香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 Prada S.p.A. （股份代號：1913） 截至二零二五年六月三十日止 六個月期間的 綜合業績公告 1 - Prada集團錄得收益淨額2,740百萬歐元，按固定匯率計，較二零二四年同期 增加9%； - 相比二零二四年同期，零售銷售淨額按固定匯率計增加10%； - 按固定匯率計，Prada品牌的零售銷售淨額減少2%，而Miu Miu的零售銷售 淨額增加49%； - 相比二零二四年同期，所有地區的零售銷售淨額按固定匯率計均錄得增長： 中東+26%、美洲+12%、亞太區+10%、歐洲+9%及日本+4%； - 經調整EBIT為619百萬歐元，相等於收益淨額的22.6%； - 本集團收入淨額為386百萬歐元； - 於二零二五年六月三十日，財務盈餘淨額為352百萬歐元。 Prada集團的資料 Prada S.p.A.（「Prada」或「本公司」），連同其附屬公司（統稱「本集團」或「Prada集 團」）於香港聯 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Contemporary Amperex Technology Co., Limited 寧德時代新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3750） 截至2025年6月30日止六個月的中期業績公告 寧德時代新能源科技股份有限公司（「本公司」）董事會（「董事會」）謹此公佈本公 司及其附屬公司截至2025年6月30日止六個月的未經審核中期業績。本公告載有 本公司2025年中期報告全文，符合香港聯合交易所有限公司證券上市規則有關中 期業績初步公告所附資料的相關規定。 刊發中期業績公告及中期報告 本業績公告將刊載於香港聯合交易所有限公司網站( www.hkexnews.hk )及本公司 網站( www.catl.com )。 2025年中期報告將刊載於上述香港聯合交易所有限公司及本公司網站，並將適時 寄發予已表示希望收取印刷本的本公司股東。 2025年中期股息及暫停辦理股份 ...

A n n u a l R e p o r t 年報 2 0 2 5 C o n t e n t s 目 錄 | Chairman Statement | 2-3 | | --- | --- | | 主席報告 | | | Management Discussion and Analysis of the Group Financial Review 本集團之管理層討論及分析財務回顧 | 4-11 | | Corporate Governance Report | | | 企業管治報告 | 12-39 | | Biographical Details of Directors 董事履歷詳情 | 40-43 | | Directors' Report 董事會報告書 | 44-60 | | Independent Auditor's Report 獨立核數師報告書 | 61-64 | | Consolidated Statement of Profit or Loss and | | | Other Comprehensive Income | 65-67 | | 綜合損益及其他全面收入報表 | | | Conso ...

���� 年報 2025 年報 本年報的中、英文本已登載於本公司網站 www.mexanhk.com（「本公司網 站」）。 股東可透過本公司網站收取本公司的公司通訊（「公司通訊」），如因 任何理由在收取或獲取於本公司網站登載的年報時有困難，只要提出要 求，均可立刻獲免費發送年報的印刷本。 股東可隨時更改收取公司通訊的方式的選擇（即收取公司通訊的印刷本， 或透過本公司網站取得公司通訊），及╱或語言版本的選擇（即英文本 或中文本或中、英文本）。 股東可以書面通知本公司的香港股份過戶登記分處卓佳證券登記有限公 司（地址為香港夏愨道 16 號遠東金融中心 17 樓），或以電郵致本公司 的香港股份過戶登記分處（電郵地址為 is-ecom@vistra.com）提出收取年報 印刷本的要求，及╱或更改收取公司通訊的方式及╱或語言版本的選擇。 目錄 二零二五年年報 01 公司資料 2 主席報告書 3 管理層討論及分析 6 企業管治報告書 12 董事會報告書 33 獨立核數師報告 49 綜合損益及其他全面收益表 55 綜合財務狀況表 57 綜合權益變動表 59 綜合現金流量表 60 綜合財務報表附註 62 五年財務概要 131 ...

NEW CONCEPTS HOLDINGS LIMITED Stock Code 股份代 號 : 2221 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司 ） 年報 NEW CO N C E P T S HO L DING S LIMITE D ANNUAL REPO R T 2025 年報 NEW CONCEPTS HOLDINGS LIMITED www.primeworld-china.com CONTENTS 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Chairman's Statement | 4 | | 主席報告 | | | Management Discussion and Analysis | 7 | | 管理層討論及分析 | | | Biographical Details of the Directors and | 38 | | Senior Management | | | 董事及高級管理人員的履歷詳情 | ...

2024-2025 年度報告 ANNUAL REPORT 2024-2025 ANNUAL REP O R T 2024-2025 年度報 告 目 錄 2 公司資料 4 主席報告 5 管理層討論與分析 12 環境、社會及管治報告 38 企業管治及其他資料 51 董事及高級管理層履歷 55 董事報告 67 獨立核數師報告 75 綜合損益及其他全面收益表 76 綜合財務狀況表 78 綜合權益變動表 79 綜合現金流量表 81 綜合財務報表附註 144 財務資料概要 VICON HOLDINGS LIMITED 2024-2025 年度報告 公司資料 董事會 執行董事 鄒國俊先生 （主席及行政總裁） 梁慶威先生 獨立非執行董事 葉家麒先生 謝嘉政先生 陳偉傑先生 譚鈺渝女士（於二零二四年十一月二十八日獲委任） 董事委員會 審核委員會 謝嘉政先生 （主席） 葉家麒先生 陳偉傑先生 譚鈺渝女士（於二零二四年十一月二十八日獲委任） 提名委員會 鄒國俊先生 （主席） 葉家麒先生 謝嘉政先生 薪酬委員會 葉家麒先生 （主席） 鄒國俊先生 陳偉傑先生 譚鈺渝女士（於二零二四年十一月二十八日獲委任） 公司秘書 梁卓禧先生 （香港 ...

