於開曼群島註冊成立的有限公 司 股份代號：00475 年 報 2024/25 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論及分析 | 4 | | 董事及公司秘書 | 15 | | 企業管治報告 | 18 | | 董事會報告 | 41 | | 獨立核數師報告 | 59 | | 綜合損益及其他全面收益表 | 64 | | 綜合財務狀況表 | 65 | | 綜合權益變動表 | 67 | | 綜合現金流量表 | 68 | | 綜合財務報表附註 | 70 | | 五年財務概要 | 156 | 1 中發展控股有限公司 公司資料 董事會 執行董事 吳浩先生 （主席） 胡楊俊先生 李維棋先生（於二零二五年一月二十四日調任） 陳永源先生 （行政總裁） （於二零二五年一月二十四日 辭任執行董事及行政總裁） 張兵先生 獨立非執行董事 靳慶軍先生 孫燑女士（於二零二五年一月二十四日辭任） 鍾穎洁女士 蘭亞東先生（於二零二五年一月二十四日獲委任） 審核委員會 鍾穎洁女士 （主席） 靳慶軍先生 孫燑女士（於二零二五年一月二十四日辭任） 蘭亞東先生（於二零二五年一月二十四日獲委任） ...

目錄 | 釋義 | 2 | | --- | --- | | 公司資料 | 4 | | 主席報告 | 5 | | 管理層討論及分析 | 6 | | 董事會報告 | 12 | | 企業管治報告 | 25 | | 環境、社會及管治報告 | 35 | | 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 | 56 | | 綜合權益變動表 | 58 | | 綜合現金流量表 | 59 | | 綜合財務報表附註 | 61 | | 財務概要 | 122 | 釋義 於本年報內，除文義另有所指外，下列詞彙應具有以下涵義： | 「細則」 | 指 | 於二零二三年九月十一日舉行之股東週年大會上特別決議案獲批准後採納的本 | | --- | --- | --- | | | | 公司經第二次修訂及經重列組織章程細則 | | 「審核委員會」 | 指 | 董事會審核委員會 | | 「董事會」 | 指 | 董事會 | | 「英屬處女群島」 | 指 | 英屬處女群島 | | 「本公司」 | 指 | 恒益控股有限公司，於二零一八年三月六日在開曼群島註冊成立的獲豁免有限 | | | | 公司 | | 「董 ...

2024/25 Annual Report 年報 CHARACTERISTICS OF THE GEM ("GEM") OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the compani ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）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。 截 至 2025 年 5 月 3 1 日止第四季度及年度的 未經審核財務業績 我們謹此公佈截至2025年5月31日止第四個財政季度及財政年度的未經審核業績（「財 務業績」）。財務業績在香港聯交所網站( www.hkexnews.hk )及我們的網站(http://investor. neworiental.org/)可供查閱。 承董事會命 New Oriental Education & Technology Group Inc. 新東方教育科技（集團）有限公司* 主席 俞敏洪先生 中國北京，2025年7月30日 於本公告日期，本公司董事會包括董事俞敏洪先生、周成剛先生及謝東螢先生；以及獨立董事李彥宏先生、 李廷斌先生及諸葛越博士。 * 僅供識別 1 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 新 東 方 教 育 科 技（ 集 團 ）有 ...

(Incorporated in the Cayman Islands with limited liability) 於開曼群島註冊成立的有限公司 STOCK CODE 股份代號 : 2080 ANNUAL REPORT 年度報告 Contents 目錄 2 Corporate Information 公司資料 4 Chairman's Statement 主席報告 8 Management Discussion and Analysis 管理層討論與分析 15 Biographical Details of Directors and Senior Management 董事及高級管理層之簡歷 19 Corporate Governance Report 企業管治報告 37 Environmental, Social and Governance Report 環境、社會及管治報告 98 Report of the Directors 董事會報告 114 Independent Auditor's Report 獨立核數師報告 122 Consolidated Statement of Profit or ...

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依賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （ 股份代號： 00921） 二零二五年中期業績公告 海信家電集團股份有限公司（「公司」、「本公司」）董事會（「董事會」）謹此 公佈本公司及其附屬公司（統稱「本集團」）截至2025年6月30日止六個月（「本報 告期」）未經審計之中期業績，及2024年同期的比較數字，本報告期未經審計之中 期業績已經本公司第十二屆董事會審計委員會（「審計委員會」）審閱。 按照中國企業會計準則編制的財務數據 （除特別注明外，金額單位為人民幣元） 合併資產負債表 | 項 目 | 附注 | 2025 年 6 月 30 日 | 2025 年 1 月 日 | 1 | | --- | --- | --- | --- | --- | | | | （未經審計） | （經審計） | | | 流 ...

