Financial Performance - Revenue for the year ended February 28, 2025, was HKD 164,295,000, a decrease of 8.4% compared to HKD 179,307,000 in 2024[3] - Profit before tax decreased by 37.3% to HKD 64,715,000 from HKD 103,282,000 in the previous year[3] - Net profit attributable to shareholders was HKD 55,908,000, down 35.3% from HKD 86,447,000 in 2024[3] - The company reported an operating profit of HKD 68,632,000, down from HKD 109,412,000 in the previous year[5] - The group's profit decreased by approximately HKD 30,500,000 or 35.3% to HKD 55,900,000 in fiscal year 2025, mainly due to a revenue drop of about HKD 15,000,000 and an increase in impairment losses[62] Assets and Liabilities - Total assets as of February 28, 2025, were HKD 1,183,020,000, a slight decrease of 0.5% from HKD 1,188,706,000 in 2024[3] - Total equity increased by 2.6% to HKD 1,107,978,000 from HKD 1,079,682,000 in the previous year[7] - The total amount of receivables decreased by 8.3% to HKD 870,645,000 from HKD 949,978,000 in 2024[3] - The total lease liabilities as of February 28, 2025, amounted to HKD 23,164,000, an increase from HKD 13,985,000 in 2024[28] - The total bank loans and overdrafts as of February 28, 2025, is HKD 40,500,000, down from HKD 60,500,000 the previous year, representing a reduction of 33.3%[40] Income and Expenses - Total other income for the year ended February 28, 2025, was HKD 11,754,000, significantly higher than HKD 4,730,000 in 2024, marking an increase of approximately 148.5%[19] - The company's profit before tax for the year 2025 was HKD 64,715,000, a decrease of 37.3% compared to HKD 103,282,000 in 2024[22] - The income tax expense for 2025 was HKD 8,807,000, down from HKD 16,835,000 in 2024, reflecting a significant reduction in tax liability[22] - Operating expenses increased by approximately HKD 1,600,000 or 2.7% to HKD 61,100,000, with employee costs rising by 6.6% to HKD 33,800,000[55] Loans and Credit Losses - The expected credit loss recognized for the year was approximately HKD 46,300,000, significantly higher than HKD 15,100,000 in 2024[34] - The expected credit loss provision for amortized cost receivables is approximately HKD 60,300,000 for the reporting period, compared to HKD 15,100,000 in the previous year[36] - The impairment loss on receivables was approximately HKD 46,300,000, a significant increase from HKD 15,100,000 in fiscal year 2024, primarily due to the decline in collateral values[58] - The impairment loss on mortgage loans in fiscal year 2025 was approximately HKD 41,700,000, attributed to several defaulted loans amid a notable decline in property prices[58] Dividends and Shareholder Information - The company proposed a final dividend of HKD 0.81 per share, compared to HKD 0.76 in the previous year[3] - The board proposed a final dividend of HKD 0.0081 per share, which, along with an interim dividend of HKD 0.0064 per share, represents 49.94% of the profit attributable to shareholders for the fiscal year 2025[90] - Shareholders must submit completed transfer forms by 4:30 PM on August 5, 2025, to qualify for the final dividend[91] Governance and Compliance - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[93] - The audit committee found no significant deficiencies in internal controls or financial reporting for the fiscal year 2025[87] - The company has not made any significant acquisitions or disposals during the fiscal year 2025, apart from the investment in the fund[80] Strategic Initiatives - The group has established a strategic partnership with PACM Group to set up a fund, marking its entry into the real estate private credit investment management sector[75] - The group has invested approximately HKD 112,000,000 in the PACM OW Global Special Situation Fund II L.P., with an investment fair value of approximately HKD 40,400,000 as of February 28, 2025, representing about 3.4% of total assets[79] Market and Economic Conditions - The pawn loan business revenue increased by 9.7% or HKD 7,700,000 to HKD 87,300,000, driven by stable gold prices and an active second-hand luxury goods market[49] - The average loan-to-value ratio for first mortgages was approximately 58.2%, while the overall average loan-to-value ratio for second mortgages was about 52.8%[48]