2025 Annual Report 年報 2025 ANNUAL REPORT 年 報 C M Y CM MY CY CMY K Captial Realm Financial AR2025 Cover V02A 11.5mm OP.pdf 1 29/7/2025 上午10:54 CONTENTS 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Financial Highlights | 6 | | 財務摘要 | | | Management Discussion and Analysis | 7 | | 管理層討論與分析 | | | Biographical Details of Directors and Senior Management | 11 | | 董事及高級管理層履歷 | | | Report of the Directors | 16 | | 董事報告 | | | Environmental, Social and Governance Report | 39 | | 環境、社會及管治報告 | | | Corpora ...

[Company Information](index=3&type=section&id=公司資料) This section provides an overview of the company's fundamental details, including board composition, committee structures, auditors, and principal business locations, highlighting significant personnel changes during the period - The report outlines the company's basic information, including board members, committee compositions, auditors, and principal places of business, noting significant personnel changes, such as resignations, retirements, and new appointments of multiple directors, committee members, and the company secretary during the reporting period[5](index=5&type=chunk)[6](index=6&type=chunk)[117](index=117&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=管理層討論及分析) [Financial Performance](index=6&type=section&id=財務表現) For the year ended March 31, 2025, the Group's revenue decreased by 20.6% to HKD 17.6 million, with a significant 99.0% reduction in other income and gains, leading to an expanded loss attributable to owners of HKD 14.9 million Financial Performance Summary | Indicator | Year Ended March 31, 2025 (HKD thousands) | Year Ended March 31, 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 17,600 | 22,100 | -20.6% | | Other Income and Gains | 100 | 8,600 | -99.0% | | Subcontractor Costs | (13,200) | (16,300) | -18.6% | | Finance Costs | (2,100) | (5,000) | -58.4% | | Loss Attributable to Owners of the Company | (14,900) | (6,800) | +119.1% | - The primary reasons for the expanded annual loss were (i) decreased revenue and (ii) a substantial reduction in other income and gains[11](index=11&type=chunk) [Business Performance and Prospects](index=6&type=section&id=業務表現及前景) The Group's core OTT service revenue declined to HKD 17.6 million due to increased market competition and shifting consumer behavior, yet the Group remains optimistic, planning to leverage its platform for content development and pursue strategic investments - Annual revenue from OTT services was approximately **HKD 17.6 million**, a decrease from HKD 22.1 million last year, primarily due to reduced subscriptions caused by intensified market competition and changes in consumer entertainment habits[12](index=12&type=chunk) - The Group plans to leverage its OTT platform advantages to continue developing media content and will seek investments or acquisitions of promising companies or projects to achieve business expansion and shareholder value creation in the future[13](index=13&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=7&type=section&id=流動資金、財務資源及資本結構) As of March 31, 2025, the Group was in a net deficit position of HKD 65.7 million attributable to owners, with current liabilities of HKD 59.5 million significantly exceeding current assets of HKD 3.0 million, indicating severe liquidity pressure and total borrowings of approximately HKD 24.0 million Financial Position Indicators | Financial Position Indicator | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Deficit Attributable to Owners | (65,700) | (50,900) | | Current Assets | 3,000 | 18,400 | | - Of which Bank Balances and Cash | 300 | 13,900 | | Current Liabilities | 59,500 | 42,300 | | Total Borrowings | 24,000 | 31,200 | - The debt-to-equity ratio is not applicable as the company recorded a deficit attributable to owners for both March 31, 2024, and March 31, 2025[19](index=19&type=chunk) [Employees and Remuneration Policy](index=7&type=section&id=僱員及薪酬政策) As of March 31, 2025, the Group employed 20 staff, an increase of 5 from the previous year, with total annual staff costs of approximately HKD 6.6 million, while maintaining its remuneration policy and share option scheme - As of March 31, 2025, the Group had **20 employees** (2024: 15 employees), with total annual staff costs (including directors' emoluments) of approximately **HKD 6.6 million** (2024: HKD 7.7 million)[23](index=23&type=chunk) [Use of Proceeds](index=8&type=section&id=所得款項用途) The Group completed a placement in October 2023, raising net proceeds of approximately HKD 23.01 million, which as of March 31, 2025, have been fully utilized as planned for OTT content acquisition, general working capital, and staff and administrative expenses Use of Net Proceeds from Placement | Use of Net Proceeds from Placement | Original Allocation (HKD millions) | Total Utilized as of March 31, 2025 (HKD millions) | Unutilized Amount (HKD millions) | | :--- | :--- | :--- | :--- | | Purchase of OTT Service Content | 5 | 5 | – | | Production of Concerts | 7 | 0 | – | | General Working Capital | 11 | 18 | – | | Payment of Staff Costs and Administrative Expenses | – | 2.6 | – | | **Total** | **23** | **23** | **–** | [Biographies of Directors and Senior Management](index=8&type=section&id=董事及高級管理層履歷) This section details the personal biographies of the company's executive directors, independent non-executive directors, and senior management, including their age, educational background, professional qualifications, and extensive industry experience - This section details the personal biographies of the company's executive directors, independent non-executive directors, and senior management, including their age, educational background, professional qualifications, and extensive experience in relevant industries[32](index=32&type=chunk)[33](index=33&type=chunk)[36](index=36&type=chunk) [Corporate Governance Report](index=10&type=section&id=企業管治報告) [Corporate Governance Practices](index=11&type=section&id=企業管治常規) The company is committed to maintaining high corporate governance standards, adopting the GEM Listing Rules' Corporate Governance Code, and largely complied with its provisions during the reporting period, with one deviation regarding the absence of a Board Chairman - The company has not appointed a Board Chairman, with some of the functions jointly performed by three executive directors, Ms. Wang Ziqi, Mr. Zhuang Dongxin, and Mr. Gao Zhiqiao, which deviates from the Corporate Governance Code's recommendation for separation of Chairman and Chief Executive Officer roles[40](index=40&type=chunk) [Board of Directors](index=12&type=section&id=董事會) The Board of Directors is responsible for the Group's strategy and policies, comprising three executive and three independent non-executive directors as of March 31, 2025, with frequent changes and high attendance at 15 meetings during the year, and all directors participated in continuous professional development training - During the reporting year, there were frequent changes in the Board's personnel, including the resignation/re-designation of **2 executive directors**, the resignation/retirement of **3 independent non-executive directors**, and the appointment of **3 new independent non-executive directors**[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk)[56](index=56&type=chunk) - For the financial year ended March 31, 2025, the Board held **15 meetings**, with all incumbent directors maintaining a very high attendance rate[57](index=57&type=chunk) [Material Uncertainties Related to Going Concern and Action Plans and Measures](index=15&type=section&id=有關持續經營的重大不明朗因素以及行動計劃及措施) The auditor issued a "disclaimer of opinion" on the consolidated financial statements due to insufficient audit evidence regarding significant uncertainties about the company's going concern, yet management and the audit committee deem the going concern assumption appropriate, having formulated a comprehensive action plan to address liquidity issues - The auditor issued a "disclaimer of opinion" on the consolidated financial statements for the 2025 financial year due to an inability to obtain sufficient audit evidence regarding the appropriateness of the going concern assumption[69](index=69&type=chunk) - Management has formulated and implemented a series of measures to address the disclaimer of opinion, including actively responding to winding-up petitions (one of which has been settled and withdrawn), negotiating extensions with existing lenders, exploring various fundraising options including advances from major shareholders, and enhancing operational efficiency through cost control[73](index=73&type=chunk)[74](index=74&type=chunk) - The Audit Committee has reviewed and concurred with management's view that preparing the financial statements on a going concern basis is appropriate, understanding the auditor's inability to express an opinion due to scope limitations[71](index=71&type=chunk) [Risk Management and Internal Control](index=17&type=section&id=風險管理及內部監控) The Board is responsible for maintaining effective risk management and internal control systems, reviewed annually, with the Audit Committee overseeing the process; the Group has established a comprehensive risk management framework, and no significant deficiencies were found in the internal audit this year - The Group has undertaken internal audit functions, and no significant deficiencies or weaknesses were identified in the internal control system for the year ended March 31, 2025[80](index=80&type=chunk) [Board Committees](index=18&type=section&id=董事會委員會) The company has established Remuneration, Nomination, and Audit Committees to assist the Board, each chaired by an independent non-executive director with clear written terms of reference, and all committees held meetings during the reporting period to fulfill their review and recommendation functions - The company has three committees: Remuneration, Nomination, and Audit, all chaired by independent non-executive directors, and they held meetings during the reporting period to fulfill their responsibilities[84](index=84&type=chunk)[88](index=88&type=chunk)[94](index=94&type=chunk) [Shareholders' Rights](index=26&type=section&id=股東權利) The company safeguards shareholders' rights, allowing shareholders holding at least 10% of the paid-up capital to requisition an extraordinary general meeting, and provides various channels for shareholder inquiries and communication - Shareholders holding not less than one-tenth of the company's paid-up capital have the right to issue a written request to the Board to convene an extraordinary general meeting[119](index=119&type=chunk) [Directors' Report](index=26&type=section&id=董事會報告) [Principal Activities and Segment Information](index=27&type=section&id=主要業務及分部資料) The company primarily engages in investment holding, with its subsidiaries mainly providing OTT internet entertainment video services in Hong Kong, constituting a single business segment, thus no further detailed segment analysis is provided - The company is an investment holding company, and its subsidiaries' principal business is providing OTT services[126](index=126&type=chunk) [Major Customers and Suppliers](index=28&type=section&id=主要客戶及供應商) For the year ended March 31, 2025, the Group's top five suppliers accounted for 22.89% of total purchases, with the largest supplier accounting for 7.63%; major customer information was not disclosed as revenue from the top five customers was less than 30% of total revenue - The top five suppliers accounted for approximately **22.89%** of total purchases, with the largest supplier accounting for approximately **7.63%**[136](index=136&type=chunk) - Revenue attributable to the top five customers was less than **30%** of total revenue, thus no disclosure was made[137](index=137&type=chunk) [Major Shareholders](index=30&type=section&id=主要股東) Based on disclosures of interests as of March 31, 2025, Mr. Lui Yu Kin, Mr. Cheng Chi Hang, and Ms. Chan Chui Ping are the company's major shareholders, holding 17.29%, 6.67%, and 5.00% of the issued share capital, respectively Major Shareholders as of March 31, 2025 | Shareholder Name | Capacity | Number of Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Lui Yu Kin | Beneficial Owner | 22,376,000 | 17.29% | | Cheng Chi Hang | Beneficial Owner | 8,628,500 | 6.67% | | Chan Chui Ping | Beneficial Owner | 6,472,500 | 5.00% | [Share Option Scheme](index=31&type=section&id=購股權計劃) The company