[Company Profile](index=14&type=section&id=Company%20Profile) The group is a comprehensive fintech entity focusing on digital banking, payments, and lottery, aiming to be a global leader leveraging Macau's strategic advantages for financial digitalization and blockchain innovation [About the Group](index=14&type=section&id=About%20the%20Group) AGTech is a comprehensive fintech group with core businesses in digital banking, digital payments, local consumer services, and lottery, serving as the exclusive lottery platform for Alibaba and Ant Group - The company's core businesses are categorized into four segments: **Digital Banking**, **Digital Payments**, **Local Consumer Services**, and **Lottery Operations**[28](index=28&type=chunk) - The Group serves as the exclusive lottery platform for Alibaba Group and Ant Group, and is an associate member of the World Lottery Association (WLA) and Asia Pacific Lottery Association (APLA)[27](index=27&type=chunk) [Corporate Strategy and Objectives](index=15&type=section&id=Corporate%20Strategy%20and%20Objectives) AGTech aims to be a leading global comprehensive fintech group, focusing on digital banking, payments, and local consumer services, leveraging Macau's strategic advantages to drive financial digitalization and blockchain finance in the Web 3.0 era - The company's strategic goal is to become a leading global comprehensive fintech group, meeting market demands in **digital banking, payments, local services, and lottery**[30](index=30&type=chunk) - Future plans include leveraging Macau's strategic advantages (free port, independent currency system, open financial innovation) to promote **blockchain finance development** in the Greater Bay Area through a one-stop digital life and financial platform, cross-border fintech, and blockchain technology[30](index=30&type=chunk) [Chairman's Statement](index=20&type=section&id=Chairman%27s%20Statement) Chairman Mr. Sun Hao reported the Group's adherence to its fintech strategy, building a digital business ecosystem through the acquisition of Ant Bank (Macau), achieving significant growth in digital banking clients and payments, empowering Macau's cultural tourism, and planning to advance blockchain finance - Acquired a controlling stake in Ant Bank (Macau) in September 2024, establishing a digital business ecosystem encompassing **digital banking, digital payments, and digital local consumer services**[41](index=41&type=chunk) Key Operating Data for the Review Period | Metric | Data | | :--- | :--- | | Total Digital Banking Customers | Doubled growth compared to previous fiscal year-end | | Total Digital Banking Deposits | Increased by approximately **2.8 times** compared to previous fiscal year-end | | MPay E-wallet Registered Users | Nearly **1.5 million** | | MPay Cross-border Payment Service User Growth | Approximately **148%** | | Macau Pass Card Cumulative Issuance | Over **5 million** cards | - Launched the 'Macau Pass - National Pass Card', supporting public transportation in over **300 cities** across Hong Kong, Macau, and mainland China, promoting Greater Bay Area connectivity[42](index=42&type=chunk) - Through the 'Ticketing+' diversified service system, supported over **200 major performances and events** in Macau, deeply empowering Macau's cultural tourism industry[44](index=44&type=chunk) - Future plans include leveraging Macau's strategic advantages (free port + independent currency system + open financial innovation) to launch the 'Macau Web 3.0 Think Tank', focusing on blockchain financial policy research and RWA technical standard setting to promote **blockchain finance development**[47](index=47&type=chunk) [Corporate Governance Report](index=26&type=section&id=Corporate%20Governance%20Report) The report details the company's commitment to high corporate governance standards, adherence to GEM Listing Rules, board structure, committee functions, diversity initiatives, and shareholder rights [Corporate Governance Practices](index=26&type=section&id=Corporate%20Governance%20Practices) The company is committed to high corporate governance standards, largely complying with GEM Listing Rules' Code, though noting deviations like the Chairman and CEO roles being combined, which the company believes ensures stable leadership - The company has adopted the Corporate Governance Code in Appendix C1 of the GEM Listing Rules, applying its principles to board meetings, composition, and director appointments[52](index=52&type=chunk) - The report disclosed seven deviations from the Code provisions, including the **Chairman and CEO roles being combined**, the **Chairman being exempt from retirement by rotation**, and the **absence of a dividend policy**[54](index=54&type=chunk)[57](index=57&type=chunk)[59](index=59&type=chunk) [Board and Committees](index=30&type=section&id=Board%20and%20Committees) The Board is the company's highest decision-making body, supported by five committees—Remuneration, Nomination, Corporate Governance, Audit, and Risk Management & Internal Control—to oversee corporate policy, business strategy, and risk management [Board of Directors](index=30&type=section&id=Board%20of%20Directors) The Board is responsible for the Group's strategic planning and major financial matters, with membership changes during the review period maintaining independent non-executive directors and ensuring their independence - The Board is the highest decision-making body, responsible for **corporate policy formulation, business strategy planning, risk management, and major capital transactions**[62](index=62&type=chunk) - During the review period, Board membership changes included the resignation of Mr. Dong Benhong, retirement of Mr. Zou Liang, and appointment of Mr. Chan Ka Leung and Ms. Yuen Kit Ming as **independent non-executive directors**[63](index=63&type=chunk) [Board Committees](index=41&type=section&id=Board%20Committees) The company has five Board committees: Remuneration, Nomination, Corporate Governance, Audit, and Risk Management & Internal Control, each responsible for specific areas such as compensation policy, director nominations, governance oversight, financial reporting, and risk identification and monitoring - **Remuneration Committee**: Composed of independent non-executive directors, responsible for setting remuneration policies and recommending director compensation packages, holding four meetings during the review period to deliberate on director remuneration and award share grants[92](index=92&type=chunk)[94](index=94&type=chunk) - **Nomination Committee**: Composed of the Chairman and independent non-executive directors, responsible for formulating nomination policies, reviewing Board composition, and assessing director independence, holding two meetings during the review period to review director tenure and independence, and nominate new directors[96](index=96&type=chunk)[97](index=97&type=chunk) - **Audit Committee**: Composed of independent non-executive directors, responsible for reviewing financial reporting processes and risk management and internal control systems, holding three meetings during the review period to review interim and annual results and meet with external auditors[106](index=106&type=chunk) - **Risk