Annual Report 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended December 31, 2025 | 2024Group / nine months ended December 31, 2024 | Source |
|---|---|---|---|
| Group profit or loss and comprehensive income | |||
| REVENUEHong Kong dollars thousands | 2,358,253 | 1,828,900 | PDF p. 163 |
| Cost of salesHong Kong dollars thousands | (2,139,735) | (1,760,564) | PDF p. 163 |
| Gross profitHong Kong dollars thousands | 218,518 | 68,336 | PDF p. 163 |
| Other incomeHong Kong dollars thousands | 7,700 | 2,965 | PDF p. 163 |
| Distribution costsHong Kong dollars thousands | (18,727) | (14,137) | PDF p. 163 |
| Administrative expensesHong Kong dollars thousands | (138,464) | (106,485) | PDF p. 163 |
| Other gains and lossesHong Kong dollars thousands | (2,677) | 125 | PDF p. 163 |
| Impairment losses reversed under ECL model, netHong Kong dollars thousands | 6,012 | 7,813 | PDF p. 163 |
| Loss on fair value change of investment propertyHong Kong dollars thousands | (1,691) | (188) | PDF p. 163 |
| Finance costsHong Kong dollars thousands | (27,887) | (26,924) | PDF p. 163 |
| Profit/(loss) before taxHong Kong dollars thousands | 42,784 | (68,495) | PDF p. 163 |
| Income tax creditHong Kong dollars thousands | 8,174 | 6,893 | PDF p. 163 |
| Profit/(loss) for the year/periodHong Kong dollars thousands | 50,958 | (61,602) | PDF p. 163 |
| Other comprehensive expense Items that will not be reclassified to profit or loss: – Loss on revaluation of owned propertiesHong Kong dollars thousands | (12,024) | (22,392) | PDF p. 163 |
| – Income tax relating to loss recognised on revaluation of owned propertiesHong Kong dollars thousands | 2,638 | 4,258 | PDF p. 163 |
| – Gain on changes in fair value of financial assets measured at fair value through other comprehensive incomeHong Kong dollars thousands | 221 | – | PDF p. 163 |
| – Income tax relating to gain recognised on changes in fair value of financial assets measured at fair value through other comprehensive incomeHong Kong dollars thousands | (55) | – | PDF p. 163 |
| SubtotalHong Kong dollars thousands | (9,220) | (18,134) | PDF p. 163 |
| Item that may be reclassified subsequently to profit or loss: – Exchange differences arising from translation of foreign operationsHong Kong dollars thousands | 6,353 | (4,750) | PDF p. 163 |
| Other comprehensive expense for the year/periodHong Kong dollars thousands | (2,867) | (22,884) | PDF p. 163 |
| Total comprehensive income/(expense) for the year/periodHong Kong dollars thousands | 48,091 | (84,486) | PDF p. 163 |
| Profit/(loss) attributable to: Owners of the CompanyHong Kong dollars thousands | 50,958 | (61,601) | PDF p. 164 |
| Non-controlling interestsHong Kong dollars thousands | – | (1) | PDF p. 164 |
| SubtotalHong Kong dollars thousands | 50,958 | (61,602) | PDF p. 164 |
| Total comprehensive income/(expense) attributable to: Owners of the CompanyHong Kong dollars thousands | 48,091 | (84,489) | PDF p. 164 |
| Non-controlling interestsHong Kong dollars thousands | – | 3 | PDF p. 164 |
| SubtotalHong Kong dollars thousands | 48,091 | (84,486) | PDF p. 164 |
| Profit/(loss) per share – Basic (HK cents)Hong Kong cents per share | 53.78 | (70.25) | PDF p. 164 |
| – Diluted (HK cents)Hong Kong cents per share | 53.76 | (70.25) | PDF p. 164 |
Original report: PDF p. 163 ↗ PDF p. 164 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended December 31, 2025 | 2024Group / nine months ended December 31, 2024 | Source |
|---|---|---|---|
| NON-CURRENT ASSETS | |||
| Property, plant and equipmentHong Kong dollars thousands | 150,651 | 205,783 | PDF p. 165 |
| Right-of-use assetsHong Kong dollars thousands | 1,863 | 2,941 | PDF p. 165 |
| Investment propertyHong Kong dollars thousands | 43,583 | 10,043 | PDF p. 165 |
| Club debenturesHong Kong dollars thousands | 2,001 | 2,001 | PDF p. 165 |
| Interest in an associateHong Kong dollars thousands | – | – | PDF p. 165 |
| Financial assets measured at fair value through other comprehensive income (“FVTOCI”)Hong Kong dollars thousands | 12,398 | 8,639 | PDF p. 165 |
| Long-term depositsHong Kong dollars thousands | 1,293 | 1,363 | PDF p. 165 |
| Deferred tax assetsHong Kong dollars thousands | – | 2,281 | PDF p. 165 |
| Total non-current assetsHong Kong dollars thousands | 211,789 | 233,051 | PDF p. 165 |
| CURRENT ASSETS | |||
| InventoriesHong Kong dollars thousands | 335,204 | 417,928 | PDF p. 165 |
| Trade receivablesHong Kong dollars thousands | 691,791 | 708,448 | PDF p. 165 |
| Other receivables, deposits and prepaymentsHong Kong dollars thousands | 7,476 | 8,367 | PDF p. 165 |
| Amounts due from related companiesHong Kong dollars thousands | 1,192 | 948 | PDF p. 165 |
| Income tax recoverableHong Kong dollars thousands | 154 | 4,321 | PDF p. 165 |
| Cash and cash equivalentsHong Kong dollars thousands | 111,993 | 41,412 | PDF p. 165 |
| Total current assetsHong Kong dollars thousands | 1,147,810 | 1,181,424 | PDF p. 165 |
| Total assetsHong Kong dollars thousands | 1,359,599 | 1,414,475 | PDF p. 165 |
| CURRENT LIABILITIES | |||
| Trade payablesHong Kong dollars thousands | 222,383 | 322,998 | PDF p. 165 |
| Other payablesHong Kong dollars thousands | 35,176 | 31,861 | PDF p. 165 |
| Amounts due to related companiesHong Kong dollars thousands | 4,360 | – | PDF p. 165 |
| Contract liabilitiesHong Kong dollars thousands | 2,694 | 3,256 | PDF p. 165 |
| Income tax payableHong Kong dollars thousands | 73 | 550 | PDF p. 165 |
| Trust receipt loansHong Kong dollars thousands | 74,953 | 140,044 | PDF p. 165 |
| Bank borrowingsHong Kong dollars thousands | 460,525 | 316,905 | PDF p. 165 |
| Lease liabilitiesHong Kong dollars thousands | 1,213 | 2,054 | PDF p. 165 |
| Loans from the ultimate holding companyHong Kong dollars thousands | 49,601 | 163,180 | PDF p. 165 |
| Total current liabilitiesHong Kong dollars thousands | 850,978 | 980,848 | PDF p. 165 |
| NET CURRENT ASSETSHong Kong dollars thousands | 296,832 | 200,576 | PDF p. 165 |
| TOTAL ASSETS LESS CURRENT LIABILITIESHong Kong dollars thousands | 508,621 | 433,627 | PDF p. 165 |
| Group financial position | |||
| CAPITAL, RESERVES AND NON-CONTROLLING INTERESTS Share capitalHong Kong dollars thousands | 102,989 | 87,692 | PDF p. 166 |
| ReservesHong Kong dollars thousands | 404,435 | 330,580 | PDF p. 166 |
| Equity attributable to owners of the CompanyHong Kong dollars thousands | 507,424 | 418,272 | PDF p. 166 |
| Non-controlling interestsHong Kong dollars thousands | – | – | PDF p. 166 |
| Total equityHong Kong dollars thousands | 507,424 | 418,272 | PDF p. 166 |
| NON-CURRENT LIABILITIES | |||
| Deferred tax liabilitiesHong Kong dollars thousands | 570 | 14,517 | PDF p. 166 |
| Lease liabilitiesHong Kong dollars thousands | 627 | 838 | PDF p. 166 |
| Total non-current liabilitiesHong Kong dollars thousands | 1,197 | 15,355 | PDF p. 166 |
| Total liabilities and equityHong Kong dollars thousands | 1,359,599 | 1,414,475 | PDF p. 166 |
Original report: PDF p. 165 ↗ PDF p. 166 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended December 31, 2025 | 2024Group / nine months ended December 31, 2024 | Source |
|---|---|---|---|
| Operating activities | |||
| Profit/(loss) before taxHong Kong dollars thousands | 42,784 | (68,495) | PDF p. 169 |
| Adjustments for: | |||
| Depreciation of property, plant and equipmentHong Kong dollars thousands | 11,347 | 10,098 | PDF p. 169 |
| Depreciation of right-of-use assetsHong Kong dollars thousands | 2,387 | 1,847 | PDF p. 169 |
| Interest expense on bank borrowings and trust receipt loansHong Kong dollars thousands | 20,306 | 24,349 | PDF p. 169 |
| Interest expense on loans from the ultimate holding companyHong Kong dollars thousands | 7,388 | 2,449 | PDF p. 169 |
| Interest expense on lease liabilitiesHong Kong dollars thousands | 193 | 126 | PDF p. 169 |
| (Reversal of)/Allowance for inventoriesHong Kong dollars thousands | (46,280) | 26,111 | PDF p. 169 |
| Impairment losses reversed under ECL model, netHong Kong dollars thousands | (6,012) | (7,813) | PDF p. 169 |
| Gain on disposal of property, plant and equipmentHong Kong dollars thousands | – | (66) | PDF p. 169 |
| Loss on fair value change of investment propertyHong Kong dollars thousands | 1,691 | 188 | PDF p. 169 |
| Unrealised exchange gainHong Kong dollars thousands | (437) | (1,089) | PDF p. 169 |
| Interest incomeHong Kong dollars thousands | (322) | (414) | PDF p. 169 |
| Operating cash flows before movements in working capitalHong Kong dollars thousands | 33,045 | (12,709) | PDF p. 169 |
| Decrease in inventoriesHong Kong dollars thousands | 130,010 | 262,629 | PDF p. 169 |
| (Increase)/Decrease in trade receivablesHong Kong dollars thousands | (49,090) | 25,797 | PDF p. 169 |
| Decrease/(Increase) in other receivables, deposits and prepaymentsHong Kong dollars thousands | 965 | (601) | PDF p. 169 |
| Decrease in long-term depositsHong Kong dollars thousands | 4 | 1,228 | PDF p. 169 |
| Increase in amounts due from related companiesHong Kong dollars thousands | (248) | (781) | PDF p. 169 |
| Increase in amount due to related companiesHong Kong dollars thousands | 4,360 | – | PDF p. 169 |
| Increase/(Decrease) in trade payablesHong Kong dollars thousands | 132,551 | (405,600) | PDF p. 169 |
| Increase/(Decrease) in other payablesHong Kong dollars thousands | 13,449 | (10,532) | PDF p. 169 |
| Decrease in contract liabilitiesHong Kong dollars thousands | (582) | (273) | PDF p. 169 |
| Cash generated from/(used in) operationsHong Kong dollars thousands | 264,464 | (140,842) | PDF p. 169 |
| Income tax refundHong Kong dollars thousands | 2,570 | 3,874 | PDF p. 169 |
| Interest paidHong Kong dollars thousands | (28,191) | (26,537) | PDF p. 169 |
| Interest receivedHong Kong dollars thousands | 322 | 414 | PDF p. 169 |
| Net cash generated from/(used in) operating activitiesHong Kong dollars thousands | 239,165 | (163,091) | PDF p. 169 |
| Investing activities | |||
| Purchase of property, plant and equipmentHong Kong dollars thousands | (374) | (405) | PDF p. 170 |
| Investments in unlisted equity securitiesHong Kong dollars thousands | (9,912) | (2,160) | PDF p. 170 |
| Proceeds from disposal of property, plant and equipmentHong Kong dollars thousands | – | 444 | PDF p. 170 |
| Net cash used in investing activitiesHong Kong dollars thousands | (10,286) | (2,121) | PDF p. 170 |
| Financing activities | |||
| Proceeds from issuance of ordinary sharesHong Kong dollars thousands | 39,900 | – | PDF p. 170 |
| Proceeds from exercise of share optionsHong Kong dollars thousands | 1,161 | 183 | PDF p. 170 |
| Repayments of trust receipt loans and bank borrowingsHong Kong dollars thousands | (1,351,775) | (1,642,547) | PDF p. 170 |
| Proceeds from trust receipt loans and bank borrowingsHong Kong dollars thousands | 1,271,149 | 1,618,391 | PDF p. 170 |
| Repayments of loans from the ultimate holding companyHong Kong dollars thousands | (167,097) | (34,935) | PDF p. 170 |
| Proceeds from Loans from the ultimate holding companyHong Kong dollars thousands | 52,320 | 200,370 | PDF p. 170 |
| Repayments of lease liabilitiesHong Kong dollars thousands | (2,456) | (2,065) | PDF p. 170 |
| Net cash (used in)/generated from financing activitiesHong Kong dollars thousands | (156,798) | 139,397 | PDF p. 170 |
| Net increase/(decrease) in cash and cash equivalentsHong Kong dollars thousands | 72,081 | (25,815) | PDF p. 170 |
| Cash and cash equivalents at beginning of the year/periodHong Kong dollars thousands | 41,412 | 68,851 | PDF p. 170 |
| Effects of exchange rate changes on the balance of cash and cash equivalents held in foreign currenciesHong Kong dollars thousands | (1,500) | (1,624) | PDF p. 170 |
| Cash and cash equivalents at end of the year/periodHong Kong dollars thousands | 111,993 | 41,412 | PDF p. 170 |
| Analysis of balances of cash and cash equivalents Cash and bank balancesHong Kong dollars thousands | 88,647 | 41,412 | PDF p. 170 |
| Term deposits with original maturity within 3 monthsHong Kong dollars thousands | 23,346 | – | PDF p. 170 |
| Cash and cash equivalents as stated in the consolidated statement of cash flowsHong Kong dollars thousands | 111,993 | 41,412 | PDF p. 170 |
Original report: PDF p. 169 ↗ PDF p. 170 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / year ended December 31, 2025 | 2024Company / nine months ended December 31, 2024 | Source |
|---|---|---|---|
| Non-current assets | |||
| Amount due from a subsidiary (Note)Hong Kong dollars thousands | 33,814 | 33,814 | PDF p. 270 |
| Interests in subsidiariesHong Kong dollars thousands | 179,478 | 179,478 | PDF p. 270 |
| Total non-current assetsHong Kong dollars thousands | 213,292 | 213,292 | PDF p. 270 |
| Current assets | |||
| Amounts due from subsidiaries (Note)Hong Kong dollars thousands | 233,633 | 197,917 | PDF p. 270 |
| Deposits and prepaymentsHong Kong dollars thousands | 261 | 145 | PDF p. 270 |
| Cash and cash equivalents (Note)Hong Kong dollars thousands | 1,556 | 672 | PDF p. 270 |
| Total current assetsHong Kong dollars thousands | 235,450 | 198,734 | PDF p. 270 |
| Total assetsHong Kong dollars thousands | 448,742 | 412,026 | PDF p. 270 |
| Current liabilities | |||
| Amount due to a subsidiary (Note)Hong Kong dollars thousands | 1,667 | 4,738 | PDF p. 270 |
| Other payablesHong Kong dollars thousands | 1,817 | 1,992 | PDF p. 270 |
| Income tax payableHong Kong dollars thousands | 73 | 550 | PDF p. 270 |
| Financial guarantee liabilitiesHong Kong dollars thousands | – | 2,223 | PDF p. 270 |
| Total current liabilitiesHong Kong dollars thousands | 3,557 | 9,503 | PDF p. 270 |
| Net current assetsHong Kong dollars thousands | 231,893 | 189,231 | PDF p. 270 |
| Total assets less current liabilitiesHong Kong dollars thousands | 445,185 | 402,523 | PDF p. 270 |
| Capital and reserves | |||
| Share capitalHong Kong dollars thousands | 102,989 | 87,692 | PDF p. 270 |
| ReservesHong Kong dollars thousands | 342,196 | 314,831 | PDF p. 270 |
| Equity attributable to owners of the CompanyHong Kong dollars thousands | 445,185 | 402,523 | PDF p. 270 |
| Total liabilities and equityHong Kong dollars thousands | 448,742 | 412,026 | PDF p. 270 |
