DL Holdings Group Limited Annual Report 2025/2026: Key Highlights and Price-Sensitive Developments

Overview

DL Holdings Group Limited has released its annual report for the year ended 31 March 2026, revealing significant financial improvements, major strategic initiatives, and a number of potentially price-sensitive actions. The Group, positioned as a leading Asia-Pacific financial services platform, has also laid out a bold roadmap for further expansion into digital finance, AI-driven services, and asset tokenisation.

Key Financial Highlights

• Revenue surged by 70.6% to approximately HK\$323.7 million (FY2025: HK\$189.7 million).
• Gross profit increased by 92.7% to approximately HK\$267.6 million (FY2025: HK\$138.9 million).
• Net profit jumped 167.9% to approximately HK\$367.3 million (FY2025: HK\$137.1 million), showcasing exceptional earnings growth.
• Gearing ratio improved from 21.6% to 14.9%, reflecting strengthened balance sheet and reduced leverage.

Strategic Developments & Business Transformation

• AI Financial Community & Digital Finance Ecosystem: DL Holdings’ ultimate vision is to build an AI-driven financial community, powered by the NeuralFin platform. This ecosystem leverages real client data and assets—offering AI agents for 24/7 guidance and proactive, personalised wealth management. The Group believes this advantage forms a competitive moat against pure technology companies.
• Major Expansion into Digital Assets and Blockchain: The Group launched its digital finance business during the year, with segment revenue of HK\$117.5 million (FY2025: nil) but recorded a segment loss of HK\$28.2 million due to impairment of digital assets. Initiatives include:
  • Licensed Virtual Asset Over-The-Counter (VA OTC) and prime brokerage business development in Hong Kong.
  • RWA tokenisation and asset management platform to leverage UHNW client base and technology for global capital markets.
  • Substantial investments in blockchain, stablecoins, and AI data centre infrastructure.
• Significant Investments:
  • Neuralfin Technology (Cayman) Limited: 34.32% stake held, valued at HK\$340 million (10.1% of total assets), with a fair value gain of HK\$241.9 million. This entity is central to the Group’s AI financial services vision.
  • Carmel Reserve LLC: Increased stake to 32.97%, valued at approx. HK\$321.9 million, with further subscription of US\$10.32 million completed in September 2025. The investment is connected to the Chairman and constitutes a connected transaction.

Capital Markets & Corporate Actions

• Major Share Placements and Top-up Subscriptions:
  • August 2025: Placed and subscribed 201,456,000 shares at HK\$2.95, raising net proceeds of HK\$581.79 million, to fund digital finance, blockchain, stablecoins, and RWA initiatives.
  • October–November 2025: Placed and subscribed 255,213,000 and 63,803,000 shares at HK\$3.05, raising net proceeds of HK\$761.32 million and HK\$194.60 million, respectively, to fund expansion in virtual assets, RWA tokenisation, and bitcoin mining.
  • Change in Use of Proceeds (March 2026): Reallocated HK\$145.5 million for AI data centre, GPU, and related investments, and HK\$117 million for share repurchase.
• Share Repurchase: The Group repurchased 18,266,000 shares for HK\$23.67 million (March 2026), and a further 13,500,000 shares post-year-end for HK\$14.67 million, indicating confidence in the company’s valuation.

Dividend and Shareholder Rewards

• Proposed Total Distribution of Approximately HK\$120 Million:
  • Final cash dividend of HK0.99 cents per share (HK\$20 million).
  • Special dividend by way of distribution in specie of RWA tokens valued at HK\$100 million, comprising tokenised interests in DL Tower (HK\$61 million) and debt investment in Carmel Reserve LLC (HK\$39 million).
  • Bonus issue of 40 million shares (1 bonus share for every 50 existing shares).

  Note: The distribution in specie is subject to regulatory approval, and details will be announced in due course.

Risk Management and Compliance

• The Group maintains robust risk management, with a three-tier system covering business unit, management, and independent consultant review. It adopts prudent treasury, credit, and compliance policies.
• Digital asset business is subject to strict compliance, security audits, and oversight committee approval.
• The company is compliant with all major Hong Kong laws and regulations, and has strong relationships with employees, clients, and suppliers.

Other Noteworthy Developments

• Post-Year-End Events:
  • Subscribed to a US\$10 million convertible note and warrant in Cango Inc.
  • Continued active share repurchase and cancellation.
  • Granted 23,650,000 award shares to directors and employees under the 2025 Restricted Share Award Scheme.