Management and Internal Control Committee**: Composed of the CEO, CFO/Company Secretary, and Head of Internal Audit, responsible for implementing risk management and internal control systems, holding two meetings during the review period to confirm the effectiveness and adequacy of the Group's risk management and internal control systems[109](index=109&type=chunk)[111](index=111&type=chunk)[116](index=116&type=chunk) [Diversity](index=56&type=section&id=Diversity) The company has adopted a Board diversity policy with measurable targets for gender, age, nationality, and tenure, achieving these goals, and also focuses on employee gender diversity Board Diversity Target Achievement (As of Reporting Date) | Category | Composition | Measurable Target | Achieved | | :--- | :--- | :--- | :--- | | **Gender** | 4 Male (57%), 3 Female (43%) | Both male and female participation | ✓ | | **Age** | 40-49 years (43%), 50-69 years (57%) | Age range spanning at least ten years | ✓ | | **Nationality/Region** | Mainland China (43%), Hong Kong (43%), Macau (14%) | More than one nationality or regional identity | ✓ | | **Tenure** | <3 years (43%), 3-6 years (29%), >7 years (29%) | Different lengths of service | ✓ | | **Designated Roles** | Executive (29%), Non-executive (29%), Independent Non-executive (43%) | Significant proportion of non-executive directors | ✓ | - As of March 31, 2025, the Group's total workforce was **368 employees**, with **217 males (approximately 59%)** and **151 females (approximately 41%)**[140](index=140&type=chunk)[141](index=141&type=chunk) [Shareholder Rights](index=66&type=section&id=Shareholder%20Rights) The report clarifies key shareholder rights, including procedures for convening extraordinary general meetings, proposing resolutions, and nominating directors, with clear channels for shareholder inquiries - Shareholders holding not less than **one-tenth of the company's paid-up capital** have the right to request the Board to convene an extraordinary general meeting to consider proposals in their written request[154](index=154&type=chunk) - Shareholders can submit inquiries to the Company Secretary via mail, phone, or email, or directly ask questions to the Board at general meetings[157](index=157&type=chunk) [Management Discussion and Analysis of Group Performance and Business](index=72&type=section&id=Management%20Discussion%20and%20Analysis%20of%20Group%20Performance%20and%20Business) This section provides an overview of the industry landscape, a detailed review of the Group's business segments, and an analysis of its financial performance during the reporting period [Industry Overview](index=74&type=section&id=Industry%20Overview) The report analyzes the macroeconomic environment of Macau's banking, digital payment, local consumer, and China's lottery industries, noting stable financial growth, record digital payment transactions, and booming lottery sales - **Macau Banking Sector**: As of March 2025, total assets reached **MOP2.4 trillion**, with 2024 profits decreasing by **21.3%** year-on-year, yet capital adequacy and liquidity remain above regulatory requirements, indicating overall stability[172](index=172&type=chunk) - **Macau Digital Payment Market**: In 2024, transaction volume increased by **17.9%** year-on-year to **355 million transactions**, with total transaction value rising by **7.8%** to **MOP30.3 billion**, facing challenges such as low tourist spending, intense competition, and consumer outflow[174](index=174&type=chunk)[175](index=175&type=chunk) - **China Lottery Market**: In 2024, national lottery sales reached **RMB623.486 billion**, a year-on-year increase of **7.6%**, surpassing the **RMB600 billion** mark for the first time[178](index=178&type=chunk) [Business Review](index=78&type=section&id=Business%20Review) This year, all Group business segments made significant progress, with digital banking and payments achieving substantial growth, local consumer services integrating into Macau's cultural tourism, and the lottery business winning tenders despite a decline in offline sales - **Digital Banking Business**: Ant Bank (Macau) saw its total customer base **double** and total deposits increase by approximately **2.8 times** compared to the previous fiscal year-end, establishing full-chain services for deposits, loans, wealth management, and investments, maintaining industry-leading capital adequacy[180](index=180&type=chunk)[210](index=210&type=chunk) - **Digital Payment Business**: Macau Pass card cumulative issuance exceeded **5 million**, with the launch of the 'National Pass Card'; MPay e-wallet registered users reached approximately **1.5 million**, and cross-border payment user growth was **148%**; acquiring business covered approximately **90%** of local merchants in Macau[182](index=182&type=chunk)[200](index=200&type=chunk)[202](index=202&type=chunk) - **Local Consumer Services Business**: Leveraging MPay and Macau Pass networks, value was created for merchants through the mCoin and mPass platforms, strategic cooperation was achieved with Huawei, and over **200 major performances and events** were supported via the 'Ticketing+' model[203](index=203&type=chunk)[204](index=204&type=chunk) - **Lottery Business**: Won **17 lottery hardware tenders**, with offline lottery agency sales revenue of approximately **HKD75.65 million**, a year-on-year decrease of approximately **28%**, primarily due to insufficient supply of instant tickets[205](index=205&type=chunk)[211](index=211&type=chunk) [Financial Performance Review](index=89&type=section&id=Financial%20Performance%20Review) For the 12-month period ended March 31, 2025, the Group recorded revenue of approximately **HKD615 million**, with operating loss expanding to **HKD71.8 million** and a net loss of **HKD98.6 million**, primarily due to fair value loss on a loan and decreased finance income, while maintaining a sound financial position - Due to a change in fiscal year-end, the current reporting period is **12 months** (ended March 31, 2025), while the comparative period was **15 months** (ended March 31, 2024), making the data not directly comparable[212](index=212&type=chunk) Annual Financial Performance Summary (HKD) | Metric | Year Ended March 31, 2025 | Fifteen Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Revenue** | **615 million** | **767 million** | | **Operating Loss** | **71.8 million** | **44.8 million** | | **(Loss)/Profit for the Year/Period** | **(98.6 million)** | **30.7 million** | - Key reasons for the shift from profit to loss during the year include: **fair value loss of approximately HKD70.9 million** on a convertible term loan to an Indian joint venture, a **decrease in finance income of approximately HKD32.2 million**, and a **one-off loss provision of approximately HKD10.3 million** for a trade receivable[218](index=218&type=chunk) - As of March 31, 2025, the Group's total assets were approximately **HKD6.245 billion**, with a current ratio of approximately **1.3**, indicating sufficient financial resources, and Ant Bank (Macau)'s capital adequacy ratio was approximately **56.0%**, significantly above the **8%** minimum regulatory