adopted a share option scheme in 2014 to incentivize contributors, with an authorized limit of 10% of issued share capital and a 1% individual participant cap within 12 months; as of March 31, 2025, no outstanding share options remained unexercised - There were no changes in share options during the year ended March 31, 2025, and no share options remained unexercised as of March 31, 2024, and March 31, 2025[158](index=158&type=chunk) [Environmental, Social and Governance Report](index=34&type=section&id=環境、社會及管治報告) [ESG Governance and Materiality Assessment](index=37&type=section&id=ESG管治與重要性評估) The Board is responsible for the Group's ESG strategy and reporting, identifying key ESG issues through stakeholder engagement, with 10 highly material issues identified this year, including intellectual property, cybersecurity, talent management, supply chain, and customer satisfaction - The Board is responsible for assessing and determining the Group's ESG-related risks and ensuring that appropriate and effective ESG risk management and internal control systems are in place[190](index=190&type=chunk) - Through the materiality assessment, the Group identified **10 highly material ESG issues**, including: intellectual property, cybersecurity, talent acquisition and retention, supply chain management, changes in consumer preferences, impact of technological innovation, anti-corruption compliance, customer satisfaction, employee development and training, and occupational health and safety[204](index=204&type=chunk)[206](index=206&type=chunk) [A. Environment](index=41&type=section&id=A.%20環境) The Group is committed to environmental protection and compliance, with minimal direct environmental impact due to its business nature; reported Scope 3 GHG emissions were 2.18 tonnes of CO2e, and green office practices along with climate change policies are in place Environmental Performance Data | Emission Category | Unit | Year Ended March 31, 2025 | Year Ended March 31, 2024 | | :--- | :--- | :--- | :--- | | Greenhouse Gas Emissions (Scope 3) | tonnes of CO2 equivalent | 2.18 | 2.19 | | Non-hazardous Waste (General Office Waste) | tonnes | 0.11 | 0.12 | - The Group has identified climate-related physical risks (e.g., extreme weather) and transition risks (e.g., market, technological risks) and has developed response measures, including data backup, emergency management plans, and strengthening business resilience[226](index=226&type=chunk)[227](index=227&type=chunk)[229](index=229&type=chunk) [B. Society](index=46&type=section&id=B.%20社會) On the social front, the Group focuses on employee well-being, health and safety, supply chain management, product responsibility, and anti-corruption; as of the reporting period end, the Group had 20 full-time employees with a 35% turnover rate, no work-related injuries in three years, and strict policies on labor standards, data protection, and anti-corruption Employment Indicators | Employment Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Employees | 20 | 15 | | Employee Turnover Rate | 35% | 47% | - There were no work-related injuries or fatalities in the past three years, including the reporting period[240](index=240&type=chunk) - The Group has established strict data protection and privacy policies and complies with the Personal Data (Privacy) Ordinance; no significant complaints regarding customer privacy infringement or loss of customer data were received during the reporting period[249](index=249&type=chunk) - The Group maintains a zero-tolerance stance on corruption and bribery, has established a code of conduct, and provides anti-corruption training to employees; no corruption lawsuits were filed against the Group or its employees during the reporting period[256](index=256&type=chunk)[260](index=260&type=chunk)[262](index=262&type=chunk) [Independent Auditor's Report](index=59&type=section&id=獨立核數師報告) The auditor issued a "disclaimer of opinion" on the Group's consolidated financial statements for the year ended March 31, 2025, primarily due to significant uncertainties regarding the Group's ability to continue as a going concern - The auditor issued a "disclaimer of opinion" on the Group's consolidated financial statements for the year ended March 31, 2025[281](index=281&type=chunk) - The basis for the "disclaimer of opinion" is the auditor's inability to obtain sufficient appropriate audit evidence to assess the effectiveness of management's measures (such as negotiating with lenders, obtaining new financing, shareholder support, and improving profitability) to address liquidity pressures, given significant uncertainties that may cast substantial doubt on the Group's ability to continue as a going concern, including net losses, current liabilities exceeding current assets, loan defaults, and winding-up petitions[282](index=282&type=chunk)[283](index=283&type=chunk)[286](index=286&type=chunk) [Consolidated Financial Statements](index=62&type=section&id=綜合財務報表) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=63&type=section&id=綜合損益及其他全面收益表) For the year ended March 31, 2025, the Group's revenue was HKD 17.55 million, a year-on-year decrease, with the annual loss expanding to HKD 15.22 million due to increased impairment loss on goodwill and reduced other income, resulting in a loss attributable to owners of HKD 14.88 million and basic loss per share of HKD 11.49 cents Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Indicator (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 17,551 | 22,110 | | Loss Before Income Tax | (15,224) | (5,928) | | Loss for the Year | (15,224) | (5,928) | | Loss Attributable to Owners of the Company | (14,876) | (6,763) | | Basic Loss Per Share (HKD cents) | (11.49) | (5.77) | [Consolidated Statement of Financial Position](index=64&type=section&id=綜合財務狀況表) As of March 31, 2025, the Group's financial position deteriorated further, with total assets significantly reduced to HKD 3.54 million and total liabilities at HKD 73.61 million; net current liabilities expanded to HKD 56.52 million, and total deficit increased to HKD 70.07 million, indicating severe insolvency Consolidated Statement of Financial Position Summary | Indicator (HKD thousands) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 