Original report: PDF p. 270 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended December 31, 2025 / Share capital | 2025Group / year ended December 31, 2025 / Capital reserves | 2025Group / year ended December 31, 2025 / Statutory reserve | 2025Group / year ended December 31, 2025 / Property revaluation reserve | 2025Group / year ended December 31, 2025 / Currency translation reserve | 2025Group / year ended December 31, 2025 / Financial assets measured at FVTOCI reserve | 2025Group / year ended December 31, 2025 / Other reserve | 2025Group / year ended December 31, 2025 / Retained profits | 2025Group / year ended December 31, 2025 / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity | ||||||||||
| At January 1, 2025Hong Kong dollars thousands | 87,692 | 198,638 | 22,045 | 91,018 | (23,562) | (16,448) | (3,475) | 62,364 | 418,272 | PDF p. 168 |
| Total comprehensive income for the year Profit for the yearHong Kong dollars thousands | – | – | – | – | – | – | – | 50,958 | 50,958 | PDF p. 168 |
| Other comprehensive loss for the year:Hong Kong dollars thousands | – | – | – | (9,386) | 6,353 | 166 | – | – | (2,867) | PDF p. 168 |
| TotalHong Kong dollars thousands | – | – | – | (9,386) | 6,353 | 166 | – | 50,958 | 48,091 | PDF p. 168 |
| Transactions with owners, recognised directly in equity: Issuance of ordinary shares (Note 38)Hong Kong dollars thousands | 15,000 | 24,900 | – | – | – | – | – | – | 39,900 | PDF p. 168 |
| Exercise of share optionsHong Kong dollars thousands | 297 | 864 | – | – | – | – | – | – | 1,161 | PDF p. 168 |
| Share options forfeitedHong Kong dollars thousands | – | (37) | – | – | – | – | – | 37 | – | PDF p. 168 |
| Transfer from property revaluation reserveHong Kong dollars thousands | – | – | – | (4,627) | – | – | – | 4,627 | – | PDF p. 168 |
| Transfer of statutory reserveHong Kong dollars thousands | – | – | 452 | – | – | – | – | (452) | – | PDF p. 168 |
| TotalHong Kong dollars thousands | 15,297 | 25,727 | 452 | (4,627) | – | – | – | 4,212 | 41,061 | PDF p. 168 |
| At December 31, 2025Hong Kong dollars thousands | 102,989 | 224,365 | 22,497 | 77,005 | (17,209) | (16,282) | (3,475) | 117,534 | 507,424 | PDF p. 168 |
Original report: PDF p. 168 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / nine months ended December 31, 2024 / Share capital | 2024Group / nine months ended December 31, 2024 / Capital reserves | 2024Group / nine months ended December 31, 2024 / Statutory reserve | 2024Group / nine months ended December 31, 2024 / Property revaluation reserve | 2024Group / nine months ended December 31, 2024 / Currency translation reserve | 2024Group / nine months ended December 31, 2024 / Financial assets measured at FVTOCI reserve | 2024Group / nine months ended December 31, 2024 / Other reserve | 2024Group / nine months ended December 31, 2024 / Retained profits | 2024Group / nine months ended December 31, 2024 / Owners subtotal | 2024Group / nine months ended December 31, 2024 / Non-controlling interests | 2024Group / nine months ended December 31, 2024 / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity | ||||||||||||
| At April 1, 2024Hong Kong dollars thousands | 87,622 | 199,028 | 26,175 | 113,581 | (18,814) | (16,448) | (3,561) | 114,903 | 502,486 | 89 | 502,575 | PDF p. 167 |
| Total comprehensive loss for the period: Loss for the periodHong Kong dollars thousands | – | – | – | – | – | – | – | (61,601) | (61,601) | (1) | (61,602) | PDF p. 167 |
| Other comprehensive loss for the periodHong Kong dollars thousands | – | – | – | (18,134) | (4,754) | – | – | – | (22,888) | 4 | (22,884) | PDF p. 167 |
| TotalHong Kong dollars thousands | – | – | – | (18,134) | (4,754) | – | – | (61,601) | (84,489) | 3 | (84,486) | PDF p. 167 |
| Transactions with owners, recognised directly in equity: Dissolution of a subsidiaryHong Kong dollars thousands | – | – | – | – | 6 | – | 86 | – | 92 | (92) | – | PDF p. 167 |
| Exercise of share optionsHong Kong dollars thousands | 70 | 113 | – | – | – | – | – | – | 183 | – | 183 | PDF p. 167 |
| Share options forfeitedHong Kong dollars thousands | – | (503) | – | – | – | – | – | 503 | – | – | – | PDF p. 167 |
| Transfer from property revaluation reserveHong Kong dollars thousands | – | – | – | (4,429) | – | – | – | 4,429 | – | – | – | PDF p. 167 |
| Transfer of statutory reserveHong Kong dollars thousands | – | – | (4,130) | – | – | – | – | 4,130 | – | – | – | PDF p. 167 |
| TotalHong Kong dollars thousands | 70 | (390) | (4,130) | (4,429) | 6 | – | 86 | 9,062 | 275 | (92) | 183 | PDF p. 167 |
| At December 31, 2024Hong Kong dollars thousands | 87,692 | 198,638 | 22,045 | 91,018 | (23,562) | (16,448) | (3,475) | 62,364 | 418,272 | – | 418,272 | PDF p. 167 |
Original report: PDF p. 167 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / year ended December 31, 2025 / Share capital | 2025Company / year ended December 31, 2025 / Capital reserves | 2025Company / year ended December 31, 2025 / Accumulated profits | 2025Company / year ended December 31, 2025 / Total equity | Source |
|---|---|---|---|---|---|
| Company changes in equity | |||||
| At December 31, 2024Hong Kong dollars thousands | 87,692 | 198,638 | 116,193 | 402,523 | PDF p. 271 |
| Profit for the year, representing total comprehensive income for the yearHong Kong dollars thousands | – | – | 1,601 | 1,601 | PDF p. 271 |
| Transactions with owners, recognised directly in equity: Exercise of share optionsHong Kong dollars thousands | 297 | 864 | – | 1,161 | PDF p. 271 |
| Share options forfeitedHong Kong dollars thousands | – | (37) | 37 | – | PDF p. 271 |
| Subscription of sharesHong Kong dollars thousands | 15,000 | 24,900 | – | 39,900 | PDF p. 271 |
| TotalHong Kong dollars thousands | 15,297 | 25,727 | 37 | 41,061 | PDF p. 271 |
| At December 31, 2025Hong Kong dollars thousands | 102,989 | 224,365 | 117,831 | 445,185 | PDF p. 271 |
Original report: PDF p. 271 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company / nine months ended December 31, 2024 / Share capital | 2024Company / nine months ended December 31, 2024 / Capital reserves | 2024Company / nine months ended December 31, 2024 / Accumulated profits | 2024Company / nine months ended December 31, 2024 / Total equity | Source |
|---|---|---|---|---|---|
| Company changes in equity | |||||
| At April 1, 2024Hong Kong dollars thousands | 87,622 | 199,028 | 109,798 | 396,448 | PDF p. 271 |
| Profit for the period, representing total comprehensive income for the periodHong Kong dollars thousands | – | – | 5,892 | 5,892 | PDF p. 271 |
| Transactions with owners, recognised directly in equity: Exercise of share optionsHong Kong dollars thousands | 70 | 113 | – | 183 | PDF p. 271 |
| Share options forfeitedHong Kong dollars thousands | – | (503) | 503 | – | PDF p. 271 |
| TotalHong Kong dollars thousands | 70 | (390) | 503 | 183 | PDF p. 271 |
| At December 31, 2024Hong Kong dollars thousands | 87,692 | 198,638 | 116,193 | 402,523 | PDF p. 271 |
Original report: PDF p. 271 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended March 31, 2022 | 2023Group / year ended March 31, 2023 | 2024Group / year ended March 31, 2024 | 2024Group / nine months ended December 31, 2024 | 2025Group / year ended December 31, 2025 | Source |
|---|---|---|---|---|---|---|
| Five-period operating results summary | ||||||
| RevenueHong Kong dollars thousands | 3,425,832 | 3,135,433 | 2,664,883 | 1,828,900 | 2,358,253 | PDF p. 8 |
| Cost of salesHong Kong dollars thousands | (3,091,042) | (2,856,756) | (2,564,486) | (1,760,564) | (2,139,735) | PDF p. 8 |
| Gross profitHong Kong dollars thousands | 334,790 | 278,677 | 100,397 | 68,336 | 218,518 | PDF p. 8 |
| Other incomeHong Kong dollars thousands | 2,803 | 10,534 | 2,168 | 2,965 | 7,700 | PDF p. 8 |
| Distribution costsHong Kong dollars thousands | (28,871) | (28,896) | (22,591) | (14,137) | (18,727) | PDF p. 8 |
| Administrative expensesHong Kong dollars thousands | (189,070) | (183,183) | (171,586) | (106,485) | (138,464) | PDF p. 8 |
| Other gains and lossesHong Kong dollars thousands | 808 | (30,915) | (17,254) | 125 | (2,677) | PDF p. 8 |
| Impairment losses reversed (recognised) under expected credit loss model, netHong Kong dollars thousands | 4,461 | 881 | (7,820) | 7,813 | 6,012 | PDF p. 8 |
| (Loss) gain on fair value change of investment propertyHong Kong dollars thousands | 439 | 995 | (715) | (188) | (1,691) | PDF p. 8 |
| Finance costsHong Kong dollars thousands | (17,286) | (43,750) | (52,603) | (26,924) | (27,887) | PDF p. 8 |
| Profit (loss) before taxHong Kong dollars thousands | 108,074 | 4,343 | (170,004) | (68,495) | 42,784 | PDF p. 8 |
| Income tax credit (expense)Hong Kong dollars thousands | (25,882) | (1,641) | 707 | 6,893 | 8,174 | PDF p. 8 |
| Profit (loss) for the year/periodHong Kong dollars thousands | 82,192 | 2,702 | (169,297) | (61,602) | 50,958 | PDF p. 8 |
| Less: non-controlling interestsHong Kong dollars thousands | – | (14) | (74) | (1) | – | PDF p. 8 |
| Profit (loss) attributable to shareholdersHong Kong dollars thousands | 82,192 | 2,716 | (169,223) | (61,601) | 50,958 | PDF p. 8 |
| Basic earning (loss) per share (HK cents) (Notes 2)Hong Kong cents per share | 96.33 | 3.11 | (193.13) | (70.25) | 53.78 | PDF p. 8 |
Original report: PDF p. 8 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Current report summarises five periods; the additional March 2021 primary statements are supplied from the FY2022 original.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended March 31, 2022 | 2023Group / year ended March 31, 2023 | 2024Group / year ended March 31, 2024 | 2024Group / nine months ended December 31, 2024 | 2025Group / year ended December 31, 2025 | Source |
|---|---|---|---|---|---|---|
| Five-period financial position summary | ||||||
| Current assetsHong Kong dollars thousands | 1,564,612 | 1,723,016 | 1,609,742 | 1,181,424 | 1,147,810 | PDF p. 9 |
| Property, plant and equipmentHong Kong dollars thousands | 284,293 | 265,418 | 240,789 | 205,783 | 150,651 | PDF p. 9 |
| Right-of-use assetsHong Kong dollars thousands | 16,093 | 11,859 | 3,953 | 2,941 | 1,863 | PDF p. 9 |
| Investment propertyHong Kong dollars thousands | 9,951 | 10,946 | 10,231 | 10,043 | 43,583 | PDF p. 9 |
| Club debenturesHong Kong dollars thousands | 2,001 | 2,001 | 2,001 | 2,001 | 2,001 | PDF p. 9 |
| Interest in an associateHong Kong dollars thousands | – | – | – | – | – | PDF p. 9 |
| Financial assets measured at fair value through other comprehensive incomeHong Kong dollars thousands | – | – | – | 8,639 | 12,398 | PDF p. 9 |
| Other non-current assetsHong Kong dollars thousands | 4,962 | 4,549 | 3,107 | 3,644 | 1,293 | PDF p. 9 |
| Total assetsHong Kong dollars thousands | 1,881,912 | 2,017,789 | 1,869,823 | 1,414,475 | 1,359,599 | PDF p. 9 |
| Current liabilitiesHong Kong dollars thousands | 1,065,180 | 1,292,930 | 1,341,273 | 980,848 | 850,978 | PDF p. 9 |
| Non-current liabilitiesHong Kong dollars thousands | 46,166 | 34,243 | 25,975 | 15,355 | 1,197 | PDF p. 9 |
| Non-controlling interestsHong Kong dollars thousands | – | 66 | 89 | – | – | PDF p. 9 |
| Shareholders’ equityHong Kong dollars thousands | 770,566 | 690,550 | 502,486 | 418,272 | 507,424 | PDF p. 9 |
| Total liabilities and equitiesHong Kong dollars thousands | 1,881,912 | 2,017,789 | 1,869,823 | 1,414,475 | 1,359,599 | PDF p. 9 |
| Net assets value per ordinary share (HK cents) (Notes 3)Hong Kong cents per share | 898.34 | 788.10 | 573.47 | 476.98 | 492.70 | PDF p. 9 |
Original report: PDF p. 9 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Current report summarises five periods; the additional March 2021 primary statements are supplied from the FY2022 original.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended March 31, 2022 | 2023Group / year ended March 31, 2023 | 2024Group / year ended March 31, 2024 | 2024Group / nine months ended December 31, 2024 | 2025Group / year ended December 31, 2025 | Source |
|---|---|---|---|---|---|---|
| Financial highlights / original chart | ||||||
| REVENUEHong Kong dollars millions | 3,425.8 | 3,135.4 | 2,664.9 | 1,828.9 | 2,358.3 | PDF p. 6 |
Original report: PDF p. 6 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Chart units remain original: monetary values in millions, EPS in HK cents, net gearing as plotted. Gearing definition and unavailable bills-payables bridge are qualified separately.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended March 31, 2022 | 2023Group / year ended March 31, 2023 | 2024Group / year ended March 31, 2024 | 2024Group / nine months ended December 31, 2024 | 2025Group / year ended December 31, 2025 | Source |
|---|---|---|---|---|---|---|
| Financial highlights / original chart | ||||||
| PROFIT (LOSS) ATTRIBUTABLE TO SHAREHOLDERSHong Kong dollars millions | 82.2 | 2.7 | (169.2) | (61.6) | 51.0 | PDF p. 6 |
Original report: PDF p. 6 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Chart units remain original: monetary values in millions, EPS in HK cents, net gearing as plotted. Gearing definition and unavailable bills-payables bridge are qualified separately.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended March 31, 2022 | 2023Group / year ended March 31, 2023 | 2024Group / year ended March 31, 2024 | 2024Group / nine months ended December 31, 2024 | 2025Group / year ended December 31, 2025 | Source |
|---|---|---|---|---|---|---|
| Financial highlights / original chart | ||||||
| TOTAL ASSETSHong Kong dollars millions | 1,881.9 | 2,017.8 | 1,869.8 | 1,414.5 | 1,359.6 | PDF p. 6 |
Original report: PDF p. 6 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Chart units remain original: monetary values in millions, EPS in HK cents, net gearing as plotted. Gearing definition and unavailable bills-payables bridge are qualified separately.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended March 31, 2022 | 2023Group / year ended March 31, 2023 | 2024Group / year ended March 31, 2024 | 2024Group / nine months ended December 31, 2024 | 2025Group / year ended December 31, 2025 | Source |
|---|---|---|---|---|---|---|
| Financial highlights / original chart | ||||||
| SHAREHOLDERS’ FUNDHong Kong dollars millions | 770.6 | 690.6 | 502.5 | 418.3 | 507.4 | PDF p. 6 |
