(Stock Code 股份代號 : 00474) (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） 2024/25 ANNUAL REPORT 年報 Annual Report 2024/25 年報 Contents 目 錄 2 Corporate Information 公司資料 4 Director's Statement 董事報告書 6 Management Discussion and Analysis 管理層討論及分析 32 Biographical Details of Directors and Senior Management 董事及高級管理層履歷詳情 35 Corporate Governance Report 企業管治報告 53 Report of Directors 董事會報告 72 Independent Auditor's Report 獨立核數師報告 76 Consolidated Statement of Profit or Loss and Other Comprehen ...

[Company Overview](index=4&type=section&id=Company%20Information) This section outlines the company's fundamental information, including board and committee members, key addresses, and auditor details, noting personnel changes during the reporting period [Company Information](index=4&type=section&id=Company%20Information) This section outlines the company's fundamental information, including board and committee members, key addresses, and auditor details, noting personnel changes during the reporting period - Mr. Xu Qiang serves as the Chairman, Chief Executive Officer, and Executive Director of the company[5](index=5&type=chunk) - The company's independent auditor is Evergreen (Hong Kong) Certified Public Accountants Limited[7](index=7&type=chunk) - During and after the reporting period, there were personnel changes among executive directors, authorized representatives, and the company secretary[5](index=5&type=chunk) [Chairman's Statement](index=6&type=section&id=Chairman's%20Statement) The Group achieved a profit turnaround this year, driven by one-off gains from subsidiary dissolution and debt restructuring, while expanding its catering business and facing macroeconomic challenges in financial services [Chairman's Statement](index=6&type=section&id=Chairman's%20Statement) The Group achieved a profit turnaround this year, driven by one-off gains from subsidiary dissolution and debt restructuring, while expanding its catering business and facing macroeconomic challenges in financial services | Indicator | Year Ended March 31, 2025 | Year Ended March 31, 2024 | | :--- | :--- | :--- | | Total Revenue | Approx. **7.4 million HKD** | Approx. **16.1 million HKD** | | Profit/(Loss) Attributable to Owners of the Company | Profit of approx. **49.7 million HKD** | Loss of approx. **19.5 million HKD** | - Annual profit primarily resulted from a gain of approximately **26.8 million HKD** from the dissolution of a subsidiary and approximately **35.2 million HKD** from debt restructuring[9](index=9&type=chunk) - The Group's principal businesses include catering supply and financial institution cooperation services; with the receding impact of the pandemic, the company opened a new Chinese restaurant and plans to expand into mainland China and Asian markets[10](index=10&type=chunk) - Food ingredient sales (frozen meat) generated approximately **6.0 million HKD** in revenue this year, and the Group will continue to seek long-term partnerships to maintain stable income[10](index=10&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the Group's operational and financial performance, liquidity, and future outlook, highlighting key drivers and risks [Business Review](index=8&type=section&id=Business%20Review) The Group focused on catering supply and financial institution cooperation services this year, with catering expanding through new ventures and frozen meat sales, while financial services were significantly impacted by a sluggish macroeconomic environment - Catering supply services: Frozen meat sales business has consistently generated stable revenue since its launch in November 2022, with approximately **6.0 million HKD** in revenue this year; additionally, a new Chinese restaurant began trial operations in February 2025, receiving enthusiastic market response[15](index=15&type=chunk) - Financial institution cooperation services: Affected by the sluggish macroeconomic environment in China and globally, no new loans were facilitated this year, resulting in revenue of approximately **0.9 million HKD**[16](index=16&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) The Group's total revenue decreased to **7.4 million HKD** this year, but it achieved a **49.7 million HKD** annual profit, turning losses into gains, primarily due to significant one-off gains from subsidiary dissolution and debt restructuring, alongside changes in expenses | Business Segment | 2025 Revenue (thousand HKD) | % of Total Revenue | 2024 Revenue (thousand HKD) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Catering Supply Services | **6,511** | **88.1%** | **11,992** | **74.5%** | | Provision of Financial Institution Cooperation Services | **883** | **11.9%** | **4,094** | **25.5%** | | **Total** | **7,394** | **100.0%** | **16,086** | **100.0%** | - Catering supply services revenue decreased by **45.8%** year-on-year, primarily due to market sluggishness caused by the COVID-19 pandemic[21](index=21&type=chunk) - Revenue