575 | 6,541 | | Current Assets | 2,964 | 18,444 | | **Total Assets** | **3,539** | **24,985** | | Current Liabilities | 59,483 | 42,342 | | Non-current Liabilities | 14,124 | 37,493 | | **Total Liabilities** | **73,607** | **79,835** | | **Net Current Liabilities** | **(56,519)** | **(23,898)** | | **Total Deficit** | **(70,068)** | **(54,850)** | [Consolidated Statement of Cash Flows](index=67&type=section&id=綜合現金流量表) For the year ended March 31, 2025, the Group experienced a net cash outflow from operating activities of HKD 4.67 million and from financing activities of HKD 8.82 million, primarily for loan repayments, resulting in a net decrease in cash and cash equivalents of HKD 13.54 million, with an ending balance of only HKD 0.325 million, indicating extremely tight cash liquidity Consolidated Statement of Cash Flows Summary | Indicator (HKD thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (4,666) | (5,812) | | Net Cash (Used in)/From Investing Activities | (54) | 73 | | Net Cash (Used in)/From Financing Activities | (8,821) | 17,195 | | Net (Decrease)/Increase in Cash and Cash Equivalents | (13,541) | 11,456 | | Cash and Cash Equivalents at Year End | 325 | 13,860 | [Notes to the Consolidated Financial Statements](index=67&type=section&id=綜合財務報表附註) [Going Concern Assessment](index=69&type=section&id=持續經營評估) The notes reiterate significant doubts about the company's going concern ability, citing net losses, severe insolvency, loan defaults, and winding-up petitions; the Board has formulated measures including debt extensions, new financing, shareholder support, and cost control, believing the company can continue as a going concern, though success remains highly uncertain - As of March 31, 2025, the Group recorded a net loss of approximately **HKD 15.22 million**, with current liabilities exceeding current assets by approximately **HKD 56.52 million**, and total liabilities exceeding total assets by approximately **HKD 70.07 million**[313](index=313&type=chunk) - The Group defaulted on approximately **HKD 9.98 million** in borrowings and faces a winding-up petition for failing to settle a judgment sum of approximately **HKD 11.60 million**, indicating material uncertainties that may cast significant doubt on its ability to continue as a going concern[313](index=313&type=chunk) - The Board has formulated measures (negotiating with lenders, seeking new financing, obtaining major shareholder support, tightening costs) to address liquidity pressures and believes the Group will have sufficient financial resources to continue as a going concern, but the success of these measures depends on future events and involves inherent uncertainties[317](index=317&type=chunk)[318](index=318&type=chunk) [Impairment of Goodwill](index=97&type=section&id=商譽減值) Due to decreased OTT service revenue, the Group recognized an additional impairment loss of HKD 6.27 million on goodwill related to OTT services this year, fully impairing it to a carrying amount of zero - An impairment loss on goodwill of **HKD 6.27 million** was recognized this year (2024: HKD 2.264 million) due to reduced OTT service revenue[442](index=442&type=chunk) - As of March 31, 2025, the carrying amount of goodwill has been reduced to **zero**[441](index=441&type=chunk) [Borrowings and Litigation](index=101&type=section&id=借貸與訴訟) As of the reporting period end, the Group's total borrowings were approximately HKD 24.0 million, with about HKD 9.98 million in default; the Group faces two significant legal actions: a winding-up petition for an unpaid judgment sum of HKD 11.60 million, which the company is appealing, and another winding-up petition for HKD 6.10 million debt, which was settled and withdrawn post-reporting period - As of March 31, 2025, the company was in default on three borrowings totaling approximately **HKD 9.98 million**[459](index=459&type=chunk) - Ms. Yu Yining filed a winding-up petition against the company on June 13, 2025, for failure to settle a judgment sum of approximately **HKD 11.60 million**; the company is appealing this judgment[504](index=504&type=chunk)[506](index=506&type=chunk) - Grand Harbour Limited had filed a winding-up petition for approximately **HKD 6.10 million** in debt, but a settlement agreement was reached in May 2025, and the petition has since been withdrawn[507](index=507&type=chunk)[508](index=508&type=chunk)[509](index=509&type=chunk) [Five-Year Financial Summary](index=116&type=section&id=五年財務摘要) The five-year financial summary indicates a continuous decline in the Group's revenue since 2022, with the company recording losses for five consecutive years and its total deficit expanding from HKD 67.16 million in 2021 to HKD 70.07 million in 2025, reflecting a continuous deterioration in financial health - The five-year financial summary shows a continuous decline in the Group's revenue since 2022; the company has recorded losses for **five consecutive years**, and its total deficit (degree of insolvency) expanded from **HKD 67.16 million** in 2021 to **HKD 70.07 million** in 2025, indicating a continuous deterioration in financial health[522](index=522&type=chunk) Five-Year Financial Summary | Indicator (HKD thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Results** | | | | | | | Revenue | 17,551 | 22,110 | 23,993 | 36,184 | 32,837 | | Loss for the Year | (15,224) | (5,928) | (12,492) | (27,867) | (7,137) | | **Assets and Liabilities** | | | | | | | Total Assets | 3,539 | 24,985 | 17,939 | 24,789 | 34,617 | | Total Liabilities | (73,607) | (79,835) | (89,880) | (87,539) | (101,774) | | **Total Deficit** | **(70,068)** | **(54,850)** | **(71,941)** | **(62,750)** | **(67,157)** |

| GLOSSARY | 詞彙 | 2 | | --- | --- | --- | | CORPORATE INFORMATION | 公司資料 | 6 | | FINANCIAL HIGHLIGHTS | 財務摘要 | 8 | | CHAIRMAN'S STATEMENT | 主席報告 | 9 | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論與分析 | 12 | | DIRECTORS' REPORT | 董事會報告 | 24 | | CORPORATE GOVERNANCE REPORT | 企業管治報告 | 38 | | ENVIRONMENTAL, SOCIAL AND | 環境、社會及管治報告 | 65 | | GOVERNANCE REPORT | | | | BIOGRAPHICAL INFORMATION OF DIRECTORS | 董事及高級管理層之 | 115 | | AND SENIOR MANAGEMENT | 履歷詳情 | | | INDEPENDENT AUDITOR'S REPORT | 獨立核數師報告 | 124 | | CONSO ...