Revenue and Profit Performance - Revenue decreased by 3.5% to approximately HK$87.0 million[15] - Profit attributable to equity shareholders decreased by 38.5% to approximately HK$30.5 million[15] - Net profit margin decreased by 19.9 percentage points to 35.1%[15] - Profit from operations for the period was HK$38,082,000, down 39% from HK$62,367,000 in the previous year[124] - Profit and total comprehensive income attributable to shareholders for the period was HK$30,535,000, a decline of 38% compared to HK$49,648,000 in 2023[124] - Earnings per share decreased to HK$1.6 from HK$2.6, representing a 38% drop year-over-year[124] Loan and Interest Income - Total amount of new pawn loans granted increased by 2.3% to approximately HK$412.4 million[15] - Total amount of new mortgage loans granted decreased by 55.6% to approximately HK$125.5 million[15] - Interest income from the mortgage loan business was approximately HK$43.7 million, accounting for approximately 50.2% of total revenue[20] - Interest income from the pawn loan business was approximately HK$37.7 million[25] - Interest income from pawn loans rose by approximately HK$1.4 million or 3.8%, from approximately HK$36.3 million in FP2024 to approximately HK$37.7 million in FP2025[41] - Interest income from mortgage loan receivables was HK$43.684 million for the six months ended August 31, 2024, compared to HK$49.985 million in 2023, indicating a decrease of 12.6%[171] Impairment and Losses - Impairment losses recognized on loan receivables were approximately HK$24.5 million in FP2025, measured based on HKFRS 9 requirements[50] - Impairment losses recognized on mortgage receivables for FP2025 amounted to approximately HK$21.4 million, attributed to defaulted loans and a decline in property prices[57] - Impairment losses recognized on pawn loan receivables for FP2025 were approximately HK$3.1 million, indicating increased likelihood of collateral value not covering outstanding loan amounts[56] - Impairment loss on loan receivables increased significantly to HK$24,467,000 from HK$2,462,000 in the same period last year[124] Operating Expenses and Costs - Operating expenses increased by approximately HK$1.4 million or 5.2%, from approximately HK$27.1 million in FP2024 to approximately HK$28.5 million in FP2025[45] - Finance costs decreased by approximately HK$0.9 million or 30.0%, from approximately HK$3.0 million in FP2024 to approximately HK$2.1 million in FP2025[49] - Total staff costs increased to HK$14,818,000 in 2024 from HK$13,688,000 in 2023, reflecting a rise of approximately 8.3%[183] - Other operating expenses rose to HK$25,744,000 in 2024 compared to HK$25,058,000 in 2023, marking an increase of about 2.7%[183] Cash Flow and Financial Position - Cash and cash equivalents as of 31 August 2024 amounted to approximately HK$187.9 million, representing a net increase of approximately HK$17.3 million compared to 29 February 2024[71] - Net cash inflow from operating activities for FP2025 was approximately HK$98.8 million, primarily due to a decrease in loan receivables by approximately HK$31.3 million[72] - Net cash outflow from investing activities for FP2025 was approximately HK$35.8 million, mainly due to an increase in financial assets at fair value through profit or loss of approximately HK$38.2 million[74] - Net cash generated from operating activities for the six months ended 31 August 2024 was HK$98,824, a significant recovery from a net cash used of HK$41,907 in the same period of 2023[137] Financial Ratios and Metrics - The Group's current ratio increased from 11.1 times as of February 29, 2024, to 13.2 times as of August 31, 2024, primarily due to the repayment of bank loans and overdrafts totaling approximately HK$10.0 million and HK$15.0 million respectively[90][95]. - The gearing ratio decreased from 7.7% as of February 29, 2024, to 5.3% as of August 31, 2024, mainly due to the repayment of bank loans and overdrafts totaling approximately HK$10.0 million and HK$15.0 million respectively[91][96]. - Return on total assets decreased from approximately 8.4% in FP2024 to 5.2% in FP2025, while return on equity fell from 9.3% to 5.6%, and net profit margin dropped from 55.0% to 35.1%, primarily due to an increase in impairment loss on loan receivables by approximately HK$22.0 million in FP2025[99][102]. - Net interest margin increased from