WANLEADER：ANNUALRESULTSANNOUNCEMENTFORTHEYEARENDED31MARCH2025.pdf

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1、 1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in rel

2、iance upon the whole or any part of the contents of this announcement.WAN LEADER INTERNATIONAL LIMITED萬勵達國際有限公司(Incorporated in the Cayman Islands with limited liability)(Stock Code:8482)ANNUAL RESULTS ANNOUNCEMENTFOR THE YEAR ENDED 31 MARCH 2025CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG K

3、ONG 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 s

4、uch companies and should make the decision to invest only after due and careful consideration.Given that the companies listed on GEM are generally small and mid-sized companies,there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on t

5、he Main Board and no assurance is given that there will be a liquid market in the securities traded on GEM.This announcement,for which the directors of Wan Leader International Limited(the“Company”)collectively and individually accept full responsibility,includes particulars given in compliance with

6、 the Rules Governing the Listing of Securities on GEM of the Stock Exchange(the“GEM Listing Rules”)for the purpose of giving information with regard to the Company and its subsidiaries(together,the“Group”).The directors of the Company(the“Directors”),having made all reasonable enquiries,confirm that

7、,to the best of their knowledge and belief(i)the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive;and(ii)there are no other matters the omission of which would make any statement herein or this announcement misleading.2 Annu

8、al ResultsThe board of Directors(the“Board”)of the Company and its subsidiaries(collectively referred to as the“Group”)is please to announce the audited consolidated results of the Group for the year ended 31 March 2025 together with the comparative figures for the previous year are as follows:CONSO

9、LIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the year ended 31 March 202520252024NotesHK$000HK$000Revenue4157,584187,193Cost of sales and services(155,360)(182,555)Gross profit2,2244,638Other income,gains and losses,net5(1,388)378Sales and marketing expenses(3,527)(5,998)Adm

10、inistrative expenses(22,693)(23,364)Impairment losses under expected credit loss model,net of reversal6(264)(304)Gain on disposal of subsidiaries1,879Finance costs7(1,363)(101)Loss before income tax(25,132)(24,751)Income tax(expense)credit8(81)80Loss for the year9(25,213)(24,671)3 20252024NotesHK$00

11、0HK$000Other comprehensive income/(expense)for the yearItem that may be reclassified subsequently to profit or lossExchange differences arising on translation of financial statements of foreign operations20(102)Reclassification of statutory reserve and cumulative exchange reserve upon disposal of su

12、bsidiaries(107)Other comprehensive expense for the year(87)(102)Total comprehensive expense for the year attributable to equity holders of the Company(25,300)(24,773)HK centsHK cents(restated)Loss per share attributable to equity holders of the Company11Basic and diluted(20.2)(21.6)4 CONSOLIDATED ST

13、ATEMENT OF FINANCIAL POSITIONAs at 31 March 202520252024NotesHK$000HK$000Non-current assetsProperty,plant and equipment6513,375Deposits12858Deferred tax assets581487943,531Current assetsInventories432Trade and other receivables,deposits and prepayments1255,65568,207Amount due from a related company1

14、,901Pledged bank deposits3,017Bank balances and cash15,51114,82371,16688,380Current liabilitiesTrade and other payables1325,40129,941Contract liabilities323Lease liabilities152486Bank and other borrowings149,099756Tax payables1,26734,65232,773Net current assets36,51455,607Total assets less current l

15、iabilities37,30859,138 5 20252024NotesHK$000HK$000Non-current liabilitiesLease liabilities66353Provisions150100Other payables13516732453Net Assets36,57658,685Capital and reservesShare capital1514,97412,478Reserves21,60246,207Equity attributable to equity holders of the Company36,57658,685 6 NOTES TO

16、 THE CONSOLIDATED FINANCIAL STATEMENTSFor the year ended 31 March 20251.GENERAL INFORMATIONWan Leader International Limited(the“Company”)was incorporated in the Cayman Islands as an exempted company with limited liability and its shares were listed on GEM of The Stock Exchange of Hong Kong Limited(t

17、he“Stock Exchange”).The registered office of the Company and principal place of business of the Company are disclosed in the Corporate Information section to the annual report.The Company is an investment holding company.The Company and its subsidiaries(collectively referred to as the“Group”)are pri

18、ncipally engaged in provision of freight forwarding and related logistics services,provision of entrusted management services for operating an online e-commerce platform and trading of fashion items.The consolidated financial statements are presented in Hong Kong dollar(“HK$”)which is also the funct

19、ional currency of the Company.The English names of all the companies established in the Peoples Republic of China(the“PRC”)presented in these consolidated financial statements represent the best efforts made by the directors of the Company for the translation of the Chinese names of these companies

20、to English names as they do not have official English names.2.BASIS OF PREPARATIONThe consolidated financial statements have been prepared on the historical cost basis at the end of each reporting date.The consolidated financial statements have been prepared in accordance with Hong Kong Financial Re

21、porting Standards(“HKFRSs”)issued by the Hong Kong Institute of Certified Public Accountants(the“HKICPA”)as well as with the applicable disclosure requirements of the Rules Governing the Listing of Securities on GEM of The Stock Exchange of Hong Kong Limited(the“GEM Listing Rules”).Other than change

22、s in accounting policies resulting from application of new and amendments to HKFRSs,the accounting policies and methods of computation used in the consolidated financial statements for the year ended 31 March 2025 are the same as those followed in the preparation of the Groups consolidated financial

23、 statements for the year ended 31 March 2024.7 3.APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS(“HKFRSs”)AND CHANGES IN OTHER ACCOUNTING POLICIESAmendments to HKFRSs that are mandatorily effective for the current yearIn the current year,the Group has applied the followi

24、ng new and amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants(the“HKICPA”)for the first time,which are mandatorily effective for the Groups annual period beginning on 1 April 2024 for the preparation of the consolidated financial statements:Amendments to HKFRS 16L

25、ease Liability in a Sale and LeasebackAmendments to HKAS 1Classification of Liabilities as Current or Non-current and related amendments to Hong Kong Interpretation 5(2020)Amendments to HKAS 1Non-current Liabilities with CovenantsAmendments to HKAS 7 and HKFRS 7Supplier Finance ArrangementsThe appli

26、cation of the amendments to HKFRSs in the current year has had no material impact on the Groups financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.New and amendments to HKFRSs in issue but not yet effective