[Company Information](index=3&type=section&id=%E5%85%AC%E5%B8%B8%E8%B3%87%E6%96%99) This section provides key company information including basic registration details, board and committee member lists, company secretary, auditor, principal bankers, and share registrar [Company Basic Information](index=3&type=section&id=%E5%85%AC%E5%B8%B8%E8%B3%87%E6%96%99) This chapter provides key company information including basic registration details, board and committee member lists, company secretary, auditor, principal bankers, and share registrar - The report lists the members of the Board of Directors, including executive and independent non-executive directors, and the four committees: Audit, Remuneration, Nomination, and Corporate Governance[4](index=4&type=chunk) - The company's auditor is BDO Limited, Hong Kong, and its stock code is **1348**[4](index=4&type=chunk)[5](index=5&type=chunk) [Chairman's Statement](index=4&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A%E6%9B%B8) The Chairman's Statement reviews the year's operating performance, highlighting the Group's resilience amidst a complex global economic landscape, with the Toys segment maintaining operational stability through stringent cost management and the Financial Services segment focusing on prudent resource allocation and deepening client relationships under limited resources [Chairman's Statement](index=4&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A%E6%9B%B8) The Chairman's Statement reviews the year's operating performance, highlighting the Group's resilience amidst a complex global economic landscape, with the Toys segment maintaining operational stability through stringent cost management and the Financial Services segment focusing on prudent resource allocation and deepening client relationships under limited resources - The Group's core businesses are toy manufacturing and sales (Toys segment) and financial services (Financial Services segment)[6](index=6&type=chunk) - The Toys segment faces challenges including squeezed profit margins, supply chain adjustments, and demand fluctuations, but maintained operational stability through stringent cost management and process optimization[6](index=6&type=chunk) - The Financial Services segment, due to limited business development capital, strategically prioritized prudent resource allocation over aggressive expansion[6](index=6&type=chunk) - In the future, the Board will focus on stringent capital management for both segments, with the Toys segment emphasizing operational excellence and precise innovation, and the Financial Services segment focusing on compliance and controllable growth[7](index=7&type=chunk) [Corporate Governance Report](index=5&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) This report details the company's commitment to high corporate governance standards, adherence to the HKEX Corporate Governance Code, and the structure and responsibilities of its Board and various committees [Corporate Governance Practices and the Board](index=5&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The company is committed to maintaining high corporate governance standards and has adopted the HKEX Corporate Governance Code, complying with all applicable code provisions during the reporting period, with the Board responsible for leading and overseeing the Group while delegating daily operations to executive directors and senior management - The company has adopted the HKEX Corporate Governance Code and complied with all applicable code provisions during the current year[10](index=10&type=chunk) - The Board is responsible for leading and controlling the Group, with daily responsibilities delegated to executive directors and senior management[13](index=13&type=chunk) - As of March 31, 2025, the Board comprises eight directors, including four executive directors and four independent non-executive directors[14](index=14&type=chunk) [Board Committees](index=7&type=section&id=%E8%91%A3%E4%BA%8B%E5%A7%94%E5%93%A1%E6%9C%83) The Board has established four committees—Audit, Remuneration, Nomination, and Corporate Governance—each with clear terms of reference and regular meetings, detailing their members, primary duties, and annual work summaries including financial review, remuneration policy review, director nomination, and governance policy monitoring - The Board has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Corporate Governance Committee[21](index=21&type=chunk) Board and Committee Attendance | Director Name | Board Attendance | Audit Committee Attendance | Remuneration Committee Attendance | Nomination Committee Attendance | | :--- | :--- | :--- | :--- | :--- | | Mr. Poon Pak Kei | 4/4 | Not Applicable | 2/2 | 2/2 | | Mr. Chu Wan Ming | 4/4 | Not Applicable | 2/2 | 2/2 | | Mr. Hau Yiu Po | 4/4 | Not Applicable | Not Applicable | Not Applicable | | Ms. Tang Yuen Ching | 4/4 | Not Applicable | Not Applicable | Not Applicable | | Mr. Leung Po Wing | 4/4 | 4/4 | 2/2 | 2/2 | | Mr. Chan Siu Wing | 4/4 | 4/4 | 2/2 | 2/2 | | Mr. Wong Wah On | 4/4 | 4/4 | 2/2 | 2/2 | | Ms. Yeung Wai Ling | 2/2 | Not Applicable | Not Applicable | Not Applicable | - The Audit Committee reviewed the consolidated financial statements, oversaw internal control and risk management systems, and recommended the re-appointment of the auditor during the year[25](index=25&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) Fees Paid to Auditor | Services Provided | Fees Paid/Payable (Thousand HKD) | | :--- | :--- | | Audit Services – Statutory Audit | 950 | | Non-Audit Services: | | | – Agreed-upon Procedures | 80 | | **Total** | **1,030** | [Shareholder Communication and Rights](index=12&type=section&id=%E8%88%87%E8%82%A1%E6%9D%B1%E5%8F%8A%E6%8A%95%E8%B3%87%E8%80%85%E9%80%9A%E8%A8%8A) The company values communication with shareholders and has established a dividend policy, clarifying specific procedures and rights for shareholders to convene extraordinary general meetings, convey inquiries to the Board, and propose resolutions at general meetings - The company has adopted a dividend policy, with dividend payments at the discretion of the Board, based on factors such as earnings, cash flow, and financial position[46](index=46&type=chunk) - Shareholders holding not less than one-tenth of the paid-up share capital have the right to request an extraordinary general meeting[48](index=48&type=chunk) - The report clarifies the procedures for shareholders to nominate director candidates, with the nomination period from the day after the notice of the general meeting is issued until 7 days before the meeting[51](index=51&type=chunk)[52](index=52&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an in-depth review of the Group's business and financial performance for the year, outlining challenges faced by the Toys segment and the Financial Services segment's growth despite capital limitations, along with future strategies [Business Review](index=14&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) This year, the Group's core businesses remained the Toys segment and the Financial Services segment, with the Toys segment facing multiple challenges including geopolitical tensions, global economic uncertainty, rising costs, and stringent ESG requirements, while the Financial Services segment, despite revenue growth, recorded a loss due to low capital levels and high operating costs - The Toys segment faces a complex operating environment, including US-China geopolitical