Stock Code 股份代號 : ��� ANNUAL REPORT 年 報 2025 目錄 | | 頁 碼 | | --- | --- | | 公司資料 | 2 | | 主席報告 | 3 | | 董事履歷詳情 | 5 | | 企業管治報告 | 9 | | 董事會報告 | 22 | | 獨立核數師報告 | 31 | | 綜合損益表 | 35 | | 綜合損益及其他全面收益表 | 37 | | 綜合財務狀況表 | 38 | | 綜合權益變動表 | 40 | | 綜合現金流量表 | 41 | | 綜合財務報表附註 | 43 | | 五年財務概要 | 116 | 1 ALCO HOLDINGS LIMITED 二零二五年年報 公司資料 | 執行董事 | 廖 莉 萍 女 士（聯 席 主 席） | | --- | --- | | | 何澤宇先生 | | 非執行董事 | 田 軼 先 生（聯 席 主 席） | | | 邊文斌先生 | | 獨立非執行董事 | 朱凱勤先生 | | | 林至頴先生 | | | 鄧社堅先生 | | | 鄧超文先生 | | 公司秘書 | 余毅先生 | | 主要往來銀行 | 恒生銀行有限公司 | | ...

ELEGANCE OPTICAL INTERNATIONAL HOLDINGS LIMITED 高 雅 光 學 國 ANNUAL REPORT 2024/2025 年 報 際 集 團 有 限 公 司 Contents 目錄 | Corporate Information | 2–3 | | --- | --- | | 公司資料 | | | Management Discussion and Analysis | 4–8 | | 管理層討論及分析 | | | Environmental, Social and Governance Report | 9–25 | | 環境、社會及管治報告 | | | Profiles of Directors | 26–27 | | 董事簡介 | | | Corporate Governance Report | 28–51 | | 企業管治報告 | | | Report of the Directors | 52–62 | | 董事會報告 | | | Independent Auditor's Report | 63–73 | | 獨立核數師報告 | | | Consolid ...

[Performance Summary](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) [Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) Net revenue slightly decreased to €638.3 million, while Adjusted EBITDA grew 2.5% to €99.1 million Key Financial Indicators for H1 2025 | Indicator | Six Months Ended June 30, 2025 | Change vs. H1 2024 | | :--- | :--- | :--- | | Net Revenue | €638.3 million | -1.3% | | Profit for the Period | €43.6 million | -1.1% | | Profit Attributable to Shareholders | - | -0.9% | | Adjusted EBITDA | €99.1 million | +2.5% | [Business Summary](index=1&type=section&id=%E6%A5%AD%E5%8B%99%E6%91%98%E8%A6%81) The Group expanded business through a Flexjet collaboration, a dividend distribution, and global boat show participation - On June 27, 2025, the company partnered with Flexjet Limited to launch the exclusive "Riva Volare" interior design project, integrating Riva yacht style into Flexjet aircraft cabins[5](index=5&type=chunk) - On June 18, 2025, the company completed a dividend distribution totaling **€33,848,265.40**, with a dividend of **€0.10 per share**[6](index=6&type=chunk) - In H1 2025, the Group actively participated in major international boat shows in Düsseldorf, Miami, Dubai, Palm Beach, Singapore, and Venice[7](index=7&type=chunk) [Interim Condensed Consolidated Financial Statements](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Interim Condensed Consolidated Statement of Profit or Loss](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) Net revenue slightly decreased to €638.3 million, while profit for the period remained stable at €43.6 million Summary of Interim Condensed Consolidated Statement of Profit or Loss (in thousands of EUR) | Item | H1 2025 (Unaudited) | H1 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 676,999 | 678,471 | | Net Revenue | 638,269 | 646,416 | | Profit before tax | 63,350 | 63,835 | | Profit for the period | 43,569 | 44,047 | | Profit attributable to shareholders of the Company | 43,454 | 43,859 | | Basic and diluted earnings per share (EUR) | 0.13 | 0.13 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Total comprehensive income decreased to €38.6 million, mainly due to losses from foreign operation translation Summary of Interim Condensed Consolidated Statement of Comprehensive Income (in thousands of EUR) | Item | H1 2025 (Unaudited) | H1 2024 (Unaudited) | | :--- | :--- | :--- | | Profit for the period | 43,569 | 44,047 | | Other comprehensive income/(loss) for the period | (4,978) | 700 | | Total comprehensive income for the period | 38,591 | 44,747 | [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) Total assets stood at €1.64 billion and total equity increased to €904 million, reflecting a stable financial structure Summary of Interim Condensed Consolidated Statement of Financial Position (in thousands of EUR) | Item | As of June 30, 2025 (Unaudited) | As of December 31, 2024 (Audited) | | :--- | :--- | :--- | | Total Assets | 1,643,284 | 1,661,444 | | Total Liabilities | 739,400 | 763,208 | | Total Equity | 903,884 | 898,236 | [Interim Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Cash flow from operations improved to €76.7 million, with period-end cash decreasing to €134.0 million Summary of Interim Condensed Consolidated Statement of Cash Flows (in thousands of EUR) | Item | H1 2025 (Unaudited) | H1 2024 (Unaudited) | | :--- | :--- | :--- | | Cash flows from operating activities | 76,667 | 58,615 | | Cash flows used in investing activities | (52,645) | (58,651) | | Cash flows (used in)/from financing activities | (41,258) | (40,499) | | Net increase/(decrease) in cash and cash equivalents | 17,236 | (40,535) | | Cash and cash equivalents at end of period | 133,982 | 273,657 | [Notes to the Interim Condensed Consolidated Financial Statements](index=9&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Corporate Information and Basis of Preparation](index=9&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99%E8%88%87%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) Financials are prepared under IAS 34, with management assessing no material ESG impact and initiating ESRS alignment - The company is primarily engaged in the design, construction, and marketing of yachts and pleasure