from financial institution cooperation services significantly decreased, mainly due to an unfavorable macroeconomic environment in China, with no new loans facilitated during the year[22](index=22&type=chunk) - This year, a debt restructuring gain of approximately **35.2 million HKD** was recorded, primarily from the extension of interest-free advances and loans from related parties and former directors[26](index=26&type=chunk) - This year, other net income of approximately **27.0 million HKD** was recorded, mainly due to the dissolution of a subsidiary with net liabilities of approximately **26.8 million HKD**[28](index=28&type=chunk) - Profit attributable to owners of the company was approximately **49.7 million HKD**, compared to a loss of **19.5 million HKD** in the prior year, successfully turning losses into profits, primarily from gains on dissolution of a subsidiary and debt restructuring[31](index=31&type=chunk) [Liquidity and Financial Resources](index=11&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group's liquidity remained tight with negative working capital of **23.5 million HKD**, but showed improvement from the prior year, and the gearing ratio significantly decreased to **209.1%**, indicating eased financial leverage | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Assets | Approx. **128.0 million HKD** | Approx. **122.2 million HKD** | | Cash and Cash Equivalents | Approx. **171 thousand HKD** | Approx. **1.3 million HKD** | | Working Capital | Approx. **negative 23.5 million HKD** | Approx. **negative 91.0 million HKD** | | Current Ratio | **0.63** | **0.31** | | Gearing Ratio | Approx. **209.1%** | Approx. **792.5%** | [Outlook and Risks](index=11&type=section&id=Outlook) The Group is optimistic about its catering business, supported by tourism recovery and a new restaurant, and will continue frozen meat sales for stable income, while managing key risks including market, credit, liquidity, and compliance - Outlook: The Group is optimistic about the recovery of its catering business, having opened a new Chinese restaurant in Hong Kong, and will continue to invest in the frozen meat sales business to drive sustainable growth[35](index=35&type=chunk) - Key Risks: The Group faces principal risks and uncertainties including market risk, credit risk, liquidity risk, and compliance risk[36](index=36&type=chunk) - Dividends: The Board resolved not to recommend the payment of any final dividend for the year ended March 31, 2025[40](index=40&type=chunk) - Post-reporting period events: The company agreed to appoint a placing agent to place up to **13,650,000** shares and changed its principal place of business and head office in Hong Kong[47](index=47&type=chunk) [Biographical Details of Directors](index=14&type=section&id=Biographical%20Details%20of%20Directors) This section details the personal backgrounds and professional experience of the company's executive and independent non-executive directors, highlighting Mr. Xu Qiang's financial expertise, Ms. Wu Liyu's food industry experience, and the independent non-executive directors' diverse professional backgrounds [Biographical Details of Directors](index=14&type=section&id=Biographical%20Details%20of%20Directors) This section details the personal backgrounds and professional experience of the company's executive and independent non-executive directors, highlighting Mr. Xu Qiang's financial expertise, Ms. Wu Liyu's food industry experience, and the independent non-executive directors' diverse professional backgrounds - Executive Director Mr. Xu Qiang, **41** years old, serves as Chairman and Chief Executive Officer, graduated from Zhongnan University of Economics and Law, and possesses extensive experience in asset management, risk management, and private equity[48](index=48&type=chunk) - Executive Director Ms. Wu Liyu, **39** years old, has extensive experience in the food industry and production management, familiar with export health registration and production license applications[49](index=49&type=chunk) - Independent Non-executive Directors Mr. Xu Hongqun, Mr. Bian Hongjiang, and Mr. Chen Wenrui possess professional backgrounds in company secretarial, financial management, and investment banking fields, respectively[50](index=50&type=chunk)[51](index=51&type=chunk) [Corporate Governance Report](index=15&type=section&id=Corporate%20Governance%20Report) This report details the company's adherence to corporate governance principles, including board structure, committee functions, risk management, and shareholder communication practices [Corporate Governance Practices and Structure](index=15&type=section&id=Corporate%20Governance%20Practices) The Board maintains high corporate governance standards, adhering to GEM Listing Rules with one deviation where the Chairman and CEO roles are combined, which the Board believes provides strong leadership, supported by established Audit, Remuneration, and