Phoenitron Holdings Limited reported FY 2025 revenue of HK$145.59 million, a 144.3% increase from HK$59.58 million in 2024, driven by its new private-domain e-commerce and AI speech-technology businesses. Net profit attributable to shareholders rebounded to HK$12.48 million from HK$0.45 million a year earlier. The board proposed no final dividend.
Revenue mix shifted markedly: • Private-domain e-commerce platform “Dongchuang Shuyu” contributed HK$85.65 million, equal to 58.8% of group turnover. • Smart-card contract manufacturing delivered HK$55.95 million, down 2.5% year on year as pricing pressure offset volume gains. • AI speech-technology data services, launched in 2025 under subsidiary CyberMirage, generated HK$3.98 million. • Sales of smart-card application systems were negligible at HK$0.01 million.
Profitability improved sharply. Group gross profit rose to HK$81.13 million (FY 2024: HK$21.99 million), lifting the margin to 55.7% from 36.9%. E-commerce pre-tax profit reached HK$42.17 million, representing 115.8% of total group profit before tax, while smart-card operations contributed HK$4.80 million. The AI speech unit posted a HK$1.10 million segment loss, reflecting start-up expenses and HK$2.00 million of option-related charges.
Group operating expenses expanded in line with business diversification: • Administrative expenses climbed 68.0% to HK$36.35 million, reflecting new business set-up costs. • One-off share-based payment charges totalled HK$9.77 million. • A fair-value loss of HK$5.87 million was booked on the TV-programme investment “Snow Leopard II”; the Group agreed in December 2025 to dispose of its 30% stake for RMB24.20 million (HK$26.59 million).
Balance-sheet metrics strengthened. Cash and cash equivalents rose to HK$41.88 million (2024: HK$13.82 million). The current ratio improved to 3.33x (2024: 1.60x), while the gearing ratio fell to 3.9% following full conversion of HK$16.50 million in convertible bonds into 55 million shares. Total equity climbed to HK$109.56 million from HK$40.70 million.
Strategic priorities for 2026 include: 1. Scaling the e-commerce business globally via newly formed Nova Digital Labs, targeting Southeast Asia, Europe and North America. 2. Commercialising the proprietary “emotion voice database” and pursuing large-scale AI speech contracts, including potential national-level projects in China’s public-service sectors. 3. Continued investment in eSIM capabilities and expansion of smart-card production at the new Shenzhen facility to secure international clients.
No material acquisitions, disposals (other than the TV-programme exit) or asset pledges were reported during the year. The company employed 138 staff at year-end, with total personnel costs of HK$41.30 million.
The annual general meeting is scheduled for 21 May 2026. The share register will close from 18 May to 21 May 2026 for AGM eligibility.
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