enterprise value of USD 425 million, resulting in a net gain of approximately HKD 1.2 billion[95]. - The group announced the acquisition of a 65% stake in external asset management company Junling, enhancing its wealth management capabilities[97]. Operational Performance - The company operates 13 toll road projects in mainland China, with a total length of approximately 880 kilometers, showcasing its extensive infrastructure involvement[15]. - For the fiscal year 2025, Hong Kong operations contributed 58% to the group's operating profit, while mainland China contributed 40%, with adjusted EBITDA increasing by 1% to HKD 7.3158 billion[48]. - The logistics segment's attributable operating profit increased by 3% to HKD 740.4 million, while the construction segment saw a 2% increase to HKD 719.3 million[60]. - The facilities management segment's attributable operating profit decreased by 61% to HKD 88.5 million, but excluding the sold duty-free store business, it showed a 16% year-on-year growth[60]. - The average remaining concession period for the company's road portfolio is approximately 12 years as of June 30, 2025[66]. Sustainability and Environmental Initiatives - The company has received SBTi certification for its short-term greenhouse gas reduction targets, marking significant progress towards its net-zero emissions goal[11]. - The group’s sustainable finance initiatives reached approximately HKD 18.6 billion as of June 30, 2025, up from about HKD 14.1 billion a year earlier[52]. - The company integrates ESG due diligence into investment analysis and decision-making processes to address sustainability and governance challenges[181]. - The company is committed to operational optimization and delivering superior products as part of its sustainability initiatives[184]. Governance and Board Composition - The company has complied with all applicable provisions of the Corporate Governance Code as of the fiscal year 2025, reflecting its commitment to good corporate governance principles[164]. - The board consists of 13 members, including 5 executive directors, 2 non-executive directors, and 6 independent non-executive directors, reflecting a balanced tenure among directors[185]. - The company has implemented a Board Diversity Policy, revised in September 2022, to enhance decision-making by considering diverse backgrounds and experiences[188]. - The board promotes a culture that supports diversity and strong business performance while avoiding excessive risk-taking[178]. - The company emphasizes the importance of ESG responsibilities, with 7 board members possessing relevant expertise to drive sustainability initiatives[195]. Market Position and Future Outlook - The company is focused on expanding its strategic investments and enhancing its governance structure through experienced board members[130][131][134][135][138][139]. - The group is focusing on operational efficiency and prudent cost control to maintain competitiveness in key logistics hubs[101]. - The group is optimistic about the long-term prospects of its facilities management segment, leveraging government incentives and expanding into emerging fields[107]. - The construction group is poised to benefit from the expected recovery of the Hong Kong construction market, with opportunities in various sectors including residential and infrastructure projects[105]. - The expansion of e-commerce is anticipated to drive long-term demand for efficient logistics services, particularly in prime locations[103].

Financial Performance - The company's revenue for the fiscal year 2025 reached RMB 193,546,000, representing a 39.0% increase compared to RMB 139,203,000 in 2024[5] - Operating profit turned positive at RMB 17,592,000, a significant improvement from an operating loss of RMB 33,236,000 in the previous year, marking a 152.9% increase[5] - The net profit attributable to shareholders was RMB 17,445,000, recovering from a loss of RMB 32,735,000 in 2024, reflecting a 153.3% turnaround[5] - Gross profit increased by 86.9% to RMB 65,469,000, indicating strong sales growth in automation instruments and technology products[8] - The sales revenue from high-precision industrial automation instruments and technology products accounted for 100.0% of total revenue, with a reported profit of RMB 18,189,000 compared to a loss of RMB 14,009,000 in 2024[13] - Basic and diluted earnings per share for the year were RMB 1.68, a recovery from a loss of RMB 3.16 per share in the previous year[24] - The profit attributable to shareholders was approximately RMB 17,445,000, compared to a loss of RMB 32,735,000 in the previous year[23] Assets and Liabilities - The company maintained a net asset value of RMB 1,708,309,000, a slight increase of 1.0% from RMB 1,690,688,000 in the previous year[5] - The company's debt-to-equity ratio as of June 30, 2025, was approximately 0.06, compared to 0.05 in the previous year[30] - The company maintained a healthy liquidity position, with cash and cash equivalents amounting to approximately RMB 1,456,416,000 as of June 30, 2025[26] - The company has no bank borrowings as of June 30, 2025, consistent with the previous year[28] Research and Development - The company continues to focus on R&D and innovation to enhance its core competitive