approximately 16.3% in FP2024 to approximately 17.1% in FP2025, attributed to a decrease in finance costs by approximately HK$0.9 million during FP2025[100][103]. Strategic Initiatives and Market Outlook - The Group plans to launch a premium service center at East Tsim Sha Tsui MTR Station and a groundbreaking mobile app to modernize the pawnbroking sector and enhance customer experience[101][104]. - The Board anticipates an increase in property transaction volumes in Hong Kong, despite projections indicating that property prices are expected to hit rock bottom[106][107]. - The Group will actively explore investment opportunities by leveraging its strategic partnership with PACM Group while adopting a cautiously optimistic stance on the property market[106][107]. Other Financial Information - The Group's financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, with no material impact from recent amendments[164] - The Group operates one reportable segment, providing secured financing business in Hong Kong, including pawn loans and mortgage loans[167] - The provision for current Hong Kong profits tax for the period was HK$9,483,000, slightly down from HK$10,091,000 in 2023, a decrease of approximately 6.0%[186] - The Group is not subject to any income tax in the Cayman Islands and the British Virgin Islands, which may impact overall tax liabilities[193]

Oi Wah Pawnshop Credit Holdings Limited 靄 華 押 業 信 貸 控 股 有 限 公 司 Stock Code 股份代號 : 01319 (Incorporated in the Cayman Islands with limited liability)（於開曼群島註冊成立之有限公司） 2024 ANNUAL REPORT 年報 www.pawnshop.com.hk Oi Wah Pawnshop Credit Holdings Limited 靄華押業信貸控股有限公司 Annual Report 2024 年報 Contents 目錄 | Company Information | 2 公司資料 | | --- | --- | | Financial Highlight | 4 財務摘要 | | Five-Year Financial Summary | 5 五年財務概要 | | Chairman Statement | 9 主席報告 | | Management Discussion and Analysis | 10 管理層討論及分析 | | Report of ...

Financial Performance - Revenue for the fiscal year ending February 29, 2024, was HKD 179,307,000, an increase of 8.1% from HKD 165,841,000 in the previous year[3] - Profit before tax was HKD 103,282,000, reflecting a slight increase of 0.5% compared to HKD 102,727,000 in the prior year[3] - Net profit attributable to shareholders was HKD 86,447,000, up 0.4% from HKD 86,107,000 year-on-year[3] - Operating profit was HKD 109,412,000, a decrease from HKD 112,500,000 in the previous year[4] - The group reported a pre-tax profit of HKD 86,447,000 for 2024, slightly up from HKD 86,107,000 in 2023, reflecting a marginal growth of 0.4%[61] Assets and Liabilities - The total assets increased by 3.0% to HKD 1,188,706,000 from HKD 1,153,570,000[3] - The total equity rose by 4.8% to HKD 1,079,682,000 compared to HKD 1,030,045,000 in the previous year[3] - Total liabilities decreased from 89,815,000 HKD in 2023 to 101,811,000 HKD in 2024, reflecting a change of approximately 13.4%[25] - The net asset value increased from 1,030,045,000 HKD in 2023 to 1,079,682,000 HKD in 2024, representing a growth of around 4.8%[26] - The total lease liabilities decreased from HKD 15,540,000 in 2023 to HKD 13,985,000 in 2024, representing a reduction of approximately 10%[89] Revenue Sources - The company reported an increase in revenue from the sale of recovered assets due to stable brand watch prices and rising gold prices[18] - Revenue from the sale of recovered assets was approximately 58,300,000 HKD in 2024, compared to 49,200,000 HKD in 2023, marking an increase of about 18.5%[36] - The revenue from pawn loan business for the year 2024 was HKD 79,559,000, an increase from HKD 74,309,000 in 2023, representing a growth of approximately 3.4%[51] - The interest income from mortgage loans for 2024 was HKD 99,748,000, compared to HKD 91,532,000 in 2023, indicating an increase of about 8.5%[51] - The revenue from mortgage loans increased by 9.0% or HKD 8,200,000 to HKD 99,700,000 for the fiscal year ending February 29, 2024, compared to HKD 91,500,000 for the previous fiscal year[139] Expenses and Costs - Other operating expenses increased by 6.1% to approximately HKD 15,700,000, primarily due to higher legal and professional fees[10] - Employee costs rose from 20,368,000 HKD in 2023 to 21,737,000 HKD in 2024, an increase of approximately 6.7%[37] - The total employee costs for the fiscal year 2024 amounted to approximately