requirement[220](index=220&type=chunk) [Directors' Report](index=106&type=section&id=Directors%27%20Report) This report details the Group's connected transactions, share option and award schemes, and provides a comprehensive review of business operations and key risk factors [Connected Transactions and Continuing Connected Transactions](index=109&type=section&id=Connected%20Transactions%20and%20Continuing%20Connected%20Transactions) The report details significant transactions with connected parties, primarily Alibaba and Ant Group, including capital injection into Ant Bank (Macau) and various continuing connected transactions for services, all with annual caps and reviewed by independent non-executive directors - **Connected Transactions**: The Group's indirect wholly-owned subsidiary, mFinance, along with connected parties including Alipay (Macau) Holdings, jointly injected capital into Ant Bank (Macau) to maintain their respective equity proportions and meet funding needs, with mFinance's subscription constituting a connected transaction for the company[269](index=269&type=chunk)[272](index=272&type=chunk) - **Continuing Connected Transactions with Alibaba Group**: Includes the **2023 Retail Link Cooperation Agreement** for lottery sales (ceased to be a continuing connected transaction in March 2024) and a **Technology Service Framework Agreement** for procuring cloud computing and e-commerce technology services from Alibaba Cloud with annual caps until March 31, 2027[274](index=274&type=chunk)[279](index=279&type=chunk)[281](index=281&type=chunk)[286](index=286&type=chunk) - **Continuing Connected Transactions with Ant Group**: Includes **Macau Pass acquiring services** for Alipay entities, **Macau Pass payment and related services** (mutual provision of technology, clearing, user referral), **Ant Bank (Macau) Framework Agreement** for resource sharing and technology services from Ant Group, and **Deposit Service Framework Agreement** allowing the Group to place deposits with Ant Bank (Macau) with a maximum daily deposit limit[290](index=290&type=chunk)[297](index=297&type=chunk)[307](index=307&type=chunk)[315](index=315&type=chunk) [Share Option and Share Award Schemes](index=139&type=section&id=Share%20Option%20and%20Share%20Award%20Schemes) The company operates share option and award schemes to incentivize employees, with the 2014 Share Option Scheme terminated and replaced by the 2024 scheme, and significant share awards granted, vested, and forfeited during the review period - **2014 Share Option Scheme**: Terminated on September 9, 2024, with no share options granted, exercised, cancelled, or lapsed during the review period[347](index=347&type=chunk)[351](index=351&type=chunk) - **2024 Share Option Scheme**: Adopted on September 9, 2024, with a ten-year validity, and no share options granted as of March 31, 2025[352](index=352&type=chunk)[357](index=357&type=chunk) - **Share Award Scheme**: During the review period, a total of **104,247,421 award shares** were granted to **104 eligible persons**, including directors and employees[366](index=366&type=chunk) Share Award Scheme Movements (Year Ended March 31, 2025) | Item | Number of Shares | | :--- | :--- | | Outstanding as of April 1, 2024 | **106,565,450** | | Granted during the year | **104,247,421** | | Vested during the year | **(39,239,020)** | | Forfeited during the year | **(22,400,000)** | | **Outstanding as of March 31, 2025** | **149,173,851** | [Business Review and Risk Factors](index=161&type=section&id=Business%20Review%20and%20Risk%20Factors) This section provides a comprehensive review of the Group's business and identifies key risks, including regulatory dependence and market competition in digital banking and payments, policy uncertainties in China's lottery business, and geopolitical impacts on overseas investments, with risk mitigation through internal controls and stakeholder engagement - Key risks faced by the Group include: **Digital banking and payment business risks** (reliance on Macau Monetary Authority licenses, intense market competition, and economic downturn impact on asset quality); **China regulatory uncertainties** (potential policy restrictions on lottery products, changes in issuance fee ratios, and uncertain opening of mobile/internet lottery agency channels); and **Geopolitical risks** (potential adverse impacts on overseas investments, such as in India, due to geopolitical tensions)[409](index=409&type=chunk)[411](index=411&type=chunk) - The Group formulates risk management measures through its Risk Management and Internal Control Committee, regularly consulting with the Corporate Compliance and Legal Department to ensure compliance with relevant laws and regulations in mainland China and Macau[412](index=412&type=chunk) - The report emphasizes relationships with key stakeholders including **shareholders, business partners, employees, suppliers, customers, regulators, and the community**, outlining specific measures to maintain these relationships[423](index=423&type=chunk)[424](index=424&type=chunk) [Financial Summary](index=172&type=section&id=Financial%20Summary) This section provides a summary of the Group's performance, assets, and liabilities for the past five financial years/reporting periods, showing revenue of HKD615 million and total assets increasing to HKD6.245 billion in FY2025 (12 months), primarily due to the consolidation of assets after the acquisition of Ant Bank (Macau) Five-Year Financial Summary (HKD '000) | Metric | Year Ended March 31, 2025 | Fifteen Months Ended March 31, 2024 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **614,968** | **766,583** | **351,414** | **253,242** | **161,649** | | **Operating Loss** | **71,826** | **44,778** | **129,715** | **65,785** | **131,087** | | **(Loss)/Profit Attributable to Owners** | **(90,432)** | **31,860** | **(126,700)** | **(63,633)** | **(121,372)** | | **Total Assets** | **6,244,605** | **3,729,660** | **6,422,104** | **3,081,673** | **3,148,432** | | **Total Liabilities** | **(3,484,010)** | **(1,076,846)** | **(3,759,265)** | **(195,533)** | **(205,118)** | | **Net Assets** | **2,760,595** | **2,652,814** | **2,662,839** | **2,886,140** | **2,943,314** | [Financial Statements](index=175&type=section&id=Financial%20Statements) This section presents the independent auditor's report, the Group's consolidated financial statements, and detailed notes explaining accounting policies and financial performance [Independent Auditor's Report](index=175&type=section&id=Independent%20Auditor%27s%20Report) PricewaterhouseCoopers issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, identifying goodwill impairment assessment as a key audit matter due to significant judgment - PricewaterhouseCoopers issued an **unmodified audit opinion**[440](index=440&type=chunk) - A key audit matter is **goodwill impairment assessment**; as of March 31, 2025, the Group's goodwill was **HKD1.546 billion**, a significant carrying amount with considerable estimation uncertainty, warranting auditor focus[446](index=446&type=chunk)[447](index=447&type=chunk) [Consolidated Financial Statements](index=180&type=section&id=Consolidated%20Financial%20Statements) This section includes the Group's four core financial