SMART FISH Wealthlink Holdings Limited (00139) reported a consolidated net loss of HK$190.75 million for the year ended 31 December 2025, widening from HK$83.16 million in 2024. Loss attributable to shareholders reached HK$136.85 million, translating into a basic loss per share of HK11.83 cents versus HK9.74 cents a year earlier.

\n\nRevenue profile • Group revenue turned negative at HK$22.30 million (2024: HK$75.71 million), dragged by HK$90.01 million realised losses on listed equity disposals within the Financial Investments & Services segment. • Commission income from securities dealing jumped to HK$14.01 million (2024: HK$5.52 million), while interest from money-lending operations increased to HK$34.32 million (2024: HK$30.06 million). • Advisory fees fell to HK$5.93 million (2024: HK$8.74 million).

\n\nSegment performance • Financial Investments & Services posted a HK$191.91 million segment loss on negative revenue of HK$57.83 million. • Brokerage & Commission generated HK$35.53 million revenue and HK$108.84 million segment profit, aided by higher trading volumes and margin financing. • Corporate & Others recorded a HK$42.48 million segment loss.

\n\nKey expense and fair-value movements • Administrative expenses rose 18.1 % to HK$70.04 million. • Net reversal of credit-loss allowances on financial assets reached HK$106.54 million, mainly from securities margin clients. • Unrealised fair-value losses on equity investments totalled HK$25.22 million versus a HK$3.73 million gain in 2024. • The Group wrote off HK$45.28 million in loan receivables and HK$69.95 million in other receivables.

\n\nBalance-sheet highlights • Total assets stood at HK$938.48 million; net assets were HK$725.62 million (2024: HK$733.13 million). • Cash and bank balances improved to HK$68.11 million from HK$13.40 million. • Current ratio strengthened to 2.71 times (2024: 1.54 times). • Gearing ratio (total borrowings/net assets) declined to 14.3 % from 22.9 %, with total borrowings reduced to HK$103.71 million. • Loan receivables from the money-lending arm totalled HK$502.37 million net, secured mainly against properties, listed securities and unlisted equity interests.

\n\nCapital actions • A 20-for-1 share consolidation and capital reduction became effective on 24 September 2025. • The company placed 204.76 million new shares in October 2025, raising net proceeds of HK$50.17 million. • No final dividend was declared for FY-2025.

\n\nPost-year-end • Shareholders approved a special cash dividend of approximately HK22.8 cents per 100 pre-consolidation shares; payment was completed on 9 March 2026. • In January 2026, SMART FISH announced a placing of up to 245.71 million new shares at HK$0.16 each, aiming to raise up to HK$39.31 million before expenses.

The Board cites market volatility and realised losses on financial assets as primary drivers of the FY-2025 downturn and intends to maintain a prudent approach to credit risk and operating expenses going forward.