capabilities and adapt to market demands[9] - The company plans to utilize the net proceeds from its listing for research and development, with RMB 24 million expected to be used by the end of 2030[31] Corporate Governance - The company has maintained compliance with the corporate governance code as per the listing rules, with most provisions adhered to, except for specific deviations noted in section B.7 and D.1.2[52] - The board of directors consists of four executive directors and four independent non-executive directors, ensuring a balanced composition with relevant knowledge and experience[55] - The board held six meetings during the fiscal year ending June 30, 2025, with full attendance from all executive and independent non-executive directors[59] - The company emphasizes accountability, transparency, independence, fairness, and responsibility in its corporate governance practices[52] - The independent non-executive directors attended the annual general meeting, ensuring they understood shareholder opinions[60] Environmental and Social Responsibility - The company has received ISO certifications including ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018, valid until January 2028[95] - The company aims to maintain a harmless emission environment and has set a goal to minimize all necessary harmless emissions[99] - The company has established a waste emission management system to comply with national laws and regulations[99] - The board conducts at least one annual meeting to assess environmental, social, and governance (ESG) risks and strategies[93] - The company emphasizes the integration of social responsibility measures into its corporate culture for sustainable development[93] Employee Management - The workforce increased to 448 employees as of June 30, 2025, up from 436 in the previous year, with employee costs amounting to approximately RMB 40,070,000[35] - Employee turnover rate for 2025 is 11.2%, with male turnover at 9.2% and female turnover at 2.0%[118] - The company has implemented a comprehensive training program for employees, including safety training and professional skills enhancement[123][124] - The company has not reported any work-related injuries or fatalities in the past three years, maintaining a safe working environment[122] Supply Chain and Production - The company has established relationships with over 100 independent suppliers located in China, ensuring a stable supply of raw materials and components[130] - The company has not faced any significant difficulties in obtaining sufficient supplies for production, indicating a robust supply chain[130] - All products have undergone internal production monitoring and quality assurance testing, with compliance to health and safety regulations[134] Shareholder Communication - The company maintains a proactive shareholder communication policy to strengthen relationships with investors and enhance confidence[92] - Shareholders have the right to submit inquiries to the board in writing, which must be addressed to the investor relations department[90] Audit and Compliance - The independent auditor's report indicates that the audit was conducted in compliance with Hong Kong auditing standards, ensuring the reliability of the financial statements[195] - The audit committee has held three meetings in the year ending June 30, 2025, to review the board's structure, composition, and diversity[82] - The company has obtained appropriate insurance coverage for potential legal claims against directors, demonstrating risk management practices[191] Risk Management - The company emphasizes the importance of risk management and internal control systems, which have been reviewed annually for effectiveness[87] - The audit committee has received confirmation from management regarding the effectiveness of the risk management and internal control systems for the year[87] Stock Options and Share Capital - The company has adopted a share option scheme on February 13, 2025, allowing for the issuance of up to 10% of the total issued shares[171] - A total of 33,474,000 stock options were granted during the year, representing approximately 3.23% of the company's issued share capital as of June 30, 2025[178] - The exercise price for the stock options is set at HKD 0.255, which is the highest of the closing price on the grant date, the average closing price over the five trading days prior, and the par value of the shares[181]

Financial Performance - The Group's consolidated revenue decreased by 1.4% to HKD 1,584.2 million for the fiscal year ending June 30, 2025[30]. - The Group reported a net loss of HKD 178.1 million for the fiscal year 2025, compared to a profit of HKD 101.9 million in 2024[32]. - The gross profit for the fiscal year 2025 was HKD 516.1 million, down from HKD 572.3 million in 2024[32]. - The total assets of the Group decreased to HKD 1,882.9 million in 2025 from HKD 2,114.1 million in 2024[32]. - The Group's equity return was -11.34% for the fiscal year 2025, compared to 5.64% in 2024[32]. - The current ratio for the Group was 3.15 times in 2025, down from 3.71 times in 2024[32]. - The Group's diluted loss per share for 2025 was HKD 0.185, compared to earnings of HKD 0.106 in 2024[32]. - Total revenue decreased by approximately 1.4% from