boats, headquartered in Italy[15](index=15&type=chunk)[16](index=16&type=chunk) - The financial statements are prepared in accordance with **International Accounting Standard 34 (IAS 34)**, with accounting policies consistent with the 2024 annual report, and no early adoption of new effective standards[18](index=18&type=chunk)[19](index=19&type=chunk) - Management assesses that **Environmental, Social, and Governance (ESG) related risks do not have a material impact** on the Group's financial position and has initiated alignment with the European Sustainability Reporting Standards (ESRS)[23](index=23&type=chunk)[25](index=25&type=chunk) [Notes to Selected Financial Statement Items](index=12&type=section&id=%E9%81%B8%E5%AE%9A%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%A0%85%E7%9B%AE%E9%99%84%E8%A8%BB) This section details key items like income, costs, receivables, and payables, with EPS stable at €0.13 [Other Income (Note 3)](index=12&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%20(%E9%99%84%E8%A8%BB3)) Other income rose 13% YoY to €11.3 million, driven by increased income from supplier relationships Details of Other Income (in thousands of EUR) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Income from relationships with suppliers | 5,212 | 3,039 | | Reversal of excess provisions for costs | 2,932 | 2,848 | | Total Other Income | 11,257 | 9,968 | [Costs and Expenses (Notes 4-8)](index=12&type=section&id=%E6%88%90%E6%9C%AC%E8%88%87%E9%96%8B%E6%94%AF%20(%E9%99%84%E8%A8%BB4-8)) Raw material costs decreased, while subcontractor and staff costs rose due to business growth - Cost of raw materials and consumables used decreased from **€333 million to €289 million**[27](index=27&type=chunk) - Costs for subcontractors increased from **€132 million to €142 million**[28](index=28&type=chunk) - Staff costs increased from **€74.4 million to €77.5 million**[31](index=31&type=chunk) [Trade and Other Receivables (Note 11)](index=15&type=section&id=%E8%B2%A1%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%20(%E9%99%84%E8%A8%BB11)) Total trade and other receivables decreased to €59.3 million, with no significant credit risk concentration Trade and Other Receivables (in thousands of EUR) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 35,333 | 36,437 | | Other receivables | 23,948 | 38,137 | | Total | 59,281 | 74,574 | [Trade and Other Payables (Note 12)](index=18&type=section&id=%E8%B2%A1%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%20(%E9%99%84%E8%A8%BB12)) Total trade and other payables decreased to €438 million, mainly comprising amounts due to suppliers Trade and Other Payables (in thousands of EUR) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 384,531 | 427,026 | | Other payables | 53,648 | 52,121 | | Total | 438,179 | 479,147 | [Earnings Per Share (Note 13)](index=20&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%20(%E9%99%84%E8%A8%BB13)) Basic and diluted earnings per share remained unchanged YoY at €0.13 Calculation of Earnings Per Share | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to shareholders of the Company (in thousands of EUR) | 43,454 | 43,859 | | Weighted average number of shares | 338,482,654 | 338,482,654 | | Basic and diluted earnings per share (EUR) | 0.13 | 0.13 | [Management Discussion and Analysis](index=21&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Principal Activities and Business Review](index=21&type=section&id=%E4%B8%BB%E7%87%9F%E6%A5%AD%E5%8B%99%E5%8F%8A%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group leveraged its seven iconic brands to drive performance through pricing power and custom yacht sales - The Group is a global leader in the luxury yacht industry, owning seven iconic brands including **Riva, Wally, and Ferretti Yachts**, and is regarded as an ambassador of Italian nautical excellence[52](index=52&type=chunk) - Strong performance confirmed the advantages of the company's industrial strategy, including **strong pricing power**, integration of the high-margin made-to-measure yacht segment, and effective cost absorption[53](index=53&type=chunk) [Outlook](index=23&type=section&id=%E5%B1%95%E6%9C%9B) Future strategy focuses on market leadership, sustainable innovation, and expansion into superyachts and services - Future strategic pillars include: - Consolidating market leadership in composite and made-to-measure yachts - Investing in sustainable materials and process innovation - Developing new alloy-hull superyachts under brands like Riva and Pershing - Expanding brokerage, charter, after-sales, and brand extension activities - Investing in the internalization of high-value-added activities[58](index=58&type=chunk) [Financial Review](index=24&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The order backlog stood at €1.45 billion, with Adjusted EBITDA margin improving to 16.0% and net cash at €102 million [Order Backlog](index=24&type=section&id=%E7%B4%AF%E7%A9%8D%E8%A8%82%E5%96%AE) The order backlog was €1.45 billion, with a significant mix shift as superyacht orders grew 32.0% Order Backlog by Product Type (in millions of EUR) | Product Type | H1 2025 | Share | H1 2024 | Share | Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Composite yachts | 225.2 | 15.6% | 328.7 | 