Nomination Committees - The company complied with all applicable code provisions in the Corporate Governance Code during the reporting year, except for a deviation from code provision C.2.1[55](index=55&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Xu Qiang, which the Board believes provides strong and consistent leadership, and the current structure does not undermine the balance of power[62](index=62&type=chunk) - The corporate governance structure includes the Audit Committee, Remuneration Committee, and Nomination Committee under the Board, each with clear terms of reference[56](index=56&type=chunk) [Board of Directors](index=16&type=section&id=Board%20of%20Directors) The Board comprises five directors, including two executive and three independent non-executive members, with attendance records detailed, and the company has adopted a board diversity policy, considering its current composition sufficiently diverse in gender, professional background, and skills | Director | Board Meetings | Audit Committee Meetings | Remuneration Committee Meetings | Nomination Committee Meetings | | :--- | :--- | :--- | :--- | :--- | | Mr. Xu Qiang | 9/9 | N/A | 1/1 | 1/1 | | Ms. Wu Liyu | 9/9 | N/A | N/A | N/A | | Mr. Xu Hongqun | 9/9 | 2/2 | 1/1 | 1/1 | | Mr. Bian Hongjiang | 9/9 | 2/2 | 1/1 | 1/1 | | Mr. Chen Wenrui | 9/9 | 2/2 | 1/1 | 1/1 | - The company has three independent non-executive directors, meeting GEM Listing Rules requirements, and all have confirmed their independence[60](index=60&type=chunk) - The company has adopted a board diversity policy and considers the current board composition, including one female director, to be sufficiently diverse; as of the reporting date, approximately **20%** of the company's directors and **28.6%** of its employees are female[66](index=66&type=chunk)[69](index=69&type=chunk) [Board Committees](index=20&type=section&id=Board%20Committees) This section details the composition and responsibilities of the Remuneration, Nomination, and Audit Committees, which respectively oversee executive compensation, director nominations, and financial reporting, internal controls, and risk management, including communication with the independent auditor - The Remuneration Committee comprises one executive director and three independent non-executive directors, responsible for recommending remuneration policies and terms to the Board[73](index=73&type=chunk)[75](index=75&type=chunk) - The Nomination Committee consists of two executive directors and three independent non-executive directors, responsible for reviewing the Board's composition and nominating directors[77](index=77&type=chunk)[78](index=78&type=chunk) - The Audit Committee comprises three independent non-executive directors, with Chairman Mr. Xu Hongqun possessing appropriate professional qualifications; during the year, the committee reviewed annual and interim results and approved the terms of appointment and remuneration of the independent auditor[79](index=79&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) [Risk Management and Internal Control](index=22&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board oversees the Group's risk management and internal control systems, employing a three-tier approach without an internal audit department, which is deemed effective and adequate given the company's current scale - The Group employs a three-tier risk management approach but has not established an internal audit department; the Board will periodically review the need for such a function[83](index=83&type=chunk) - The Board has discussed and reviewed the Group's risk management and internal control systems and considers them effective and adequate[84](index=84&type=chunk) | Service Type | Fees Paid/Payable (thousand HKD) | | :--- | :--- | | Audit Services | **1,000** | | Non-audit Services | – | | **Total** | **1,000** | [Shareholder Rights and Communication](index=25&type=section&id=Shareholder%20Rights) The company has established policies for dividends, whistleblowing, anti-corruption, and shareholder communication to protect shareholder rights and enhance engagement, detailing procedures for shareholder meetings and nominations, and utilizing various communication channels - The company has adopted a dividend policy, but the declaration of dividends is at the sole discretion of the Board and is not guaranteed[94](index=94&type=chunk)[97](index=97&type=chunk) - The company has established whistleblowing and anti-corruption policies, maintaining a zero-tolerance stance on corruption, bribery, and similar acts[98](index=98&type=chunk)[99](index=99&type=chunk) - The report clarifies shareholders' right to convene extraordinary general meetings: shareholders holding not less than one-tenth of the paid-up share capital may submit a written request[107](index=107&type=chunk) - Shareholders may submit written inquiries to the Board via email at cosec@lifeconcepts.hk