about HKD 1,606.5 million in FY2024 to about HKD 1,584.2 million in FY2025, primarily due to the downturn in the manufacturing business[53]. - Cost of sales increased by approximately 3.3% to about HKD 1,068.2 million, reflecting the sensitivity of fixed costs to sales volume[54]. - Gross profit decreased by approximately 9.8% to about HKD 516.1 million, with the gross margin declining from approximately 35.6% to about 32.6% due to geopolitical tensions and changes in customer demographics[55]. Segment Performance - The retail segment's revenue increased by 24.1% to approximately HKD 655.0 million, although it faced a pre-tax segment loss of approximately HKD 62.3 million due to a one-time loss of approximately HKD 83.6 million from the termination of the Cole Haan business[42]. - The manufacturing segment reported revenue of approximately HKD 918.1 million, with a pre-tax segment loss of approximately HKD 3.8 million[43]. - The property investment segment generated revenue of approximately HKD 11.2 million but incurred a pre-tax segment loss of approximately HKD 101.8 million due to a revaluation loss of HKD 109.2 million[44]. - Manufacturing segment revenue decreased by approximately 13.9% to about HKD 918.1 million, with a pre-tax loss of approximately HKD 3.8 million compared to a pre-tax profit of about HKD 110.2 million in the previous year, attributed to global economic uncertainty and inventory surplus[49]. - Property investment segment generated revenue of approximately HKD 11.2 million but incurred a pre-tax loss of approximately HKD 101.8 million due to a fair value loss of about HKD 109.2 million, driven by competitive office market conditions and weak demand[51]. Operational Strategies - The company plans to continue optimizing existing store operations and enhancing customer experience to adapt to changing market conditions[45]. - The company is actively forming a home product development team to expand its product categories and increase revenue sources[45]. - The company aims to strengthen its core business by enhancing product design capabilities and production efficiency while expanding collaborations with existing and new brand clients[45]. - The company has successfully established a fully operational e-commerce center with over 30 live streaming studios, contributing to satisfactory growth in its retail business[38][39]. - The company is open to opportunities for mergers and acquisitions to expand overseas production capacity to meet client demands[45]. Employee and Management - The group employed approximately 5,000 employees as of June 30, 2025, providing competitive compensation and various employee benefits[77]. - The group has implemented stock option and share award plans to recognize employee contributions, approved on November 15, 2011, and July 12, 2018, respectively[77]. - The group continues to enhance the working environment and living standards for employees, emphasizing the importance of human resource management in maintaining expertise in handbags and leather goods[77]. - The group is committed to ongoing employee training programs to improve skills and productivity before and during employment[77]. - The group’s executive director and CEO has over 45 years of experience in the handbag and leather goods industry, focusing on luxury brand manufacturing for over 20 years[79]. - The CFO has over 15 years of experience in finance, accounting, and auditing, with a strong understanding of regulatory requirements for listed companies[81]. - The independent non-executive director has extensive experience in auditing, corporate restructuring, and corporate finance, having served in various senior financial roles[84]. Corporate Governance - The company has established a strong commitment to corporate governance, ensuring transparency and accountability to shareholders[91]. - The board consists of seven directors, including four executive directors and three independent non-executive directors[97]. - The company has complied with the corporate governance code as stipulated in the Hong Kong Stock Exchange listing rules for the fiscal year 2025[92]. - The board held four regular meetings during the year to discuss key matters, including annual and quarterly performance reports[100]. - The company has a robust internal control and risk management framework in place to oversee business development and financial performance[99]. - The company has appointed independent non-executive directors with extensive experience in legal, accounting, and corporate finance[88]. - The company has a clear strategy for business operations, with management responsible for implementing board decisions and reporting overall performance[99]. - The company has established a network with key market participants in the luxury goods and accessories industry, enhancing its market position[89]. - The company has adopted a standard code for securities trading by directors, ensuring compliance with regulatory requirements[93]. - The company has not identified any instances of non-compliance with the established guidelines for employees holding insider information during the fiscal year 2025[96]. - All independent non-executive directors confirmed their independence according to Listing Rule 3.13, and the