22.0% | -31.5% | | Made-to-measure yachts | 490.8 | 33.9% | 589.4 | 39.4% | -16.7% | | Super yachts | 689.0 | 47.7% | 521.9 | 34.9% | +32.0% | | Other businesses | 41.0 | 2.8% | 55.8 | 3.7% | -26.5% | | Total | 1,446.0 | 100.0% | 1,495.8 | 100.0% | -3.3% | [Net Revenue](index=25&type=section&id=%E6%B7%A8%E6%94%B6%E7%9B%8A) New yacht net revenue grew 1.5% to €620 million, driven by strong performance in the MEA region Net Revenue from New Yachts by Product Type (in thousands of EUR) | Product Type | H1 2025 | Share | H1 2024 | Share | | :--- | :--- | :--- | :--- | :--- | | Composite yachts | 234,403 | 37.8% | 265,048 | 43.4% | | Made-to-measure yachts | 253,134 | 40.8% | 233,144 | 38.2% | | Super yachts | 104,444 | 16.8% | 82,496 | 13.5% | | Total Net Revenue from New Yachts | 620,439 | 100.0% | 611,041 | 100.0% | - By geography, the **MEA region's share of net revenue from new yachts grew significantly to 35.4%** from 18.5% YoY, while Europe's share decreased from 51.2% to 40.4%[74](index=74&type=chunk) [Non-IFRS Measures](index=30&type=section&id=%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E8%A8%88%E9%87%8F) Adjusted EBITDA increased 2.5% to €99.1 million, with the margin improving to 16.0% Adjusted EBITDA Reconciliation (in thousands of EUR) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the period | 43,569 | 44,047 | | Add: Income tax | 19,780 | 19,788 | | Add: Net financial expenses, depreciation & amortization, etc. | 36,118 | 32,862 | | EBITDA | 99,458 | 96,997 | | Adjusted EBITDA | 99,073 | 96,716 | | Adjusted EBITDA Margin | 16.0% | 15.8% | [Liquidity and Financial Resources](index=33&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E8%88%87%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group maintained a robust net cash position of €101.6 million and a low gearing ratio of 4.0% - As of June 30, 2025, the Group's net financial position was **net cash of €101.6 million**[94](index=94&type=chunk) - Capital expenditure for H1 was **€42.3 million**, with approximately €25.4 million allocated to business expansion[93](index=93&type=chunk) - The **gearing ratio (total debt/total equity) was approximately 4.0%**, a slight increase from 3.7% at the end of 2024, indicating a very low debt level[97](index=97&type=chunk) [Risk Factors and Human Resources](index=35&type=section&id=%E9%A2%A8%E9%9A%AA%E5%9B%A0%E7%B4%A0%E8%88%87%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) The Group manages currency risk via hedging and increased its headcount to 2,127 to support growth - The Group's main foreign exchange risk arises from **EUR/USD exchange rate fluctuations**, which it hedges using foreign currency forward contracts[103](index=103&type=chunk) Human Resources Overview | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 2,127 | 2,118 | | H1 Staff Costs | €77.5 million | €74.4 million (H1 2024) | [Other Disclosures](index=35&type=section&id=%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A0%85) [Dividend and Share Repurchase](index=35&type=section&id=%E8%82%A1%E6%81%AF%E8%88%87%E8%82%A1%E4%BB%BD%E5%9B%9E%E8%B3%BC) The Board does not recommend an interim dividend, and no share repurchases occurred during the period - The Board of Directors **does not recommend the payment of an interim dividend**[105](index=105&type=chunk) - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[107](index=107&type=chunk) [Corporate Governance and Compliance](index=36&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E8%88%87%E5%90%88%E8%A6%8F) The company maintained full corporate governance compliance, with its interim results reviewed by the Audit Committee - The net proceeds from the Hong Kong listing, approximately **HK$1.863 billion**, were fully utilized as of June 30, 2025, in accordance with the purposes stated in the prospectus[108](index=108&type=chunk) - The company has complied with the code provisions of the **Corporate Governance Code** as set out in Appendix C1 of the Hong Kong Listing Rules during the reporting period[110](index=110&type=chunk) - The **Audit Committee has reviewed the unaudited interim financial statements** and concurs that they were prepared in compliance with applicable accounting standards and regulatory requirements[112](index=112&type=chunk) [Events After the Reporting Period](index=37&type=section&id=%E6%9C%89%E9%97%9C%E6%9C%9F%E9%96%93%E5%BE%8C%E4%BA%8B%E9%A0%85) Post-period, the Group acquired full ownership of the 'Wally' brand and divested Ferretti Tech S.r.l - In July 2025, the Group increased its shareholding in **Sea Lion S.r.l. (owner of the "Wally" brand) to 100%**[113](index=113&type=chunk) - In July 2025, the Group **disposed of its entire equity interest in Ferretti Tech S.r.l.**[114](index=114&type=chunk)

FEG Holdings Corporation Limited 鑄 帝 控 股 集 團 有 限 公 司 Stock Code 股 份 代 號 : 1413 (Incorporated in the Cayman Islands with limited liability) （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 年 報 2024-25 ANNUAL REPORT CONTENTS 目錄 2 Corporate Information 公司資料 5 Chairman's Statement 主席報告 6 Directors and Senior Management 董事及高級管理層 13 Management Discussion and Analysis 管理層討論及分析 29 Environmental, Social and Governance Report 環境、社會及管治報告 45 Corporate Governance Report 企業管治報告 63 Directors' Report 董事會報告 76 Independent Auditor's Report 獨 ...