Original report: PDF p. 6 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Chart units remain original: monetary values in millions, EPS in HK cents, net gearing as plotted. Gearing definition and unavailable bills-payables bridge are qualified separately.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended March 31, 2022 | 2023Group / year ended March 31, 2023 | 2024Group / year ended March 31, 2024 | 2024Group / nine months ended December 31, 2024 | 2025Group / year ended December 31, 2025 | Source |
|---|---|---|---|---|---|---|
| Financial highlights / original chart | ||||||
| NET GEARINGRatio as plotted | 0.37 | 0.79 | 0.99 | 1.40 | 0.94 | PDF p. 6 |
Original report: PDF p. 6 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Chart units remain original: monetary values in millions, EPS in HK cents, net gearing as plotted. Gearing definition and unavailable bills-payables bridge are qualified separately.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended March 31, 2022 | 2023Group / year ended March 31, 2023 | 2024Group / year ended March 31, 2024 | 2024Group / nine months ended December 31, 2024 | 2025Group / year ended December 31, 2025 | Source |
|---|---|---|---|---|---|---|
| Financial highlights / original chart | ||||||
| BASIC EARNINGS (LOSS) PER SHAREHong Kong cents per share | 96.33 | 3.11 | (193.13) | (70.25) | 53.78 | PDF p. 6 |
Original report: PDF p. 6 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Chart units remain original: monetary values in millions, EPS in HK cents, net gearing as plotted. Gearing definition and unavailable bills-payables bridge are qualified separately.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended December 31, 2025 | Source |
|---|---|---|
| Selected original note | ||
| Home AppliancePercent | 15 | PDF p. 7 |
| EMSPercent | 10 | PDF p. 7 |
| DealerPercent | 6 | PDF p. 7 |
| TelecommunicationsPercent | 6 | PDF p. 7 |
| Audio and VideoPercent | 5 | PDF p. 7 |
| LightingPercent | 2 | PDF p. 7 |
| OthersPercent | 1 | PDF p. 7 |
| AutomotivePercent | 30 | PDF p. 7 |
| IndustrialPercent | 25 | PDF p. 7 |
Original report: PDF p. 7 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Printed whole percentages sum to 100. FY2025 EMS10% and Lighting2%, and nine-month FY2024 Dealer8%, differ from nearest-whole percentages of Note5 segment revenue (9%,1%,7%). Report does not disclose the rounding/normalisation basis; printed values are retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / nine months ended December 31, 2024 | Source |
|---|---|---|
| Selected original note | ||
| Home AppliancePercent | 17 | PDF p. 7 |
| EMSPercent | 8 | PDF p. 7 |
| DealerPercent | 8 | PDF p. 7 |
| TelecommunicationsPercent | 4 | PDF p. 7 |
| Audio and VideoPercent | 6 | PDF p. 7 |
| LightingPercent | 2 | PDF p. 7 |
| OthersPercent | 1 | PDF p. 7 |
| AutomotivePercent | 27 | PDF p. 7 |
| IndustrialPercent | 27 | PDF p. 7 |
Original report: PDF p. 7 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Printed whole percentages sum to 100. FY2025 EMS10% and Lighting2%, and nine-month FY2024 Dealer8%, differ from nearest-whole percentages of Note5 segment revenue (9%,1%,7%). Report does not disclose the rounding/normalisation basis; printed values are retained.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended December 31, 2025 | 2024Group / nine months ended December 31, 2024 | Source |
|---|---|---|---|
| Revenue by market segments | |||
| Types of goods or services Sales of electronic componentsHong Kong dollars thousands | 2,358,253 | 1,828,900 | PDF p. 199 |
| Market segments of the customers AutomotiveHong Kong dollars thousands | 711,727 | 490,870 | PDF p. 199 |
| IndustrialHong Kong dollars thousands | 593,191 | 493,298 | PDF p. 199 |
| Home applianceHong Kong dollars thousands | 358,886 | 318,176 | PDF p. 199 |
| Electronic manufacturing servicesHong Kong dollars thousands | 220,724 | 151,664 | PDF p. 199 |
| TelecommunicationsHong Kong dollars thousands | 145,142 | 79,187 | PDF p. 199 |
| DealerHong Kong dollars thousands | 144,567 | 136,178 | PDF p. 199 |
| Audio and videoHong Kong dollars thousands | 122,093 | 112,758 | PDF p. 199 |
| OthersHong Kong dollars thousands | 32,085 | 16,595 | PDF p. 199 |
| LightingHong Kong dollars thousands | 29,838 | 30,174 | PDF p. 199 |
| TotalHong Kong dollars thousands | 2,358,253 | 1,828,900 | PDF p. 199 |
Original report: PDF p. 199 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Sales of electronic components and Total are alternative totals; sum the nine market segments once.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended December 31, 2025 | 2024Group / nine months ended December 31, 2024 | Source |
|---|---|---|---|
| Selected original note | |||
| Profit/(loss) attributable to owners for EPSHong Kong dollars thousands | 50,958 | (61,601) | PDF p. 211 |
| Basic weighted average ordinary sharesShares thousands | 94,753 | 87,686 | PDF p. 211 |
| Dilutive share optionsShares thousands | 28 | 45 | PDF p. 211 |
| Diluted weighted average ordinary sharesShares thousands | 94,781 | 87,731 | PDF p. 211 |
Original report: PDF p. 211 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Note16 prints nine-month FY2024 diluted weighted shares87731thousand; applying the loss to that denominator gives(70.22)cents, while the primary diluted EPS is(70.25), equal to basic. Preserve both original disclosures. The report mentions certain out-of-money options but does not explicitly explain this denominator/EPS difference.
Note15: no dividend declared or paid for FY2025 or the nine months endedDecember31,2024; no final FY2025 dividend recommended. No unprinted numeric DPS is inserted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / year ended December 31, 2025 | 2024Company / nine months ended December 31, 2024 | Source |
|---|---|---|---|
| Selected original note | |||
| Authorised at beginning and endShares thousands | 120,000 | 120,000 | PDF p. 237 |
| Issued and paid up at beginningShares thousands | 87,692 | 87,622 | PDF p. 237 |
| Exercise of share optionsShares thousands | 297 | 70 | PDF p. 237 |
| Issue of ordinary sharesShares thousands | 15,000 | – | PDF p. 237 |
| Issued and paid up at endShares thousands | 102,989 | 87,692 | PDF p. 237 |
Original report: PDF p. 237 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Shares and HK dollar capital have distinct original columns.15000000shares atHK$2.66 subscription price completed15July2025; proceedsHK$39900000.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / year ended December 31, 2025 | 2024Company / nine months ended December 31, 2024 | Source |
|---|---|---|---|
| Selected original note | |||
| Authorised at beginning and endHong Kong dollars thousands | 120,000 | 120,000 | PDF p. 237 |
| Issued and paid up at beginningHong Kong dollars thousands | 87,692 | 87,622 | PDF p. 237 |
| Exercise of share optionsHong Kong dollars thousands | 297 | 70 | PDF p. 237 |
| Issue of ordinary sharesHong Kong dollars thousands | 15,000 | – | PDF p. 237 |
| Issued and paid up at endHong Kong dollars thousands | 102,989 | 87,692 | PDF p. 237 |
Original report: PDF p. 237 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Shares and HK dollar capital have distinct original columns.15000000shares atHK$2.66 subscription price completed15July2025; proceedsHK$39900000.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended December 31, 2025 | 2024Group / nine months ended December 31, 2024 | Source |
|---|---|---|---|
| Selected original note | |||
| Gross profit marginPercent | 9.3 | 3.7 | PDF p. 15 |
| Adjusted gross profit margin excluding inventory allowancesPercent | 7.3 | 5.2 | PDF p. 15 |
Original report: PDF p. 15 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Adjusted margin excludes FY2025 inventory allowance reversal46280thousand and prior provision26111thousand.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended December 31, 2025 | 2024Group / nine months ended December 31, 2024 | Source |
|---|---|---|---|
| Management discussion | |||
| Net gearing ratioPercent | 94.0 | 139.9 | PDF p. 18 |
Original report: PDF p. 18 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Original formula includes interest-bearing bank borrowings, trust receipt loans, ultimate holding company loans and bills payables minus cash, divided by shareholders equity. A separate bills-payables amount is not disclosed; known components give93.23%/138.36%, rather than printed94.0%/139.9%. The exact bridge remains unavailable; lease liabilities are not substituted for bills payables.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / year ended March 31, 2024 | Source |
|---|---|---|
| Group profit or loss and comprehensive income | ||
| RevenueHong Kong dollars thousands | 2,664,883 | PDF p. 133 |
| Cost of salesHong Kong dollars thousands | (2,564,486) | PDF p. 133 |
| Gross profitHong Kong dollars thousands | 100,397 | PDF p. 133 |
| Other incomeHong Kong dollars thousands | 2,168 | PDF p. 133 |
| Distribution costsHong Kong dollars thousands | (22,591) | PDF p. 133 |
| Administrative expensesHong Kong dollars thousands | (171,586) | PDF p. 133 |
| Other gains and lossesHong Kong dollars thousands | (17,254) | PDF p. 133 |
| Impairment losses reversed (recognised) under ECL model, netHong Kong dollars thousands | (7,820) | PDF p. 133 |
| Loss on fair value change of investment propertyHong Kong dollars thousands | (715) | PDF p. 133 |
| Finance costsHong Kong dollars thousands | (52,603) | PDF p. 133 |
| Loss before taxHong Kong dollars thousands | (170,004) | PDF p. 133 |
| Income tax creditHong Kong dollars thousands | 707 | PDF p. 133 |
| Loss for the period/yearHong Kong dollars thousands | (169,297) | PDF p. 133 |
| Other comprehensive expense Items that will not be reclassified to profit or loss: – Loss on revaluation of owned propertiesHong Kong dollars thousands | (7,030) | PDF p. 133 |
| – Income tax relating to loss recognised in other comprehensive incomeHong Kong dollars thousands | 1,648 | PDF p. 133 |
| SubtotalHong Kong dollars thousands | (5,382) | PDF p. 133 |
| Item that may be reclassified subsequently to profit or loss: – Exchange differences arising from translation of foreign operationsHong Kong dollars thousands | (13,464) | PDF p. 133 |
| Other comprehensive expense for the period/yearHong Kong dollars thousands | (18,846) | PDF p. 133 |
| Total comprehensive expense for the period/yearHong Kong dollars thousands | (188,143) | PDF p. 133 |
| Loss attributable to: Owners of the CompanyHong Kong dollars thousands | (169,223) | PDF p. 133 |
| Non-controlling interestsHong Kong dollars thousands | (74) | PDF p. 133 |
| SubtotalHong Kong dollars thousands | (169,297) | PDF p. 133 |
| Total comprehensive expense attributable to: Owners of the CompanyHong Kong dollars thousands | (188,064) | PDF p. 133 |
| Non-controlling interestsHong Kong dollars thousands | (79) | PDF p. 133 |
| SubtotalHong Kong dollars thousands | (188,143) | PDF p. 133 |
| Loss per share – Basic (HK cents)Hong Kong cents per share | (193.13) | PDF p. 133 |
| – Diluted (HK cents)Hong Kong cents per share | (193.13) | PDF p. 133 |
Original report: PDF p. 133 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / year ended March 31, 2024 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentHong Kong dollars thousands | 240,789 | PDF p. 134 |
| Right-of-use assetsHong Kong dollars thousands | 3,953 | PDF p. 134 |
| Investment propertyHong Kong dollars thousands | 10,231 | PDF p. 134 |
| Club debenturesHong Kong dollars thousands | 2,001 | PDF p. 134 |
| Interest in an associateHong Kong dollars thousands | – | PDF p. 134 |
| Financial assets measured at fair value through other comprehensive income (“FVTOCI”)Hong Kong dollars thousands | – | PDF p. 134 |
| Long-term depositsHong Kong dollars thousands | 2,622 | PDF p. 134 |
| Deferred tax assetsHong Kong dollars thousands | 485 | PDF p. 134 |
| Total non-current assetsHong Kong dollars thousands | 260,081 | PDF p. 134 |
| Current assets | ||
| InventoriesHong Kong dollars thousands | 707,663 | PDF p. 134 |
| Trade receivablesHong Kong dollars thousands | 816,508 | PDF p. 134 |
| Other receivables, deposits and prepaymentsHong Kong dollars thousands | 7,845 | PDF p. 134 |
| Amount due from related companiesHong Kong dollars thousands | 167 | PDF p. 134 |
| Income tax recoverableHong Kong dollars thousands | 8,708 | PDF p. 134 |
| Cash and cash equivalentsHong Kong dollars thousands | 68,851 | PDF p. 134 |
| Total current assetsHong Kong dollars thousands | 1,609,742 | PDF p. 134 |
| Total assetsHong Kong dollars thousands | 1,869,823 | PDF p. 134 |
| Current liabilities | ||
| Trade payablesHong Kong dollars thousands | 735,772 | PDF p. 134 |
| Other payablesHong Kong dollars thousands | 33,356 | PDF p. 134 |
| Contract liabilitiesHong Kong dollars thousands | 3,551 | PDF p. 134 |
| Income tax payableHong Kong dollars thousands | 784 | PDF p. 134 |
| Trust receipt loansHong Kong dollars thousands | 268,246 | PDF p. 134 |
| Bank borrowingsHong Kong dollars thousands | 297,210 | PDF p. 134 |
| Lease liabilitiesHong Kong dollars thousands | 2,354 | PDF p. 134 |
| Loans from the ultimate holding companyHong Kong dollars thousands | – | PDF p. 134 |
| Total current liabilitiesHong Kong dollars thousands | 1,341,273 | PDF p. 134 |
| Net current assetsHong Kong dollars thousands | 268,469 | PDF p. 134 |
| Total assets less current liabilitiesHong Kong dollars thousands | 528,550 | PDF p. 134 |
| Capital, reserves and non-controlling interests | ||
| Share capitalHong Kong dollars thousands | 87,622 | PDF p. 135 |
| ReservesHong Kong dollars thousands | 414,864 | PDF p. 135 |
| Equity attributable to owners of the CompanyHong Kong dollars thousands | 502,486 | PDF p. 135 |
| Non-controlling interestsHong Kong dollars thousands | 89 | PDF p. 135 |
| Total equityHong Kong dollars thousands | 502,575 | PDF p. 135 |
| Non-current liabilities | ||
| Deferred tax liabilitiesHong Kong dollars thousands | 24,335 | PDF p. 135 |
| Lease liabilitiesHong Kong dollars thousands | 1,640 | PDF p. 135 |
| Total non-current liabilitiesHong Kong dollars thousands | 25,975 | PDF p. 135 |
| Total liabilities and equityHong Kong dollars thousands | 1,869,823 | PDF p. 135 |
Original report: PDF p. 134 ↗ PDF p. 135 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / year ended March 31, 2024 | Source |
|---|---|---|