or by post[110](index=110&type=chunk) [Directors' Report](index=30&type=section&id=Directors'%20Report) This report provides an overview of the Group's annual performance, business activities, share capital changes, and key personnel information for the year ended March 31, 2025 [Business and Performance](index=30&type=section&id=Principal%20Businesses) This report outlines the Group's annual performance for the year ended March 31, 2025, focusing on its catering supply and financial institution cooperation services, with detailed results in the financial statements and no final dividend recommended by the Board - The company is an investment holding company, and its subsidiaries are principally engaged in (i) catering supply business and (ii) provision of financial institution cooperation services[114](index=114&type=chunk) - The Board resolved not to recommend the payment of any final dividend for the year ended March 31, 2025[125](index=125&type=chunk) [Share Capital and Placing](index=31&type=section&id=Share%20Capital) During the year, the company completed a share placing of **370 million** shares, raising **5.1 million HKD** for debt repayment and working capital, followed by a **1-for-20** share consolidation in September 2024 - On August 2, 2024, the placing of **370,000,000** shares was completed, with net proceeds of approximately **5.1 million HKD**[138](index=138&type=chunk) | Use of Proceeds | Planned Net Amount (million HKD) | Actual Utilized Net Amount (million HKD) | Unutilized Net Amount (million HKD) | | :--- | :--- | :--- | :--- | | Repayment of Group Debts | **4.0** | **4.0** | – | | Replenishment of Group Working Capital | **1.1** | **1.1** | – | | **Total** | **5.1** | **5.1** | **–** | - On September 3, 2024, the company completed a share consolidation of **one** share for every **twenty** shares[140](index=140&type=chunk) [Directors' and Shareholders' Interests](index=34&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of March 31, 2025, no directors, chief executives, or substantial shareholders held disclosable share interests or short positions under the SFO, nor did they engage in any competing businesses with the Group - As of March 31, 2025, no directors, chief executives, or substantial shareholders had any interests or short positions in the shares of the company disclosable under Part XV of the Securities and Futures Ordinance[141](index=141&type=chunk)[142](index=142&type=chunk) - No directors or substantial shareholders engaged in any business that competes with the Group's business[143](index=143&type=chunk) [Major Customers, Suppliers and Share Option Scheme](index=35&type=section&id=Major%20Customers%20and%20Suppliers) This year, the Group's procurement was highly concentrated, with the largest supplier accounting for **90%** of total purchases, and employee count halved to **14**; no share options have been granted since listing, and several director and senior management changes occurred during and after the reporting period | Supplier | % of Total Purchases | | :--- | :--- | | Largest Supplier | **90%** | | Top Five Suppliers Total | **94%** | - As of March 31, 2025, the Group's total number of employees was **14** persons, a significant decrease from **28** persons last year[148](index=148&type=chunk)[41](index=41&type=chunk) - Since its listing, the company has never granted any share options under its share option scheme, thus there were no outstanding share options at the end of the reporting period[165](index=165&type=chunk) - The independent auditor changed from PricewaterhouseCoopers to Evergreen (Hong Kong) Certified Public Accountants Limited, effective April 3, 2023[167](index=167&type=chunk) [Environmental, Social and Governance (ESG) Report](index=41&type=section&id=Environmental,%20Social%20and%20Governance%20Report) This report details the Group's commitment and performance across environmental, social, and governance aspects, adhering to relevant guidelines and addressing key material issues [Reporting Framework and Governance](index=41&type=section&id=Reporting%20Standards) This ESG report adheres to the HKEX ESG Reporting Guide, covering the year ended March 31, 2025, with the Board overseeing ESG strategy and performance, identifying occupational health and safety, service responsibility, and anti-corruption as key material issues - This report has complied with the 'Environmental, Social and Governance Reporting Guide' in Appendix C2 of the GEM Listing Rules of the Stock Exchange[175](index=175&type=chunk) - The Board is responsible for overseeing ESG-related matters and reviews them at least once annually; the Audit Committee is authorized to implement sustainability strategies[179](index=179&type=chunk) - Through materiality assessment, the Group identified the most material ESG issues as: occupational health and safety, development and training, service responsibility and quality management, anti-corruption, and