[Annual Results Announcement](index=1&type=section&id=%E5%85%A8%E5%B9%B4%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) [Financial Highlights](index=2&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The company's revenue grew 6.6% to HK$40.6 million, with net loss narrowing significantly to HK$5.9 million Financial Summary | Metric | For the year ended April 30, 2025 | For the year ended April 30, 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. HK$40.6 million | Approx. HK$38.1 million | +6.6% | | Net Loss | Approx. HK$5.9 million | Approx. HK$11.4 million | -48.2% | | Basic Loss Per Share | 2.39 HK cents | 4.63 HK cents | -48.4% | | Final Dividend | Not Recommended | Nil | - | [Consolidated Financial Statements](index=3&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The company's gross profit doubled and operating loss narrowed while maintaining a debt-free balance sheet [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&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) Revenue grew 6.3% to HK$40.55 million, with gross profit surging 137% and net loss narrowing to HK$5.888 million Key P&L Items | Item (HK$ '000) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 40,550 | 38,132 | | Gross Profit | 1,716 | 724 | | Operating Loss | (5,888) | (11,409) | | Total Loss for the Year | (5,888) | (11,409) | | Basic Loss Per Share (HK cents) | (2.39) | (4.63) | [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) Total assets stood at HK$77.6 million and net assets at HK$58.9 million, with a notable decrease in cash reserves Key Balance Sheet Items | Item (HK$ '000) | 2025 | 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 3,776 | 3,836 | | Current Assets | 73,848 | 80,071 | | Including: Cash and Bank Balances | 3,074 | 10,487 | | **Liabilities and Equity** | | | | Current Liabilities | 18,725 | 19,120 | | Net Assets | 58,899 | 64,787 | | Total Equity | 58,899 | 64,787 | [Summary of Notes to the Financial Statements](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The company operates as a single segment in Hong Kong construction, with high customer concentration and no dividend paid - The Group is principally engaged in site formation and renovation works in Hong Kong, operating as a single segment[7](index=7&type=chunk)[18](index=18&type=chunk) - **No dividend was declared or paid** by the company during the year[24](index=24&type=chunk) Revenue from Major Customers | Major Customer | Revenue (HK$ '000) - 2025 | Revenue (HK$ '000) - 2024 | | :--- | :--- | :--- | | Customer A | 29,048 | 19,655 | | Customer B | 4,827 | 18,477 | | Customer C | 6,675 | – | [Management Discussion and Analysis](index=12&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) Management highlights revenue growth and improved profitability amid market challenges, supported by a sound financial position [Business Review and Outlook](index=12&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) The company faces a challenging market but sees opportunities in government spending, planning to diversify into property - The core business comprises site formation and renovation works in Hong Kong[31](index=31&type=chunk) - Market outlook: The company faces challenges from rising operating costs and intense competition, but opportunities exist from government infrastructure investment[31](index=31&type=chunk) - Future strategy: The company will focus on its core business while seeking diversification into areas like property development and investment[31](index=31&type=chunk) [Financial Review](index=12&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) Revenue grew 6.6% to HK$40.6 million and gross margin doubled, while net loss narrowed due to higher other income Financial Performance | Financial Metric | FY2025 | FY2024 | Reason for Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. HK$40.6 million | Approx. HK$38.1 million | Increase in site formation and renovation projects | | Gross Profit Margin | Approx. 4.2% | Approx. 1.9% | Increased revenue from high-margin contracts | | Administrative Expenses | Approx. HK$6.0 million | Approx. HK$3.9 million | Increase in legal fees and staff costs | | Net Loss | Approx. HK$5.9 million | Approx. HK$11.4 million | Increased other income and reduced impairment losses | [Liquidity and Financial Resources](index=14&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group's cash position decreased to HK$3.1 million due to operating activities, while maintaining a zero gearing ratio - **Cash and bank balances decreased** from approximately HK$10.5 million to approximately HK$3.1 million, primarily due to cash used in operations[38](index=38&type=chunk)[40](index=40&type=chunk) - As of April 30, 2025, the Group's **gearing ratio was zero**, and it had no pledged assets[39](index=39&type=chunk)[42](index=42&type=chunk) [Analysis of Significant Investments](index=16&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%88%86%E6%9E%90) The Group holds listed equity investments of HK$21.2 million, representing 27.3% of total assets - The Group mitigates investment risk by maintaining a diversified portfolio across various business sectors and will adjust its strategy as needed[52](index=52&type=chunk) Listed Equity Investments | Company Name | Fair Value (HK$ '000) | Approx. % of Total Assets | | :--- | :--- | :--- | | Hao Wen Holdings Limited | 3,888 | 5.0% | | China Smarter Energy Group Holdings Limited | 5,410 | 7.0% | | Other listed securities | 11,878 | 15.3% | | **Total** | **21,176** | **27.3%** | [Corporate Governance and Other Information](index=17&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) The company has complied with the Corporate Governance Code, with the Audit Committee having reviewed the annual results - The company complied with the Corporate Governance Code, with a deviation where some board meeting notices were less than 14 days to facilitate timely decisions[54](index=54&type=chunk) - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[57](index=57&type=chunk) - The Audit Committee has reviewed the annual results and confirmed that this announcement provides adequate disclosure[63](index=63&type=chunk)