| Operating activities | ||
| Loss before taxHong Kong dollars thousands | (170,004) | PDF p. 138 |
| Adjustments for: | ||
| Depreciation of property, plant and equipmentHong Kong dollars thousands | 14,657 | PDF p. 138 |
| Depreciation of right-of-use assetsHong Kong dollars thousands | 7,928 | PDF p. 138 |
| Interest expense on bank borrowings and trust receipt loansHong Kong dollars thousands | 52,248 | PDF p. 138 |
| Interest expense on loans from the ultimate holding companyHong Kong dollars thousands | – | PDF p. 138 |
| Interest expense on lease liabilitiesHong Kong dollars thousands | 355 | PDF p. 138 |
| Allowance for inventoriesHong Kong dollars thousands | 83,389 | PDF p. 138 |
| Impairment (reversed) loss recognised under ECL model, netHong Kong dollars thousands | 7,820 | PDF p. 138 |
| (Gain) loss on disposal of property, plant and equipmentHong Kong dollars thousands | 1,740 | PDF p. 138 |
| Loss on fair value change of investment propertyHong Kong dollars thousands | 715 | PDF p. 138 |
| Net loss on fair value changes of derivative financial instrumentsHong Kong dollars thousands | 682 | PDF p. 138 |
| Loss on termination of leases, netHong Kong dollars thousands | 252 | PDF p. 138 |
| Unrealised exchange (gain) lossHong Kong dollars thousands | 5,542 | PDF p. 138 |
| Interest incomeHong Kong dollars thousands | (1,223) | PDF p. 138 |
| Operating cash flows before movements in working capitalHong Kong dollars thousands | 4,101 | PDF p. 138 |
| Decrease (increase) in inventoriesHong Kong dollars thousands | (206,440) | PDF p. 138 |
| Decrease (increase) in trade receivablesHong Kong dollars thousands | (36,705) | PDF p. 138 |
| Increase in other receivables, deposits and prepaymentsHong Kong dollars thousands | (326) | PDF p. 138 |
| Decrease in long-term depositsHong Kong dollars thousands | 1,328 | PDF p. 138 |
| Increase in amounts due from related companiesHong Kong dollars thousands | (167) | PDF p. 138 |
| (Decrease) increase in trade payablesHong Kong dollars thousands | 355,752 | PDF p. 138 |
| (Decrease) increase in other payablesHong Kong dollars thousands | 1,158 | PDF p. 138 |
| (Decrease) increase in contract liabilitiesHong Kong dollars thousands | 642 | PDF p. 138 |
| Cash (used in) generated from operationsHong Kong dollars thousands | 119,343 | PDF p. 138 |
| Income tax refund (paid)Hong Kong dollars thousands | (5,466) | PDF p. 138 |
| Interest paidHong Kong dollars thousands | (55,708) | PDF p. 138 |
| Interest receivedHong Kong dollars thousands | 1,223 | PDF p. 138 |
| Net cash (used in) generated from operating activitiesHong Kong dollars thousands | 59,392 | PDF p. 138 |
| Investing activities | ||
| Purchase of property, plant and equipmentHong Kong dollars thousands | (5,123) | PDF p. 139 |
| Investments in unlisted equity securitiesHong Kong dollars thousands | – | PDF p. 139 |
| Proceeds from disposal of property, plant and equipmentHong Kong dollars thousands | 738 | PDF p. 139 |
| Net cash used in investing activitiesHong Kong dollars thousands | (4,385) | PDF p. 139 |
| Financing activities | ||
| Capital contribution from non-controlling interests of a subsidiaryHong Kong dollars thousands | 102 | PDF p. 139 |
| Proceeds from exercise of share optionsHong Kong dollars thousands | – | PDF p. 139 |
| Repayments of trust receipt loansHong Kong dollars thousands | (1,909,213) | PDF p. 139 |
| Proceeds from trust receipt loansHong Kong dollars thousands | 1,521,523 | PDF p. 139 |
| Repayments of bank borrowingsHong Kong dollars thousands | (885,213) | PDF p. 139 |
| Proceeds from bank borrowingsHong Kong dollars thousands | 982,567 | PDF p. 139 |
| Repayments of Loans from the ultimate holding companyHong Kong dollars thousands | – | PDF p. 139 |
| Proceeds from Loans from the ultimate holding companyHong Kong dollars thousands | – | PDF p. 139 |
| Repayments of lease liabilitiesHong Kong dollars thousands | (8,850) | PDF p. 139 |
| Net cash generated from (used in) financing activitiesHong Kong dollars thousands | (299,084) | PDF p. 139 |
| Net decrease in cash and cash equivalentsHong Kong dollars thousands | (244,077) | PDF p. 139 |
| Cash and cash equivalents at beginning of the period/yearHong Kong dollars thousands | 317,230 | PDF p. 139 |
| Effects of exchange rate changes on the balance of cash and cash equivalents held in foreign currenciesHong Kong dollars thousands | (4,302) | PDF p. 139 |
| Cash and cash equivalents at end of the period/yearHong Kong dollars thousands | 68,851 | PDF p. 139 |
Original report: PDF p. 138 ↗ PDF p. 139 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company / year ended March 31, 2024 | Source |
|---|---|---|
| Non-current assets | ||
| Amount due from a subsidiary (Note)Hong Kong dollars thousands | 33,814 | PDF p. 238 |
| Interests in subsidiariesHong Kong dollars thousands | 177,255 | PDF p. 238 |
| Total non-current assetsHong Kong dollars thousands | 211,069 | PDF p. 238 |
| Current assets | ||
| Amounts due from subsidiaries (Note)Hong Kong dollars thousands | 197,391 | PDF p. 238 |
| Deposits and prepaymentsHong Kong dollars thousands | 167 | PDF p. 238 |
| Income tax recoverableHong Kong dollars thousands | 247 | PDF p. 238 |
| Cash and cash equivalents (Note)Hong Kong dollars thousands | 261 | PDF p. 238 |
| Total current assetsHong Kong dollars thousands | 198,066 | PDF p. 238 |
| Total assetsHong Kong dollars thousands | 409,135 | PDF p. 238 |
| Current liabilities | ||
| Amount due to a subsidiary (Note)Hong Kong dollars thousands | 5,013 | PDF p. 238 |
| Other payablesHong Kong dollars thousands | 951 | PDF p. 238 |
| Income tax payableHong Kong dollars thousands | – | PDF p. 238 |
| Financial guarantee liabilitiesHong Kong dollars thousands | 6,723 | PDF p. 238 |
| Total current liabilitiesHong Kong dollars thousands | 12,687 | PDF p. 238 |
| Net current assetsHong Kong dollars thousands | 185,379 | PDF p. 238 |
| Total assets less current liabilitiesHong Kong dollars thousands | 396,448 | PDF p. 238 |
| Capital and reserves | ||
| Share capitalHong Kong dollars thousands | 87,622 | PDF p. 238 |
| ReservesHong Kong dollars thousands | 308,826 | PDF p. 238 |
| Equity attributable to owners of the CompanyHong Kong dollars thousands | 396,448 | PDF p. 238 |
| Total liabilities and equityHong Kong dollars thousands | 409,135 | PDF p. 238 |
Original report: PDF p. 238 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / year ended March 31, 2024 / Share capital | 2024Group / year ended March 31, 2024 / Capital reserves | 2024Group / year ended March 31, 2024 / Statutory reserve | 2024Group / year ended March 31, 2024 / Property revaluation reserve | 2024Group / year ended March 31, 2024 / Currency translation reserve | 2024Group / year ended March 31, 2024 / Financial assets measured at FVTOCI reserve | 2024Group / year ended March 31, 2024 / Other reserve | 2024Group / year ended March 31, 2024 / Retained profits | 2024Group / year ended March 31, 2024 / Owners subtotal | 2024Group / year ended March 31, 2024 / Non-controlling interests | 2024Group / year ended March 31, 2024 / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity | ||||||||||||
| At April 1, 2023Hong Kong dollars thousands | 87,622 | 199,780 | 28,771 | 125,090 | (5,355) | (16,448) | (3,561) | 274,651 | 690,550 | 66 | 690,616 | PDF p. 136 |
| Total comprehensive expense for the year: Loss for the yearHong Kong dollars thousands | – | – | – | – | – | – | – | (169,223) | (169,223) | (74) | (169,297) | PDF p. 136 |
| Other comprehensive expense for the yearHong Kong dollars thousands | – | – | – | (5,382) | (13,459) | – | – | – | (18,841) | (5) | (18,846) | PDF p. 136 |
| TotalHong Kong dollars thousands | – | – | – | (5,382) | (13,459) | – | – | (169,223) | (188,064) | (79) | (188,143) | PDF p. 136 |
| Transactions with owners, recognised directly in equity: Capital contribution from non-controlling interests of a subsidiaryHong Kong dollars thousands | – | – | – | – | – | – | – | – | – | 102 | 102 | PDF p. 136 |
| Share options forfeitedHong Kong dollars thousands | – | (752) | – | – | – | – | – | 752 | – | – | – | PDF p. 136 |
| Transfer from property revaluation reserveHong Kong dollars thousands | – | – | – | (6,127) | – | – | – | 6,127 | – | – | – | PDF p. 136 |
| Transfer of statutory reserveHong Kong dollars thousands | – | – | (2,596) | – | – | – | – | 2,596 | – | – | – | PDF p. 136 |
| TotalHong Kong dollars thousands | – | (752) | (2,596) | (6,127) | – | – | – | 9,475 | – | 102 | 102 | PDF p. 136 |
| At March 31, 2024Hong Kong dollars thousands | 87,622 | 199,028 | 26,175 | 113,581 | (18,814) | (16,448) | (3,561) | 114,903 | 502,486 | 89 | 502,575 | PDF p. 136 |
Original report: PDF p. 136 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company / year ended March 31, 2024 / Share capital | 2024Company / year ended March 31, 2024 / Capital reserves | 2024Company / year ended March 31, 2024 / Accumulated profits | 2024Company / year ended March 31, 2024 / Total equity | Source |
|---|---|---|---|---|---|
| Company changes in equity | |||||
| At April 1, 2023Hong Kong dollars thousands | 87,622 | 199,780 | 100,722 | 388,124 | PDF p. 239 |
| Profit for the year, representing total comprehensive income for the yearHong Kong dollars thousands | – | – | 8,324 | 8,324 | PDF p. 239 |
| Transactions with owners, recognised directly in equity: Share options forfeitedHong Kong dollars thousands | – | (752) | 752 | – | PDF p. 239 |
| TotalHong Kong dollars thousands | – | (752) | 752 | – | PDF p. 239 |
| At March 31, 2024Hong Kong dollars thousands | 87,622 | 199,028 | 109,798 | 396,448 | PDF p. 239 |
Original report: PDF p. 239 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended March 31, 2023 | Source |
|---|---|---|
| Group profit or loss and comprehensive income | ||
| RevenueHong Kong dollars thousands | 3,135,433 | PDF p. 145 |
| Cost of salesHong Kong dollars thousands | (2,856,756) | PDF p. 145 |
| Gross profitHong Kong dollars thousands | 278,677 | PDF p. 145 |
| Other incomeHong Kong dollars thousands | 10,534 | PDF p. 145 |
| Distribution costsHong Kong dollars thousands | (28,896) | PDF p. 145 |
| Administrative expensesHong Kong dollars thousands | (183,183) | PDF p. 145 |
| Other gains and lossesHong Kong dollars thousands | (30,915) | PDF p. 145 |
| Impairment losses (recognised) reversed under expected credit loss (“ECL”) model, netHong Kong dollars thousands | 881 | PDF p. 145 |
| (Loss) gain on fair value change of investment propertyHong Kong dollars thousands | 995 | PDF p. 145 |
| Finance costsHong Kong dollars thousands | (43,750) | PDF p. 145 |
| (Loss) profit before taxHong Kong dollars thousands | 4,343 | PDF p. 145 |
| Income tax credit (expense)Hong Kong dollars thousands | (1,641) | PDF p. 145 |
| (Loss) profit for the yearHong Kong dollars thousands | 2,702 | PDF p. 145 |
| Other comprehensive (expense) income Items that will not be reclassified to profit or loss: – (Loss) gain on revaluation of owned propertiesHong Kong dollars thousands | 3,879 | PDF p. 145 |
| – Income tax relating to loss (gain) recognised in other comprehensive incomeHong Kong dollars thousands | (509) | PDF p. 145 |
| SubtotalHong Kong dollars thousands | 3,370 | PDF p. 145 |
| Item that may be reclassified subsequently to profit or loss: – Exchange differences arising from translation of foreign operationsHong Kong dollars thousands | (26,952) | PDF p. 145 |
| Other comprehensive expense for the yearHong Kong dollars thousands | (23,582) | PDF p. 145 |
| Total comprehensive expense for the yearHong Kong dollars thousands | (20,880) | PDF p. 145 |
| (Loss) profit attributable to: Owners of the CompanyHong Kong dollars thousands | 2,716 | PDF p. 145 |
| Non-controlling interestsHong Kong dollars thousands | (14) | PDF p. 145 |
| SubtotalHong Kong dollars thousands | 2,702 | PDF p. 145 |
| Total comprehensive expense attributable to: Owners of the CompanyHong Kong dollars thousands | (20,867) | PDF p. 145 |
| Non-controlling interestsHong Kong dollars thousands | (13) | PDF p. 145 |
| SubtotalHong Kong dollars thousands | (20,880) | PDF p. 145 |
| (Loss) earnings per share – Basic (HK cents)Hong Kong cents per share | 3.11 | PDF p. 145 |
| – Diluted (HK cents)Hong Kong cents per share | 3.10 | PDF p. 145 |
Original report: PDF p. 145 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended March 31, 2023 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentHong Kong dollars thousands | 265,418 | PDF p. 146 |
| Right-of-use assetsHong Kong dollars thousands | 11,859 | PDF p. 146 |
| Investment propertyHong Kong dollars thousands | 10,946 | PDF p. 146 |
| Club debenturesHong Kong dollars thousands | 2,001 | PDF p. 146 |
| Interest in an associateHong Kong dollars thousands | – | PDF p. 146 |
| Financial assets measured at fair value through other comprehensive income (“FVTOCI”)Hong Kong dollars thousands | – | PDF p. 146 |
| Long-term depositsHong Kong dollars thousands | 4,044 | PDF p. 146 |
| Deferred tax assetsHong Kong dollars thousands | 505 | PDF p. 146 |
| Total non-current assetsHong Kong dollars thousands | 294,773 | PDF p. 146 |
| Current assets | ||
| InventoriesHong Kong dollars thousands | 586,266 | PDF p. 146 |
| Trade receivablesHong Kong dollars thousands | 806,043 | PDF p. 146 |
| Other receivables, deposits and prepaymentsHong Kong dollars thousands | 6,425 | PDF p. 146 |
| Amounts due from related companiesHong Kong dollars thousands | – | PDF p. 146 |
| Income tax recoverableHong Kong dollars thousands | 6,304 | PDF p. 146 |
| Derivative financial instrumentsHong Kong dollars thousands | 748 | PDF p. 146 |
| Cash and cash equivalentsHong Kong dollars thousands | 317,230 | PDF p. 146 |
| Total current assetsHong Kong dollars thousands | 1,723,016 | PDF p. 146 |
| Total assetsHong Kong dollars thousands | 2,017,789 | PDF p. 146 |
| Current liabilities | ||
| Trade payablesHong Kong dollars thousands | 385,665 | PDF p. 146 |
| Other payablesHong Kong dollars thousands | 36,638 | PDF p. 146 |
| Contract liabilitiesHong Kong dollars thousands | 2,971 | PDF p. 146 |
| Income tax payableHong Kong dollars thousands | 903 | PDF p. 146 |
| Trust receipt loansHong Kong dollars thousands | 658,108 | PDF p. 146 |