supply chain management[181](index=181&type=chunk)[185](index=185&type=chunk) [Environmental Performance](index=43&type=section&id=Environmental%20Performance) This year, the Group's environmental indicators, including greenhouse gas emissions, energy, and water usage, significantly decreased due to restaurant sales and limited new restaurant operations, with the Group progressing well towards its 2026 reduction targets | Indicator | Unit | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Total Greenhouse Gas Emissions (Scope 1&2) | tonnes of CO2 equivalent | **9.7** | **283.6** | | Total Energy Consumption | kWh | **16,137.0** | **412,123.1** | | Water Usage | cubic meters | **244.1** | **7,620.0** | - The significant decrease in environmental indicator data is primarily due to the sale of restaurants in 2024 and limited operating time of new restaurants in 2025[188](index=188&type=chunk)[193](index=193&type=chunk)[195](index=195&type=chunk) - The Group has set targets to reduce greenhouse gas emissions, electricity consumption, and water consumption by **3%** by 2026, using 2024 as the baseline[188](index=188&type=chunk)[193](index=193&type=chunk)[195](index=195&type=chunk) - Regarding climate change risks, the Group identified physical risks such as typhoons and transition risks like tightening regulations, and has formulated response measures[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk) [Social Performance](index=48&type=section&id=Social%20Performance) The Group prioritizes good employment practices, employee health, and development, despite a halved workforce and high turnover, strictly adhering to labor standards; operationally, it emphasizes supply chain management, service quality, customer privacy, and anti-corruption, with reported compliance | Employee Statistics (March 31, 2025) | Value | | :--- | :--- | | Total Employees | **14** persons | | By Geographical Location (Hong Kong/Mainland China) | **6** / **8** persons | | By Gender (Male/Female) | **10** / **4** persons | | Annual Turnover Rate | Approx. **114%** | - Health and Safety: During the reporting period, **0** lost workdays due to work-related injuries or occupational diseases were recorded, with no work-related fatalities in the past three years[206](index=206&type=chunk) - Labor Standards: The Group strictly prohibits the employment of child and forced labor, and reviews identity documents during recruitment to prevent risks[208](index=208&type=chunk) - Supply Chain Management: The Group has a total of **34** suppliers, of which **30** are located in Hong Kong; the Group evaluates suppliers' hygiene, compliance, and sustainability performance when selecting them[209](index=209&type=chunk) - Anti-corruption: The Group maintains a zero-tolerance stance on bribery and corruption, with no concluded legal cases related to these matters during the reporting period[218](index=218&type=chunk) [Independent Auditor's Report](index=60&type=section&id=Independent%20Auditor's%20Report) This report presents the independent auditor's opinion on the Group's consolidated financial statements, highlighting key audit matters and a material uncertainty related to going concern [Independent Auditor's Report](index=60&type=section&id=Independent%20Auditor's%20Report) Independent auditor Evergreen (Hong Kong) Certified Public Accountants Limited issued an unmodified opinion on the Group's consolidated financial statements, while highlighting a 'Material Uncertainty Related to Going Concern' due to net shareholders' deficit and current liabilities exceeding current assets, with key audit matters including non-financial asset impairment and guarantee liability measurement - Audit Opinion: The auditor believes the consolidated financial statements fairly present the Group's financial position and performance and have been properly prepared (unmodified opinion)[225](index=225&type=chunk) - Material Uncertainty Related to Going Concern: The auditor draws attention to the Group's net shareholders' deficit of **62.70 million HKD** and current liabilities exceeding current assets by **23.50 million HKD** as of March 31, 2025, indicating a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern[227](index=227&type=chunk) - Key Audit Matters: - Impairment assessment of non-financial assets: Involves evaluating the recoverable amounts of property, plant and equipment, and right-of-use assets, requiring significant management estimates[230](index=230&type=chunk) - Measurement of guarantee liabilities: Pertains to financial institution cooperation services, requiring significant judgment, assumptions, and complex models for measurement[234](index=234&type=chunk) [Consolidated Financial Statements](index=65&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's comprehensive financial performance, position, equity changes, and cash flows for the reporting period [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=65&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, the Group's revenue significantly decreased to **7.394 million HKD**, but it achieved a profit before tax of **49.415 million HKD**, reversing last year's loss, primarily due to **26.969 million HKD** in other income and **35.242 million HKD** in debt restructuring gains | Item (thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | **7,394** | **16,086** | | Other income/(loss) – net | **26,969** | **(5,764)** | | Gain on debt restructuring | **35,242** | – | | Profit/(Loss) before income tax | **49,415** | **(19,319)** | | **Profit/(Loss) for the year** | **49,286** | **(19,469)** | | Profit/(Loss) attributable to owners of the company | **49,668** | **(19,558)** | | Basic earnings/(loss) per share (HKD) | **0.46** | **(0.21)** | [Consolidated Statement of Financial Position](index=66&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group reported total assets of **128.0 million HKD** and total liabilities of **191.0 million HKD**, resulting in an equity deficit of **62.70 million HKD**, an improvement from the prior year, though current liabilities still exceeded current assets | Item (thousand HKD) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | **87,542** | **82,069** | | Current assets | **40,480** | **40,172** | | **Total assets** | **128,022** | **122,241** | | **Equity and Liabilities** | | | | Total equity (deficit) | **(62,696)** | **(117,725)** | | Non-current liabilities | **126,741** | **10,589** | | Current liabilities | **63,977** | **229,377** | | **Total liabilities** | **190,718** | **239,966** | | **Total equity and liabilities** | **128,022** | **122,241** | [Consolidated Statement of Changes in Equity](index=68&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) The equity deficit attributable to owners of the company improved from **123.0 million HKD** to **67.53 million HKD** this year, driven by an annual profit of **49.67 million HKD** and **5.30 million HKD** from share placing proceeds, with a slight decrease in non-controlling interests - The equity attributable to owners of the company, a deficit of **122,702 thousand HKD** at the beginning of the year, adjusted by total comprehensive income of **49,873 thousand HKD** and share placing of **5,298 thousand HKD** during the year, resulted in a deficit of **67,531 thousand HKD** at year-end[248](index=248&type=chunk) [Consolidated Statement of Cash Flows](index=69&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This year, the Group experienced a net cash outflow of **9.71 million HKD** from operating activities and **5.07 million HKD** from investing activities, offset by a **13.61 million HKD** net cash inflow from financing, resulting in a net decrease of **1.16 million HKD** in cash and cash equivalents, ending at **0.171 million HKD** | Item (thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash (used in)/generated from operating activities | **(9,707)** | **12,210** | | Net cash (used in)/generated from investing activities | **(5,065)** | **834** | | Net cash generated from/(used in) financing activities | **13,610** | **(13,830)** | | **Net decrease in cash and cash equivalents** | **(1,162)** | **(786)** | | Cash and cash equivalents at beginning of year | **1,343** | **2,214** | | **Cash and cash equivalents at end of year** | **171** | **1,343** | [Notes to the Consolidated Financial Statements](index=71&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the consolidated financial statements, covering accounting policies, segment information, related party transactions, and compliance risks [Note 2.1: Basis of Preparation and Going Concern](index=71&type=section&id=2.1%20Basis%20of%20Preparation) While prepared on a going concern basis, the financial statements highlight material uncertainties due to a **62.70 million HKD** net shareholders' deficit and **23.50 million HKD** in excess current liabilities as of March 31, 2025, with directors implementing measures like debt extensions and capital raising to improve the financial position - Material Uncertainty: As of March 31, 2025, the Group's net shareholders' deficit was **62,696,000 HKD**, and current liabilities exceeded current assets by **23,497,000 HKD**, which may cast significant doubt on its ability to continue as a going concern[257](index=257&type=chunk) - The directors have taken several countermeasures, including: - Successfully extending interest-free loans from former directors and related parties totaling over **130 million HKD**[259](index=259&type=chunk) - Completing a share placing, raising net proceeds of approximately **5.1 million HKD**[259](index=259&type=chunk) - Obtaining a **30 million HKD** credit facility from directors[259](index=259&type=chunk) - Actively negotiating with other lenders and seeking new funding sources[259](index=259&type=chunk) - Despite these measures, the ability to continue as a going concern