board considers them independent[103]. Risk Management - The company has established a risk management and internal control system in compliance with the corporate governance code, with a focus on identifying and managing risks related to its operations[137]. - No significant risks were identified during the annual risk assessment conducted by the company[139]. - The internal control system is aligned with the COSO 2013 framework, ensuring operational efficiency, reliable financial reporting, and compliance with applicable laws[140]. - The board is responsible for reviewing the effectiveness of the risk management and internal control systems at least annually[143]. - The company has engaged a third-party firm to conduct internal audits, assessing the adequacy and effectiveness of its risk management and internal control systems twice during the year[143]. Shareholder Communication and Dividends - The company maintains effective communication with shareholders through various channels, including annual and special meetings, reports, and announcements[146]. - The group reported a mid-term dividend of HKD 0.02 per share paid on April 28, 2025, and proposed a special dividend of HKD 0.04 per share for the fiscal year 2025, pending shareholder approval on November 17, 2025[154]. - The board has adopted a dividend policy prioritizing cash dividends and profit sharing with shareholders, with decisions based on financial performance and other relevant factors[147]. - The company encourages shareholders to attend all general meetings and has established procedures for shareholders to propose agenda items[149]. Compliance and Training - The company has conducted regular compliance training for senior management and employees to maintain a healthy corporate culture[168]. - The company has established a whistleblowing policy to allow employees and stakeholders to report misconduct confidentially[168]. - The company has complied with the disclosure requirements regarding related party transactions for the fiscal year 2025[197]. Share Options and Awards - The company has a share option plan approved on November 15, 2011, allowing for the issuance of up to 95,340,000 shares, which represents approximately 9.88% of the current issued shares[182]. - The total number of shares that may be issued upon the exercise of all options granted under the share option plan is capped at 30% of the total issued shares[181]. - A total of 4,500,000 shares (approximately 0.47% of the current issued shares) may be issued from options granted but not yet exercised under the share option plan[182]. - The share award plan allows for a maximum of 10% of the total issued shares, which amounts to 96,543,000 shares based on the current total of 965,430,000 shares[188]. - A total of 3,260,848 share awards were granted on March 10, 2023, representing approximately 0.34% of the total issued shares[189]. - The fair value of the share awards granted on June 26, 2023, is approximately HKD 11,561,000, with 6,430,000 shares vesting by June 26, 2024[190]. - As of June 30, 2025, there are no unvested share awards remaining, and 4,776,000 shares have vested while 2,384,000 shares have lapsed[191]. - The fair value of each share granted under the share incentive plan on June 26, 2023, was HKD 0.85[195]. - A total of 4,776,000 shares will vest in the fiscal year 2025, with a weighted average closing price of HKD 0.50 prior to the vesting date[195]. - 2,384,000 shares under the share incentive plan will lapse in fiscal year 2025 due to failure to meet vesting conditions[195]. - As of June 30, 2025, the number of shares available for grant under the share incentive plan is 70,681,152, representing approximately 7.32% of the company's total issued shares[195].

Revenue Performance - Prada Group reported a net revenue of €4,070 million for the nine months ended September 30, 2025, representing a 9% increase at constant exchange rates compared to the previous year[2]. - Overall, Prada Group's net revenue growth was impacted by currency fluctuations, which reduced growth by 2.6%, resulting in a reported growth of 6.3%[5]. Retail Sales - Retail sales net revenue increased by 9% at constant exchange rates, with all regions showing growth: Middle East +21%, Americas +15%, Asia-Pacific +10%, Europe +6%, and Japan +3%[2][5]. - The retail sales net revenue accounted for 89.6% of total net revenue, highlighting the importance of direct-to-consumer channels[5]. - The Asia-Pacific region achieved double-digit growth in retail sales net revenue (+10.4%), with improved trends in mainland China[8]. - The Americas saw a significant increase in retail sales net revenue of 14.8%, reflecting strong performance in the tourism sector[9]. - The Middle East recorded robust retail sales net revenue growth of 21.1%, despite a high comparative base[10]. Brand Performance - Miu Miu's retail sales net revenue surged by 41% year-over-year, while Prada's retail sales net revenue decreased by 1.6%[4][6]. Wholesale and Licensing - Wholesale sales net revenue increased by 4.4%, driven primarily by the duty-free channel, aligning with the group's selective strategy for independent wholesalers[5]. - Licensing revenue increased by 11.4%, driven by contributions from eyewear and cosmetics[5].