Potential Share Price Impact

• The strong profit growth, large dividend (including a unique RWA token distribution), and continued capital market activity are all potentially positive for shareholder value.
• Significant investment and expansion in AI and digital asset infrastructure could re-rate the Group as a fintech and Web3 leader, but also introduces new risk factors related to digital asset volatility and regulatory uncertainty.
• The heavy share buyback and bonus issue signal management’s confidence and may support share price in the near term.
• Investors should closely monitor updates on the RWA token distribution and further expansion into digital finance, as these could drive future valuation changes.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own due diligence and consult their financial advisors before making investment decisions. The information is based on the company’s annual report and may be subject to change or further updates.

DL Holdings Group Limited 2025/2026 年報：重點及或影響股價之重大消息

概覽

DL Holdings Group Limited 公佈截至2026年3月31日止年度之年報，顯示公司財務顯著改善、重大策略部署及多項或具價格敏感性的行動。集團定位為亞太地區領先金融服務平台，並公布進一步擴展至數字金融、AI驅動服務及資產代幣化之宏大藍圖。

主要財務重點

• 收入大增70.6%，達至約港幣3.24億元（2025財年：1.90億元）。
• 毛利上升92.7%，至約港幣2.68億元（2025財年：1.39億元）。
• 純利飆升167.9%，至約港幣3.67億元（2025財年：1.37億元），展現卓越盈利增長。
• 資本負債比率改善，由21.6%降至14.9%，反映資產負債表更穩健。

策略發展及業務轉型

• AI金融社區及數字金融生態系： DL Holdings最終願景為建立AI驅動之金融社群，由NeuralFin平台推動。生態圈利用真實客戶數據及資產，提供AI代理全天候指導和主動、個人化財富管理。集團相信這優勢構成對純科技公司的「護城河」。
• 大舉進軍數字資產及區塊鏈： 本年度啟動數字金融業務，分部收入達港幣1.18億元（2025財年：零），但由於數字資產減值錄得2,820萬港元分部虧損。重點包括：
  • 於香港發展持牌虛擬資產店頭交易（VA OTC）及主經紀業務。
  • 建立RWA代幣化及資產管理平台，結合超高淨值客戶社群及技術。
  • 大額投資於區塊鏈、穩定幣及AI數據中心設施。
• 重大投資：
  • Neuralfin Technology (Cayman) Limited： 持股34.32%，估值港幣3.4億元（佔總資產10.1%），本年錄得公平價值收益2.42億元。該公司為集團AI金融服務中心。
  • Carmel Reserve LLC： 持股增至32.97%，估值約港幣3.22億元，於2025年9月完成額外認購1,032萬美元。此投資與主席有關係，屬關連交易。

資本市場及公司行動

• 大型配股及增發新股：
  • 2025年8月： 配售及增發2.01億股，每股2.95元，淨集資約5.82億元，主要用於數字金融、區塊鏈、穩定幣及RWA等發展。
  • 2025年10月至11月： 配售及增發2.55億及6,380萬股，每股3.05元，分別淨集資7.61億元及1.95億元，支持虛擬資產、RWA、比特幣挖礦等擴展。
  • 用途變更（2026年3月）： 1.46億元改撥AI數據中心、GPU等基建投資，1.17億元用於股份回購。
• 股份回購： 2026年3月回購1,826萬股，涉款2,367萬元；年結後另回購1,350萬股，涉款1,467萬元，顯示管理層對公司價值有信心。

股東回饋及分紅

• 建議總分派約1.2億元：
  • 末期現金股息每股0.99仙（共2,000萬元）。
  • 特別股息以實物分派RWA代幣（共1億元），包括DL Tower（6,100萬元）及Carmel Reserve LLC（3,900萬元）之權益。
  • 紅股4000萬股（每50股送1股）。

  注意： RWA代幣分派需監管批准，詳情待進一步公告。

風險管理及合規

• 集團維持三層風險管理體系，覆蓋業務部門、管理層及獨立顧問審核，採取審慎財資、信貸及合規政策。
• 數字資產業務嚴格遵循合規、第三方安全審計及委員會批准。
• 已全面遵守香港主要法例，並與員工、客戶及供應商保持良好關係。

其他值得留意事項

• 年結後事件：
  • 認購Cango Inc. 1,000萬美元可換股票據及認股權證。
  • 繼續積極回購及註銷股份。
  • 向董事及員工授出2,365萬股獎勵股份。

股價潛在影響

• 強勁盈利增長、大額現金及RWA股息、持續資本市場操作均有利提升股東價值。
• 大額投資及拓展AI、數字資產基建，或令集團重估為金融科技及Web3領袖，但同時帶來數字資產波動及監管不明朗風險。
• 積極股份回購及紅股發行，顯示管理層信心，短期或支持股價。
• 投資者應密切留意RWA代幣分派及數字金融擴展進展，這些可能推動未來估值變化。

免責聲明： 本文僅供參考，並不構成任何投資建議或買賣建議。投資者應自行進行盡職調查，並諮詢專業財務顧問後作出投資決定。本文資料來自公司年報，或會有所更改或補充，敬請留意。

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