27、The Group has not early applied the following new and amendments to HKFRSs that have been issued but are not yet effective:Amendment to HKFRS 9 and HKFRS 7Amendments to the Classification and Measurement of Financial Instructments3Amendment to HKFRS 10 and HKAS 28Sale or Contribution of Assets betwe

28、en an Investor and its Associate or Joint Venture1Amendments to HKFRS Accounting StandardsAnnual Improvements to HKFRS Accounting Standards Volume 113Amendments to HKAS 21Lack of Exchangeability2HKFRS 18Presentation and Disclosure in Financial Statements41 Effective for annual periods beginning on o

29、r after a date to be determined.2 Effective for annual periods beginning on or after 1 January 2025.3 Effective for annual periods beginning on or after 1 January 2026.4 Effective for annual periods beginning on or after 1 January 2027.Except for the new and amendments to HKFRSs mentioned below,the

30、application of the amendments to HKFRSs is not expected to have material impact to the Groups consolidated financial statements in the future.8 HKFRS 18 Presentation and Disclosure in Financial StatementsHKFRS 18 Presentation and Disclosure in Financial Statements(“HKFRS 18”),which sets out requirem

31、ents on presentation and disclosures in financial statements,will replace HKAS 1 Presentation of Financial Statements(“HKAS 1”).This new HKFRS Accounting Standard,while carrying forward many of the requirements in HKAS 1,introduces new requirements to present specified categories and defined subtota

32、ls in the statement of profit or loss;provide disclosures on management-defined performance measures in the notes to the financial statements and improve aggregation and disaggregation of information to be disclosed in the financial statements.In addition,some HKAS 1 paragraphs have been moved to HK

33、AS 8 Accounting Policies,Changes in Accounting Estimates and Errors and HKFRS 7 Statement of Cash Flows(“HKAS 7”).Minor amendments to HKAS 7 and HKAS 33 Earnings Per Share are also made.HKFRS 18,and amendments to other standards,will be effective for annual periods beginning on or after 1 January 20

34、27,with early application permitted.The application of HKFRS 18 is expected to affect the presentation of the statement of profit or loss and disclosures in the future consolidated financial statements but is not expected to have material impact on the Groups consolidated financial positions and per

35、formance.The Group is in the process of assessing the detailed impact of HKFRS 18 on the Groups future consolidated financial statements.4.REVENUE AND SEGMENT INFORMATIONThe Groups revenue from provision of freight forwarding and related logistics services and entrusted management service for operat

36、ing an online e-commerce platform is recognised over time when the customer simultaneously receives and consumes the benefits provided by the Groups performance as the Group performs,using output method.Revenue from trading of fashion items is recognised when the customer obtains control of the dist

37、inct goods.The Groups operating segments are determined based on information reported to the chief operating decision maker(the“CODM”)of the Group,being Mr.Thomas Loy,an executive director of the Group,for the purpose of resource allocation and performance assessment focuses on the different types o

38、f services.The CODM regularly review revenue and results analysis by(i)provision of freight forwarding and related logistics services;(ii)entrusted management service for operating an online e-commence platform and(iii)trading of fashion items.No analysis of segment assets and segment liabilities ar

39、e presented as such information is not regularly provided to the CODM in current or prior year.9 During the year ended 31 March 2025,and 31 March 2024 specifically,the Groups reportable segments are as follows:i)Provision of freight forwarding and related logistics services;ii)Entrusted management s

40、ervice for operating an online e-commerce platform;andiii)Trading of fashion items.An analysis of the Groups revenue for the year is as follow:20252024HK$000HK$000Revenue from contracts with customerswithin the scope of HKFRS 15Disaggregate by reportable segments:Provision of freight forwarding and

41、related logistics services:Air freight156,880170,549 Sea freight1214,997157,001175,546Entrusted management service for operating an online e-commerce platformTrading of fashion items58311,647157,584187,193All performance obligations for provision of freight forwarding and related logistics services,

42、entrusted management services for operating an online e-commerce platform and trading of fashion items are for a period of less than one year.As permitted under HKFRS 15,the transaction price allocated to these unsatisfied/partially unsatisfied performance obligations as at 31 March 2025 and 2024 ar

43、e not disclosed.10 Revenue and results by reportable and operating segmentThe following is an analysis of the Groups revenue and results by reportable and operating segments.For the year ended 31 March 2025Freight forwarding and related logistics servicesEntrustedmanagementservice foroperatingan onl

44、inee-commerceplatformTrading of fashion itemsTotalHK$000HK$000HK$000HK$000REVENUEExternal revenue and segment revenue157,001583157,584RESULTSegment loss(11,622)(2,618)(199)(14,439)Other income,gain and losses,net(989)Corporate expenses(10,220)Gain on disposal of subsidiaries1,879Finance costs(1,363)

45、Loss before income tax(25,132)11 For the year ended 31 March 2024Freight forwarding and related logistics servicesEntrustedmanagementservice foroperatingan onlinee-commerceplatformTrading of fashion itemsTotalHK$000HK$000HK$000HK$000REVENUEExternal revenue and segment revenue175,54611,647187,193RESU

46、LTSegment(loss)/profit(16,456)(890)2,489(14,857)Other income462Corporate expenses(10,255)Finance costs(101)Loss before income tax(24,751)The accounting policies of the operating segments are the same as the Groups accounting policies.Segment result represents profit or loss before income tax from ea

47、ch segment without allocation of certain other income,certain central administrative expenses,and finance costs.This is the measure reported to the CODM for the purpose of resource allocation and performance assessment.12 Other segment information Amounts included in segment resultsFor the year ende

48、d 31 March 2025Freight forwarding and related logistics servicesEntrustedmanagementservice foroperatingan onlinee-commerceplatformTrading of fashion items UnallocatedTotalHK$000HK$000HK$000HK$000HK$000Amount included in the measure of segment loss:Addition to non-current assets (note(i)352352Depreci

49、ation of property,plant and equipment(582)(239)(528)(1,349)Impairment losses under expected credit loss model,net of reversal79(343)(264)Amounts regularly provided to the chief operating decision maker but not included in the measure of segment:Interest income7312177Finance costs(34)(1,329)(1,363)In