股份代號 : 213 二 0 二 五年度年報 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 主席報告書 | 3 | | 管理層討論與分析 | 6 | | 董事及高級管理層 | 8 | | 董事會報告書 | 10 | | 企業管治報告 | 15 | | 環境、社會及管治報告 | 30 | | 獨立核數師報告 | 31 | | 綜合損益表 | 37 | | 綜合損益及其他全面收益表 | 38 | | 綜合財務狀況表 | 39 | | 綜合權益變動表 | 41 | | 綜合現金流量表 | 42 | | 綜合財務報表附註 | 44 | | 本集團所持主要物業一覽表 | 134 | | 財務摘要 | 136 | 1 NATIONAL ELECTRONICS HOLDINGS LIMITED 公司資料 執行董事 李源清 主席 李本智 董事總經理 李源初 衛光遠 非執行董事 李源鉅 李源如 獨立非執行董事 陳國偉 孫大為 Pius Ho 核數師 國衛會計師事務所有限公司 香港執業會計師 律師 孖士打律師行 公司秘書 黃錦基 主要銀行 香港上海滙豐銀行有限公司 恒生銀行有限公司 中國銀行（ ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) [Overview of Corporate Information](index=2&type=section&id=Corporate%20Information) This chapter provides fundamental company information, including board members, committee structures, registered office, principal place of business, share registrar, auditor, and principal bankers, noting significant changes in board composition during and after the reporting period - The company's board of directors underwent significant restructuring during and after the FY2025 reporting period, with changes in executive, non-executive, and independent non-executive directors, including the appointment of Mr. Yang Rong as the new Chairman on March 25, 2025[5](index=5&type=chunk)[6](index=6&type=chunk) - The company's auditor is SFAI (HK) CPA Limited, and its principal banker is Bank of Communications Co, Ltd[10](index=10&type=chunk) [Chairman's Statement](index=4&type=section&id=Chairman%27s%20Statement) [Chairman's Statement](index=4&type=section&id=Chairman%27s%20Statement) The Chairman's Statement highlights the Group's commitment to strategic priorities amidst challenging operating conditions, noting delays in oral insulin commercialization due to clinical trial setbacks and active exploration of strategic investments in emerging technologies like blockchain and Web 3.0 for business diversification - The commercialization timeline for the core product, oral insulin (in Phase III clinical trials), has been further delayed to **Q3 2028**, primarily due to unexpected challenges in expanding sample size and introducing new hospitals[13](index=13&type=chunk)[17](index=17&type=chunk) - The Group is actively exploring strategic investments in emerging technologies, particularly focusing on blockchain and Web 3.0, recognizing their disruptive potential across supply chain, healthcare, finance, and data security[14](index=14&type=chunk)[19](index=19&type=chunk) - The Group is optimistic about the significant potential of the diabetes market in mainland China and plans to secure sufficient funding for the final development and commercialization phases of the oral insulin product through collaborations with research institutions, expanding clinical trial partners, and seeking strategic financing[15](index=15&type=chunk)[16](index=16&type=chunk)[18](index=18&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=7&type=section&id=Business%20Review) This fiscal year, the Group turned from profit to loss, primarily due to a significant impairment loss on intangible assets related to the oral insulin project, a substantial decline in beauty equipment trading revenue, and the postponement of the oral insulin commercialization timeline to Q3 2028 due to clinical trial setbacks, alongside the issuance and amendment of convertible bonds with a major shareholder [Group Results](index=7&type=section&id=Group%20Results) This fiscal year, the Group's revenue significantly decreased by **68.3%** year-on-year, primarily due to reduced beauty equipment and product trading, resulting in a shift from profit to loss mainly driven by an approximately **HKD 297 million** impairment loss on intangible assets | Metric | FY2025 (HKD) | FY2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | Approx. 2,091,000 | Approx. 6,593,000 | -68.3% | | **(Loss) / Profit attributable to owners of the Company** | Approx. (345,937,000) | Approx. 103,403,000 | Turned from profit to loss | - The primary reason for the shift from profit to loss was an approximately **HKD 297 million** impairment loss on intangible assets recorded this fiscal year[27](index=27&type=chunk)[32](index=32&type=chunk) [Research and Development Progress](index=7&type=section&id=Research%20and%20development) The commercialization timeline for the core oral insulin R&D project has been postponed from Q1 2026 to Q3 2028 due to challenges in clinical trial recruitment and sample size expansion, leading to an approximately **HKD 297 million** impairment loss on intangible assets due to this delay and a shift from in-house manufacturing to outsourcing, while the company secured capital support from a major shareholder and renewed its cooperation agreement with Tsinghua University until June 2027 - The commercialization timeline for oral insulin products has been delayed from **Q1 2026** to **Q3 2028** due to clinical trial progress challenges[36](index=36&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk) - Due to commercialization delays and changes in production plans (shifting to subcontracted manufacturing to save startup costs), the company assessed the **HKD 1.37 billion** intangible assets under development, recognizing an impairment loss of approximately **HKD 297 million**[46](index=46&type=chunk)[49](index=49&type=chunk) - To ensure project advancement, the Group committed to investing no less than **HKD 12 million** annually in product R&D starting April 2025, securing a major shareholder's capital support pledge to compensate for asset value loss if the product is not successfully commercialized by **Q3 2028**[47](index=47&type=chunk)[48](index=48&type=chunk) - The Group's cooperation agreement with Tsinghua University for oral insulin products has been renewed, with the new term extending to **June 30, 2027**[50](index=50&type=chunk)[54](index=54&type=chunk) [Convertible Bonds Issued](index=11&type=section&id=Convertible%20bonds%20issued%20by%20the%20Company) During the reporting period, the company agreed with major shareholder Dr. Mao Yumin to issue new convertible bonds totaling **HKD 55.5 million** to offset an equivalent amount of shareholder loans, while also amending terms for some existing convertible bonds held by Dr. Mao and his