Anchorstone Holdings Limited reported FY2025 revenue of HK$50.68 million, down 13.3% year-on-year, reflecting softer demand in both stone sales and supply-and-installation services. Gross profit fell 58.4% to HK$6.40 million, trimming the margin to 12.7% from 26.3% a year earlier.

A HK$42.05 million inventory write-down and HK$14.62 million in impairment losses on receivables and contract assets pushed operating loss to HK$64.71 million. Net loss narrowed 17.3% to HK$71.40 million (FY2024: HK$86.37 million), translating to a basic loss per share of 2.90 HK cents.

Balance-sheet pressure persisted. As at 31 December 2025: • Cash and bank balances: HK$7.50 million • Overdue bank borrowings: HK$31.32 million (100% in default) • Loans from directors: HK$68.30 million, unsecured, repayable 1 January 2027, interest 2%–5% p.a. • Net current liabilities: HK$42.64 million • Net liabilities: HK$113.69 million

Liquidity measures include a November 2025 share placing that raised HK$12.00 million and a proposed rights issue (4 rights shares for 1 existing share) targeting HK$62.60 million in June 2026, earmarked mainly for repaying defaulted bank debt.

Operationally, Hong Kong contributed HK$25.04 million of revenue, Mainland China HK$12.42 million, and Macau HK$13.22 million. Customer A accounted for 47.4% of total revenue.

A provisional liquidator was appointed on 18 March 2026 for subsidiary Pacific Marble and Granite Limited following a winding-up petition; management considers the unit non-core and ring-fenced.

Guangshen (Hong Kong) CPA Limited issued a disclaimer of opinion, citing uncertainty over the Group’s ability to continue as a going concern given overdue borrowings, negative equity and reliance on planned fund-raising and director support.

No final dividend was proposed.