HKD 31,700,000, an increase of about HKD 2,100,000 or 7.1% from the previous fiscal year[165] - Operating expenses increased by approximately HKD 2,400,000 or 4.2% to about HKD 59,500,000 for the fiscal year 2024[175] Dividends - The company proposed a final dividend of HKD 0.76 per share, down from HKD 0.87 in the previous year[16] - The company declared an interim dividend of HKD 20,043,000 for the fiscal year 2024, compared to HKD 17,730,000 for the previous year[137] - The group has paid dividends amounting to HKD 36,810,000 for the fiscal year 2024, down from HKD 38,550,000 in the previous year[183] Credit and Receivables - The expected credit loss provision amounted to approximately HKD 15,100,000 for the year, with HKD 1,100,000 written off due to borrowers' inability to fulfill their credit obligations[97] - The company’s receivables from pawn loans increased by 4.3% to approximately HKD 180,500,000 as of February 29, 2024[113] - The group’s total receivables amounted to HKD 973,929,000 in 2024, compared to HKD 953,230,000 in 2023, reflecting an increase of approximately 2.2%[95] - The impairment loss recognized for receivable loans was approximately HKD 15,100,000 for the fiscal year ending February 29, 2024[149] Financing and Debt - The total financing costs decreased to HKD 6,130,000 in 2024 from HKD 9,773,000 in 2023, a reduction of about 37.5%[56] - Financing costs decreased by approximately HKD 3,700,000 or 37.8% to about HKD 6,100,000 due to a reduction in issued debt securities[121] - The group has made repayments of debt securities amounting to HKD 12,000,000 in the fiscal year 2024, compared to HKD 50,000,000 in the previous year[183] Strategic Initiatives - The company has entered into a strategic partnership with PACM Group (Holdings) Limited to establish a limited partnership fund, marking its entry into the real estate private credit investment management sector[164] - The group aims to enhance customer experience and expand its potential customer base through a new premium service center and advanced mobile application at the East Tsim Sha Tsui Station[191] - The group has maintained a focus on modernizing the industry by integrating new technologies with its pawn business[191] Market Conditions - The company continues to monitor property price trends in Hong Kong, which saw a decline of 6.8% in 2023, to capture potential investment opportunities[142] - The group does not anticipate any significant foreign exchange risk for the fiscal year 2024, as the impact is minimal[194]

Financial Performance - Revenue increased by 10.0% to approximately HK$90.2 million[20] - Profit attributable to equity shareholders increased by 12.5% to approximately HK$49.6 million[20] - Net profit margin increased by 1.2 percentage points to 55.0%[20] - Profit for FP2024 increased to approximately HK$49.6 million from approximately HK$44.1 million in FP2023, representing an increase of approximately HK$5.5 million or 12.5%[60] - Earnings per share increased to 2.6 HK cents, compared to 2.3 HK cents in the previous year[107] - The Group's profit attributable to shareholders rose from HK$44,120,000 in 2022 to HK$49,648,000 in 2023, marking an increase of about 12.5%[168] Loan Portfolio - The principal of gross loan receivables increased by 10.8% to approximately HK$1,027.8 million[20] - Total amount of new pawn loans granted decreased by 16.1% to approximately HK$402.0 million[20] - Total amount of new mortgage loans granted decreased by 24.6% to approximately HK$282.7 million[20] - The average loan-to-value (LTV) ratio of the mortgage loan portfolio maintained at around 55.0%[20] - Loan receivables rose significantly to HKD 1,022,365,000 as of August 31, 2023, from HKD 885,304,000 as of February 28, 2023, indicating an increase of about 15.5%[109] - As of August 31, 2023, total loan receivables were HK$1,063.56 million, with HK$759.29 million classified as not past due[188] Interest Income and Margins - Net interest margin for pawn loans increased by 0.6 percentage points to 37.7%[20] - Net interest margin for mortgage loans increased by 0.8 percentage points to 11.4%[20] - Interest income from the pawn loan business increased by approximately HK$1.7 million or 4.9%, from approximately HK$34.6 million in FP2023 to approximately HK$36.3 million in