remains dependent on successfully obtaining additional funding and negotiating repayment extensions with lenders[260](index=260&type=chunk)[262](index=262&type=chunk) [Note 5: Segment Information](index=100&type=section&id=5%20Segment%20Information) The Group's operations are segmented into catering supply, financial institution cooperation, and other services; catering supply contributed the majority of revenue at **6.511 million HKD** but incurred a loss, while financial services generated **0.883 million HKD** in profit, with segment results excluding unallocated head office expenses and one-off gains | Year Ended March 31, 2025 (thousand HKD) | Catering Supply Services | Provision of Financial Institution Cooperation Services | Total | | :--- | :--- | :--- | :--- | | Revenue from external customers | **6,511** | **883** | **7,394** | | Segment results | **(3,054)** | **520** | **(2,534)** | - Geographically, the vast majority of revenue came from Hong Kong (**6.511 million HKD**), with mainland China contributing **0.883 million HKD**[367](index=367&type=chunk) [Note 27: Related Party Transactions](index=127&type=section&id=27%20Related%20Party%20Transactions) This year, the Group engaged in significant related party transactions, primarily debt restructuring, by extending repayment terms on interest-free loans from former directors, current directors, and a related party, generating approximately **35.242 million HKD** in debt restructuring gains, a key driver of profitability - Loans of approximately **36.95 million HKD** from a related party (non-controlling shareholder of a subsidiary) had their repayment period extended to 2028, generating a debt restructuring gain of approximately **10.00 million HKD**[423](index=423&type=chunk)[424](index=424&type=chunk) - Interest-free loans of approximately **98.29 million HKD** from former directors (Mr. Fu and his wife Ms. Li) had their repayment period extended to 2028, generating a debt restructuring gain of approximately **23.03 million HKD**[425](index=425&type=chunk) - Interest-free credit of approximately **9.20 million HKD** obtained from directors during the year also underwent debt restructuring, generating a gain of approximately **2.21 million HKD**[426](index=426&type=chunk) [Note 30: Compliance Risk](index=133&type=section&id=30%20Compliance%20Risk) The Group's financial cooperation services in mainland China face potential compliance risks regarding implicit financial guarantees, which may violate Chinese regulations and lead to operational prohibition or fines; however, based on legal advice, directors deem the likelihood of significant penalties low and are adjusting business arrangements - The Group's guarantee arrangements in its financial cooperation services business in China may not comply with regulations issued by the China Banking and Insurance Regulatory Commission in 2019[429](index=429&type=chunk) - Potential consequences include prohibition of operations, fines (RMB **0.5 million** to **1.0 million**), and confiscation of illegal gains[429](index=429&type=chunk) - After consulting external legal advice, the directors believe it is unlikely for the Group to be penalized, and the potential adverse impact is not material; the Group is adjusting its business arrangements[430](index=430&type=chunk) [Financial Summary](index=134&type=section&id=Financial%20Summary) This section provides a concise overview of the Group's key financial performance and position indicators over the past five fiscal years [Five-Year Financial Summary](index=134&type=section&id=Financial%20Summary) This section summarizes the Group's five-year financial performance, assets, and liabilities, showing a continuous revenue decline since 2021 but the first annual profit in 2025, with relatively stable total assets and a significant decrease in total liabilities, improving the overall equity deficit | Year Ended March 31 (thousand HKD) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **7,394** | **16,086** | **61,358** | **162,832** | **214,325** | | **Profit/(Loss) for the year attributable to owners of the company** | **49,668** | **(19,558)** | **(28,883)** | **(40,848)** | **(64,432)** | | As of March 31 (thousand HKD) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total assets** | **128,022** | **122,241** | **139,252** | **150,809** | **251,134** | | **Total liabilities** | **(190,718)** | **(239,966)** | **(239,067)** | **(261,224)** | **(311,088)** | | **Total equity (deficit) attributable to owners of the company** | **(67,531)** | **(122,702)** | **(104,966)** | **(119,925)** | **(74,914)** |

This report, for which the directors of Great World Company Holdings Ltd (the "Company") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange for the purpose of giving information with regard to the Company. The directors of the Company, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this report is accurate an ...