| Bank borrowingsHong Kong dollars thousands | 200,469 | PDF p. 146 |
| Derivative financial instrumentsHong Kong dollars thousands | 66 | PDF p. 146 |
| Lease liabilitiesHong Kong dollars thousands | 8,110 | PDF p. 146 |
| Total current liabilitiesHong Kong dollars thousands | 1,292,930 | PDF p. 146 |
| Net current assetsHong Kong dollars thousands | 430,086 | PDF p. 146 |
| Total assets less current liabilitiesHong Kong dollars thousands | 724,859 | PDF p. 146 |
| Capital, reserves and non-controlling interests | ||
| Share capitalHong Kong dollars thousands | 87,622 | PDF p. 147 |
| ReservesHong Kong dollars thousands | 602,928 | PDF p. 147 |
| Equity attributable to owners of the CompanyHong Kong dollars thousands | 690,550 | PDF p. 147 |
| Non-controlling interestsHong Kong dollars thousands | 66 | PDF p. 147 |
| Total equityHong Kong dollars thousands | 690,616 | PDF p. 147 |
| Non-current liabilities | ||
| Deferred tax liabilitiesHong Kong dollars thousands | 30,153 | PDF p. 147 |
| Lease liabilitiesHong Kong dollars thousands | 4,090 | PDF p. 147 |
| Total non-current liabilitiesHong Kong dollars thousands | 34,243 | PDF p. 147 |
| Total liabilities and equityHong Kong dollars thousands | 2,017,789 | PDF p. 147 |
Original report: PDF p. 146 ↗ PDF p. 147 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended March 31, 2023 | Source |
|---|---|---|
| Operating activities | ||
| (Loss) profit before taxHong Kong dollars thousands | 4,343 | PDF p. 150 |
| Adjustments for: | ||
| Depreciation of property, plant and equipmentHong Kong dollars thousands | 14,975 | PDF p. 150 |
| Depreciation of right-of-use assetsHong Kong dollars thousands | 7,944 | PDF p. 150 |
| Interest expense on bank borrowings and trust receipt loansHong Kong dollars thousands | 43,332 | PDF p. 150 |
| Interest expense on lease liabilitiesHong Kong dollars thousands | 418 | PDF p. 150 |
| Allowance for (reversal of allowance for) inventoriesHong Kong dollars thousands | (1,000) | PDF p. 150 |
| Impairment losses recognised (reversed) under ECL model, netHong Kong dollars thousands | (881) | PDF p. 150 |
| Loss (gain) on disposal of property, plant and equipmentHong Kong dollars thousands | (206) | PDF p. 150 |
| Loss (gain) on fair value change of investment propertyHong Kong dollars thousands | (995) | PDF p. 150 |
| Net loss (gain) on fair value changes of derivative financial instrumentsHong Kong dollars thousands | (1,261) | PDF p. 150 |
| Loss on lease modificationHong Kong dollars thousands | 37 | PDF p. 150 |
| Loss on termination of leases, netHong Kong dollars thousands | – | PDF p. 150 |
| Unrealised exchange lossHong Kong dollars thousands | 16,258 | PDF p. 150 |
| Interest incomeHong Kong dollars thousands | (3,475) | PDF p. 150 |
| Operating cash flows before movements in working capitalHong Kong dollars thousands | 79,489 | PDF p. 150 |
| Increase in inventoriesHong Kong dollars thousands | (227,414) | PDF p. 150 |
| (Increase) decrease in trade receivablesHong Kong dollars thousands | 26,354 | PDF p. 150 |
| (Increase) decrease in other receivables, deposits and prepaymentsHong Kong dollars thousands | 165 | PDF p. 150 |
| Decrease in long-term depositsHong Kong dollars thousands | 201 | PDF p. 150 |
| Increase in amounts due from related companiesHong Kong dollars thousands | – | PDF p. 150 |
| Increase in trade payablesHong Kong dollars thousands | 1,665 | PDF p. 150 |
| Increase (decrease) in other payablesHong Kong dollars thousands | (7,153) | PDF p. 150 |
| Increase (decrease) in contract liabilitiesHong Kong dollars thousands | (6,368) | PDF p. 150 |
| Cash generated from (used in) operationsHong Kong dollars thousands | (133,061) | PDF p. 150 |
| Income tax paidHong Kong dollars thousands | (14,806) | PDF p. 150 |
| Interest paidHong Kong dollars thousands | (39,738) | PDF p. 150 |
| Interest receivedHong Kong dollars thousands | 3,475 | PDF p. 150 |
| Net cash generated from (used in) operating activitiesHong Kong dollars thousands | (184,130) | PDF p. 150 |
| Investing activities | ||
| Purchase of property, plant and equipmentHong Kong dollars thousands | (4,905) | PDF p. 151 |
| Withdrawal of restricted bank depositsHong Kong dollars thousands | 2,299 | PDF p. 151 |
| Proceeds from disposal of property, plant and equipmentHong Kong dollars thousands | 293 | PDF p. 151 |
| Net cash used in investing activitiesHong Kong dollars thousands | (2,313) | PDF p. 151 |
| Financing activities | ||
| Capital contribution from non-controlling interests of a subsidiaryHong Kong dollars thousands | 79 | PDF p. 151 |
| Dividend paid to shareholdersHong Kong dollars thousands | (63,964) | PDF p. 151 |
| Proceeds from exercise of share optionsHong Kong dollars thousands | 4,815 | PDF p. 151 |
| Repayments of trust receipt loansHong Kong dollars thousands | (2,538,255) | PDF p. 151 |
| Proceeds from trust receipt loansHong Kong dollars thousands | 2,709,448 | PDF p. 151 |
| Repayments of bank borrowingsHong Kong dollars thousands | (745,811) | PDF p. 151 |
| Proceeds from bank borrowingsHong Kong dollars thousands | 823,244 | PDF p. 151 |
| Repayments of lease liabilitiesHong Kong dollars thousands | (8,004) | PDF p. 151 |
| Net cash (used in) generated from financing activitiesHong Kong dollars thousands | 181,552 | PDF p. 151 |
| Net decrease in cash and cash equivalentsHong Kong dollars thousands | (4,891) | PDF p. 151 |
| Cash and cash equivalents at beginning of the yearHong Kong dollars thousands | 327,673 | PDF p. 151 |
| Effects of exchange rate changes on the balance of cash and cash equivalents held in foreign currenciesHong Kong dollars thousands | (5,552) | PDF p. 151 |
| Cash and cash equivalents at end of the yearHong Kong dollars thousands | 317,230 | PDF p. 151 |
Original report: PDF p. 150 ↗ PDF p. 151 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / year ended March 31, 2023 | Source |
|---|---|---|
| Non-current assets | ||
| Amount due from a subsidiary (Note)Hong Kong dollars thousands | 33,814 | PDF p. 249 |
| Interests in subsidiariesHong Kong dollars thousands | 170,532 | PDF p. 249 |
| Total non-current assetsHong Kong dollars thousands | 204,346 | PDF p. 249 |
| Current assets | ||
| Amounts due from subsidiaries (Note)Hong Kong dollars thousands | 190,402 | PDF p. 249 |
| Deposits and prepaymentsHong Kong dollars thousands | 112 | PDF p. 249 |
| Income tax recoverableHong Kong dollars thousands | – | PDF p. 249 |
| Cash and cash equivalents (Note)Hong Kong dollars thousands | 4,932 | PDF p. 249 |
| Total current assetsHong Kong dollars thousands | 195,446 | PDF p. 249 |
| Total assetsHong Kong dollars thousands | 399,792 | PDF p. 249 |
| Current liabilities | ||
| Amount due to a subsidiary (Note)Hong Kong dollars thousands | 2,747 | PDF p. 249 |
| Other payablesHong Kong dollars thousands | 503 | PDF p. 249 |
| Income tax payableHong Kong dollars thousands | 51 | PDF p. 249 |
| Financial guarantee liabilitiesHong Kong dollars thousands | 8,367 | PDF p. 249 |
| Total current liabilitiesHong Kong dollars thousands | 11,668 | PDF p. 249 |
| Net current assetsHong Kong dollars thousands | 183,778 | PDF p. 249 |
| Total assets less current liabilitiesHong Kong dollars thousands | 388,124 | PDF p. 249 |
| Capital and reserves | ||
| Share capitalHong Kong dollars thousands | 87,622 | PDF p. 249 |
| ReservesHong Kong dollars thousands | 300,502 | PDF p. 249 |
| Equity attributable to owners of the CompanyHong Kong dollars thousands | 388,124 | PDF p. 249 |
| Total liabilities and equityHong Kong dollars thousands | 399,792 | PDF p. 249 |
Original report: PDF p. 249 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended March 31, 2023 / Share capital | 2023Group / year ended March 31, 2023 / Capital reserves | 2023Group / year ended March 31, 2023 / Statutory reserve | 2023Group / year ended March 31, 2023 / Property revaluation reserve | 2023Group / year ended March 31, 2023 / Currency translation reserve | 2023Group / year ended March 31, 2023 / Financial assets measured at FVTOCI reserve | 2023Group / year ended March 31, 2023 / Other reserve | 2023Group / year ended March 31, 2023 / Retained profits | 2023Group / year ended March 31, 2023 / Owners subtotal | 2023Group / year ended March 31, 2023 / Non-controlling interests | 2023Group / year ended March 31, 2023 / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity | ||||||||||||
| At April 1, 2022Hong Kong dollars thousands | 85,777 | 196,975 | 28,082 | 127,652 | 21,598 | (16,448) | (3,561) | 330,491 | 770,566 | – | 770,566 | PDF p. 148 |
| Total comprehensive (expense) income for the year: Profit (loss) for the yearHong Kong dollars thousands | – | – | – | – | – | – | – | 2,716 | 2,716 | (14) | 2,702 | PDF p. 148 |
| Other comprehensive (expense) income for the yearHong Kong dollars thousands | – | – | – | 3,370 | (26,953) | – | – | – | (23,583) | 1 | (23,582) | PDF p. 148 |
| TotalHong Kong dollars thousands | – | – | – | 3,370 | (26,953) | – | – | 2,716 | (20,867) | (13) | (20,880) | PDF p. 148 |
| Transactions with owners, recognised directly in equity: Capital contribution from non-controlling interests of a subsidiaryHong Kong dollars thousands | – | – | – | – | – | – | – | – | – | 79 | 79 | PDF p. 148 |
| Exercise of share options (Note 40)Hong Kong dollars thousands | 1,845 | 2,970 | – | – | – | – | – | – | 4,815 | – | 4,815 | PDF p. 148 |
| Share options forfeitedHong Kong dollars thousands | – | (165) | – | – | – | – | – | 165 | – | – | – | PDF p. 148 |
| Dividend paid (Note 15)Hong Kong dollars thousands | – | – | – | – | – | – | – | (63,964) | (63,964) | – | (63,964) | PDF p. 148 |
| Transfer from property revaluation reserveHong Kong dollars thousands | – | – | – | (5,932) | – | – | – | 5,932 | – | – | – | PDF p. 148 |
| Transfer of statutory reserveHong Kong dollars thousands | – | – | 689 | – | – | – | – | (689) | – | – | – | PDF p. 148 |
| TotalHong Kong dollars thousands | 1,845 | 2,805 | 689 | (5,932) | – | – | – | (58,556) | (59,149) | 79 | (59,070) | PDF p. 148 |
| At March 31, 2023Hong Kong dollars thousands | 87,622 | 199,780 | 28,771 | 125,090 | (5,355) | (16,448) | (3,561) | 274,651 | 690,550 | 66 | 690,616 | PDF p. 148 |
Original report: PDF p. 148 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / year ended March 31, 2023 / Share capital | 2023Company / year ended March 31, 2023 / Capital reserves | 2023Company / year ended March 31, 2023 / Accumulated profits | 2023Company / year ended March 31, 2023 / Total equity | Source |
|---|---|---|---|---|---|
| Company changes in equity | |||||
| At April 1, 2022Hong Kong dollars thousands | 85,777 | 196,975 | 159,663 | 442,415 | PDF p. 250 |
| Profit for the year, representing total comprehensive income for the yearHong Kong dollars thousands | – | – | 4,858 | 4,858 | PDF p. 250 |
| Transactions with owners, recognised directly in equity: Exercise of share optionsHong Kong dollars thousands | 1,845 | 2,970 | – | 4,815 | PDF p. 250 |
| Share options forfeitedHong Kong dollars thousands | – | (165) | 165 | – | PDF p. 250 |
| Dividend paid (Note 15)Hong Kong dollars thousands | – | – | (63,964) | (63,964) | PDF p. 250 |
| TotalHong Kong dollars thousands | 1,845 | 2,805 | (63,799) | (59,149) | PDF p. 250 |
| At March 31, 2023Hong Kong dollars thousands | 87,622 | 199,780 | 100,722 | 388,124 | PDF p. 250 |
Original report: PDF p. 250 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended March 31, 2022 | Source |
|---|---|---|
| Group profit or loss and comprehensive income | ||
| RevenueHong Kong dollars thousands | 3,425,832 | PDF p. 140 |
| Cost of salesHong Kong dollars thousands | (3,091,042) | PDF p. 140 |
| Gross profitHong Kong dollars thousands | 334,790 | PDF p. 140 |
| Other incomeHong Kong dollars thousands | 2,803 | PDF p. 140 |
| Distribution costsHong Kong dollars thousands | (28,871) | PDF p. 140 |
| Administrative expensesHong Kong dollars thousands | (189,070) | PDF p. 140 |
| Other gains and lossesHong Kong dollars thousands | 808 | PDF p. 140 |
| Impairment losses reversed under expected credit loss (“ECL”) model, netHong Kong dollars thousands | 4,461 | PDF p. 140 |
| Gain on fair value change of investment propertyHong Kong dollars thousands | 439 | PDF p. 140 |
| Finance costsHong Kong dollars thousands | (17,286) | PDF p. 140 |
| Profit before taxHong Kong dollars thousands | 108,074 | PDF p. 140 |
| Income tax expenseHong Kong dollars thousands | (25,882) | PDF p. 140 |
| Profit for the yearHong Kong dollars thousands | 82,192 | PDF p. 140 |
| Other comprehensive income (expense) Items that will not be reclassified to profit or loss: – Gain on revaluation of owned propertiesHong Kong dollars thousands | 18,647 | PDF p. 140 |
| – Income tax relating to gain recognised in other comprehensive incomeHong Kong dollars thousands | (3,292) | PDF p. 140 |
| SubtotalHong Kong dollars thousands | 15,355 | PDF p. 140 |
| Item that may be reclassified subsequently to profit or loss: – Exchange differences arising from translation of foreign operationsHong Kong dollars thousands | 10,746 | PDF p. 140 |
| Other comprehensive (expense) income for the yearHong Kong dollars thousands | 26,101 | PDF p. 140 |
| Total comprehensive (expense) income for the yearHong Kong dollars thousands | 108,293 | PDF p. 140 |
| Profit (loss) attributable to: Owners of the CompanyHong Kong dollars thousands | 82,192 | PDF p. 140 |
| Non-controlling interestsHong Kong dollars thousands | – | PDF p. 140 |
| SubtotalHong Kong dollars thousands | 82,192 | PDF p. 140 |
| Total comprehensive (expense) income attributable to: Owners of the CompanyHong Kong dollars thousands | 108,293 | PDF p. 140 |
| Non-controlling interestsHong Kong dollars thousands | – | PDF p. 140 |
| SubtotalHong Kong dollars thousands | 108,293 | PDF p. 140 |
| Earnings per share – Basic (HK cents)Hong Kong cents per share | 96.33 | PDF p. 140 |
| – Diluted (HK cents)Hong Kong cents per share | 95.02 | PDF p. 140 |
Original report: PDF p. 140 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended March 31, 2022 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentHong Kong dollars thousands | 284,293 | PDF p. 141 |
| Right-of-use assetsHong Kong dollars thousands | 16,093 | PDF p. 141 |
| Investment propertyHong Kong dollars thousands | 9,951 | PDF p. 141 |