50、come tax expense(29)(45)(7)(81)13 For the year ended 31 March 2024Freight forwardingand related logistics servicesEntrustedmanagementservice foroperatingan onlinee-commerceplatformTrading of fashion items UnallocatedTotalHK$000HK$000HK$000HK$000HK$000Amounts included in the measure of segment loss:A

51、ddition to non-current assets (note(i)1,9201,920Depreciation of property,plant and equipment(752)(253)(786)(1,791)Impairment losses under expected credit loss model,net of reversal(97)4(211)(304)Amounts regularly provided to the chief operating decision maker but not included in the measure of segme

52、nt:Interest income2174221Finance costs(78)(23)(101)Income tax credit3745(2)80Note(i):Non-current assets excluded deferred tax assets.Addition of non-current assets during the year ended 31 March 2025 and 31 March 2024 represented purchase of office equipment under property,plant and equipment and ad

53、ditions of right-of-use assets.14 5.OTHER INCOME,GAINS AND LOSSES,NET20252024HK$000HK$000Other income comprises:Bank interest income75220Sundry income224277462Other gains and losses,net comprises:Exchange(losses)gains(5)31Loss on written off and disposal of property,plant and equipment(1,460)Loss on

54、 written off of inventories(115)(1,465)(84)(1,388)3786.IMPAIRMENT LOSSES UNDER EXPECTED CREDIT LOSS MODEL,NET OF REVERSAL20252024HK$000HK$000Impairment losses under expected credit loss model,net of reversal,comprise:Reversal of(provision for)impairment losses on trade receivables198(309)(Provision

55、for)reversal of impairment losses on deposits and other receivables and amount due from a related company(462)5(264)(304)7.FINANCE COSTS20252024HK$000HK$000Interests on:bank and other borrowings1,31141 lease liabilities52601,363101 15 8.INCOME TAX(EXPENSE)CREDITThe income tax expense/(credit)compris

56、es:20252024HK$000HK$000Deferred taxation current year 81(80)Under the two-tiered profits tax rates regime,the first HK$2 million of profits of qualifying corporation will be taxed at 8.25%,and profits above HK$2 million will be taxed at 16.5%.For the years ended 31 March 2025 and 2024,Hong Kong prof

57、its tax of the qualified entity of the Group is calculated in accordance with the two-tiered profits tax rates regime.The profits of other Group entities in Hong Kong not qualifying for the two-tiered profits tax rates regime will continue to be taxed at the flat rate of 16.5%.Under the Law of the P

58、RC on Enterprise Income Tax(the“PRC EIT Law”)and Implementation Regulation of the PRC EIT Law,the tax rate of the PRC subsidiaries is 25%from 1 January 2008 onwards.Pursuant to the rules and regulations of the Cayman Islands and the BVI,the Group is not subject to any income tax in the Cayman Island

59、s and the BVI.9.LOSS FOR THE YEAR20252024HK$000HK$000Loss for the year has been arrived at after(crediting)charging:Staff cost(excluding directors emoluments):Salaries,bonus and other benefits11,08610,666 Contributions to retirement benefits schemes42439811,51011,064Auditors remuneration700762Deprec

60、iation of property,plant and equipment1,3491,791Cost of sales and services155,36018,255 16 10.DIVIDENDSThe directors of the Company do not recommend the payment of a final dividend for the years ended 31 March 2025 and 31 March 2024,nor has any dividend been proposed since the end of the reporting p

61、eriod.11.LOSS PER SHARE(a)BasicThe calculation of the basic and diluted loss per share based on the following data:20252024HK$000HK$000Loss figures are calculated as follows:Loss represent loss for the year attributable to the owners of the Company(25,213)(24,671)20252024000 of shares000 of shares(R

62、estated)Number of sharesIssued ordinary shares at 1 April1,247,830990,000Effect of shares issued under the May 2023 Placing98,341Effect of shares issued under the November 2023 Placing54,276Effect of Share Consolidation(1,123,047)(1,028,355)Effect of shares issued under the 2025 Placing68Weighted av

63、erage number of ordinary shares for the purpose of basic loss per share124,851114,262(b)DilutedDiluted loss per share is same as basic loss per share as there were no potential ordinary shares in issue for the years ended 31 March 2025 and 2024.17 12.TRADE AND OTHER RECEIVABLES,DEPOSITS AND PREPAYME

64、NT20252024HK$000HK$000Receivables at amortised cost comprise:Trade receivables32,28633,309Less:Allowances(507)(705)31,77932,604Prepayment,deposits and other receivables comprise:Rental deposits92112 Third party freight forwards2,000 Logistics and warehouse services2,16010,800 Suppliers of fashion it

65、ems16,66718,629 Other deposits and prepayments348372 Other receivables5,1583,70024,42535,613Less:Allowances(464)(2)23,96135,611Total trade and other receivables,deposits and prepayment55,74068,215Analysed as:Current55,65568,207 Non-current85855,74068,215 18 The following is an aging analysis of trad

66、e receivables net of allowance for expected credit losses of trade receivables,presented based on the invoice date,which approximates the respective revenue recognition dates,at the reporting date:20252024HK$000HK$000Within 30 days16,54515,914More than 30 but within 60 days9,2929,066More than 60 but

67、 within 90 days137,343More than 90 days but within 1 year516281More than 1 year5,41331,77932,60413.TRADE AND OTHER PAYABLES20252024HK$000HK$000Trade payables22,41321,409Other payables and accrued expenses3,5048,53225,91729,941Analysed as:Current25,40129,941 Non-current51625,91729,941 19 The followin

68、g is an aging analysis of trade payables presented based on the invoice date at the end of the reporting period.20252024HK$000HK$000Within 30 days16,22313,406More than 30 but within 60 days5,5667,416More than 60 but within 90 days8245More than 90 days but within 1 year542More than 1 year54222,41321,

69、40914.BANK AND OTHER BORROWINGSThe followings are carrying amounts of bank and other borrowings presented based on contractual scheduled repayment dates set out in the loan agreements:20252024HK$000HK$000Within one year9,099500After one year but within two years2569,099756Less:Amount due within one

70、year and shown under current liabilities(9,099)(500)Amount due after one year and shown under non-current liabilities256The carrying amounts of bank and other borrowings that are not repayable on demand or within one year from the end of the reporting period but contain a repayment on demand clause7