tensions, global economic uncertainty (high inflation, interest rate hikes), conservative customer orders, rising costs (labor, materials, logistics), and stringent ESG requirements[59](index=59&type=chunk)[60](index=60&type=chunk) - The Financial Services segment's revenue increased from HKD **10.8 million** in the previous year to HKD **19.9 million** in the current year, but still recorded a net loss before tax of HKD **8.2 million** due to low capital levels and high operating costs[61](index=61&type=chunk) [Financial Review](index=15&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's total revenue decreased by **59.4%** year-on-year to HKD **71.9 million** this year, primarily due to a **68.7%** decline in Toys segment revenue, which could not be offset by the **83.4%** growth in Financial Services segment revenue, resulting in a narrowed net loss from HKD **74.0 million** to HKD **17.9 million**, mainly benefiting from the absence of the previous year's HKD **45.5 million** goodwill impairment loss Group Financial Performance | Indicator | Current Year (Thousand HKD) | Previous Year (Thousand HKD) | Change | | :--- | :--- | :--- | :--- | | **Group Total Revenue** | 71,933 | 177,259 | -59.4% | | **Group Net Loss** | 17,871 | 73,958 | -75.8% | Segment Performance | Segment | Revenue (Current Year, Million HKD) | Revenue (Previous Year, Million HKD) | Revenue Change | Segment Profit/Loss (Current Year, Million HKD) | | :--- | :--- | :--- | :--- | :--- | | **Toys Segment** | 52.1 | 166.4 | -68.7% | 0.4 (Profit) | | **Financial Services Segment** | 19.9 | 10.8 | +83.4% | (10.4) (Loss) | - The significant reduction in net loss is primarily due to the absence of the goodwill impairment loss of approximately HKD **45.5 million** in the Financial Services segment from the previous year[69](index=69&type=chunk) - As of March 31, 2025, the Group's cash and cash equivalents were HKD **25.6 million** (compared to HKD **57.5 million** last year), and the debt-to-equity ratio increased from **66.1%** to approximately **100%**[77](index=77&type=chunk) [Outlook and Strategy](index=20&type=section&id=%E5%89%8D%E6%99%AF) Looking ahead, the Toys segment will focus on cost control, innovation, and strategic management of its manufacturing network to address challenges, while the Group has decided to dispose of its securities brokerage and institutional trading business to preserve working capital, with future financial services focusing on investment and financial advisory businesses requiring less operating capital - Key to the Toys segment's future success lies in continuous innovation (materials, processes), deepening value-added services, implementing ESG agenda, and strategically managing its manufacturing network[97](index=97&type=chunk) - To preserve working capital, the company entered into an agreement on June 6, 2025, to dispose of its securities brokerage and institutional trading businesses, which have higher operating costs and capital requirements[98](index=98&type=chunk) - Following the disposal, the Group will continue its financial services business through Crosby Asset Management, focusing on investment and financial advisory services under Type 4 (advising on securities) and Type 9 (asset management) licenses, significantly reducing working capital requirements[98](index=98&type=chunk) [Biographies of Directors and Senior Management](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E5%B1%A4%E5%B1%A5%E6%AD%B7) This section provides detailed personal biographies of the company's executive directors, independent non-executive directors, and senior management, including their age, position, professional experience, academic background, and positions held in other listed companies [Biographies of Directors and Senior Management](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E5%B1%A4%E5%B1%A5%E6%AD%B7) This section provides detailed personal biographies of the company's executive directors, independent non-executive directors, and senior management, including their age, position, professional experience, academic background, and positions held in other listed companies - This chapter provides detailed biographies of the company's directors, including Mr. Chu Wan Ming, Mr. Poon Pak Kei, Mr. Hau Yiu Po, Ms. Tang Yuen Ching, Mr. Leung Po Wing, Mr. Chan Siu Wing, Mr. Wong Wah On, and Ms. Yeung Wai Ling[100](index=100&type=chunk)[102](index=102&type=chunk)[106](index=106&type=chunk)[108](index=108&type=chunk) [Directors' Report](index=24&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A) This report provides an overview of the company's principal activities, financial performance for the year, the Board's recommendation not to declare a final dividend, and details on the company's distributable reserves [Business and Financial Overview](index=24&type=section&id=%E4%B8%BB%E8%A6%81%E6%A5%AD%E5%8B%99) This chapter outlines the company's principal activities as investment holding and management services, presents the financial results for the current year, states the Board's recommendation not to declare a final dividend, and details the company's distributable reserves - The principal activities of the company are investment holding and the provision of management services[113](index=113&type=chunk) - The Board recommends not to declare a final dividend for the current year[114](index=114&type=chunk) - As of March 31, 2025, the company's distributable reserves were approximately HKD **34.0 million**[116](index=116&type=chunk) [Risk Management and Compliance](index=25&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E9%9D%A2%E5%B0%8D%E7%9A%84%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E5%92%8C%E4%B8%8D%E7%A2%BA%E5%AE%9A%E6%80%A7) The report elaborates on the Group's key risks, including financial risks (credit, liquidity, etc.), market risks, seasonality, reliance on major customers, talent competition, regulatory risks, and environmental and social risks, along with measures taken such as cybersecurity protection and environmental policies to manage these risks - The Group faces key risks including financial risks, market risks, seasonality of product demand, reliance on major customers and suppliers, talent competition, regulatory risks, and environmental and social risks[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) - During the current year, sales to the Group's largest customer and top five customers accounted for **74.7%** and **93.8%** of total turnover respectively, indicating a high concentration risk[139](index=139&type=chunk) - The Group has implemented cybersecurity measures, including installing firewalls and using antivirus software, and has a compliance manual to protect customer data[133](index=133&type=chunk)[134](index=134&type=chunk) [Directors, Shareholders, and Shareholding Structure](index=29&type=section&id=%E8%91%A3%E4%BA%8B) This chapter lists the directors during the reporting period and their changes, discloses the interests of directors and major shareholders in the company's shares, and details the company's share option scheme, including grant dates, exercise prices, number of outstanding share options, and their key terms Directors' Interests in Shares | Director Name | Total Shares Held | Percentage of Issued Share Capital | | :--- | :--- | :--- | | Mr. Poon Pak Kei | 20,796,000 | 1.41% | | Mr. Chu Wan Ming | 40,295,800 | 2.73% | | Mr. Hau Yiu Po | 14,540,000 | 0.99% | | Ms. Tang Yuen Ching | 1,200,000 | 