| Club debenturesHong Kong dollars thousands | 2,001 | PDF p. 141 |
| Interest in an associateHong Kong dollars thousands | – | PDF p. 141 |
| Financial assets measured at fair value through other comprehensive income (“FVTOCI”)Hong Kong dollars thousands | – | PDF p. 141 |
| Long-term depositsHong Kong dollars thousands | 4,459 | PDF p. 141 |
| Deferred tax assetsHong Kong dollars thousands | 503 | PDF p. 141 |
| Total non-current assetsHong Kong dollars thousands | 317,300 | PDF p. 141 |
| Current assets | ||
| InventoriesHong Kong dollars thousands | 360,393 | PDF p. 141 |
| Trade receivablesHong Kong dollars thousands | 862,816 | PDF p. 141 |
| Other receivables, deposits and prepaymentsHong Kong dollars thousands | 6,706 | PDF p. 141 |
| Income tax recoverableHong Kong dollars thousands | 4,567 | PDF p. 141 |
| Derivative financial instrumentsHong Kong dollars thousands | – | PDF p. 141 |
| Restricted bank depositsHong Kong dollars thousands | 2,457 | PDF p. 141 |
| Cash and cash equivalentsHong Kong dollars thousands | 327,673 | PDF p. 141 |
| Total current assetsHong Kong dollars thousands | 1,564,612 | PDF p. 141 |
| Total assetsHong Kong dollars thousands | 1,881,912 | PDF p. 141 |
| Current liabilities | ||
| Trade payablesHong Kong dollars thousands | 389,528 | PDF p. 141 |
| Other payablesHong Kong dollars thousands | 41,456 | PDF p. 141 |
| Contract liabilitiesHong Kong dollars thousands | 9,632 | PDF p. 141 |
| Income tax payableHong Kong dollars thousands | 5,204 | PDF p. 141 |
| Trust receipt loansHong Kong dollars thousands | 486,359 | PDF p. 141 |
| Bank borrowingsHong Kong dollars thousands | 124,434 | PDF p. 141 |
| Derivative financial instrumentsHong Kong dollars thousands | 579 | PDF p. 141 |
| Lease liabilitiesHong Kong dollars thousands | 7,988 | PDF p. 141 |
| Total current liabilitiesHong Kong dollars thousands | 1,065,180 | PDF p. 141 |
| Net current assetsHong Kong dollars thousands | 499,432 | PDF p. 141 |
| Total assets less current liabilitiesHong Kong dollars thousands | 816,732 | PDF p. 141 |
| Capital, reserves and non-controlling interests | ||
| Share capitalHong Kong dollars thousands | 85,777 | PDF p. 142 |
| ReservesHong Kong dollars thousands | 684,789 | PDF p. 142 |
| Equity attributable to owners of the CompanyHong Kong dollars thousands | 770,566 | PDF p. 142 |
| Non-controlling interestsHong Kong dollars thousands | – | PDF p. 142 |
| Total equityHong Kong dollars thousands | 770,566 | PDF p. 142 |
| Non-current liabilities | ||
| Deferred tax liabilitiesHong Kong dollars thousands | 38,154 | PDF p. 142 |
| Lease liabilitiesHong Kong dollars thousands | 8,012 | PDF p. 142 |
| Total non-current liabilitiesHong Kong dollars thousands | 46,166 | PDF p. 142 |
| Total liabilities and equityHong Kong dollars thousands | 1,881,912 | PDF p. 142 |
Original report: PDF p. 141 ↗ PDF p. 142 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended March 31, 2022 | Source |
|---|---|---|
| Operating activities | ||
| Profit before taxHong Kong dollars thousands | 108,074 | PDF p. 145 |
| Adjustments for: | ||
| Depreciation of property, plant and equipmentHong Kong dollars thousands | 14,127 | PDF p. 145 |
| Depreciation of right-of-use assetsHong Kong dollars thousands | 8,401 | PDF p. 145 |
| Interest expense on bank borrowings and trust receipt loansHong Kong dollars thousands | 16,726 | PDF p. 145 |
| Interest expense on lease liabilitiesHong Kong dollars thousands | 560 | PDF p. 145 |
| Share-based payment expenseHong Kong dollars thousands | 1,802 | PDF p. 145 |
| Reversal of allowance for inventoriesHong Kong dollars thousands | – | PDF p. 145 |
| Impairment losses reversed under ECL model, netHong Kong dollars thousands | (4,461) | PDF p. 145 |
| Gain on disposal of property, plant and equipmentHong Kong dollars thousands | (6) | PDF p. 145 |
| Gain on fair value change of investment propertyHong Kong dollars thousands | (439) | PDF p. 145 |
| Net (gain) loss on fair value changes of derivative financial instrumentsHong Kong dollars thousands | 473 | PDF p. 145 |
| Loss on lease modificationHong Kong dollars thousands | – | PDF p. 145 |
| Unrealised exchange loss (gain)Hong Kong dollars thousands | (3,170) | PDF p. 145 |
| Interest incomeHong Kong dollars thousands | (487) | PDF p. 145 |
| Operating cash flows before movements in working capitalHong Kong dollars thousands | 141,600 | PDF p. 145 |
| Increase in inventoriesHong Kong dollars thousands | (99,471) | PDF p. 145 |
| (Decrease) increase in trade receivables (Note)Hong Kong dollars thousands | (66,705) | PDF p. 145 |
| Decrease in other receivables, deposits and prepaymentsHong Kong dollars thousands | 1,455 | PDF p. 145 |
| Decrease (increase) in long-term depositsHong Kong dollars thousands | (484) | PDF p. 145 |
| Increase in trade payablesHong Kong dollars thousands | 35,039 | PDF p. 145 |
| Decrease in other payablesHong Kong dollars thousands | (8,197) | PDF p. 145 |
| (Decrease) increase in contract liabilitiesHong Kong dollars thousands | 648 | PDF p. 145 |
| Cash (used in) generated from operationsHong Kong dollars thousands | 3,885 | PDF p. 145 |
| Income tax paidHong Kong dollars thousands | (24,038) | PDF p. 145 |
| Interest paidHong Kong dollars thousands | (15,974) | PDF p. 145 |
| Interest receivedHong Kong dollars thousands | 487 | PDF p. 145 |
| Net cash used in operating activitiesHong Kong dollars thousands | (35,640) | PDF p. 145 |
| Investing activities | ||
| Purchase of property, plant and equipmentHong Kong dollars thousands | (4,036) | PDF p. 146 |
| Withdrawal of restricted bank depositsHong Kong dollars thousands | – | PDF p. 146 |
| Proceeds from disposal of property, plant and equipmentHong Kong dollars thousands | 75 | PDF p. 146 |
| Net cash used in investing activitiesHong Kong dollars thousands | (3,961) | PDF p. 146 |
| Financing activities | ||
| Capital contribution from non-controlling interests of a subsidiaryHong Kong dollars thousands | – | PDF p. 146 |
| Dividend paid to shareholdersHong Kong dollars thousands | (28,118) | PDF p. 146 |
| Proceeds from exercise of share optionsHong Kong dollars thousands | 1,488 | PDF p. 146 |
| Repayments of trust receipt loansHong Kong dollars thousands | (2,614,040) | PDF p. 146 |
| Proceeds from trust receipt loansHong Kong dollars thousands | 2,754,626 | PDF p. 146 |
| Repayments of bank borrowingsHong Kong dollars thousands | (603,282) | PDF p. 146 |
| Proceeds from bank borrowingsHong Kong dollars thousands | 647,383 | PDF p. 146 |
| Repayments of lease liabilitiesHong Kong dollars thousands | (8,615) | PDF p. 146 |
| Net cash generated from financing activitiesHong Kong dollars thousands | 149,442 | PDF p. 146 |
| Net (decrease) increase in cash and cash equivalentsHong Kong dollars thousands | 109,841 | PDF p. 146 |
| Cash and cash equivalents at beginning of the yearHong Kong dollars thousands | 216,923 | PDF p. 146 |
| Effects of exchange rate changes on the balance of cash and cash equivalents held in foreign currenciesHong Kong dollars thousands | 909 | PDF p. 146 |
| Cash and cash equivalents at end of the yearHong Kong dollars thousands | 327,673 | PDF p. 146 |
Original report: PDF p. 145 ↗ PDF p. 146 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Company / year ended March 31, 2022 | Source |
|---|---|---|
| Non-current assets | ||
| Amount due from a subsidiary (Note)Hong Kong dollars thousands | 33,814 | PDF p. 237 |
| Interests in subsidiariesHong Kong dollars thousands | 162,165 | PDF p. 237 |
| Total non-current assetsHong Kong dollars thousands | 195,979 | PDF p. 237 |
| Current assets | ||
| Amounts due from subsidiaries (Note)Hong Kong dollars thousands | 249,381 | PDF p. 237 |
| Deposits and prepaymentsHong Kong dollars thousands | 17 | PDF p. 237 |
| Income tax recoverableHong Kong dollars thousands | 101 | PDF p. 237 |
| Cash and cash equivalents (Note)Hong Kong dollars thousands | 3,588 | PDF p. 237 |
| Total current assetsHong Kong dollars thousands | 253,087 | PDF p. 237 |
| Total assetsHong Kong dollars thousands | 449,066 | PDF p. 237 |
| Current liabilities | ||
| Amount due to a subsidiary (Note)Hong Kong dollars thousands | – | PDF p. 237 |
| Other payablesHong Kong dollars thousands | 1,510 | PDF p. 237 |
| Income tax payableHong Kong dollars thousands | – | PDF p. 237 |
| Financial guarantee liabilitiesHong Kong dollars thousands | 5,141 | PDF p. 237 |
| Total current liabilitiesHong Kong dollars thousands | 6,651 | PDF p. 237 |
| Net current assetsHong Kong dollars thousands | 246,436 | PDF p. 237 |
| Total assets less current liabilitiesHong Kong dollars thousands | 442,415 | PDF p. 237 |
| Capital and reserves | ||
| Share capitalHong Kong dollars thousands | 85,777 | PDF p. 237 |
| ReservesHong Kong dollars thousands | 356,638 | PDF p. 237 |
| Equity attributable to owners of the CompanyHong Kong dollars thousands | 442,415 | PDF p. 237 |
| Total liabilities and equityHong Kong dollars thousands | 449,066 | PDF p. 237 |
Original report: PDF p. 237 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended March 31, 2022 / Share capital | 2022Group / year ended March 31, 2022 / Capital reserves | 2022Group / year ended March 31, 2022 / Statutory reserve | 2022Group / year ended March 31, 2022 / Property revaluation reserve | 2022Group / year ended March 31, 2022 / Currency translation reserve | 2022Group / year ended March 31, 2022 / Financial assets measured at FVTOCI reserve | 2022Group / year ended March 31, 2022 / Other reserve | 2022Group / year ended March 31, 2022 / Retained profits | 2022Group / year ended March 31, 2022 / Owners subtotal | 2022Group / year ended March 31, 2022 / Non-controlling interests | 2022Group / year ended March 31, 2022 / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity | ||||||||||||
| At April 1, 2021Hong Kong dollars thousands | 85,207 | 194,255 | 22,974 | 117,441 | 10,852 | (16,448) | (3,561) | 276,381 | 687,101 | – | 687,101 | PDF p. 143 |
| Total comprehensive income for the year: Profit for the yearHong Kong dollars thousands | – | – | – | – | – | – | – | 82,192 | 82,192 | – | 82,192 | PDF p. 143 |
| Other comprehensive income for the yearHong Kong dollars thousands | – | – | – | 15,355 | 10,746 | – | – | – | 26,101 | – | 26,101 | PDF p. 143 |
| TotalHong Kong dollars thousands | – | – | – | 15,355 | 10,746 | – | – | 82,192 | 108,293 | – | 108,293 | PDF p. 143 |
| Transactions with owners, recognised directly in equity: Exercise of share options (Note 39)Hong Kong dollars thousands | 570 | 918 | – | – | – | – | – | – | 1,488 | – | 1,488 | PDF p. 143 |
| Recognition of equity-settled share-based payments (Note 39)Hong Kong dollars thousands | – | 1,802 | – | – | – | – | – | – | 1,802 | – | 1,802 | PDF p. 143 |
| Dividend paid (Note 15)Hong Kong dollars thousands | – | – | – | – | – | – | – | (28,118) | (28,118) | – | (28,118) | PDF p. 143 |
| Transfer from property revaluation reserveHong Kong dollars thousands | – | – | – | (5,144) | – | – | – | 5,144 | – | – | – | PDF p. 143 |
| Transfer of statutory reserveHong Kong dollars thousands | – | – | 5,108 | – | – | – | – | (5,108) | – | – | – | PDF p. 143 |
| TotalHong Kong dollars thousands | 570 | 2,720 | 5,108 | (5,144) | – | – | – | (28,082) | (24,828) | – | (24,828) | PDF p. 143 |
| At March 31, 2022Hong Kong dollars thousands | 85,777 | 196,975 | 28,082 | 127,652 | 21,598 | (16,448) | (3,561) | 330,491 | 770,566 | – | 770,566 | PDF p. 143 |
Original report: PDF p. 143 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Company / year ended March 31, 2022 / Share capital | 2022Company / year ended March 31, 2022 / Capital reserves | 2022Company / year ended March 31, 2022 / Accumulated profits | 2022Company / year ended March 31, 2022 / Total equity | Source |
|---|---|---|---|---|---|
| Company changes in equity | |||||
| At April 1, 2021Hong Kong dollars thousands | 85,207 | 194,255 | 122,982 | 402,444 | PDF p. 238 |
| Profit for the year, representing total comprehensive income for the yearHong Kong dollars thousands | – | – | 64,799 | 64,799 | PDF p. 238 |
| Transactions with owners, recognised directly in equity: Exercise of share optionsHong Kong dollars thousands | 570 | 918 | – | 1,488 | PDF p. 238 |
| Recognition of equity-settled share-based paymentsHong Kong dollars thousands | – | 1,802 | – | 1,802 | PDF p. 238 |
| Dividend paid (Note 15)Hong Kong dollars thousands | – | – | (28,118) | (28,118) | PDF p. 238 |
| TotalHong Kong dollars thousands | 570 | 2,720 | (28,118) | (24,828) | PDF p. 238 |
| At March 31, 2022Hong Kong dollars thousands | 85,777 | 196,975 | 159,663 | 442,415 | PDF p. 238 |
Original report: PDF p. 238 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended March 31, 2023 | 2022Group / year ended March 31, 2022 | Source |
|---|---|---|---|
| Selected original note | |||
| Profit attributable to owners for EPSHong Kong dollars thousands | 2,716 | 82,192 | PDF p. 189 |
| Basic weighted average ordinary sharesShares thousands | 87,205 | 85,326 | PDF p. 189 |
| Dilutive share optionsShares thousands | 421 | 1,178 | PDF p. 189 |
| Diluted weighted average ordinary sharesShares thousands | 87,626 | 86,504 | PDF p. 189 |
Original report: PDF p. 189 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Share counts in thousands. FY2022 final33.0HKcents plus special40.0HKcents were paid21September2022 as63964HK$thousand in FY2023; FY2021 final33.0HKcents paid in FY2022 was28118HK$thousand. No FY2023 final dividend recommended. FY2022 proposal estimated62960HK$thousand is retained as an estimate distinct from later actual63964.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended March 31, 2023 | 2022Group / year ended March 31, 2022 | Source |
|---|---|---|---|
| Selected original note | |||
| FY2022 final HK33.0 cents and special HK40.0 cents per shareHong Kong dollars thousands | 63,964 | – | PDF p. 189 |
| FY2021 final HK33.0 cents per shareHong Kong dollars thousands | – | 28,118 | PDF p. 189 |
| Total dividend recognised as distribution during the yearHong Kong dollars thousands | 63,964 | 28,118 | PDF p. 189 |
Original report: PDF p. 189 ↗
The report retains two distinct 2024 periods: twelve months ended March 31 and nine months ended December 31. No annualisation is performed.