71、56 20 The unsecured bank borrowing as at 31 March 2024 carried at interest rate of Prime rate 2.25%per annum and repayable for 3 years to 5 years.The borrowings contains repayable on demand clause and thus,the balances had been classified as current liabilities.The proceeds were used for general wor

72、king capital purpose.As at 31 March 2025,other borrowings represented borrowing due to Cargo Man Logistics Company Limited,the shareholder of the Company.The amount is unsecured,carried at 28%per annum and repayable within one year.15.SHARE CAPITALNumber ofsharesAmount000HK$000Authorised:At 1 April

73、2023,31 March 2024 and 1 April 2024(ordinary share at HK$0.01 per share)10,000,000100,000Share Consolidation(note(i)below)(9,000,000)At 31 March 2025(ordinary share at HK$0.1 per share)1,000,000100,000Issued and fully paidAt 1 April 2023(ordinary share at HK$0.01 per share)990,0009,900Shares issued

74、under the May 2023 Placing112,8301,128Shares issued under the November 2023 Placing145,0001,450At 31 March 2024 and 1 April 2024(ordinary share at HK$0.01 per share)1,247,83012,478Share Consolidation(note(i)below)(1,123,047)Shares issued under the 2025 Placing(note(ii)below)24,9562,496At 31 March 20

75、25(ordinary share at HK$0.1 per share)149,73914,974 21(i)Share ConsolidationPursuant to the Companys announcement dated 23 December 2024,the Board of Directors of the Company(he“Board”)proposed to implement the share consolidation(the“Share Consolidation”)on the basis that every ten(10)issued and un

76、issued existing shares of HK$0.01 each would be consolidated into one(1)consolidated share of HK$0.10 each.As at 23 December 2024,the authorised share capital of the Company was HK$100,000,000 divided into 10,000,000,000 existing shares of par value of HK$0.01 each,of which 1,247,830,000 existing sh

77、ares have been issued and were fully paid or credited as fully paid.Upon the Share Consolidation becoming effective and assuming that no new existing shares would be issued or repurchased from 23 December 2024 until the effective date of the Share Consolidation,the authorised share capital of the Co

78、mpany would become HK$100,000,000 divided into 1,000,000,000 consolidated shares of par value of HK$0.10 each,of which 124,783,000 consolidated shares would be in issue which were fully paid or credited as fully paid.Pursuant to the Companys announcement dated 15 January 2025,the Company announced t

79、hat at the Companys extraordinary general meeting held on 15 January 2025,the proposed Share Consolidation was duly approved by the Shareholders of the Company by way of poll.All consolidated shares rank pari passu with each other in all respects with,and have the same rights and privileges as,the s

80、hares in issue prior to the approved consolidated share and thus,the Share Consolidation became effective on 17 January 2025.Further details of the above are set out in the Companys announcements dated 23 December 2024,8 January 2025 and 15 January 2025 and the Companys circular dated 31 December 20

81、24.(ii)2025 PlacingPursuant to the Companys announcement dated 11 March 2025,on 11 March 2025,the Company entered into the placing agreement(the“2025 Placing Agreement”)with the placing agent(the“2025 Placing Agent”)pursuant to which the 2025 Placing Agent conditionally agreed to place as the Compan

82、ys placing agent,on a best effort basis,the placing shares(the“2025 Placing Shares:”)of up to 24,956,600 new shares to certain placees at the placing price(the“2025 Placing Price”)of HK$0.137 per 2025 Placing Share(the“2025 Placing”).The 2025 Placing Shares would be allotted and issued pursuant to t

83、he general mandate granted to the directors of the Company by the Shareholders at the annual general meeting of the Company held on 23 September 2024.The 2025 Placing Price of HK$0.137 per 2025 Placing Share represents:(a)a discount of approximately 19.41%to the closing price of HK$0.17 per share as

84、 quoted on the Stock Exchange on the date of the 2025 Placing Agreement;and(b)a discount of approximately 18.36%to the average closing price of HK$0.1678 per share as quoted on the Stock Exchange in the last five consecutive trading days immediately prior to the date of the 2025 Placing Agreement.22

85、 Pursuant to the Companys announcement dated 31 March 2025,the Board announced that all the conditions precedent set out in the 2025 Placing Agreement had been fulfilled and completion of the 2025 Placing took place on 31 March 2025 in accordance with the terms and conditions of the 2025 Placing Agr

86、eement.An aggregate of 24,956,600 2025 Placing Shares,representing approximately 16.67%of the issued share capital of the Company as at 31 March 2025 immediately after completion,have been successfully placed to no less than six placees at the 2025 Placing Price of HK$0.137 per 2025 Placing Share.Th

87、e net proceeds from the 2025 Placing,after deduction of all relevant expenses amounted to approximately HK$3.19 million.The net issue price per 2025 Placing Share is approximately HK$0.129.The Company intends that(i)approximately HK$2.00 million will be used for repayment of loans;and(ii)approximate

88、ly HK$1.19 million will be used for replenishment of working capital and general business operation.All the above new shares shall rank pari passu in all respects with each other in the share capital of the Company.Further details of the above are set out in the Companys announcements dated 11 March

89、 2025 and 31 March 2025.23 BUSINESS REVIEWBased on the information from the General Administration of Customs of the Peoples Republic of China(the“PRC”),the total import and export trade volume in the PRC reached approximately RMB43.85 trillion in 2024,representing a year-on-year growth of 5%;wherea

90、s the total export trade volume broke the previous record of RMB25 trillion,reaching approximately RMB25.45 trillion for the first time,representing a year-on-year growth of 7.1%.This marks a new record high in terms of trade scale and the PRC has demonstrated strong and comprehensive competitivenes

91、s of its foreign trade.However,the uncertainty of global economic recovery,geopolitical risks and U.S.trade tariff policies may have significant impacts on Chinas imports and exports in 2025.In addition,the ongoing trade war between the United States of America and the PRC has created significant di

92、sruptions in global trade,with far-fetching implications for the freight forwarding sector.The Group will remain cautious and vigilant towards its business and development in the upcoming year,with our management to monitor the above-mentioned factors and to better position ourself to minimise our r

93、isk exposures and to seize any opportunities ahead.Reiterating that the economic recovery has fallen short of expectations,the increasing instability of geopolitical factors,shifts in consumer market patterns,and changes in consumer purchasing intent have significantly impacted the development of ou