FP2024[28] - Interest income from the mortgage loan business increased by approximately HK$4.7 million or 10.4%, from approximately HK$45.3 million in FP2023 to approximately HK$50.0 million in FP2024[38] - The net interest margin increased from approximately 15.6% in FP2023 to approximately 16.3% in FP2024, primarily due to a decrease in finance costs by approximately HK$1.6 million[89][91] Operating Expenses - Operating expenses increased by approximately HK$400,000 or 1.5% from approximately HK$26.7 million in FP2023 to approximately HK$27.1 million in FP2024[51] - Staff costs slightly increased by approximately HK$700,000 or 5.4% from approximately HK$13.0 million in FP2023 to approximately HK$13.7 million in FP2024[48] - Finance costs decreased by approximately HK$1.6 million or 34.8% from approximately HK$4.6 million in FP2023 to approximately HK$3.0 million in FP2024[53] Cash Flow and Liquidity - As of 31 August 2023, cash and cash equivalents amounted to approximately HK$91.3 million, representing a net decrease of approximately HK$71.1 million compared to 28 February 2023[69] - For FP2024, the net cash outflow from operating activities amounted to approximately HK$41.9 million, primarily due to an increase in loan receivables by approximately HK$110.3 million[70][72]. - The net cash outflow from financing activities for FP2024 was approximately HK$29.4 million, mainly attributed to dividend payments (approximately HK$16.8 million), finance costs (approximately HK$2.6 million), and repayment of debt securities (approximately HK$5.0 million)[70][72]. - The current ratio decreased from 11.9x as of 28 February 2023 to 10.4x as of 31 August 2023, mainly due to the decrease in cash and cash equivalents[78][85]. - The net decrease in cash and cash equivalents was HK$71,102,000, compared to a decrease of HK$108,104,000 in the same period last year, indicating an improvement of 34.3%[30] Market Conditions - The local real estate market remains stagnant, with no significant uptick in valuations or transactional momentum despite regulatory changes[35] - The Group's customer base is diversified, with no single customer exceeding 10% of total revenue during both periods[148] Strategic Initiatives - The Group launched a premium service center at East Tsim Sha Tsui MTR Station, enhancing its presence in Hong Kong's railway system and modernizing the pawn sector[90]. - A strategic partnership with PACM Group has been established to enter the real estate private credit institutional investment management sector, broadening revenue sources and customer base[93] - The company is focusing on digitalizing the pawn loan application process, providing a streamlined one-stop loan solution for customers[92] Impairment and Risk Management - Impairment losses on loan receivables in FP2024 were approximately HK$2.5 million, with no impairment losses recorded in FP2023[54] - The Group's impairment allowance on pawn loans increased to HK$2,462,000 as of August 31, 2023, from zero as of February 28, 2023, indicating a significant increase in risk assessment[184] - The ageing analysis showed that HK$20.2 million of pawn loans at amortized cost were past due for one month or more, with an expected credit loss allowance of HK$2.5 million recognized[191] Regulatory and Accounting Policies - The Group has applied new and amendments to HKFRSs effective from March 1, 2023, which are expected to affect the accounting policy disclosures in the Group's annual consolidated financial statements for the year ending February 29, 2024[128] - The financial statements have been prepared in accordance with the applicable disclosure provisions of the Listing Rules and HKAS 34[120] - The Group's accounting policies are consistent with those followed in the preparation of the annual consolidated financial statements for the year ended February 28, 2023[126]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：1319） 截至二零二三年八月三十一日止六個月之 未經審核中期業績公佈、 宣派中期股息及 暫停辦理股份過戶登記手續 財務摘要 截至八月三十一日止六個月 | --- | --- | --- | --- | |----------------------|------------|------------|-------| | | 二零二三年 | 二零二二年 | 變動 | | | 千港元 | 千港元 | | | 收益 | 90,201 | 81,991 | 10.0% | | 除稅前溢利 | 59,332 | 52,684 | 12.6% | | 股東應佔期內溢利 | 49,648 | 44,120 | 12.5% | | 純利率 | 55.0% | 53.8% | | | 每股基本盈利（港仙） | 2.6 | 2.3 | | | 淨息差 | 16.3% | 15 ...