Executive Compensation - The total remuneration for Mr. Xiao during the fiscal years ended December 31, 2019, 2020, and 2021 was RMB 6,368,000, RMB 9,816,000, and RMB 6,496,000 respectively[4] - Salary and bonuses for Mr. Xiao were RMB 6,085,000 in 2019, RMB 7,619,000 in 2020, and RMB 5,645,000 in 2021[4] - Employer retirement plan contributions for Mr. Xiao were RMB 283,000 in 2019, RMB 867,000 in 2020, and RMB 851,000 in 2021[4] - The share-based compensation for Mr. Xiao was RMB 1,330,000 in 2020, with no compensation reported for 2019 and 2021[4] Annual Report Disclosure - The company has maintained all other information disclosed in the annual reports for the years 2019, 2020, and 2021[5]

Financial Performance - The group recorded a revenue of approximately HKD 44,423,000 for the fiscal year, an increase of about 8.0% compared to HKD 41,118,000 in the previous fiscal year[10]. - The group's loss before tax was approximately HKD 79,057,000, a decrease of about 67.3% from HKD 241,945,000 in the previous fiscal year[10]. - The group's revenue for the year was approximately HKD 44,423,000, an increase of about 8.0% compared to the previous fiscal year's revenue of HKD 41,118,000[18]. - The group's loss before tax was approximately HKD 79,057,000, a decrease of about 67.3% from the previous fiscal year's loss of HKD 241,945,000[18]. - Total assets as of June 30, 2025, were HKD 1,685,093,000, a decrease of 1.9% from HKD 1,717,068,000 in the previous year[156]. - The total liabilities increased to HKD 358,476,000 from HKD 331,153,000, reflecting a rise of 8.0%[156]. - The net asset value decreased to HKD 1,326,617,000 from HKD 1,385,915,000, a decline of 4.2%[156]. - The group made charitable donations of approximately HKD 2,175,000 in the current year, compared to HKD 1,374,000 in the previous year, representing a 58.3% increase[155]. - Revenue from the top five customers accounted for approximately 42.4% of total revenue, up from 36.2% in the previous year[163]. - The largest customer contributed approximately 9.9% of total revenue, a slight decrease from 10.8% in the prior year[163]. - The group’s available reserves for distribution to shareholders were approximately HKD 1,224,958,000, down from HKD 1,323,835,000 in the previous year[162]. - The company did not recommend a final dividend for the current year, consistent with the previous year[153]. Property Market Insights - The local GDP grew by 3.1% compared to the previous year, supported by improved export performance and domestic demand[14]. - The total number of residential property sale agreements received by the Land Registry decreased by 7% to approximately 16,574 contracts compared to the previous year, indicating cautious market sentiment[14]. - Average prices and rents for Grade A office space decreased by 48% and 20%, respectively, compared to the peaks in 2018 and 2019[15]. - The average rental yield for office space increased from 3.8% in March to 4.0% in June, primarily due to further price declines[15]. - The group holds a cautious optimistic outlook on the property market despite current market uncertainties[11]. - The group is involved in a property development project in the UK and owns ten commercial and residential properties for investment purposes in Hong Kong, the UK, and Japan[14]. - The UK housing market is experiencing cautious buyer sentiment, with a 15% decline in the housing price index compared to May 2019[16]. - The Hong Kong government has relaxed mortgage limits to stabilize the property market, increasing the loan-to-value ratio to 70% for residential properties[17]. Investment Strategy - The group plans to adopt a prudent approach to property acquisitions and sales to maintain stable income amidst market challenges[11]. - The group aims to diversify its property and investment portfolio and actively seek suitable investment opportunities through various real estate-linked structured products[11]. - The group plans to sell all units of the UK property project and is looking for new property development opportunities[19]. - The UK property project is expected to enhance the overall property portfolio and provide valuable experience in property development[20]. - The investment property at 19 Hong Kong Kowloon Bay has a total floor area of approximately 16,500 sq ft, with all units leased this year, providing stable income and long-term appreciation potential[26]. - The investment property in Cardiff, UK, has a total floor area of approximately 41,000 sq ft, with 40% of the area leased as of June 30, 2025, despite macroeconomic uncertainties[27]. - The group has invested approximately HKD 589,920,000 