94、r trading of fashion items in high-end consumer goods business.Due to the high level of uncertainty in the premium consumer goods market,the company decided at the end of 2024 to allocate the majority of its resources to its core logistics operations.As a result,the company anticipates a subsequent

95、decline in the performance of our trading of fashion items segment.The Company will continue to closely monitor various influencing factors and market changes to implement tailored business strategies in response to market challenges.At the same time,our management team will continue to consolidate

96、our advantages in existing transportation,warehousing,convenient customs clearance,and customised services to actively adapt to our customers logistics needs.Furthermore,with ever-heightening geopolitical tensions such as the Red Sea Crisis disrupting Suez Canal transits and the Iran-Israel Tensions

97、,oil price volatility is likely to result in higher shipping costs,our management team would also be studying for the exploration of alternative supply chain routes and markets which could also help to expand our customer base.On the other hand,we would keep looking for other attractive business(es)

98、in an attempt to diversify its business segments to reduce the reliance on existing logistics businesses and broaden its revenue base.The Company will continuously review its business strategies,improve operational efficiency,and strive for sustainable growth to create long-term value for shareholde

99、rs and investors.24 FINANCIAL REVIEWRevenueThe Groups revenue was primarily derived from(i)provision of air freight forwarding and related logistics services;(ii)provision of sea freight forwarding and related logistics services;(iii)provision of entrusted management services for operating an online

100、 e-commerce platform;and(iv)trading of fashion items.Total revenue of the Group decreased by approximately 15.8%from approximately HK$187.2 million for the Previous Year to approximately HK$157.6 million for the Year.The revenue of the Group decreased significantly.Revenue generated from provision o

101、f air freight forwarding and related logistics services for the Year amounted to approximately HK$156.9 million(Previous Year:approximately HK$170.6 million),accounting for approximately 99.6%of the Groups total revenue(Previous Year:approximately 91.1%).The revenue from this segment remained the ma

102、jor source of revenue of the Group.Revenue generated from the provision of sea freight forwarding and related logistics services for the Year amounted to approximately HK$0.1 million(Previous Year:approximately HK$5.0 million),accounting for approximately 0.1%of the Groups total revenue(Previous Yea

103、r:approximately 2.7%).Most of the Groups customers from this segment are direct shippers.Decrease in revenue from air and sea freight forwarding service with related logistics services decreased significantly due to(i)drops in demand for cargo spaces because of the worldwide economic downturn;and(ii

104、)one of the Group major business operations from this sector temporarily halted since the second quarter in 2024 due to strategic adjustment but was reactivated from the first quarter in 2025.No revenue was generated from the provision of entrusted management services from operating an online e-comm

105、erce platform for the Review Year as the business operation from this sector temporarily halted since January 2023(Previous Year:nil),not accounting for any of the Groups total revenue(Previous year:nil).Revenue generated from trading of fashion items for the Year amounted to approximately HK$0.6 mi

106、llion(Previous Year:approximately HK$11.6 million),accounting for approximately 0.3%of the Groups total revenue(Previous Year:6.2%).Cost of services and gross profitThe Groups cost of services decreased by approximately 14.9%from approximately HK$182.6 million for the Previous Year to approximately

107、HK$155.4 million for the Year.This decrease was mainly due to drops in demand for cargo spaces in the year,in line with the decrease in revenue from air and sea freight forwarding service with related logistics services.25 The Groups gross profit decreased by approximately 52.1%from approximately HK

108、$4.6 million for the Previous Year to approximately HK$2.2 million for the Year.Gross profit margin decreased from approximately 2.5%for the Previous Year to approximately 1.4%for the Year.Such increase was mainly attributable the effects of the unit cost of air and sea cargo spaces remained at a hi

109、gh level due to limited supply caused by the geopolitical risks and trade protectionism,it slowed down the customs clearance process between different countries worldwide.Other income,gains and losses,netOther income included bank interest income from bank deposits and other interest income from ref

110、undable rental deposits,and sundry income.Other gains and losses included foreign exchange losses and gains,and loss on disposal of property,plant and equipment in Hong Kong and PRC region.The Group recorded a net loss in other gains and losses during the Year,which was mainly attributable to the lo

111、ss on disposal of property,plant and equipment in Hong Kong and PRC region.Sales and marketing expensesSales and marketing expenses mainly included cost of business development and soliciting new customers.Administrative expensesThe Groups administrative expenses slightly decreased to approximately

112、HK$22.7 million for the Year from approximately HK$23.4 million for the Previous Year.Such expenses mainly included staff costs and benefits,audit fees,legal and professional fees,depreciation,utilities and other expenses.Impairment losses under expected credit losses model,net of reversalUnder the

113、Hong Kong Financial Reporting Standard 9“Financial Instruments”,the management assessed the measurement of expected credit losses(“ECL”)in relation to trade receivable,deposit and other receivables and used a collectively assessed provision matrix to calculate ECL.During the Year,a reversal of impai

114、rment loss of approximately HK$0.2 million(Previous Year:an impairment loss of approximately HK$0.3 million)in trade receivables was recognised due to the decrease in trade receivable balances and decrease in the customers past due ratio.During the Year,an impairment loss of approximately HK$0.5 mil

115、lion was recognised(Previous Year:a reversal of impairment loss of approximately HK$5,000 was recognised)due to an increase in deposits paid to suppliers of fashion items.26 Gain on disposal of subsidiariesDuring the Year,several dormant subsidiaries in Hong Kong and PRC region with a net liability

116、and an accumulated losses have been disposed in the first quarter of 2025,created a net gain of approximately HK$1.9 million to the Group(Previous Year:nil).Finance costsFinance costs for the Year represented interest expenses on lease liabilities and bank and other borrowings.Finance costs increase

117、d to approximately HK$1.4 million for the Year(Previous Year:approximately HK$0.1 million),as the amount of bank and other borrowings increased significant during the Year.Income tax expenseThe Groups income tax expense primarily included provisions for Hong Kongs Profits Tax,the PRC Enterprise Inco

118、me Tax,and deferred income tax.A loss before taxation(Previous Year:loss before taxation of approximately HK$24.8 million)of approximately HK$25.1 million for the Year was recorded,and a income tax expenses of approximately HK$HK$81,000 was recorded for the Year(Previous Year:income tax credit of ap