statements, showing a net loss for the review period but a significant increase in total assets due to the Ant Bank (Macau) acquisition, and positive operating cash flow Consolidated Statement of Profit or Loss Summary (HKD '000) | Item | Year Ended March 31, 2025 | Fifteen Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | **614,968** | **766,583** | | Operating Loss | **(71,826)** | **(44,778)** | | **(Loss)/Profit for the Year/Period** | **(98,567)** | **30,716** | | Attributable to Owners of the Company | **(90,432)** | **31,860** | Consolidated Statement of Financial Position Summary (HKD '000) | Item | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **6,244,605** | **3,729,660** | | Non-current Assets | **2,059,709** | **1,998,092** | | Current Assets | **4,184,896** | **1,731,568** | | **Total Liabilities** | **3,484,010** | **1,076,846** | | Current Liabilities | **3,346,898** | **950,123** | | **Total Equity** | **2,760,595** | **2,652,814** | Consolidated Statement of Cash Flows Summary (HKD '000) | Item | Year Ended March 31, 2025 | Fifteen Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | **1,169,540** | **(2,584,140)** | | Net Cash Used in Investing Activities | **(459,883)** | **(214,564)** | | Net Cash from Financing Activities | **16,532** | **(48,367)** | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | **726,189** | **(2,847,071)** | [Notes to the Consolidated Financial Statements](index=189&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes to the financial statements provide detailed explanations of accounting policies, key estimates, and financial statement items, highlighting business combinations, goodwill impairment, financial instrument risk management, segment information, and connected party transactions - **Business Combination**: On September 2, 2024, the Group completed the acquisition of a controlling interest in Ant Bank (Macau), with a total consideration transferred at fair value of **HKD275 million**, recognizing identifiable net assets at fair value of **HKD365 million**, resulting in **goodwill of HKD87.04 million**[737](index=737&type=chunk)[738](index=738&type=chunk)[739](index=739&type=chunk) - **Goodwill Impairment Assessment**: The Group performs annual impairment tests on goodwill; the recoverable amounts for the lottery and digital payment cash-generating units are determined using the market approach (EV/S ratio), while the digital banking business uses the value-in-use method (discounted cash flows), with management concluding no impairment was necessary as of March 31, 2025[643](index=643&type=chunk)[644](index=644&type=chunk)[646](index=646&type=chunk) - **Segment Information**: The Group reports across three segments: digital payment and related businesses, digital banking business, and lottery business; for the year ended March 31, 2025, the lottery business recorded the highest segment result of **HKD53.46 million**, while both digital payment and digital banking businesses recorded losses[604](index=604&type=chunk)[605](index=605&type=chunk) - **Fair Value Changes of Financial Assets**: A fair value loss of approximately **HKD70.92 million** was recognized during the year on a convertible term loan provided to an Indian joint venture, with its fair value decreasing from approximately **HKD81.91 million** to approximately **HKD10.99 million**[703](index=703&type=chunk)[706](index=706&type=chunk)

(於開曼群島註冊成立的有限公司) 股份代號: 1653 年 報 MOS HOUSE GROUP LIMITED ANNUAL REPORT 2025 年報 ANNUAL REPORT Stock Code: 1653 (Incorporated in the Cayman Islands with limited liability) 目 錄 | | | | | | | | | | 2 | | | | 公司資料 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主 | 席 | 報 | | | | | | | 3 | | | | | 告 | | | | | 管 | 理 | | 論 | 及 | 析 | | | | 5 | | | | | 層 討 | | | 分 | | 董 | 事 | | 級 | 管 | 層 | 的 | 履 | 歷 | 0 | 詳 | 情 | 1 | | 及 高 | | | 理 | | 企 | 業 | | ...

LISI GROUP (HOLDINGS) LIMITED 利時集團 ( 控 股 ) 有限公司 Annual Report 2025年報 (Incorporated in Bermuda with limited liability) ( 於百慕達註冊成立之有限公司 ) Stock Code 股份代號 : 526 目 錄 | 公司資料 | 2 | | --- | --- | | 董事及高級管理人員簡介 | 3 | | 主席報告書 | 6 | | 管理層討論及分析 | 8 | | 企業管治報告 | 13 | | 董事會報告 | 24 | | 獨立核數師報告 | 34 | | 綜合損益表 | 40 | | 綜合損益及其他全面收益表 | 41 | | 綜合財務狀況表 | 42 | | 綜合權益變動表 | 44 | | 綜合現金流量表 | 45 | | 財務報表附註 | 47 | | 投資物業列表 | 112 | | 金融產品列表 | 113 | | 五年財政年度之撮要 | 114 | 公司資料 公司資料 董事會 執行董事 李立新先生 （主席） 程建和先生 金亞雪女士 獨立非執行董事 冼易先生 何誠穎先生 鄺焜堂先生 ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) The company's board includes executive and independent directors, supported by audit, remuneration, and nomination committees, with key banking and auditing relationships - The company's Board of Directors comprises one executive director, one non-executive director, and three independent non-executive directors, supported by Audit, Remuneration, and Nomination and Corporate Governance Committees[3](index=3&type=chunk)[4](index=4&type=chunk) - The company's principal bankers are Agricultural Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Bank of Communications, with HLB Hodgson Impey Cheng Limited as its auditor[8](index=8&type=chunk) [Management's Statement](index=5&type=section&id=Management's%20Statement) This section details the company's annual performance, strategic adjustments, and future outlook amidst challenging economic conditions and market changes [Results for the Year](index=6&type=section&id=Results%20for%20the%20Year) For FY2025, the Group significantly narrowed its annual loss despite revenue and gross profit declines, driven by strategic cost controls and a refund of overcharged dialysis fees amidst economic challenges FY2025 Performance Overview (HKD) | Metric | FY2025 (HKD) | FY2024 (HKD) | YoY Change (HKD) | | :--- | :--- | :--- | :--- | | Total Revenue | Approx. 161.7 million | Approx. 181.1 million | ▼ Approx. 19.4 million | | Gross Profit | Approx. 50.35 million | Approx. 54.74 million | ▼ Approx. 4.39 million | | Loss for the Year Attributable to Owners of the Company | Approx. 6.62 million | Approx. 39.98 million | ▼ Approx. 33.36 million (Loss narrowed) | - The Group's loss for the year was primarily attributed to the refund of certain overcharged fees related to hemodialysis treatment to relevant county medical insurance bureaus[14](index=14&type=chunk)[16](index=16&type=chunk) - To address market changes, the Group implemented several business strategy adjustments, including streamlining China market operations for cost control, effective cash flow management, and a more cautious approach to business expansion plans[13](index=13&type=chunk) [Outlook and Future Prospects](index=7&type=section&id=Outlook%20and%20Future%20Prospects) The Group plans to focus resources on expanding its hemodialysis treatment and consulting services through new self-operated centers and hospital consulting, aiming to capitalize on the significant unmet market demand in China and enhance shareholder returns - The Group's core future strategy is to concentrate resources on developing hemodialysis treatment and consulting services, planning expansion through both organic growth and acquisitions[17](index=17&type=chunk) - Specific expansion measures include establishing new self-operated hemodialysis treatment centers in China and providing hemodialysis