associates, including extending maturity dates to twenty years post-issuance and adjusting conversion prices, with these transactions completed on June 21, 2024 - The company issued new convertible bonds with a principal amount of **HKD 55.5 million** to major shareholder Dr. Mao Yumin, used to offset an equivalent amount of shareholder loans[51](index=51&type=chunk)[52](index=52&type=chunk) - The company amended certain terms of the **HKD 360 million** outstanding convertible bonds held by major shareholder Dr. Mao and his associates, extending the maturity date for some bonds to twenty years after issuance and reducing the conversion price for others from **HKD 0.40** to **HKD 0.202**[56](index=56&type=chunk)[60](index=60&type=chunk)[65](index=65&type=chunk) [Prospects](index=14&type=section&id=Prospects) Despite challenges, the company remains optimistic about its prospects, continuing to advance the commercialization of oral insulin products with significant potential in the Chinese market, while also planning to expand into blockchain technology by developing infrastructure and key technologies to explore new business models and revenue streams for diversification - The company will continue to collaborate closely with Contract Research Organizations (CROs) and strengthen its project team to ensure the oral insulin R&D project completes commercialization as planned by **Q3 2028**[68](index=68&type=chunk)[73](index=73&type=chunk) - The company plans to expand its business into the blockchain technology sector, focusing on the research and development of underlying infrastructure and key technologies to enhance transparency, security, and efficiency in digital and commercial transactions, seeking new growth opportunities[70](index=70&type=chunk)[73](index=73&type=chunk) [Financial Review](index=15&type=section&id=Financial%20Review) As of March 31, 2025, the Group's bank and cash balances were approximately **HKD 3.7 million**, with total borrowings around **HKD 1.049 billion**, while the current ratio decreased from **0.03** to **0.01** and the debt-to-equity ratio increased from **0.77** to **0.98**, indicating increased liquidity pressure and higher financial leverage, with no significant investments or asset pledges this fiscal year, and a total of **20** employees with decreased staff costs year-on-year | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Bank and Cash Balances** | Approx. HKD 3.7 million | Approx. HKD 3.1 million | | **Total Borrowings** | Approx. HKD 1.0492 billion | Approx. HKD 1.0542 billion | | **Current Ratio** | 0.01 | 0.03 | | **Debt-to-Equity Ratio** | 0.98 | 0.77 | - As of March 31, 2025, the Group had **20** full-time employees, with total staff costs (including directors' emoluments) for the fiscal year approximately **HKD 5.5 million**, a decrease from **HKD 6.1 million** in the previous fiscal year[85](index=85&type=chunk)[86](index=86&type=chunk)[92](index=92&type=chunk) [Management Profile](index=17&type=section&id=Management%20Profile) [Management Profile](index=17&type=section&id=Management%20Profile) This chapter details the backgrounds and professional experiences of the company's executive, non-executive, independent non-executive directors, and senior management, notably highlighting new members like Dr. Long Fan and Dr. Wu Ming, whose deep academic and research backgrounds in computer science, system security, and blockchain align with the company's strategic expansion into blockchain technology - New Executive Director Dr. Long Fan holds a Ph.D. in Computer Science from MIT, with research interests in system security and blockchain, and is the founder and president of Conflux Research Institute[106](index=106&type=chunk)[107](index=107&type=chunk) - New Executive Director Dr. Wu Ming holds a Ph.D. from the Institute of Computing Technology, Chinese Academy of Sciences, is the co-founder and CTO of Conflux Research Institute, and previously served as a Senior Researcher at Microsoft Research Asia[108](index=108&type=chunk)[110](index=110&type=chunk)[112](index=112&type=chunk) - New Executive Director Mr. Zhang Shen and Non-Executive Director Mr. Zhang Yi possess extensive experience in FinTech, blockchain technology integration, and software development, serving as CEO and CTO of Mercury Labs Pty Ltd, respectively[113](index=113&type=chunk)[115](index=115&type=chunk) [External Consultant Profile](index=22&type=section&id=External%20Consultant%20Profile) [External Consultant Profile](index=22&type=section&id=External%20Consultant%20Profile) This chapter outlines the profile of Dr. Mao Yumin, the company's Chief Scientific Advisor and Honorary Chairman, who, as a major shareholder, possesses extensive experience in bio- and genetic engineering, providing consulting services for the Group's gene testing products and other scientific technology R&D - Major shareholder Dr. Mao Yumin serves as Chief Scientific Advisor and Honorary Chairman, providing consulting services for the Group's gene testing products and other scientific research projects[134](index=134&type=chunk)[135](index=135&type=chunk) [Corporate Governance Report](index=23&type=section&id=Corporate%20Governance%20Report) [Corporate Governance Practices](index=24&type=section&id=Corporate%20Governance%20Practices) This report outlines the company's corporate governance structure and practices, noting compliance with most code provisions during the period, except for the non-separation of Chairman and CEO roles, and highlights the auditor's disclaimer of opinion on the company's going concern ability due to significant losses and net current liabilities, detailing management's mitigating plans [Board of Directors and Committees](index=24&type=section&id=Board%20of%20Directors%20and%20Committees) This section describes the composition, responsibilities, and annual activities of the Board of Directors and its Remuneration, Nomination, and Audit Committees, noting the Board's oversight of financial performance and strategy, and the committees' roles in remuneration policies, director nominations, financial reporting review, and internal controls, while highlighting non-compliance with the code provision requiring