119、proximately HK$80,000).Loss for the yearThe Group recorded a loss for the year of approximately HK$25.2 million for the Year,compared to a loss for the year of approximately HK$24.7 million for the Previous Year.The loss was mainly due to the effects of(i)a decrease in revenue from air and sea freig

120、ht forwarding services with related logistics services,and the trading of fashion items in total of HK$29.6 million when compared with the Previous year;and(ii)an increase in finance costs for the year of approximately HK$1.3 million when compared with the Previous Year.All of these caused the Compa

121、ny faced a loss after tax expenses of HK$25.2 million for the Year.Trade and other receivablesTrade receivables(net of allowance for expected credit losses of trade receivables)decreased by 2.5%to approximately HK$31.8 million(Previous year:approximately HK$32.6 million).Such decrease was primarily

122、to the settlements received from the customers of the trading of fashion items during the Year was approximately HK$5.1 million(Previous Year:approximately HK$4.9 million).It represented a significant settlement as the revenue for this segment was approximately HK$0.5 million only during the Year.27

123、 Up to the date of this announcement,the Group has received approximately HK$0.8 million settlements from the customers from this segment.The Groups prepayment,deposits and other receivable(net of allowance for expected credit losses of trade receivables)decreased by 32.7%to approximately HK$24.0 mi

124、llion(Previous year:approximately HK$35.6 million).Such decrease was mainly because of(i)decrease in prepayments to a supplier of logistics and warehouse services by 80%to approximately HK$2.2 million(Previous year:approximately HK$10.8 million)as continuing used up the prepayment of storage fee dur

125、ing the year;and(ii)refund of Third party freight forwards received during the Year HK$2 million.Trade and other payablesTrade payables increased by 4.7%to approximately HK$22.4 million(Previous year:approximately HK$21.4 million).Other payables and accrued expenses decreased by 58.9%to approximatel

126、y HK$3.5 million(Previous year:approximately HK$8.5 million).Such decrease was mainly because of disposal of subsidiaries in HK and PRC region with Other payables and accrued expenses of approximately HK$6.8 million(Previous Year:5.0 million).DIVIDENDThe Directors do not recommend the payment of a f

127、inal dividend for the Year(Previous Year:nil).LIQUIDITY,FINANCIAL RESOURCES AND GEARING RATIOThe Group funded the liquidity and capital requirements for the Year primarily through internal resources and bank and other borrowings.At 31 March 2025,the Group had cash and cash equivalents of approximate

128、ly HK$15.5 million(at 31 March 2024:approximately HK$14.8 million)and no pledged bank deposits(at 31 March 2024:approximately HK$3.0 million),most of which were either denominated in HKD,USD or RMB.At 31 March 2025,the Group had bank and other borrowings approximately HK$9.1 million(at 31 March 2024

129、:approximately HK$0.8 million).The Group had lease liabilities of approximately HK$0.2 million at 31 March 2025(at 31 March 2024:approximately HK$0.8 million).The gearing ratio is the debts(including bank and other borrowings and lease liabilities)divided by total equity and multiplied by 100%at the

130、 year-end date.The gearing ratio of the Group at 31 March 2025 was approximately 25.5%(at 31 March 2024:approximately 2.7%).As a result of the increase in bank and other borrowings and decrease in total equity,the gearing ratio of the Group increased as at the reporting date.28 During the Year,the G

131、roup did not enter into any financial instrument for hedging purpose.The Directors are of the view that,at the date of this announcement,the Groups financial resources are sufficient to support its business and operations.CHARGE ON ASSETSAt 31 March 2025,no bank deposits(at 31 March 2024:approximate

132、ly HK$3.0 million)was pledged to secure the guarantee facilities obtained by the Group and certain property,plant and equipment of the Group with a carrying amount of approximately HK$0.2 million(at 31 March 2024:approximately HK$1.0 million)were held under finance lease.Save as disclosed,the Group

133、did not have any charges on its assets.FOREIGN EXCHANGE EXPOSUREDuring the Year,the Group received payments from the Groups customers in foreign currencies,such as USD,Euro(“EUR”),RMB and NTD,and also settled some of its costs and expenses with suppliers in foreign currencies,such as in USD,EUR,RMB

134、and NTD.The Group is exposed to certain foreign exchange risks in respect of depreciation or appreciation amongst those currencies.The Groups operating activities are mainly denominated in Hong Kong dollars and the Group is exposed to foreign exchange risks primarily arising from provisions of servi

135、ces to customers and payments of cost of services to suppliers whose operating activities are denominated in foreign currencies.Although the Group does not maintain any specific hedging policy or foreign currency forward contracts,the Groups management closely monitors foreign exchange exposure and

136、will consider hedging significant foreign currency exposure should it become necessary.FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETSAt 31 March 2025,the Group had no outstanding capital commitments(at 31 March 2024:nil)for the acquisition of property,plant and equipment.Save for the plans

137、disclosed in the Prospectus,theCompanys announcement(s)or the Annual Report,the Group did not have any future plans for material investments or capital assets at 31 March 2025.MATERIAL ACQUISITIONS AND DISPOSALSDuring the Year,several dormant subsidiaries in Hong Kong and PRC region with a net liabi

138、lity and an accumulated losses have been disposed in the first quarter of 2025,created a net gain of approximately HK$1.9 million to the Group(Previous Year:nil).Apart from the disposal mentioned in above,the Group did not have any other material acquisition and disposal of subsidiary or associated

139、company during the year ended 31 March 2025.29 SIGNIFICANT INVESTMENTSThe Group did not hold any significant investments during the Year.CAPITAL EXPENDITUREDuring the Year,the Group invested HK$0.3 million in property,plant and equipment,mainly attributable to right-of-use assets in Hong Kong office

140、(Previous year:approximately HK$1.9 million to computer software in Hong Kong office).CONTINGENT LIABILITIESThe Group did not have any material contingent liabilities at 31 March 2024 and at 31 March 2025.CAPITAL STRUCTURESave as disclosed in note 15 of this announcement,the Group did not have any o

141、ther change in the capital structure since 1 April 2024.The share capital of the Company consists of ordinary shares of the Company only.At 31 March 2025,the Companys issued share capital was HK$15.0 million,the number of issued ordinary shares was 149,739,000 and the par value of each ordinary shar