consulting services to hospitals to expand operational scale and market penetration[18](index=18&type=chunk) - The Group will continue to monitor various investment opportunities to identify suitable businesses and projects for shareholders, aiming to enhance shareholder returns[20](index=20&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the Group's financial performance, business segments, liquidity, and key risks for the reporting period [Financial Highlights](index=9&type=section&id=Financial%20Highlights) In FY2025, the Group's total revenue and gross profit declined, but operating and annual losses significantly narrowed due to cost control and no goodwill impairment, with increased cash and cash equivalents FY2025 Financial Highlights (HKD) | Metric | FY2025 (HKD) | FY2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 161.7 million | 181.1 million | -10.71% | | Gross Profit | 50.35 million | 54.74 million | -8.03% | | Operating Loss | 4.09 million | 39.44 million | -89.63% | | Loss for the Year Attributable to Owners of the Company | 6.62 million | 39.98 million | -83.45% | | Basic and Diluted Loss Per Share | 1.18 HK cents | 7.14 HK cents | -83.47% | | Cash and Cash Equivalents | 24.08 million | 18.23 million | +32.12% | | Final Dividend | Not Recommended | Nil | - | [Business Review](index=10&type=section&id=Business%20Review) In FY2025, the Group's total revenue declined due to economic slowdown and reduced medical insurance rates, with pharmaceutical wholesale slightly down and hemodialysis revenue significantly lower, yet the latter achieved profitability through cost control Segment Revenue and Results (HKD) | Business Segment | FY2025 Revenue (HKD) | YoY Change | FY2025 Result (HKD) | | :--- | :--- | :--- | :--- | | Pharmaceutical Wholesale and Distribution | 50.49 million | -2.03% | Loss 1.2 million | | Hemodialysis Treatment and Consulting | 111.2 million | -14.17% | Profit 7.36 million | - The primary reason for the decline in hemodialysis business revenue was the reduction in fixed payment rates for hemodialysis treatment services by relevant county medical insurance bureaus[31](index=31&type=chunk)[45](index=45&type=chunk) - The hemodialysis business segment achieved profitability primarily due to no goodwill impairment loss provision required this year and the implementation of stringent cost control measures[44](index=44&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) In FY2025, the Group significantly narrowed its annual loss to HKD6.616 million through effective cost controls across sales, administrative, and finance expenses, with the loss primarily due to a HKD5.5 million refund of overcharged hemodialysis fees - Sales and distribution expenses decreased by **10.39%** year-on-year, primarily due to reduced marketing and logistics costs[47](index=47&type=chunk) - Administrative expenses decreased by **20.29%** year-on-year, mainly due to reductions in general office expenses such as depreciation, staff costs, and share-based payments[52](index=52&type=chunk) - One primary reason for the annual loss was the Group's hemodialysis centers refunding approximately **HKD5.5 million** in overcharged service fees for hemodialysis treatment collected between 2021 and 2024, as requested by the medical insurance bureau, which legal opinion deemed a refund request and not a violation[59](index=59&type=chunk) [Liquidity and Financial Resources](index=15&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group maintained a stable financial position with increased cash and cash equivalents, improved liquidity ratio, and a reduced debt-to-asset ratio, with no significant contingent liabilities or capital commitments Liquidity and Financial Position Indicators | Metric | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 24.083 million HKD | 18.228 million HKD | | Current Ratio | 1.95 | 1.92 | | Debt-to-Asset Ratio | Zero | 0.08 | - As of March 31, 2025, the Group had no significant capital commitments or contingent liabilities[63](index=63&type=chunk)[64](index=64&type=chunk) [Principal Risks and Uncertainties](index=16&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces market, foreign exchange, goodwill impairment, and liquidity risks, managed through proactive policy interpretation, controlled currency exposure, careful cash flow monitoring, and prudent assumptions for impairment tests - Market Risk: Primarily stems from changes in Chinese government policies, with the Group maintaining a management team responsible for collecting, interpreting, and formulating response measures[73](index=73&type=chunk) - Foreign Exchange Risk: Controllable as the vast majority of the Group's transactions are denominated in RMB and HKD, with no formal hedging policy implemented[74](index=74&type=chunk) - Goodwill Impairment Risk: Goodwill impairment tests are based on forecasts of future cash flows, involving management's assumptions and judgments, and are subject to risks from future cash flow and market changes[75](index=75&type=chunk) - Liquidity Risk: Managed by monitoring levels of cash and cash equivalents, utilization of borrowings, and adequacy of bank financing[80](index=80&type=chunk) [Employees and Remuneration Policy](index=17&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group had 180 full-time employees with total staff costs of approximately HKD21.38 million, implementing a remuneration policy based on performance and qualifications, including discretionary bonuses and retirement schemes Employee Distribution | Region | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Hong Kong | 8 | 6 | | Mainland China | 172 | 187 | | **Total** | **180** | **193** | - For the year ended March 31, 2025, staff costs (including directors' emoluments) were approximately **HKD21.379 million**, a decrease from **HKD22.481 million** in the previous year[83](index=83&type=chunk) [Environmental, Social and Governance Report](index=17&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This report details the Group's commitment to sustainable governance, ethical business practices, employee welfare, and environmental protection initiatives [Sustainable Governance and Business Ethics](index=23&type=section&id=Sustainable%20Governance%20and%20Business%20Ethics) The Group's board oversees ESG risk management, supported by professional consultants, and maintains strict anti-corruption policies with comprehensive employee training and no reported corruption cases - The Board of Directors assumes key oversight responsibilities for ESG risk management, evaluating and managing significant ESG issues, and collaborates with Riskory Consultancy Limited for professional support[118](index=118&type=chunk) - The Group has established clear employee codes of conduct and whistleblowing policies, strictly prohibiting improper behaviors such as bribery and fraud, and has dedicated investigation and handling procedures[126](index=126&type=chunk)[127](index=127&type=chunk) - During the reporting period, the Group provided anti-corruption training to all directors and employees, with no legal cases related to corruption occurring[128](index=128&type=chunk)[129](index=129&type=chunk) [Operating