separate roles for Chairman and CEO, with the CEO position remaining vacant - The company failed to comply with the corporate governance code provision requiring the separation of Chairman and Chief Executive Officer roles, with the CEO position remaining vacant as of the reporting date[152](index=152&type=chunk)[153](index=153&type=chunk) - The Audit Committee held **four** meetings this fiscal year, reviewing annual and interim results, the effectiveness of risk management and internal control systems, and considering the re-appointment of external auditors[182](index=182&type=chunk)[184](index=184&type=chunk) [Auditor's Disclaimer of Opinion](index=33&type=section&id=Disclaimer%20of%20Opinion) The auditor issued a 'Disclaimer of Opinion' on the Group's consolidated financial statements for this fiscal year, primarily due to significant uncertainties regarding the Group's going concern ability, evidenced by substantial losses, large net current liabilities, and net current liabilities, as management's mitigating plans (e.g., debt restructuring, new financing, cost control) are preliminary and lack definitive written agreements, preventing the auditor from obtaining sufficient evidence to assess their success or the appropriateness of the going concern assumption - The auditor explicitly issued a 'Disclaimer of Opinion' as they were unable to form an audit opinion on the consolidated financial statements[190](index=190&type=chunk)[363](index=363&type=chunk) - Key factors leading to the disclaimer include a fiscal year loss of approximately **HKD 346 million**, net current liabilities of approximately **HKD 963 million**, and a deficit attributable to owners of the company of approximately **HKD 681 million** as of March 31, 2025[193](index=193&type=chunk)[364](index=364&type=chunk) - Management has formulated several plans to address liquidity issues, including convertible bond restructuring, new capital and financing initiatives (such as share placements and rights issues), and stringent cost control measures, supported by financial commitments from major shareholders[208](index=208&type=chunk)[211](index=211&type=chunk) [Report of the Directors](index=45&type=section&id=Report%20of%20the%20Directors) [Report of the Directors](index=45&type=section&id=Report%20of%20the%20Directors) This report covers statutory disclosures including the company's principal activities, business review, key risks, financial position, share capital movements, directors' and major shareholders' interests, and connected transactions, noting no dividend proposals or share repurchases during the period, and highlighting significant interests of major shareholder Dr. Mao Yumin and his associates in convertible bond issuance and amendments, as well as his ongoing connected transactions as Chief Scientific Advisor - The Board does not recommend the payment of a final dividend for this fiscal year[270](index=270&type=chunk) | Shareholder Name | Capacity | Number of Shares / Relevant Shares Held | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Dr. Mao Yumin | Beneficial Owner / Interest of Controlled Corporation | 1,804,955,947 (L) / 102,374,770 (L) | 99.05% / 5.62% | | Zhou Yaoting | Beneficial Owner | 364,355,000 (L) | 19.99% | - During and after the reporting period, the company engaged in multiple connected transactions with major shareholder Dr. Mao Yumin, including the issuance of **HKD 55.5 million** convertible bonds to offset shareholder loans and the amendment of terms for his existing convertible bonds[312](index=312&type=chunk)[314](index=314&type=chunk) - The company has ongoing connected transactions with major shareholder Dr. Mao Yumin, engaging him as Chief Scientific Advisor with a monthly service fee of **HKD 56,000**, and the agreement has been renewed until **2025**[325](index=325&type=chunk) [Independent Auditor's Report](index=58&type=section&id=Independent%20Auditor%27s%20Report) [Independent Auditor's Report](index=58&type=section&id=Independent%20Auditor%27s%20Report) Independent auditor SFAI (HK) CPA Limited issued a 'Disclaimer of Opinion' on the company's consolidated financial statements for the year ended March 31, 2025, primarily due to significant uncertainties related to going concern, including substantial group losses and large net current liabilities, as management's liquidity improvement plans are preliminary and lack sufficient supporting evidence, preventing the auditor from forming an opinion on the appropriateness of the going concern assumption - The auditor explicitly issued a 'Disclaimer of Opinion' as they were unable to form an audit opinion on the consolidated financial statements[363](index=363&type=chunk) - The basis for the disclaimer is a scope limitation related to the 'appropriateness of the going concern accounting basis,' specifically due to the Group incurring a loss of approximately **HKD 346 million** for the year ended March 31, 2025, along with net current liabilities of approximately **HKD 963 million** and a deficit attributable to owners of the company of approximately **HKD 681 million**[364](index=364&type=chunk)[366](index=366&type=chunk) - Although management has formulated multiple plans to improve liquidity, the auditor could not obtain sufficient evidence to assess the likelihood of these plans' success or confirm the appropriateness of the going concern assumption, as their implementation is in preliminary stages and lacks supporting documentation like written agreements[372](index=372&type=chunk) [Consolidated Financial Statements](index=63&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=63&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This fiscal year, the Group's revenue was **HKD 2.091 million**, a **68.3%** year-on-year decrease, resulting in an annual loss of **HKD 570 million** (compared to a **HKD 98.707 million** profit last fiscal year) due to an **HKD 297 million** intangible asset impairment loss and **HKD 260 million** in finance costs, with a loss attributable to owners of **HKD 346 million** and basic loss per share of **20.01 HK cents** | Item (HKD thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | **Revenue** | 2,091 | 6,593 | | **Gross