in its investment portfolio, an increase from HKD 495,517,000 in the previous year[38]. - The group’s investment strategy includes a significant portion in property-related financial instruments, primarily non-listed structured products[37]. - The group has adopted a non-recourse financing structure to protect shareholders from downside risks in its investment strategy[37]. Financial Management - The group maintains a cautious financial policy, focusing on credit assessments to mitigate credit risk and closely monitoring liquidity to meet funding needs[60]. - As of June 30, 2025, the net current assets of the group are approximately HKD 35,345,000, down from HKD 120,600,000 in 2024[49]. - The capital-to-debt ratio increased to approximately 20% as of June 30, 2025, compared to 17% in 2024, primarily due to increased borrowings[49]. - The expected credit loss provision for the loan financing business is approximately HKD 630,000 for the year ending June 30, 2025, compared to HKD 7,681,000 for 2024[45]. - The group has secured bank borrowings of approximately HKD 330,390,000, an increase from HKD 292,593,000 in 2024[49]. Corporate Governance - The company has established principles for reviewing the remuneration of executive and non-executive directors annually[86]. - The company has arranged appropriate insurance to cover directors against liabilities arising from corporate activities[83]. - All independent non-executive directors confirmed their independence, ensuring compliance with listing rules[77]. - The board consists of 5 male directors and 1 female director, achieving gender diversity[95]. - The board has adopted measurable targets under the diversity policy, including at least one member with accounting or other professional qualifications[93]. - The company’s auditor, Hong Kong Shinewing Certified Public Accountants Limited, received approximately HKD 620,000 for statutory audit services this year[104]. - The nomination committee held three meetings this year to review the board's structure and diversity[96]. - The board aims to gradually increase the proportion of female members in its composition[91]. - The nomination committee is responsible for monitoring the effectiveness of the board diversity policy and reporting on measurable targets[94]. - The board has achieved its measurable targets under the diversity policy this year[93]. - The company maintains high standards of corporate governance, focusing on long-term financial performance rather than short-term gains[197]. Shareholder Communication - The company values communication with shareholders and investors, providing information through various formal channels including interim and annual reports[126]. - Shareholders have the right to request special general meetings and propose agenda items, provided they hold at least 10% of the paid-up capital[128]. - The company encourages shareholders to attend annual general meetings, ensuring that external auditors are present to address questions regarding audit practices[128]. - The company has established a website to facilitate effective communication and provide the latest information related to its business[129]. - The company aims to promote effective communication with shareholders through its updated shareholder communication policy[130]. - The board encourages shareholder participation in annual general meetings, ensuring attendance of key committee chairs[132]. Stock Options and Shareholding - The old share option plan, adopted on November 1, 2011, expired on October 31, 2021, allowing the company to grant options to selected individuals as a reward for their contributions[177]. - The new share option plan was adopted on November 26, 2021, and options granted under this plan are still valid and can be exercised according to the rules of the plan[177]. - The total number of stock options granted under the old stock option plan is 10,788,000, with 400,000 options expired and 10,388,000 options remaining as of June 30, 2025[179]. - The new stock option plan allows for the issuance of options to all directors and employees, with a maximum of 1% of the issued shares exercisable within any 12-month period[184]. - The exercise price for options under the new plan will be determined by the board, with a minimum set at the higher of the closing price on the offer date or the average closing price over the preceding five trading days[190]. - The new stock option plan is effective for a period of 10 years starting from November 26, 2021[188]. - The total number of stock options granted during the year was 1,060,000, with a remaining balance of 2,120,000 options[191].