京基金融國際（控股）有限公司 （於開曼群島註冊成立之有限公司） 股份代號: 1468 2025 年 報 | 目錄 | | --- | | 公司資料 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論及分析 | 5 | | 董事及高級管理層之詳細履歷 | 20 | | 企業管治報告 | 22 | | 董事會報告 | 43 | | 獨立核數師報告 | 56 | | 綜合損益及其他全面收益表 | 61 | | 綜合財務狀況表 | 63 | | 綜合權益變動表 | 65 | | 綜合現金流量表 | 66 | | 綜合財務報表附註 | 68 | | 財務概要 | 182 | 公司資料 董事會 執行董事 蒙焯威先生 （主席） 張佩琪女士 4 梁兆基先生 1 獨立非執行董事 麥潤珠女士 孔偉賜先生 陳霆烽先生 公司秘書 倪子軒先生 審核委員會 麥潤珠女士 （主席） 孔偉賜先生 陳霆烽先生 薪酬委員會 孔偉賜先生 （主席） 麥潤珠女士 梁兆基先生 陳霆烽先生 提名委員會 陳霆烽先生 （主席） 麥潤珠女士 孔偉賜先生 梁兆基先生 投資委員會 梁兆基先生 （主席） 孔偉賜先生 授權代表 蒙焯威先生 ...

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(Stock Code 股份代號:1341) (Incorporated in the Cayman Islands with limited liability)（於開曼群島註冊成立的有限公司） 2024/25 75 Consolidated Statement of Financial Position 綜合財務狀況表 78 Consolidated Statement of Changes in Equity 綜合權益變動表 80 Consolidated Statement of Cash Flows 綜合現金流量表 83 Notes to the Consolidated Financial Statements 綜合財務報表附註 192 Financial Summary 財務概要 CORPORATE INFORMATION 公司資料 BOARD OF DIRECTORS 年 報 Annual Report Annual Report 2024/25 年報 Contents 目 錄 2 Corporate Information 公司資料 5 Director's Statement 董事報告書 ...

2025 年度報告 Moon Inc. 恆月控股有限公司 :1723 (於開曼群島註冊成立的有限公司) 股份代號 (Incorporated in the Cayman Islands with limited liability) Stock Code :1723 Moon Inc. 恆月控股有限公司 2025 Annual Report Moon Inc. 恆月控股有限公司 ANNUAL REPORT 2025 年度報告 目錄 | 公 司 資 料 | 2 | | --- | --- | | 主 席 報 告 | 3 | | 管 理 層 討 論 析 及 分 | 5 | | 董 事 及 高 級 管 理 層 履 歷 詳 情 | 11 | | 企 業 管 治 報 告 | 16 | | 董 事 會 報 告 | 33 | | 獨 立 核 數 師 報 告 | 47 | | 綜 合 損 益 其 他 全 收 益 表 及 面 | 52 | | 綜 合 財 務 狀 況 表 | 53 | | 綜 合 權 益 變 動 表 | 54 | | 綜 合 現 金 流 量 表 | 55 | | 綜 合 財 務 報 表 附 註 | 56 | | ...

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 ...