Profit** | 188 | 840 | | **Impairment Loss on Intangible Assets** | (296,984) | — | | **Finance Costs** | (260,099) | (218,097) | | **(Loss) / Profit for the Year** | (570,346) | 98,707 | | **(Loss) / Profit attributable to owners of the Company** | (345,937) | 103,403 | | **Basic (Loss) / Earnings Per Share (HK cents)** | (20.01) | 6.77 | [Consolidated Statement of Financial Position](index=65&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HKD 1.085 billion**, total liabilities **HKD 1.060 billion**, and net assets significantly reduced to **HKD 25.341 million**, with net current liabilities expanding from **HKD 382 million** to **HKD 963 million**, indicating increased short-term solvency pressure, while intangible assets decreased from **HKD 1.373 billion** to **HKD 1.076 billion** due to impairment, and the deficit attributable to owners of the company expanded from **HKD 612 million** to **HKD 681 million** | Item (HKD thousands) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Non-current Assets (primarily Intangible Assets)** | 1,076,240 | 1,373,224 | | **Current Assets** | 8,889 | 9,799 | | **Current Liabilities** | 972,065 | 391,601 | | **Net Current Liabilities** | (963,176) | (381,802) | | **Non-current Liabilities** | 87,723 | 671,991 | | **Net Assets** | 25,341 | 319,431 | | **Deficit attributable to owners of the Company** | (681,193) | (611,512) | [Consolidated Statement of Cash Flows](index=69&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This fiscal year, the Group's net cash outflow from operating activities was **HKD 10.555 million**, largely consistent with **HKD 8.279 million** in the prior year, while financing activities generated a net cash inflow of **HKD 11.19 million**, primarily from loans from former associates and major shareholders, resulting in a net increase in cash and cash equivalents of **HKD 0.635 million** and an ending balance of **HKD 3.703 million** | Item (HKD thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | **Net Cash Used in Operating Activities** | (10,555) | (8,279) | | **Net Cash From Financing Activities** | 11,190 | 10,321 | | **Net Increase in Cash and Cash Equivalents** | 635 | 2,042 | | **Cash and Cash Equivalents at End of Period** | 3,703 | 3,075 | [Notes to the Consolidated Financial Statements](index=71&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed notes to the financial statements, explaining accounting policies, key judgments, and estimates, with highlights including a detailed discussion on the going concern assumption (Note 3), segment information (Note 6), specifics and assumptions of intangible asset impairment tests (Note 16), and terms, changes, and accounting treatment of convertible bonds (Note 22), offering crucial context for understanding the company's financial position, operating results, and auditor's opinion - Note 3 elaborates on management's rationale for preparing financial statements on a going concern basis despite significant uncertainties, listing various mitigating measures including shareholder financial support, debt restructuring, and new financing plans[428](index=428&type=chunk)[429](index=429&type=chunk)[434](index=434&type=chunk) - Note 16 discloses changes in key assumptions for the impairment test of oral insulin R&D intangible assets, including commercialization delayed to **Q3 2028**, discount rate increased from **26.78%** to **31.53%**, and gross margin reduced from **56%** to **39%**, directly leading to an **HKD 297 million** impairment loss[696](index=696&type=chunk)[705](index=705&type=chunk)[709](index=709&type=chunk) - Note 22 details the terms, changes, and accounting treatment of multiple convertible bonds issued by the company, noting significant term modifications to Convertible Bond One related to a major shareholder and the new issuance of Convertible Bond Six during and after the reporting period[750](index=750&type=chunk)[761](index=761&type=chunk)[815](index=815&type=chunk) [Financial Summary](index=184&type=section&id=Financial%20Summary) [Five-Year Financial Summary](index=184&type=section&id=Financial%20Summary) This chapter presents key performance and financial position data for the Group's past five fiscal years, showing a continuous decline in revenue since FY2021, significant fluctuations in profitability with the largest loss recorded in FY2025, and a consistent reduction in net assets over the past five years, indicating a weakening overall financial strength | Fiscal Year Ended March 31 (HKD thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 2,091 | 6,593 | 8,075 | 11,145 | 15,189 | | **(Loss) / Profit for the Year** | (570,346) | 98,707 | (254,671) | 36,431 | (212,155) | | **Net Assets** | 25,341 | 140,562 | 140,562 | 395,266 | 358,706 |

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。 Bortex Global Limited 濠亮環球有限公司* （於開曼群島註冊成立之有限公司） （股份代號： 8118） 截 至 二 零 二 五 年 四 月 三 十 日 止 年 度 之 年 度 業 績 公 告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的 特 色 GEM的 定 位，乃 為 中 小 型 公 司 提 供 一 個 上 市 的 市 場，此 等 公 司 相 比 起 其 他 在 聯 交 所 上 市 的 公 司 帶 有 較 高 投 資 風 險。有 意 投 資 的 人 士 應 了 解 投 資 於 該 等 公 司 的 潛 在 風 險，並 應 經 過 審 慎 周 詳 的 考 慮 後 方 作 出 投 資 ...

HKEx Stock Code: 2350 股份代號 : 2350 (於開曼群島註冊成立的有限公司) (Incorporated in the Cayman Islands with limited liability) A n n u al R e p ort 2 0 2 4/2 5 年 度 報 告 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 主席報告 | 4 | | 管理層討論與分析 | 5 | | 董事會報告 | 11 | | 企業管治報告 | 26 | | 董事及高級管理層 | 43 | | 環境、社會及管治報告 | 50 | | 獨立核數師報告 | 65 | | 綜合損益及其他全面收入表 | 70 | | 綜合財務狀況表 | 71 | | 綜合權益變動表 | 73 | | 綜合現金流量表 | 74 | | 綜合財務報表附註 | 76 | | 財務概要 | 138 | | 詞彙表 | 139 | 公司資料 執行董事 葉嘉威先生 （主席兼行政總裁） 陳添祥先生 閆威先生（於二零二五年七月二十五日獲委任） 王冠先生（於二零二五年七月二十五日獲委任） 非執行董事 何宏信 ...

康特隆科技有限公司 (於開曼群島註冊成立的有限公司) 股份代號 2025 ANNUAL REPORT 年 報 Annual Report 2025 年報 康特隆科技有限公司 CONTENTS 目錄 | Corporate Information | 2–4 | | --- | --- | | 公司資料 | | | Chairman's Statement | 5–6 | | 主席報告 | | | Management Discussion and Analysis | 7–51 | | 管理層討論及分析 | | | Directors and Senior Management | 52–62 | | 董事及高級管理層 | | | Report of the Directors | 63–80 | | 董事會報告 | | | Corporate Governance Report | 81–103 | | 企業管治報告 | | | Environmental, Social and Governance Report | 104–139 | | 環境、社會及管治報告 | | | Independent Aud ...