Practices](index=30&type=section&id=Operating%20Practices) The Group prioritizes product safety and efficacy through stringent quality management, annual supplier evaluations, and dedicated quality control, resulting in no product recalls or customer complaints during the reporting period - During the reporting period, the Group collaborated with **32** pharmaceutical and consumable suppliers located in China, and all suppliers were evaluated[150](index=150&type=chunk) - The Group has a Quality Management Department responsible for setting and implementing quality objectives and monitoring departmental performance; no sold or delivered products required recall due to safety and health reasons during the reporting period[160](index=160&type=chunk)[161](index=161&type=chunk) - The Group has established a customer complaint management system, but no product or service-related complaints were received during the reporting period[165](index=165&type=chunk)[166](index=166&type=chunk) [Caring for Employees](index=35&type=section&id=Caring%20for%20Employees) The Group had 180 employees with a significantly reduced turnover rate of 17%, maintaining fair employment practices, ensuring occupational safety with zero incidents, and providing continuous development and training opportunities Employee Overview and Turnover Rate | Metric | 2024/25 Period | 2023/24 Period | | :--- | :--- | :--- | | Total Employees | 180 | 193 | | Total Employee Turnover Rate | 17% | 28% | - The Group is committed to providing a safe working environment, with zero work-related injury and fatality rates, and no work-related fatalities during the reporting period[202](index=202&type=chunk) Employee Training Data Overview (2024/25 Period) | Category | Percentage of Employees Trained | Average Training Hours Per Employee | | :--- | :--- | :--- | | **By Gender** | | | | Male | 98% | 50 hours | | Female | 66% | 25 hours | | **By Employee Category** | | | | Senior Management | 100% | 17 hours | | Middle Management | 100% | 52 hours | | General Staff | 69% | 28 hours | [Environmental Protection](index=44&type=section&id=Environmental%20Protection) The Group actively engages in environmental protection through climate change initiatives, achieving a slight decrease in greenhouse gas emissions, while maintaining stable energy, waste, and water consumption, and ensuring compliant waste and wastewater management Greenhouse Gas Emissions (Scope 1 & 2) | Metric | 2024/25 Period | 2023/24 Period | | :--- | :--- | :--- | | Total Emissions (tonnes CO2e) | 680.11 | 690.08 | Energy and Resource Consumption | Category | Unit | 2024/25 Period | 2023/24 Period | | :--- | :--- | :--- | :--- | | Total Energy Consumption | MWh | 1,289.41 | 1,308.99 | | Total Hazardous Waste | tonnes | 21.03 | 20.55 | | Total Non-Hazardous Waste | tonnes | 14.13 | 13.53 | | Total Water Consumption | cubic meters | 57,117.61 | 57,176.00 | - The Group reduces greenhouse gas emissions by utilizing carbon offsets from the Hebei Cheng'an Biomass Cogeneration Project, which generates electricity using local cotton stalks[227](index=227&type=chunk) [Corporate Governance Report](index=67&type=section&id=Corporate%20Governance%20Report) This report outlines the Group's corporate governance framework, including the board's structure, committee functions, and internal control systems, ensuring effective oversight and risk management [The Board of Directors](index=69&type=section&id=The%20Board%20of%20Directors) The Board, comprising executive, non-executive, and independent non-executive directors, is responsible for overall management and strategic decisions, with changes in membership and ongoing professional development provided - The Board currently consists of five directors: one executive director (Mr. Wang Jiajun), one non-executive director (Dr. Xiao Zhixin), and three independent non-executive directors (Dr. Liu Yongping, Ms. Chen Yongshan, Ms. Xu Wei)[310](index=310&type=chunk)[311](index=311&type=chunk) - During the reporting period, Mr. He Min resigned and Mr. Huang Hanjie retired as independent non-executive directors, while Ms. Chen Yongshan and Ms. Xu Wei were newly appointed as independent non-executive directors[311](index=311&type=chunk)[312](index=312&type=chunk) - All directors participated in continuous professional development activities during FY2025, including attending conferences, courses, or reading professional articles[323](index=323&type=chunk)[325](index=325&type=chunk) [Board Committees](index=74&type=section&id=Board%20Committees) The company has established Audit, Remuneration, and Nomination and Corporate Governance Committees, predominantly composed of independent non-executive directors, to oversee financial reporting, executive compensation, and board structure, holding regular meetings throughout the year - The Audit Committee, comprising three independent non-executive directors, oversees the integrity of financial reporting, the independence of external auditors, and the internal control system, holding **3** meetings during the year[346](index=346&type=chunk)[348](index=348&type=chunk) - The Remuneration Committee is responsible for advising the Board on the remuneration policies and structures for directors and senior management, holding **3** meetings during the year[352](index=352&type=chunk)[355](index=355&type=chunk) - The Nomination and Corporate Governance Committee is responsible for regularly reviewing the Board's structure, size, and composition, and advising on director nominations and corporate governance matters, holding **2** meetings during the year[360](index=360&type=chunk)[367](index=367&type=chunk) [Internal Control and Risk Management](index=83&type=section&id=Internal%20Control%20and%20Risk%20Management) The Board is responsible for maintaining effective risk management and internal control systems, which were reviewed and deemed adequate, supported by a clear management structure, policies, risk self-assessments, and an internal audit function - The Board confirms its responsibility for maintaining effective risk management and internal control systems, which are designed to manage rather than eliminate risks, providing reasonable but not absolute assurance[381](index=381&type=chunk) - During the year, the Board reviewed the Group's risk management and internal control systems, covering all significant financial, operational, compliance controls, and risk management functions, deeming the systems adequate and effective[387](index=387&type=chunk) - The Group has established an internal audit function and implemented a whistleblowing policy for employees to raise concerns about any potential improprieties, thereby enhancing monitoring awareness and system effectiveness[395](index=395&type=chunk) [Report of the Directors](index=92&type=section&id=Report%20of%20the%20Directors) This report details the company's principal activities, business review, financial results, dividend policy, major customer and supplier relationships, and share option schemes [Principal Activities and Business Review](index=93&type=section&id=Principal%20Activities%20and%20Business%20Review) The company operates as an investment holding company, with subsidiaries primarily engaged in