Imagi International Holdings Limited released its audited results for the year ended 31 December 2025, posting a markedly smaller loss on the back of sizeable impairment reversals and fair-value gains, even as top-line income contracted.
Financial Highlights • Revenue fell 42.5% to HK$22.46 million (2024: HK$39.05 million), reflecting softer brokerage commissions, lower asset-management fees and a sharp drop in margin-financing income. • Loss attributable to shareholders narrowed to HK$4.57 million, a substantial improvement from the HK$18.67 million deficit recorded in 2024. Basic loss per share improved to HK$0.01 from HK$0.02. • Total comprehensive income swung to a positive HK$182.32 million (2024: loss of HK$140.19 million), buoyed by HK$206.50 million of unrealised gains on equity instruments classified as FVTOCI. • Net asset value increased 31.8% to HK$884.57 million; NAV per share rose to HK$0.89 (2024: HK$0.67). • The Board proposed no final dividend.
Drivers of Earnings Improvement • Impairment reversals: A combined HK$13.66 million write-back on margin loans and other loans, versus HK$12.50 million of provisions in 2024. • Trading portfolio: A HK$4.95 million unrealised gain on held-for-trading securities reversed a HK$3.04 million loss in the prior year. • Operating cost discipline: Administrative expenses declined 12.9% to HK$34.52 million. • Offsetting factors: Revenue contraction, a HK$14.70 million bad-debt write-off and a HK$0.50 million impairment on intangible assets weighed on profitability.
Segment Performance 1. Securities brokerage & asset management – Revenue HK$12.78 million (-50.6% YoY) amid muted trading activity; segment profit HK$15.94 million. 2. Provision of finance – Interest income rose 22.1% to HK$7.69 million; segment profit HK$10.46 million. Loans receivable stood at HK$172.42 million after HK$7.98 million allowances, with rates between 4.5% and 12%. 3. Trading of securities – Turnover HK$1.49 million; segment profit HK$6.31 million. Held-for-trading portfolio valued at HK$38.66 million. 4. Entertainment – Revenue HK$0.50 million; segment loss HK$0.49 million as CGI activity remained minimal.
Balance-Sheet & Liquidity • Cash and bank balances increased to HK$39.42 million (2024: HK$22.30 million). • Current ratio remained strong at 18.9x; the Group reported no bank borrowings, leaving the gearing ratio at zero. • Equity instruments at FVTOCI expanded to HK$515.04 million, primarily driven by an additional HK$50.76 million investment in Zaotos Capital and market appreciation in Oshidori International and G-Resources Group shares. • Approximately HK$97 million of listed securities were pledged for unutilised margin facilities.
Post-Balance-Sheet Event On 3 March 2026, subsidiary Imagi Fin Group issued 2,624 new shares to Aceso Life Science Group for HK$177.16 million, settled via share swap. Imagi International’s stake in the unit declined to 79.21% but the subsidiary remains consolidated.
Outlook Management expects gradual improvement in Hong Kong and Mainland financial markets following monetary easing and sectoral recovery, positioning integrated financial services—broking, margin lending and money-lending—as primary growth engines in 2026. The Group will maintain a cautious stance on CGI production while selectively expanding film-distribution activities.