142、e was HK$0.10.TREASURY POLICYThe Group adopts a prudent financial management approach towards its treasury policy and thus maintained a healthy liquidity position throughout the Year.The management of the Group regularly reviews the recoverable amount of each individual trade debtor to ensure prompt

143、 recovery and if necessary,to make adequate impairment losses for irrecoverable amounts.During the Year,a sum of approximately HK$0.3 million of impairment losses recognised under expected credit loss model on trade and other receivables and deposits was recognised(Previous Year:approximately HK$0.3

144、 million was recognised.)30 OUTLOOK AND PROSPECTSSince Donald Trump became the U.S.President,shifts in U.S.trade tariff policies have disrupted the whole of the logistics market and thus increasing shipment volatility.Additionally,the ongoing U.S.-China trade war has accelerated supply chain relocat

145、ions to Southeast Asia and caused reducing cargo volumes from China.This could lead to a decline in Chinese exports,potentially affecting the Groups business in this regard.To tackle these challenges,management has been taking proactive steps,including but not limited to implementing cost-saving ini

146、tiatives,securing financial stability,and diversifying revenue sources.The Group remains committed to strengthening customer relationships,outperforming competitors through superior service provision,and optimising fleet and container management to enhance reliability and flexibility.EMPLOYMENT AND

147、REMUNERATION POLICYAt 31 March 2025,the Group employed 20 staff in Hong Kong(at 31 March 2024:32 staff in Hong Kong and 7 staff in the PRC).For the Year,the Groups total costs for employee compensation and benefits(including Directors emoluments)were approximately HK$13.8 million(Previous Year:appro

148、ximately HK$15.4 million).Remuneration is determined with reference to market terms,industrial norms and the performance,qualifications and experience of the employees.Apart from basic remuneration,share options may be granted by the Company to eligible employees with reference to the Groups perform

149、ance as well as the individuals contribution.As disclosed in the Prospectus,the Company adopted a share option scheme on 14 August 2018(“Share Option Scheme”)to incentivize and retain staff members who have contributed to the development and success of the Group.The Directors believe that the compen

150、sation packages offered by the Group to its employees are competitive in comparison with market standard and practices.During the Year,the Groups employees attended training in relation to air cargo operations and safety,listing rules,tax and accounting.COMPLIANCE WITH LAWS AND REGULATIONSTo the bes

151、t of the Directors knowledge,information and belief,having made all reasonable enquiries,the Group has in all material respects complied with all relevant laws,rules and regulations that have a significant impact on the Group and its operations.31 ENVIRONMENTAL POLICIES AND PERFORMANCEThe Group rega

152、rded environmental protection as an integral part of its operations.The management of the Company has promoted the green concept in the daily operations through energy saving programs and reducing resource consumption.When the Group improved the lighting of the office,the Group already considered us

153、ing LED lights to reduce energy consumption.Employees are encouraged to switch off air conditioning and electrical appliances when they are not in use.The Groups operation has complied in all material respects with currently applicable local environmental protection laws and regulations in Hong Kong

154、 and the PRC during the Year.For details of environmental,social and governance performance of the Group,please refer to the Environmental,Social and Governance report.RELATIONSHIP WITH STAKEHOLDERSThe Group always maintains good relations with its employees,customers,suppliers,subcontractors and ot

155、her stakeholders.The management of the Group takes an active approach in directly communicating with employees and providing adequate training and medical insurance as part of their remuneration.Given that employees are important assets for success,the Group has strived to maintain good relations wi

156、th its workforce and keep a low employee turnover rate.This aims to boost the operational dexterity and productivity of staff while inculcating team spirt among them.The Group treasures the close and long-term working relations with its customers in the past years.The management frequent visited the

157、 customers,collected their feedback on the provided services and introduced updated and value-added services to them.Likewise,the Group also understands the importance of its suppliers and subcontractors.The Group believes a harmonious relationship with its suppliers and subcontractors is key to the

158、 success of the business.During the Year,there was no material or significant dispute between the Group and its employees,customers,suppliers,subcontractors and other stakeholders.32 PLACING OF NEW SHARES UNDER GENERAL MANDATE1.On 11 March 2025,the Company conducted a placing of 24,956,600 new ordin

159、ary shares of HK$0.10 each(the“Placing Share”)at a price of HK$0.137 each to raise a gross proceeds of approximately HK$3.42 million(the“Placing”).The Placing Shares were issued under the relevant general mandate granted to the Directors at the annual general meeting of the Company held on 23 Septem

160、ber 2024.The closing price per share of the Company on the Stock Exchange on 11 March 2025 was HK$0.17.The net price per Placing Share was approximately HK$0.129.Completion of the Placing took place on 31 March 2025(the“Placing under General Mandate”).As at the date of this announcement,the net proc

161、eeds from the Placing under General Mandate(after deducting the placing commission and other relevant costs and expenses)amounted to approximately HK$3.19 million were fully utilised for repayment of loans and replenishment of working capital.As at the date of this announcement,the net proceeds aris

162、ing from the Placing had been applied in accordance with the plans as set out in the Companys announcements in relation to the Placing.For further details of the Placing,please refer to the announcements of the Company dated 11 March 2025 and 31 March 2025.USE OF PROCEEDS FROM THE PLACINGThe net pro

163、ceeds from the Placing amounted to approximately HK$3.19 million.Set out below is the actual use of net proceeds during the year ended 31 March 2025.Use of net proceedsNet proceedsNet proceeds utilised during the year ended 31 March 2025Unutilised net proceeds as at 31 March 2025Expected timeline on

164、 utilisation of Unutilised net proceedsHK$millionHK$millionHK$millionPlacingRepayment of loans2.002.00N/A(note)General working capital1.191.19N/A(note)Total3.193.19Note:As at the date of this announcement,the net proceeds were utilised.There was no material change between the intended use and the ac

165、tual use of the net proceeds of the Placing.33 COMPLIANCE WITH THE CORPORATE GOVERNANCE CODEThe Group has recognized the importance of transparency and accountability,and the Board believes that shareholders can benefit from good corporate governance.Therefore,the Group strives to achieve sound corp

166、orate governance standards in order to maintain the trust and confidence of customers,suppliers and employees,as well as other stakeholders.We believe that this can create long term value for the shareholders of the Company and is beneficial for the Groups sustainable growth.The Company has adopted