Column years are payment/recognition years, not the fiscal years to which the dividends relate. FY2022 final33.0and special40.0HKcents were paid21September2022 in FY2023. FY2021 final33.0HKcents paid in FY2022. No FY2023 final recommended.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / year ended March 31, 2021 | Source |
|---|---|---|
| Group profit or loss and comprehensive income | ||
| RevenueHong Kong dollars thousands | 3,557,935 | PDF p. 125 |
| Cost of salesHong Kong dollars thousands | (3,224,334) | PDF p. 125 |
| Gross profitHong Kong dollars thousands | 333,601 | PDF p. 125 |
| Other incomeHong Kong dollars thousands | 9,667 | PDF p. 125 |
| Distribution costsHong Kong dollars thousands | (37,469) | PDF p. 125 |
| Administrative expensesHong Kong dollars thousands | (186,915) | PDF p. 125 |
| Other gains and lossesHong Kong dollars thousands | 15,323 | PDF p. 125 |
| Impairment losses reversed (recognised) under expected credit loss (“ECL”) model, netHong Kong dollars thousands | (10,141) | PDF p. 125 |
| Gain on fair value change of investment propertyHong Kong dollars thousands | 1,312 | PDF p. 125 |
| Finance costsHong Kong dollars thousands | (19,046) | PDF p. 125 |
| Profit before taxHong Kong dollars thousands | 106,332 | PDF p. 125 |
| Income tax expenseHong Kong dollars thousands | (13,849) | PDF p. 125 |
| Profit for the yearHong Kong dollars thousands | 92,483 | PDF p. 125 |
| Other comprehensive income Items that will not be reclassified to profit or loss: – Gain on revaluation of owned propertiesHong Kong dollars thousands | – | PDF p. 125 |
| – Income tax relating to gain recognised in other comprehensive incomeHong Kong dollars thousands | – | PDF p. 125 |
| SubtotalHong Kong dollars thousands | – | PDF p. 125 |
| Item that may be reclassified subsequently to profit or loss: – Exchange differences arising from translation of foreign operationsHong Kong dollars thousands | 22,984 | PDF p. 125 |
| Other comprehensive income for the yearHong Kong dollars thousands | 22,984 | PDF p. 125 |
| Total comprehensive income for the year attributable to owners of the CompanyHong Kong dollars thousands | 115,467 | PDF p. 125 |
| Earnings per share – Basic (HK cents)Hong Kong cents per share | 108.54 | PDF p. 125 |
| – Diluted (HK cents)Hong Kong cents per share | 108.54 | PDF p. 125 |
Original report: PDF p. 125 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / year ended March 31, 2021 | Source |
|---|---|---|
| Operating activities | ||
| Profit before taxHong Kong dollars thousands | 106,332 | PDF p. 130 |
| Adjustments for: | ||
| Depreciation of property, plant and equipmentHong Kong dollars thousands | 14,010 | PDF p. 130 |
| Depreciation of right-of-use assetsHong Kong dollars thousands | 12,276 | PDF p. 130 |
| Interest expense on bank borrowings and trust receipt loansHong Kong dollars thousands | 18,533 | PDF p. 130 |
| Interest expense on lease liabilitiesHong Kong dollars thousands | 513 | PDF p. 130 |
| Share-based payment expenseHong Kong dollars thousands | 926 | PDF p. 130 |
| Reversal of allowance for inventoriesHong Kong dollars thousands | (32,962) | PDF p. 130 |
| Impairment losses (reversed) recognised under ECL model, netHong Kong dollars thousands | 10,141 | PDF p. 130 |
| (Gain) loss on disposal of property, plant and equipmentHong Kong dollars thousands | 1,366 | PDF p. 130 |
| Gain on fair value change of investment propertyHong Kong dollars thousands | (1,312) | PDF p. 130 |
| Net loss (gain) on fair value changes of derivative financial instrumentsHong Kong dollars thousands | (1,140) | PDF p. 130 |
| Gain on lease modificationHong Kong dollars thousands | (109) | PDF p. 130 |
| Unrealised exchange gainHong Kong dollars thousands | (21,771) | PDF p. 130 |
| Interest incomeHong Kong dollars thousands | (501) | PDF p. 130 |
| Operating cash flows before movements in working capitalHong Kong dollars thousands | 106,302 | PDF p. 130 |
| (Increase) decrease in inventoriesHong Kong dollars thousands | 151,618 | PDF p. 130 |
| Increase in trade receivables (Note)Hong Kong dollars thousands | (173,973) | PDF p. 130 |
| Decrease (increase) in other receivables, deposits and prepaymentsHong Kong dollars thousands | (3,698) | PDF p. 130 |
| (Increase) decrease in long-term depositsHong Kong dollars thousands | 1,586 | PDF p. 130 |
| Increase in trade payablesHong Kong dollars thousands | 40,897 | PDF p. 130 |
| (Decrease) increase in other payablesHong Kong dollars thousands | 23,240 | PDF p. 130 |
| Increase in contract liabilitiesHong Kong dollars thousands | 3,747 | PDF p. 130 |
| Cash generated from operationsHong Kong dollars thousands | 149,719 | PDF p. 130 |
| Income tax (paid) refundHong Kong dollars thousands | 401 | PDF p. 130 |
| Interest paidHong Kong dollars thousands | (20,954) | PDF p. 130 |
| Interest receivedHong Kong dollars thousands | 501 | PDF p. 130 |
| Net cash (used in) from operating activitiesHong Kong dollars thousands | 129,667 | PDF p. 130 |
| Investing activities | ||
| Purchase of property, plant and equipmentHong Kong dollars thousands | (1,500) | PDF p. 131 |
| Withdrawal of restricted bank depositsHong Kong dollars thousands | 2,231 | PDF p. 131 |
| Proceeds from disposal of property, plant and equipmentHong Kong dollars thousands | 347 | PDF p. 131 |
| Net cash (used in) from investing activitiesHong Kong dollars thousands | 1,078 | PDF p. 131 |
| Financing activities | ||
| Dividend paid to shareholdersHong Kong dollars thousands | – | PDF p. 131 |
| Proceeds from exercise of share optionsHong Kong dollars thousands | – | PDF p. 131 |
| Repayments of trust receipt loansHong Kong dollars thousands | (2,639,917) | PDF p. 131 |
| Proceeds from trust receipt loansHong Kong dollars thousands | 2,512,405 | PDF p. 131 |
| Repayments of bank borrowingsHong Kong dollars thousands | (812,057) | PDF p. 131 |
| Proceeds from bank borrowingsHong Kong dollars thousands | 770,109 | PDF p. 131 |
| Repayments of lease liabilitiesHong Kong dollars thousands | (12,807) | PDF p. 131 |
| Net cash from (used in) financing activitiesHong Kong dollars thousands | (182,267) | PDF p. 131 |
| Net increase (decrease) in cash and cash equivalentsHong Kong dollars thousands | (51,522) | PDF p. 131 |
| Cash and cash equivalents at beginning of the yearHong Kong dollars thousands | 264,839 | PDF p. 131 |
| Effects of exchange rate changes on the balance of cash and cash equivalents held in foreign currenciesHong Kong dollars thousands | 3,606 | PDF p. 131 |
| Cash and cash equivalents at end of the yearHong Kong dollars thousands | 216,923 | PDF p. 131 |
Original report: PDF p. 130 ↗ PDF p. 131 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Company / year ended March 31, 2021 | Source |
|---|---|---|
| Non-current assets | ||
| Amount due from a subsidiary (Note)Hong Kong dollars thousands | 33,814 | PDF p. 242 |
| Interests in subsidiariesHong Kong dollars thousands | 157,024 | PDF p. 242 |
| Total non-current assetsHong Kong dollars thousands | 190,838 | PDF p. 242 |
| Current assets | ||
| Amounts due from subsidiaries (Note)Hong Kong dollars thousands | 213,604 | PDF p. 242 |
| Deposits and prepaymentsHong Kong dollars thousands | 17 | PDF p. 242 |
| Income tax recoverableHong Kong dollars thousands | – | PDF p. 242 |
| Cash and cash equivalents (Note)Hong Kong dollars thousands | 976 | PDF p. 242 |
| Total current assetsHong Kong dollars thousands | 214,597 | PDF p. 242 |
| Total assetsHong Kong dollars thousands | 405,435 | PDF p. 242 |
| Current liabilities | ||
| Other payablesHong Kong dollars thousands | 947 | PDF p. 242 |
| Income tax payableHong Kong dollars thousands | 63 | PDF p. 242 |
| Financial guarantee liabilitiesHong Kong dollars thousands | 1,981 | PDF p. 242 |
| Total current liabilitiesHong Kong dollars thousands | 2,991 | PDF p. 242 |
| Net current assetsHong Kong dollars thousands | 211,606 | PDF p. 242 |
| Total assets less current liabilitiesHong Kong dollars thousands | 402,444 | PDF p. 242 |
| Capital and reserves | ||
| Share capitalHong Kong dollars thousands | 85,207 | PDF p. 242 |
| ReservesHong Kong dollars thousands | 317,237 | PDF p. 242 |
| Equity attributable to owners of the CompanyHong Kong dollars thousands | 402,444 | PDF p. 242 |
| Total liabilities and equityHong Kong dollars thousands | 405,435 | PDF p. 242 |
Original report: PDF p. 242 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / year ended March 31, 2021 / Share capital | 2021Group / year ended March 31, 2021 / Capital reserves | 2021Group / year ended March 31, 2021 / Statutory reserve | 2021Group / year ended March 31, 2021 / Property revaluation reserve | 2021Group / year ended March 31, 2021 / Currency translation reserve | 2021Group / year ended March 31, 2021 / Financial assets measured at FVTOCI reserve | 2021Group / year ended March 31, 2021 / Other reserve | 2021Group / year ended March 31, 2021 / Retained profits | 2021Group / year ended March 31, 2021 / Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Group changes in equity | ||||||||||
| At April 1, 2020Hong Kong dollars thousands | 85,207 | 193,458 | 20,874 | 122,585 | (12,132) | (16,448) | (3,561) | 180,725 | 570,708 | PDF p. 128 |
| Total comprehensive income for the year: Profit for the yearHong Kong dollars thousands | – | – | – | – | – | – | – | 92,483 | 92,483 | PDF p. 128 |
| Other comprehensive income for the yearHong Kong dollars thousands | – | – | – | – | 22,984 | – | – | – | 22,984 | PDF p. 128 |
| TotalHong Kong dollars thousands | – | – | – | – | 22,984 | – | – | 92,483 | 115,467 | PDF p. 128 |
| Transactions with owners, recognised directly in equity: Share options forfeitedHong Kong dollars thousands | – | (129) | – | – | – | – | – | 129 | – | PDF p. 128 |
| Recognition of equity-settled share-based payments (Note 39)Hong Kong dollars thousands | – | 926 | – | – | – | – | – | – | 926 | PDF p. 128 |
| Transfer from property revaluation reserveHong Kong dollars thousands | – | – | – | (5,144) | – | – | – | 5,144 | – | PDF p. 128 |
| Transfer of statutory reserveHong Kong dollars thousands | – | – | 2,100 | – | – | – | – | (2,100) | – | PDF p. 128 |
| TotalHong Kong dollars thousands | – | 797 | 2,100 | (5,144) | – | – | – | 3,173 | 926 | PDF p. 128 |
| At March 31, 2021Hong Kong dollars thousands | 85,207 | 194,255 | 22,974 | 117,441 | 10,852 | (16,448) | (3,561) | 276,381 | 687,101 | PDF p. 128 |
Original report: PDF p. 128 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Company / year ended March 31, 2021 / Share capital | 2021Company / year ended March 31, 2021 / Capital reserves | 2021Company / year ended March 31, 2021 / Accumulated profits | 2021Company / year ended March 31, 2021 / Total equity | Source |
|---|---|---|---|---|---|
| Company changes in equity | |||||
| At April 1, 2020Hong Kong dollars thousands | 85,207 | 193,458 | 84,747 | 363,412 | PDF p. 243 |
| Profit for the year, representing total comprehensive income for the yearHong Kong dollars thousands | – | – | 38,106 | 38,106 | PDF p. 243 |
| Transactions with owners, recognised directly in equity: Share options forfeitedHong Kong dollars thousands | – | (129) | 129 | – | PDF p. 243 |
| Recognition of equity-settled share-based paymentsHong Kong dollars thousands | – | 926 | – | 926 | PDF p. 243 |
| TotalHong Kong dollars thousands | – | 797 | 129 | 926 | PDF p. 243 |
| At March 31, 2021Hong Kong dollars thousands | 85,207 | 194,255 | 122,982 | 402,444 | PDF p. 243 |
Original report: PDF p. 243 ↗
HongKongdollars thousands for money; HKcents for per-share figures. Current yearended31December2025is distinct from nine-monthperiodended31December2024 and yearended31March2024. FY2024twoenddates are retained separately; no annualisation or period merger.