Revenue and Profit Growth - Revenue increased by 9.1% to approximately HK$165.8 million[19] - Profit attributable to equity shareholders increased by 20.1% to approximately HK$86.1 million[19] - Revenue from mortgage loan receivables increased by 10.6% to approximately HK$91.5 million[19] - Operating profit rose to HK$112,500,000 in 2023, representing a 14.1% increase from HK$98,082,000 in 2022[24] - Profit attributable to equity shareholders increased to HK$86,107,000 in 2023, up 20.2% from HK$71,671,000 in 2022[29] - Basic earnings per share improved to 4.5 HK cents in 2023, compared to 3.7 HK cents in 2022, reflecting a 21.6% increase[24] Loan Performance - Total amount of new pawn loans granted increased by 22.1% to approximately HK$966.3 million[19] - Total amount of new mortgage loans granted increased by 39.2% to approximately HK$596.5 million[19] - Average amount of pawn loans granted increased by 16.2% to approximately HK$13,600 per transaction[19] - Average amount of mortgage loans granted increased by 37.2% to approximately HK$5.9 million[19] - Number of new pawn loans (larger than HK$100,000) granted increased by 45.9% to 725 cases[19] - The number of pawn loan transactions exceeding HK$0.1 million increased from 497 in FY2022 to 725 in FY2023, with the average loan amount rising to approximately HK$13,600 per transaction[72] Profitability Metrics - Net profit margin increased by 4.7 percentage points to 51.9%[19] - Operating profit margin increased to 67.8% in 2023, up from 64.5% in 2022[36] - Return on total assets was 7.5% in 2023, an increase from 6.2% in 2022[38] - Return on equity rose from 7.3% in FY2022 to 8.4% in FY2023, reflecting improved profitability[128] - Net profit margin improved to 51.9% in 2023, compared to 47.2% in 2022[32] Financial Ratios - Current ratio improved to 11.9 in 2023, up from 8.9 in 2022, indicating better liquidity[24] - Gearing ratio decreased to 9.3% in 2023, down from 15.0% in 2022, reflecting reduced financial leverage[24] - Net interest margin for mortgage loans increased by 0.6 percentage points to 10.5%[19] - The gross mortgage loan receivables reached approximately HK$754.5 million, with new mortgage loans granted totaling approximately HK$596.5 million in FY2023[66] Operating Expenses and Income - Operating expenses increased by approximately HK$2.5 million or 4.6% from approximately HK$54.6 million in FY2022 to approximately HK$57.1 million in FY2023[93] - Finance costs decreased by approximately HK$2.6 million or 21.0% from approximately HK$12.4 million in FY2022 to approximately HK$9.8 million in FY2023[97] - Other income increased from approximately HK$3.0 million in FY2022 to approximately HK$3.7 million in FY2023, representing an increase of approximately HK$0.7 million or 23.3%[89] Strategic Initiatives - The Group plans to open a new premium service center at a busy MTR station and launch a pawn loan mobile application to enhance customer experience[57] - The Group aims to partner with reputable foreign funds to expand its loan portfolio overseas, targeting a more balanced and resilient portfolio[58] - The Group's strategic offshore expansion is expected to fuel the next phase of growth and enhance shareholder value in the long term[58] Risk Management and Compliance - The Group's risk management procedures are designed to identify and control various types of risk within the organization[157][159] - The performance of the Group's business is affected by market factors in Hong Kong, including economic conditions and property market conditions[154][159] - The Group has established standard procedures for ongoing monitoring of loan recoverability, including quarterly reviews of collateral market value[144][156] Shareholder Returns - A final dividend of HK$0.87 cents per ordinary share has been recommended, along with an interim dividend of HK$0.92 cents per share, representing 40.1% of the profit attributable to shareholders for FY2023[185][191] - The aggregate amount of distributable reserves was approximately HK$316.9 million, a decrease from approximately HK$348.0 million in 2022, reflecting a decline of about 9.5%[197] Staff and Operations - As of February 28, 2023, the Group had a total of 50 staff, with total staff costs approximately HK$29.6 million for FY2023, a slight increase from HK$29.5 million in FY2022[163][168] - The Group did not engage in any material acquisitions or disposals during FY2023[166][172]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：1319） 截至二零二三年二月二十八日止年度之 年度業績公佈 財務摘要 二零二三年 二零二二年 變動 千港元 千港元 收益 165,841 151,977 9.1% 除稅前溢利 102,727 85,643 19.9% 股東應佔年內溢利 86,107 71,671 20.1% 純利率 51.9% 47.2% 每股基本盈利（港仙） 4.5 3.7 建議年內股息 －末期股息（港仙） 0.87 0.71 －特別股息（港仙） – 0.37 於二零二三年 於二零二二年 二月二十八日 二月二十八日 ...