Financial Performance - Revenue for the fiscal year ending June 30, 2025, reached RMB 63,240.5 million, representing a 6.3% increase from RMB 59,496.4 million in 2024[13] - Gross profit increased by 26.9% to RMB 7,245.1 million, up from RMB 5,711.5 million in the previous year[13] - Operating profit rose by 48.8% to RMB 3,936.6 million, compared to RMB 2,645.1 million in 2024[13] - Profit attributable to equity holders surged by 135.4% to RMB 1,767.1 million, up from RMB 750.7 million in 2024[13] - Basic and diluted earnings per share increased by 135.6% to RMB 37.7, compared to RMB 16.0 in 2024[13] - Net profit surged by 177.3% to RMB 2.2 billion, with profit per ton of paper at approximately RMB 102.5[44] - Revenue from the Chinese market accounted for 88.7% of total sales revenue in fiscal year 2025, with the remaining 11.3% from other countries[61] Production and Capacity - The company achieved a record sales volume of 21.5 million tons, an increase of 9.6% year-on-year[44] - The total designed annual production capacity for fiber raw materials is approximately 7.5 million tons, with paper production capacity at approximately 23.5 million tons, and downstream packaging plants at approximately 2.9 billion square meters[55] - The total designed annual production capacity for packaging paperboard, cultural paper, high-end specialty paper, and pulp products is approximately 28.9 million tons as of June 30, 2025[60] - The company plans to enhance its raw material self-sufficiency, targeting an annual design capacity of 10.2 million tons, including 7.4 million tons of wood pulp and 0.7 million tons of recycled pulp[45] - New production lines at Beihai and Hubei bases are expected to increase the high-end paper product ratio, contributing to the company's profitability[46] Cost Control and Efficiency - The company is focusing on cost control by optimizing procurement strategies and maximizing the reduction of raw material prices, including waste paper and wood chips[49] - The strategic focus on vertical integration of the wood pulp supply chain is expected to enhance cost control and product quality[45] - The company aims to enhance cost control and increase the proportion of high-value-added products while optimizing production and sales relationships[78] Environmental Initiatives - The introduction of environmentally friendly products aligns with market demands and regulatory standards, enhancing the company's competitive edge[37] - The company has implemented a waste water recycling rate of approximately 97.2% in the fiscal year 2020, aiming to maintain it above 97.5% by 2030[99] - The company has recycled over 14 million tons of waste paper in the fiscal year 2020, with a target to maintain this level through 2030[99] - The company has established a comprehensive governance framework to address climate change risks[96] - The company has been recognized with multiple environmental certifications, including ISO 14001 and "Green Factory" status[114] Risk Management - The company has established a robust risk management system to control operational capital, cash flow, and exchange rate fluctuations, ensuring sustainable high-quality development[54] - The company has established emergency management protocols to quickly respond to public health emergencies, such as the COVID-19 pandemic[94] - The company has established a list of alternative suppliers to mitigate supply chain disruptions caused by extreme weather events[167] Employee Welfare and Development - The company employs 27,453 full-time employees as of June 30, 2025, with 90% based in China[174] - Employee turnover rates are 13% in China, 18% in Vietnam, 44% in the United States, and 22% in Malaysia[180] - The average monthly overtime for employees this year is 9 hours, promoting a work-life balance[173] - The group reported a total of 70 work-related accidents in FY2025, an increase from 55 in FY2024 and 36 in FY2023[185] - The average training hours per employee increased to 18.1 hours in FY2025 from 18.0 hours in FY2024 and 17.1 hours in FY2023[192] Safety and Compliance - The group strictly adheres to labor laws in China, ensuring no child or forced labor is used, with the youngest employee being over 18 years old[194] - The group has implemented the SA 8000 social responsibility management system since 2013 and received certification in February 2015[194] - The group has established a union to represent the interests of employees from various departments, emphasizing humane management practices[197] Future Outlook - The company anticipates opportunities and challenges in fiscal year 2026, with support from government policies but potential impacts from international relations and new capacity additions[78] - The company is actively implementing digital transformation through the introduction of big data and artificial intelligence to improve management decision-making efficiency[48]