0.08% | | Mr. Leung Po Wing | 2,800,000 | 0.19% | | Mr. Chan Siu Wing | 2,800,000 | 0.19% | | Mr. Wong Wah On | 1,400,000 | 0.10% | Major Shareholders | Major Shareholder Name | Total Shares Held | Percentage of Shareholding | | :--- | :--- | :--- | | Smart Investor Holdings Limited | 482,864,000 | 32.75% | | Silver Pointer Limited | 106,880,000 | 7.25% | | Benefit Global Limited | 218,463,111 | 14.82% | - The company has a share option scheme, and as of the reporting date, the total number of shares that may be issued due to outstanding share options is **65,643,800** shares, representing **4.5%** of the issued share capital[154](index=154&type=chunk)[162](index=162&type=chunk) [Independent Auditor's Report](index=38&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A) The auditor, BDO Limited, Hong Kong, believes that the consolidated financial statements fairly and truly reflect the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards, specifically highlighting "Impairment assessment of non-financial assets" as a key audit matter due to significant management judgment involved [Independent Auditor's Report](index=38&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A) The auditor, BDO Limited, Hong Kong, believes that the consolidated financial statements fairly and truly reflect the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards, specifically highlighting "Impairment assessment of non-financial assets" as a key audit matter due to significant management judgment involved - The auditor issued an unmodified opinion, stating that the consolidated financial statements truly and fairly reflect the Group's financial position and performance[185](index=185&type=chunk) - A key audit matter is "Impairment assessment of non-financial assets," particularly for property, plant and equipment and right-of-use assets of the "Financial Services" cash-generating unit, as their determination involves significant management judgment and estimates[187](index=187&type=chunk)[188](index=188&type=chunk) [Consolidated Financial Statements](index=42&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the Group's consolidated financial statements, including the statement of profit or loss and other comprehensive income, statement of financial position, statement of cash flows, and detailed notes to the financial statements [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=42&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This year, the Group recorded revenue of HKD **71.933 million**, a significant decrease from HKD **177.259 million** last year, with the loss for the year narrowing significantly to HKD **17.871 million** from HKD **73.958 million**, and basic and diluted loss per share at HKD **1.21** cents Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator (Thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 71,933 | 177,259 | | Administrative expenses | (44,558) | (48,062) | | Goodwill impairment loss | – | (45,508) | | Loss for the year and total comprehensive income | (17,871) | (73,958) | | Basic and diluted loss per share (HK cents) | (1.21) | (5.02) | [Consolidated Statement of Financial Position](index=43&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of March 31, 2025, the Group's total assets were HKD **164.654 million**, total liabilities were HKD **126.357 million**, and net assets were HKD **38.297 million**, a decrease from HKD **56.168 million** in the previous year, with net current assets at HKD **72.691 million** Consolidated Statement of Financial Position | Indicator (Thousand HKD) | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | 164,654 | 176,551 | | Total Non-Current Assets | 5,926 | 5,782 | | Total Current Assets | 158,728 | 170,769 | | **Total Liabilities** | 126,357 | 120,383 | | Total Current Liabilities | 86,037 | 82,675 | | Total Non-Current Liabilities | 40,320 | 37,708 | | **Net Assets** | 38,297 | 56,168 | [Consolidated Statement of Cash Flows](index=46&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This year, net cash generated from operating activities was HKD **11.947 million**, net cash used in investing activities was HKD **36.000 million**, primarily due to placement of time deposits, and net cash used in financing activities was HKD **7.923 million**, resulting in a net decrease in cash and cash equivalents of HKD **31.976 million**, with an ending balance of HKD **25.561 million** Consolidated Statement of Cash Flows | Indicator (Thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash generated from operating activities | 11,947 | 23,683 | | Net cash used in investing activities | (36,000) | (19,863) | | Net cash used in financing activities | (7,923) | (8,231) | | Net decrease in cash and cash equivalents | (31,976) | (4,411) | | Cash and cash equivalents at year end | 25,561 | 57,537 | [Notes to the Consolidated Financial Statements](index=48&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The notes section elaborates on the basis of financial statement preparation, significant accounting policies, and accounting judgments and estimates, covering segment information, revenue composition, details of various assets and liabilities (such as property, goodwill, receivables, convertible notes), related party transactions, contingent liabilities, and post-reporting period events - The Group has two reportable segments: "Manufacturing and Sales of Toys" and "Financial Services"[265](index=265&type=chunk) - Revenue from the two largest customers in the Toys segment totaled HKD **50.492 million**, accounting for approximately **70.2%** of the Group's total revenue[279](index=279&type=chunk) - As of March 31, 2025, the Group had outstanding bills payable with a principal amount of HKD **31.0 million** and convertible notes with a liability component carrying amount of HKD **7.295 million**[331](index=331&type=chunk)[336](index=336&type=chunk) - The Group has a contingent liability involving a lawsuit against its subsidiary, Crosby Securities Limited, for which the directors believe the outflow of resources is not yet probable at this stage, thus no provision has been made[383](index=383&type=chunk)[385](index=385&type=chunk) - Post-reporting period event: On June 6, 2025, the company entered into an agreement to dispose of its entire equity interest in Crosby Asia Limited, which holds the securities brokerage business, for an estimated consideration of approximately HKD **11.2 million**[386](index=386&type=chunk) [Five-Year Financial Summary](index=105&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This chapter provides a summary of the Group's performance, assets, and liabilities over the past five financial years, showing a continuous decline in Group revenue since 2021 and a year-on-year decrease in net assets [Five-Year Financial Summary](index=105&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This chapter provides a summary of the Group's performance, assets, and liabilities over the past five financial years, showing a continuous decline in Group revenue since 2021 and a year-on-year decrease in net assets Five-Year Financial Summary | Indicator (Thousand HKD) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 71,933 | 177,259 | 341,801 | 448,655 | 485,788 | | **Loss for the year** | (17,871) | (73,958) | (72,321) | (94,374) | (35,628) | | **Total Assets** | 164,654 | 176,551 | 243,876 | 381,507 | 438,842 | | **Net Assets** | 38,297 | 56,168 | 126,464 | 198,710 | 293,084 |