Revenue and Profit Growth - Revenue increased by 7.6% to approximately HK$82.0 million[20] - Profit attributable to equity shareholders increased by 17.3% to approximately HK$44.1 million[20] - The Group's profit for FP2023 increased to approximately HK$44.1 million from approximately HK$37.6 million in FP2022, representing a 17.3% increase[60] - The increase in profit was mainly attributable to an increase in revenue of approximately HK$5.8 million and a decrease in finance costs of approximately HK$2.7 million[60] - Earnings per share rose to 2.3 cents, up from 1.9 cents, marking an increase of 21.1%[180][181] Loan and Mortgage Activity - Principal of gross loan receivables increased by 14.2% to approximately HK$1,016.8 million[20] - Total amount of new pawn loans granted increased by 36.9% to approximately HK$521.3 million[20] - Total amount of new mortgage loans granted increased by 91.7% to approximately HK$375.0 million[20] - The total amount of new mortgage loans granted during FP2023 was approximately HK$375.0 million, compared to HK$195.6 million in FP2022[36] - The Group recorded 54 new mortgage loan transactions during the period[27] Interest Margins and Loan Performance - Net interest margin for pawn loans decreased by 3.0 percentage points to 37.1%[20] - Net interest margin for mortgage loans increased by 0.8 percentage points to 10.6%[20] - Interest income from the pawn loan business rose by approximately HK$5.7 million or 19.7%, from approximately HK$28.9 million in FP2022 to approximately HK$34.6 million in FP2023[40] - The average loan amount per transaction increased to approximately HK$15,000 in FP2023, up from HK$11,100 in FP2022[30] - The average month-end balance for gross mortgage loans receivables increased from approximately HK$730.3 million in FP2022 to approximately HK$780.2 million in FP2023[36] Operating Expenses and Financial Position - Operating expenses increased by approximately HK$2.1 million or 8.5% from approximately HK$24.6 million in FP2022 to approximately HK$26.7 million in FP2023[49] - Finance costs decreased by approximately HK$2.7 million or 37.0% from approximately HK$7.3 million in FP2022 to approximately HK$4.6 million in FP2023[51] - The charge for impairment losses on loan receivables was HK$1.2 million in FP2022, while no impairment losses were recorded in FP2023[52] - The Group maintained a healthy financial position during FP2023, financing operational and capital requirements through retained earnings and loans[61] Asset Management and Future Plans - The Group acquired approximately HK$8.0 million in pawn loan receivables and opened a new pawnshop in Tuen Mun, bringing the total to 11 pawnshops[33] - The Group plans to expand its branch network to more convenient locations, such as MTR stations, to meet rising loan demand[85][86] - The Group is developing a mobile app to enable customers to make online appointments, get collateral evaluations, and apply for pawn loans[85][86] - The Group will continue to monitor credit risk closely while remaining prudent in loan granting amid uncertain market conditions[85][86] - The Group aims to balance business growth and risk management to maximize returns for shareholders[85][86] Economic and Market Conditions - The economic outlook for Hong Kong has been revised downwards to a real GDP growth forecast of -0.5% to 0.5% for 2022 due to worse-than-expected economic performance[82][85] - Revenue from the disposal of repossessed assets decreased due to a significant drop in brand watch prices and gold prices, impacting overall revenue negatively[44] - Other revenue increased from approximately HK$1.8 million in FP2022 to approximately HK$2.1 million in FP2023, representing a 16.7% increase, mainly due to a one-off government subsidy[44] Financial Ratios and Metrics - Return on total assets increased from approximately 6.4% in FP2022 to 7.4% in FP2023, while return on equity rose from 7.8% to 8.8%, and net profit margin improved from 49.4% to 53.8%, mainly due to an increase in net profit by approximately HK$6.5 million in FP2023[106] - Net interest margin increased from approximately 14.8% in FP2022 to approximately 15.6% in FP2023, attributed to a decrease in finance costs by approximately HK$2.7 million during FP2023[107] - The current ratio decreased from 8.9 times as of February 28, 2022, to 7.6 times as of August 31, 2022, primarily due to a decrease in cash and cash equivalents by approximately HK$94.1 million and an increase in bank overdrafts by approximately HK$21.0 million[96] - The gearing ratio remained stable at approximately 15.0% as of February 28, 2022, and approximately 15.1% as of August 31, 2022, with no material changes noted[97]