Financial Performance - Total revenue for Q3 2025 reached RMB 2,844,001,646.29, an increase of 1.60% compared to the same period last year[6] - Net profit attributable to shareholders decreased by 5.73% to RMB 473,012,359.77 for Q3 2025[6] - Basic earnings per share for Q3 2025 was RMB 0.52, down 3.70% year-on-year[6] - For the first nine months of 2025, the company reported operating revenue of RMB 9,115,914,290.40, a slight increase from RMB 9,081,603,788.36 in the same period of 2024, representing a growth of approximately 0.38%[28] - The operating profit for the same period was RMB 2,510,927,913.36, compared to RMB 2,315,421,100.65 in 2024, indicating an increase of about 8.44%[28] - The net profit attributable to shareholders of the parent company for the first nine months of 2025 was RMB 1,754,100,316.30, up from RMB 1,672,733,989.63 in 2024, reflecting a growth of approximately 4.86%[28] - Total comprehensive income for the period (January to September 2025) reached RMB 2,071,231,848.52, an increase from RMB 1,896,000,641.95 in the same period of 2024, representing a growth of approximately 9.2%[29] - Basic and diluted earnings per share for the period were both RMB 1.96, up from RMB 1.81 in the same period last year, representing an increase of about 8.3%[29] Assets and Liabilities - Total assets as of the end of Q3 2025 amounted to RMB 24,537,984,410.75, reflecting a 0.34% increase from the previous year[8] - Total assets as of September 30, 2025, amounted to RMB 24,537,984,410.75, slightly up from RMB 24,455,825,697.18 at the beginning of the year[26] - Current assets totaled RMB 16,572,128,734.92, compared to RMB 16,419,980,644.30 at the start of the year, showing an increase of about 0.92%[26] - Total liabilities decreased to RMB 9,170,977,356.02 from RMB 9,550,079,103.14, a reduction of approximately 3.96%[27] - The company’s total equity attributable to shareholders increased by 0.73% to RMB 13,962,841,806.50[8] - The company’s total equity attributable to shareholders increased to RMB 13,962,841,806.50 from RMB 13,862,334,189.33, reflecting a growth of about 0.72%[27] Cash Flow - Cash flow from operating activities for the year-to-date period increased by 9.42% to RMB 2,525,421,252.84[6] - Net cash flow from operating activities for the period was RMB 2,525,421,252.84, compared to RMB 2,307,915,362.28 in the previous year, indicating an increase of about 9.5%[30] - Cash inflow from investment activities skyrocketed by 993.72% to 4,935,250,581.28 RMB, primarily from the maturity of structured deposits[16] - Cash outflow from investment activities increased by 508.37% to 6,561,574,810.45 RMB, mainly due to new structured deposits[16] - The net cash flow from investment activities was -1,626,324,229.17 RMB, a decrease of 159.25% compared to the previous period[16] - Net cash flow from financing activities showed a decrease, with a net outflow of RMB 1,750,752,190.63 compared to RMB 1,912,251,596.10 in the previous year, reflecting a reduction of approximately 8.4%[31] Expenses and Investments - Development expenses rose by 61.40% to RMB 355,884,300.38, mainly due to increased investment in clinical trials for the JP1366 tablet[14] - Financial expenses increased by 244.07% to -189,000,313.28 RMB due to higher interest income from deposits[15] - Investment income rose by 88.08% to 48,706,390.01 RMB, primarily from changes in the profit and loss of associated companies[15] - Fair value changes in investment income improved by 144.49% to 2,447,091.77 RMB, reflecting fluctuations in the market value of held securities[15] - Credit impairment losses surged by 2317.48% to -7,890,079.59 RMB, mainly due to increased expected credit losses on receivables[15] - Research and development expenses for the first nine months of 2025 were RMB 683,264,467.54, compared to RMB 734,493,897.75 in 2024, indicating a decrease of approximately 6.96%[28] Shareholder Information - The total number of common shareholders at the end of the reporting period was 47,362, with 47,343 being A-share shareholders[19] - The company repurchased a total of 15,376,845 A-shares, accounting for 1.70% of the total share capital, with a total expenditure of 570,228,471.25 RMB[24] - As of September 30, 2025, the company has not repurchased any H-shares[25] Cash and Cash Equivalents - The company’s cash and cash equivalents were RMB 9,918,953,931.89, down from RMB 10,827,146,984.92 at the beginning of the year, a decrease of about 8.39%[26] - The total cash and cash equivalents at the end of the period stood at RMB 9,909,534,008.29, down from RMB 10,723,355,139.50 at the end of the previous year, a decrease of approximately 7.6%[31] - Cash received from sales of goods and services was RMB 9,744,458,934.54, slightly down from RMB 9,877,413,424.19 in the previous year, a decrease of about 1.3%[30] - The company received RMB 28,799,064.00 from investments during the period, a decrease from RMB 161,751,999.95 in the previous year, reflecting a decline of approximately 82.2%[31] - The impact of exchange rate changes on cash and cash equivalents was a decrease of RMB 56,627,486.05, compared to a decrease of RMB 21,353,488.46 in the previous year, indicating a worsening of approximately 165.7%[31]