Apollo Future Mobility Group Limited (AFMG) reported FY2025 revenue of HK$91.10 million, down 73.20% from HK$340.20 million in 2024, reflecting the completion of Apollo Intensa Emozione deliveries in 2024 and the Apollo EVO remaining in development during the year.
Gross profit slipped to HK$8.39 million (2024: HK$15.72 million), yet gross margin improved to 9.2% from 4.6% on tighter inventory controls. Operating metrics were weighed by HK$307.67 million in other net losses, primarily HK$151.84 million goodwill impairment, HK$70.58 million loan-receivable provisions and HK$60.07 million impairment on deposits and other receivables.
Administrative and other operating expenses were stable at HK$149.41 million. R&D spending rose 20.5% to HK$222.47 million as the Group progressed the Apollo EVO hypercar and K-EV micro-electric vehicle programmes. Finance costs expanded to HK$16.26 million (2024: HK$3.94 million) on higher borrowings.
Loss attributable to shareholders narrowed to HK$664.07 million from HK$1.54 billion, translating to a basic and diluted loss per share of HK(65.0) cents versus HK(180.0) cents the prior year.
Cash and cash equivalents stood at HK$538.83 million, up 15.9% year on year. Net current assets were HK$226.91 million, and the gearing ratio (bank borrowings to total equity) remained low at 1.0%. Equity attributable to owners totalled HK$1.38 billion. No final dividend was proposed.
Key portfolio actions during 2025 included: • Completion of the disposal of the Group’s stake in Divergent Technologies on 21 May 2025. • Advancement of the Apollo EVO hypercar into production in Germany, with first deliveries targeted for 2Q 2026 (as disclosed). • Continued development of the K-EV project for the Japanese micro-EV market, aiming for completion in 2026 and pre-sale launch in Japan. • Expansion of brand licensing, including ongoing inclusion of Apollo IE models in leading racing-simulation platforms.
Post-year-end events: • 12 Jan 2026: HK$42.00 million loan granted to EV Power Holdings by subsidiary Raise Success at 8% p.a. • 24 Feb 2026: Agreement to form a RMB100 million joint venture in Ningbo with 50% equity held by AFM Ningbo, targeting mobility-related opportunities in mainland China.
AFMG continues to reposition toward high-performance hypercars, EV technology and charging services, while scaling down its jewellery and commodities segment. The Board reaffirmed its intent to prioritise R&D investment and capital discipline under its current no-dividend stance.