167、and complied with the principles and code provisions in the Corporate Governance Code and Corporate Governance Report(the“CG Code”)as previously set out in Appendix C1 to the GEM Listing Rules for the year ended 31 March 2025.DIRECTORS SECURITIES TRANSACTIONSThe Company has adopted Rules 5.48 to 5.6

168、7 of the GEM Listing Rules as the code of conduct for dealing in securities of the Company by the Directors(the“Required Standard of Dealings”).Following specific enquiries to all of the Directors,each Director has confirmed that he or she complied with the Required Standard of Dealings throughout t

169、he period from 1 April 2024 up to 31 March 2025.DIRECTORS INTEREST IN COMPETING BUSINESSThe Directors are not aware of any business or interest of the Directors nor the controlling Shareholders nor any of their respective close associates that competes or may compete,directly or indirectly,with the

170、Groups business and any other conflicts of interest which any such person has or may have with the Group during the Year and up to the date of this announcement.CONNECTED TRANSACTION AND CONTINUING CONNECTED TRANSACTIONSave as disclosed in the announcement dated on 1 September 2021 and the renewed e

171、ntrusted management agreement with Zhejiang Jiyueke Brand Management Co.,Ltd.(formerly known as Guangdong Jiyueke Brand Management Co.,Ltd.)*on 1 September 2022 which was expired on 31 December 2022,during the Year,the Group has not entered into any connected transactions or continuing connected tra

172、nsactions that are not exempted under the GEM Listing Rules.The Board confirms that the Company has complied with the applicable disclosure requirements in accordance with Chapter 20 of the GEM Listing Rules.*For identification purpose only 34 PURCHASE,SALE OR REDEMPTION OF THE COMPANYS LISTED SECUR

173、ITIES OR SALE OF TREASURY SHARESNeither the Company nor any of its subsidiaries has purchased,sold or redeemed any of the Companys listed securities during the Year (including sale of treasury shares(as defined in the GEM Listing Rules).SHARE OPTION SCHEMEThe Company adopted a Share Option Scheme on

174、 14 August 2018.The purpose of the Share Option Scheme is to recognise the contribution of,and to provide an incentive to,key staff of the Group who have contributed or will contribute to the Group in order to motivate and retain them for the operation and development of the Group.Further details of

175、 the Share Option Scheme are disclosed in the section headed“Statutory and General Information D.Share Option Scheme”in Appendix IV of the Prospectus.As at the date of this announcement,the number of shares available for issue under the Share Option Scheme in respect thereof is 8,400,000 shares,repr

176、esenting approximately 5.6%of the issued shares of the Company.Up to the date of this announcement,no share option has been granted,exercised,lapsed or cancelled under the Share Option Scheme and there were no outstanding share options under the Share Option Scheme at 31 March 2025 and at the date o

177、f this announcement.CHANGE IN DIRECTORS INFORMATIONThe Company is not aware of any other changes in the directors information which are required to be disclosed pursuant to Rule 17.50A(1)of the GEM Listing Rules since the publication of annual report for the year ended 31 March 2024 of the Company.E

178、VENT AFTER THE YEAR ENDED 31 MARCH 2025The Group did not have any significant event after the Year and up to the date of this announcement.35 AUDIT COMMITTEEThe Company established an audit committee(the“Audit Committee”)with specific written terms of reference formulated in accordance with the requ

179、irements of Rules 5.28 to 5.29 of the GEM Listing Rules and the CG Code.The Audit Committee currently consists of three independent non-executive Directors,namely Mr.Tam Chi Ming George,Mr.Chow Chi Wing and Mr.Wan San Fai Vincent.Mr.Tam Chi Ming George is the chairman of the Audit Committee.The prim

180、ary duties of the Audit Committee include,but are not limited to(i)making recommendations to the Board on the appointment,reappointment and removal of the external auditor and approving the remuneration and terms of engagement of the external auditor and any questions of its resignation or dismissal

181、;(ii)monitoring the integrity of the Companys financial statements and reviewing the annual reports and accounts,half-year report,and reviewing significant financial reporting judgements contained in them;and(iii)reviewing the financial reporting,financial controls,risk management and internal contr

182、ol systems of the Group.The Audit Committee has reviewed the accounting principles and practices adopted by the Group,the consolidated financial statements and this annual results announcement for the Year.ANNUAL GENERAL MEETING AND CLOSURE OF REGISTER OF MEMBERSThe annual general meeting(“AGM”)of t

183、he Company will be held on Wednesday,27 August 2025.The transfer books and register of members of the Company will be closed from Friday,22 August 2025 to Wednesday,27 August 2025,both days inclusive,during which no transfer of shares of the Company will be registered.In order to be eligible to atte

184、nd and vote at the AGM,all transfers of shares accompanied by the relevant share certificate(s)must be lodged with the branch share registrar and transfer office of the Company in Hong Kong,Tricor Investor Services Limited,at 17/F,Far East Finance Centre,16 Harcourt Road,Hong Kong,for registration n

185、o later than 4:30 p.m.on Thursday,21 August 2025.36 SCOPE OF WORK OF SFAI(HK)CPA LIMITEDThe figures in respect of the Groups consolidated statement of financial position,consolidated statement of profit or loss and other comprehensive income and the related notes thereto for the year ended 31 March

186、2025 as set out in the preliminary announcement have been agreed by the Groups auditor,SFAI(HK)CPA Limited,to the amounts set out in the Groups audited consolidated financial statements for the year.The work performed by SFAI(HK)CPA Limited in this respect did not constitute an assurance engagement

187、in accordance with Hong Kong Standards on Auditing,Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants and consequently no assurance has been expressed by SFAI(HK)CPA Limited on the preliminary an

188、nouncement.By Order of the Board Wan Leader International Limited Loy Hak Yu Thomas Chairman and Executive DirectorHong Kong,30 June 2025As at the date of this announcement,the Board comprises two executive Directors,namely,Mr.Loy Hak Yu Thomas and Ms.Qu Tianyun;and two non-executive Directors,namel

189、y,Mr.Li Shiu Tong Andrew and Mr.Yau Tung Shing;and three independent non-executive Directors,namely,Mr.Chow Chi Wing,Mr.Tam Chi Ming George and Mr.Wan San Fai Vincent.This announcement will remain on the Stock Exchanges website at www.hkexnews.hk for at least seven days from the date of its posting.This announcement will also be published on the website of the Company at .