Six reporting periods span five fiscal-year labels2021–2025:March2021,March2022,March2023,March2024,December2024nine-monthperiod,December2025. Each table preserves exact Group/Company scope and original period. Parent financial position/equity comes from Company note; no unprinted standaloneCompanyincome/cashflowstatement is inferred.
Where the money comes from
| Item / unit | 2025Group total, HK$'000 | Source |
|---|---|---|
| Reconciliation | ||
| Other incomeHK$'000 | 7,700 | PDF p. 201 |
| Distribution costsHK$'000 | (18,727) | PDF p. 201 |
| Administrative expensesHK$'000 | (138,464) | PDF p. 201 |
| Other gains and lossesHK$'000 | (2,677) | PDF p. 201 |
| Finance costsHK$'000 | (27,887) | PDF p. 201 |
| Profit before taxHK$'000 | 42,784 | PDF p. 201 |
| Income tax creditHK$'000 | 8,174 | PDF p. 201 |
| Profit for the yearHK$'000 | 50,958 | PDF p. 201 |
Impairment losses reversed under ECL model, net (6,012 printed as 6,012) and Loss on fair value change of investment property (1,691) are also reconciling items, wrapped over two lines, not tabulated. Profit attributable to owners of the Company: 50,958.
| Item / unit | 2024Group total, HK$'000, nine months ended December 31, 2024 | Source |
|---|---|---|
| Reconciliation | ||
| Other incomeHK$'000 | 2,965 | PDF p. 202 |
| Distribution costsHK$'000 | (14,137) | PDF p. 202 |
| Administrative expensesHK$'000 | (106,485) | PDF p. 202 |
| Other gains and lossesHK$'000 | 125 | PDF p. 202 |
| Finance costsHK$'000 | (26,924) | PDF p. 202 |
| Loss before taxHK$'000 | (68,495) | PDF p. 202 |
| Income tax creditHK$'000 | 6,893 | PDF p. 202 |
| Loss for the periodHK$'000 | (61,602) | PDF p. 202 |
Impairment losses reversed under ECL model, net 7,813 and Loss on fair value change of investment property (188) also reconcile, not tabulated. Loss attributable to non-controlling interests (1); loss attributable to owners of the Company (61,601).
| Item / unit | 2025Southern China Region, HK$'000 | 2025Northern China Region, HK$'000 | 2025Taiwan, HK$'000 | 2025Sub-total, HK$'000 | 2025Elimination, HK$'000 | 2025Total, HK$'000 | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Sales – externalHK$'000 | 941,092 | 1,182,723 | 234,438 | 2,358,253 | – | 2,358,253 | PDF p. 201 |
| Sales – inter-companyHK$'000 | 575,786 | 730,423 | – | 1,306,209 | (1,306,209) | – | PDF p. 201 |
| Total revenue (unlabelled subtotal line)HK$'000 | 1,516,878 | 1,913,146 | 234,438 | 3,664,462 | (1,306,209) | 2,358,253 | PDF p. 201 |
| Results | |||||||
| Cost of salesHK$'000 | (1,424,063) | (1,811,467) | (210,414) | (3,445,944) | 1,306,209 | (2,139,735) | PDF p. 201 |
| Gross profit/segment resultsHK$'000 | 92,815 | 101,679 | 24,024 | 218,518 | – | 218,518 | PDF p. 201 |
Group engaged in trading of electronic components; reportable segments are Southern China Region, Northern China Region and Taiwan. Segment profit measure is gross profit. Inter-segment and inter-company sales are charged at costs. The 'Total revenue' row has no printed label.
| Item / unit | 2024Southern China Region, HK$'000, nine months ended December 31, 2024 | 2024Northern China Region, HK$'000, nine months ended December 31, 2024 | 2024Taiwan, HK$'000, nine months ended December 31, 2024 | 2024Sub-total, HK$'000, nine months ended December 31, 2024 | 2024Elimination, HK$'000, nine months ended December 31, 2024 | 2024Total, HK$'000, nine months ended December 31, 2024 | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Sales – externalHK$'000 | 791,291 | 841,665 | 195,944 | 1,828,900 | – | 1,828,900 | PDF p. 202 |
| Sales – inter-companyHK$'000 | 444,808 | 439,898 | 879 | 885,585 | (885,585) | – | PDF p. 202 |
| Total revenue (unlabelled subtotal line)HK$'000 | 1,236,099 | 1,281,563 | 196,823 | 2,714,485 | (885,585) | 1,828,900 | PDF p. 202 |
| Results | |||||||
| Cost of salesHK$'000 | (1,209,020) | (1,248,556) | (188,573) | (2,646,149) | 885,585 | (1,760,564) | PDF p. 202 |
| Gross profit/segment resultsHK$'000 | 27,079 | 33,007 | 8,250 | 68,336 | – | 68,336 | PDF p. 202 |
Comparative period is nine months ended December 31, 2024 (shorter than the 2025 year).
| Item / unit | 2025Year ended December 31, 2025, HK$'000 | 2024Nine months ended December 31, 2024, HK$'000 | Source |
|---|---|---|---|
| Market segments of the customers | |||
| AutomotiveHK$'000 | 711,727 | 490,870 | PDF p. 199 |
| IndustrialHK$'000 | 593,191 | 493,298 | PDF p. 199 |
| Home applianceHK$'000 | 358,886 | 318,176 | PDF p. 199 |
| Electronic manufacturing servicesHK$'000 | 220,724 | 151,664 | PDF p. 199 |
| TelecommunicationsHK$'000 | 145,142 | 79,187 | PDF p. 199 |
| DealerHK$'000 | 144,567 | 136,178 | PDF p. 199 |
| Audio and videoHK$'000 | 122,093 | 112,758 | PDF p. 199 |
| OthersHK$'000 | 32,085 | 16,595 | PDF p. 199 |
| LightingHK$'000 | 29,838 | 30,174 | PDF p. 199 |
| TotalHK$'000 | 2,358,253 | 1,828,900 | PDF p. 199 |
Note 5 Disaggregation of revenue. Sales of electronic components: 2,358,253 and 1,828,900. Revenue by geographical markets is disclosed in Note 6.
Debt
| Item / unit | 2025at December 31, 2025, HK$'000 | 2024at December 31, 2024, HK$'000 | Source |
|---|---|---|---|
| Bank borrowings by type | |||
| Trade receivables and bills received discounted to banks with full recourse (Note 26)HK$'000 | 140,125 | 72,561 | PDF p. 233 |
| Other bank borrowingsHK$'000 | 320,400 | 244,344 | PDF p. 233 |
| Repayable (maturity) | |||
| Within one year (Note i)HK$'000 | 460,525 | 316,905 | PDF p. 233 |
| Analysis by security | |||
| Secured (Note ii)HK$'000 | 164,849 | 139,873 | PDF p. 233 |
| UnsecuredHK$'000 | 295,676 | 177,032 | PDF p. 233 |
Total bank borrowings 460,525 (2025) and 316,905 (2024); all repayable within one year, no non-current portion printed.
(i) Amounts due within one year are based on scheduled repayment dates in the loan agreements and include borrowings of HK$437,939,000 (December 31, 2024: HK$299,102,000) under loan agreements which contain a repayment on demand clause.
(ii) Bank borrowings of HK$44,491,000 (December 31, 2024: HK$67,312,000) were secured by pledge of office premise and certain bills receivable held by the Group amounting to HK$20,267,000 (December 31, 2024: HK$10,712,000).
Fixed-rate borrowings of HK$397,928,000 (December 31, 2024: HK$316,250,000) are repayable within one year. Variable-rate borrowings carry 1.25% to 1.51% (December 31, 2024: 1.25%) per annum over the bank's cost of fund (HIBOR or Term SOFR).
| Item / unit | 2025at December 31, 2025, HK$'000 | 2024at December 31, 2024, HK$'000 | Source |
|---|---|---|---|
| Lease liabilities payable | |||
| Within one yearHK$'000 | 1,213 | 2,050 | PDF p. 231 |
| Within a period of more than one year but not more than two yearsHK$'000 | 605 | 718 | PDF p. 231 |
| Within a period of more than two years but not more than five yearsHK$'000 | 22 | 124 | PDF p. 231 |
| Less: Amounts due for settlement within 12 months shown under current liabilitiesHK$'000 | (1,213) | (2,054) | PDF p. 231 |
| Amounts due for settlement after 12 months shown under non-current liabilitiesHK$'000 | 627 | 838 | PDF p. 231 |
Total lease liabilities 1,840 (2025) and 2,892 (2024). Weighted average incremental borrowing rates range from 6.00% to 6.5% (December 31, 2024: 2.98% to 6.5%). Row labels wrap across lines; quotes are the printed fragments with the numbers.
| Item / unit | 2025Weighted average effective interest rate % | 2025On demand or less than 3 months, HK$'000 | 20253 months to 1 year, HK$'000 | 20251 to 5 years, HK$'000 | 2025Total undiscounted cash flows, HK$'000 | 2025Carrying amount, HK$'000 | 2024Weighted average effective interest rate % | 2024On demand or less than 3 months, HK$'000 | 20243 months to 1 year, HK$'000 | 20241 to 5 years, HK$'000 | 2024Total undiscounted cash flows, HK$'000 | 2024Carrying amount, HK$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| At December 31, | |||||||||||||
| – fixed interest rates (Trust receipt loans)HK$'000 (rate in %) | 6.39 | 42,820 | 32,133 | – | 74,953 | 74,953 | 6.95 | 129,855 | 10,189 | – | 140,044 | 140,044 | PDF p. 260PDF p. 261 |
| – variable interest rates (Bank borrowings)HK$'000 (rate in %) | 4.18 | 62,597 | – | – | 62,597 | 62,597 | 5.62 | 655 | – | – | 655 | 655 | PDF p. 260PDF p. 261 |
| – fixed interest rate (Bank borrowings)HK$'000 (rate in %) | 3.14 | 147,530 | 250,398 | – | 397,928 | 397,928 | 3.78 | 164,869 | 151,381 | – | 316,250 | 316,250 | PDF p. 260PDF p. 261 |
| Loans from the ultimate holding companyHK$'000 (rate in %) | 4.80 | – | 49,601 | – | 49,601 | 49,601 | 6.80 | – | 163,180 | – | 163,180 | 163,180 | PDF p. 260PDF p. 261 |
The table includes both interest and principal cash flows. Trust receipt loans and bank borrowings are sub-rows under their headings; 'holding company' fragment wraps from the label 'Loans from the ultimate'.
Includes interest and principal cash flows.
| Item / unit | 2025at December 31, 2025 | 2024at December 31, 2024 | Source |
|---|---|---|---|
| Weighted average effective interest rate | |||
| – fixed-rate borrowings% | 3.14 | 3.78 | PDF p. 234 |
| – variable-rate borrowings% | 4.18 | 5.62 | PDF p. 234 |
Rates are also equal to contracted interest rate. The column header prints HK$'000 but the values are percentages.
| Item / unit | 2025at December 31, 2025 | 2024at December 31, 2024 | Source |
|---|---|---|---|
| Foreign currency bank borrowings | |||
| USDHK$'000 | – | 49,509 | PDF p. 234 |
MD&A (page 17) states 81.0% of the Group's bank borrowings were denominated in RMB; the remainder of that sentence was not read.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| DIVIDEND POLICY | The aim of the Dividend Policy is to allow Shareholders to participate in the Company’s profits whilst retaining adequate reserves for the future growth of the Group. | Group | PDF p. 133 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final dividend | The Board has resolved not to recommend the payment of a final dividend for the Year as the Group intends to retain cash for the business operations and future growth. | Year ended December 31, 2025 | PDF p. 133 |
| 15. DIVIDEND | No dividend was declared and paid during the year ended December 31, 2025 and the nine months ended December 31, 2024. | Year ended December 31, 2025 and comparative nine months ended December 31, 2024 | PDF p. 211 |
| RESULTS AND DIVIDEND | nine months ended December 31, 2024: nil | Comparative nine months ended December 31, 2024 | PDF p. 135 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Auditor | Ernst & Young LLP | Group | PDF p. 162 |
| Engagement partner | Mr. Low Bek Teng | Group | PDF p. 162 |
| OPINION | give a true and fair view | Group consolidated financial statements, year ended December 31, 2025 | PDF p. 156 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Key audit matter | Impairment assessment of trade receivables | Group | PDF p. 157 |
| Impairment assessment of trade receivables | the Group’s net trade | Group | PDF p. 157 |
| Key audit matter | Determination of net realisable value for inventories | Group | PDF p. 159 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Monetary statements use Hong Kong dollars thousands; per-share figures use Hong Kong cents. Original chart monetary values use Hong Kong dollars millions. No currency conversion or annualisation.
Six reporting periods span 2021–2025: years ended March 2021, March 2022, March 2023 and March 2024; nine months ended December 2024; and year ended December 2025. The two 2024 periods are distinct.
Parent Company financial position and changes in equity are disclosed in notes. No separate Company income statement or cash flow statement is disclosed in these originals.
Five-period highlights, precise revenue segments, original segment percentages, weighted shares, dividend distributions, share capital, margins and gearing are included. The original pie percentages have three differences from nearest-whole percentages of precise revenue; the report does not state the rounding basis.
The net gearing formula includes bills payables, whose separate amount is unavailable. Known disclosed components give 93.23% and 138.36%, compared with the printed 94.0% and 139.9%. The original ratios are retained.
The nine-month December 2024 diluted EPS of (70.25) cents differs from (70.22) calculated using the diluted weighted shares in Note 16. Both original disclosures are retained without attributing an unprinted explanation.
No dividend was declared or paid for FY2025 or the nine months ended December 2024; no FY2025 final dividend was recommended. FY2022 final 33.0 cents and special 40.0 cents were paid in FY2023; the original proposed aggregate and later actual distribution differ and are retained as separate disclosures.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.