pharmaceutical wholesale distribution and hemodialysis treatment and consulting services in China, with detailed reviews provided in the Management Discussion and Analysis section - The company's principal activities are pharmaceutical wholesale and distribution, and providing hemodialysis treatment and consulting services in China[431](index=431&type=chunk) [Results and Dividends](index=94&type=section&id=Results%20and%20Dividends) The company's annual results are detailed in the financial statements, and in line with its dividend policy adopted in 2018, the Board does not recommend any final dividend for the year ended March 31, 2025 - The Board does not recommend the payment of any final dividend for the year ended March 31, 2025 (2024: Nil)[448](index=448&type=chunk) [Major Customers and Suppliers](index=97&type=section&id=Major%20Customers%20and%20Suppliers) During the fiscal year, the Group maintained a diversified customer and supplier base, with the largest customer accounting for 8.44% of total revenue and the largest supplier for 7.20% of total purchases Customer and Supplier Concentration | Category | Concentration | Percentage of Total | | :--- | :--- | :--- | | Customers | Largest Customer | 8.44% | | Customers | Top Five Customers | 19.21% | | Suppliers | Largest Supplier | 7.20% | | Suppliers | Top Five Suppliers | 25.14% | [Share Option Scheme](index=107&type=section&id=Share%20Option%20Scheme) The company terminated its 2013 Share Option Scheme and adopted a new 2023 scheme, with 80.79 million options outstanding under the old plan and 56.02 million shares available under the new scheme, though no new options were granted during the reporting period - The '2013 Share Option Scheme' was terminated on September 15, 2023, but previously granted options remain valid; as of March 31, 2025, **80,793,054** share options remain unexercised[518](index=518&type=chunk)[523](index=523&type=chunk) - The company adopted a new '2023 Share Option Scheme' on September 15, 2023, with a total of **56,022,213** shares available for issue, representing **10%** of the issued share capital; no share options were granted under this new scheme as of the end of the reporting period[1184](index=1184&type=chunk)[1189](index=1189&type=chunk) [Financial Statements](index=119&type=section&id=Financial%20Statements) This section presents the Group's audited financial statements, including the independent auditor's report, consolidated statements of profit or loss, financial position, and cash flows, providing a comprehensive view of its financial performance and health [Independent Auditors' Report](index=119&type=section&id=Independent%20Auditors'%20Report) HLB Hodgson Impey Cheng Limited issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, with key audit matters focusing on goodwill and trade receivables impairment assessments - The auditors opined that the consolidated financial statements present a true and fair view of the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards and are properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance[579](index=579&type=chunk) - Key audit matters include: - **Goodwill Impairment Assessment**: Involves the impairment test of approximately **HKD24.24 million** goodwill related to the hemodialysis treatment and consulting services business, with management concluding no impairment loss needed to be recognized - **Impairment Assessment of Trade Receivables**: Involves the assessment of expected credit losses for approximately **HKD25.07 million** trade receivables, where management applied judgment and estimation[587](index=587&type=chunk)[595](index=595&type=chunk) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=129&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, the Group reported total revenue of HKD161.7 million, a 10.7% decrease, but significantly narrowed its operating loss to HKD4.09 million and total annual loss to HKD6.57 million due to effective cost control Consolidated Statement of Profit or Loss Summary (HKD '000) | Item | FY2025 (HKD '000) | FY2024 (HKD '000) | | :--- | :--- | :--- | | Revenue | 161,693 | 181,092 | | Gross Profit | 50,347 | 54,740 | | Operating Loss | (4,089) | (39,438) | | Loss Before Tax | (5,492) | (41,149) | | Loss for the Year | (6,573) | (40,295) | | **Loss Attributable to Owners of the Company** | **(6,616)** | **(39,977)** | - Basic and diluted loss per share significantly narrowed to **1.18 HK cents** from **7.14 HK cents** in the previous year[628](index=628&type=chunk) [Consolidated Statement of Financial Position](index=131&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were HKD106.8 million, with total liabilities of HKD38.19 million and net assets of HKD68.63 million, reflecting an increase in cash and cash equivalents and a decrease in trade and other receivables Consolidated Statement of Financial Position Summary (HKD '000) | Item | As of March 31, 2025 (HKD '000) | As of March 31, 2024 (HKD '000) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 50,208 | 58,709 | | Current Assets | 56,614 | 58,392 | | **Total Assets** | **106,822** | **117,101** | | **Liabilities and Equity** | | | | Current Liabilities | 29,002 | 30,361 | | Non-current Liabilities | 9,187 | 11,545 | | **Total Liabilities** | **38,189** | **41,906** | | **Net Assets** | **68,633** | **75,195** | | **Total Equity** | **68,633** | **75,195** | [Consolidated Statement of Cash Flows](index=135&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) In FY2025, the Group generated HKD10.65 million in net cash from operating activities, primarily due to reduced trade receivables, resulting in a net increase of HKD6.25 million in cash and cash equivalents, bringing the year-end balance to HKD24.08 million Consolidated Statement of Cash Flows Summary (HKD '000) | Item | FY2025 (HKD '000) | FY2024 (HKD '000) | | :--- | :--- | :--- | | Net Cash From Operating Activities | 10,652 | 9,302 | | Net Cash (Used in)/From Investing Activities | (697) | 674 | | Net Cash Used in Financing Activities | (3,708) | (1,042) | | **Net Increase in Cash and Cash Equivalents** | **6,247** | **8,934** | | Cash and Cash Equivalents at Beginning of Year | 18,228 | 9,876 | | **Cash and Cash Equivalents at End of Year** | **24,083** | **18,228** | [Five Years Financial Summary](index=260&type=section&id=Five%20Years%20Financial%20Summary) This section provides a five-year summary of the Group's key financial performance indicators, including revenue, gross profit, net profit/loss, total assets, total liabilities, and total equity, offering a historical perspective on its financial trends Five Years Financial Summary (HKD '000) | For the Year Ended March 31 | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Results** | | | | | | | Revenue | 161,693 | 181,092 | 173,702 | 154,823 | 114,086 | | Gross Profit | 50,347 | 54,740 | 56,936 | 54,234 | 41,336 | | (Loss)/Profit for the Year | (6,573) | (40,295) | 1,938 | (50,937) | (4,477) | | **Assets and Liabilities** | | | | | | | Total Assets | 106,822 | 117,101 | 173,448 | 191,818 | 223,587 | | Total Liabilities | (38,189) | (41,906) | (53,221) | (63,722) | (52,512) | | Total Equity | 68,633 | 75,195 | 120,227 | 128,096 | 171,075 |