Revenue Performance - Revenue decreased by 16.8% to approximately HK$152.0 million[12] - Revenue from mortgage loan receivables decreased by 30.3% to approximately HK$82.7 million[12] - Revenue from mortgage loan business decreased significantly to HK$82,672,000 in 2022, down from HK$118,571,000 in 2021, a decline of 30.3%[16] - The Group's revenue decreased from approximately HK$182.8 million in FY2021 to approximately HK$152.0 million in FY2022, representing a decrease of approximately HK$30.8 million or 16.8%[75] - Revenue from the pawn loan business increased by approximately HK$5.1 million or 7.9%, from approximately HK$64.2 million in FY2021 to approximately HK$69.3 million in FY2022[75] Profitability - Profit attributable to equity shareholders decreased by 23.1% to approximately HK$71.7 million[12] - Operating profit for 2022 was HK$98,082,000, down from HK$133,005,000 in 2021, reflecting a decrease of 26.3%[16] - Profit attributable to equity shareholders decreased to HK$71,671,000 in 2022 from HK$93,144,000 in 2021, a decline of 23.0%[16] - The Group's profit for FY2022 decreased to approximately HK$71.7 million from approximately HK$93.1 million in FY2021, representing a decrease of approximately HK$21.4 million or 23.1%[98] - Basic earnings per share dropped to 3.7 HK cents in 2022, compared to 4.8 HK cents in 2021, a decrease of 22.9%[16] Margins - Net profit margin decreased by 3.8 percentage points to 47.2%[12] - Operating profit margin decreased to 64.5% in 2022 from 72.8% in 2021, indicating a decline of 8.3 percentage points[16] - Net profit margin also decreased to 47.2% in 2022 from 51.0% in 2021, a decline of 3.8 percentage points[16] - Return on total assets decreased from approximately 7.6% in FY2021 to 6.2% in FY2022, primarily due to a decrease in revenue from the mortgage business by approximately HK$35.9 million[132] - Return on equity decreased from approximately 9.8% in FY2021 to approximately 7.3% in FY2022, attributed to a decrease in borrowings and funding available for lending[133] Loan Performance - Gross pawn loan receivables increased by 23.4% to approximately HK$164.0 million[12] - Total amount of new pawn loans granted increased by 19.7% to approximately HK$791.1 million[12] - Average amount of mortgage loans granted increased by 56.3% to approximately HK$4.3 million[12] - Number of new mortgage loans granted decreased by 30.1% to 100 cases[12] - The total amount of pawn loans granted increased from approximately HK$660.9 million in FY2021 to approximately HK$791.1 million in FY2022, representing an increase of approximately HK$130.2 million or 19.7%[72] Financial Position - Current assets decreased to HK$1,093,407,000 in 2022 from HK$1,155,499,000 in 2021, a decrease of 5.4%[19] - Non-current liabilities decreased to HK$50,388,000 in 2022 from HK$91,773,000 in 2021, a decline of 45.0%[19] - Gearing ratio improved to 15.0% in 2022 from 26.2% in 2021, indicating a reduction in leverage[19] - The current ratio increased from approximately 6.5 times as of February 28, 2021, to approximately 8.9 times as of February 28, 2022[130] - The gearing ratio decreased from approximately 26.2% as of February 28, 2021, to approximately 15.0% as of February 28, 2022[131] Risk Management - The Group's operations are subject to various financial risks, including credit risk, interest rate risk, liquidity risk, and fair value risk, with credit risk being the primary concern[144] - The Group plans to strengthen risk management measures by increasing the proportion of first mortgage loans and tightening the loan-to-value ratio[188] - The Group's risk management procedures are designed to identify and control various types of risk, ensuring the best interests of the Group and its shareholders[167] Future Outlook - The Group anticipates more challenges in the upcoming financial year due to macroeconomic uncertainties and geopolitical risks[187] - Future loan demand in Hong Kong will largely depend on government disease prevention measures, with local businesses remaining cautious about expansion[182] - The Group sees opportunities to expand its market share as business activities are expected to pick up with the easing of COVID-19[52] Dividends - A final dividend of HK0.71 cents per ordinary share and a special dividend of HK0.37 cents per ordinary share were recommended, representing 50.1% of the profit attributable to shareholders for FY2022[198] Other Financial Metrics - Finance costs decreased by approximately HK$8.5 million or 40.7% from approximately HK$20.9 million in FY2021 to approximately HK$12.4 million in FY2022, primarily due to a reduction in bank loans and overdrafts[94] - The effective tax rate decreased from approximately 16.9% in FY2021 to approximately 16.3% in FY2022, mainly due to the absence of additional assessments in FY2022[97] - Other income decreased from approximately HK$7.9 million in FY2021 to approximately HK$3.0 million in FY2022, representing a decrease of approximately HK$4.9 million or 62.0%[86]