$PMAX

Powell Max Ltd

CIK:0002012096|SEC Filings

Consolidated Statements of Profit or Loss and Other Comprehensive Income

12 Months Ended

Dec. 31, 2025

HKD ($)

$ / shares

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2024

HKD ($)

$ / shares

Dec. 31, 2023

HKD ($)

$ / shares

Schedule of Amounts Recognized in Profit or Loss [Abstract]

Revenue

$ 47,647,541

$ 6,121,766

$ 36,461,260

$ 49,121,839

Cost of sales

(24,057,997)

(3,090,976)

(22,081,030)

(25,238,821)

Gross profit

23,589,544

3,030,790

14,380,230

23,883,018

Other income and gain

3,472,672

446,170

1,952,986

54,116

General and administrative expenses

(29,080,554)

(3,736,275)

(24,854,036)

(10,862,255)

Impairment loss on goodwill

(11,773,403)

(1,512,649)

Selling and distribution expenses

(7,380,299)

(948,223)

(7,049,538)

(4,530,134)

Allowance of expected credit loss - trade receivables

(1,631,086)

(209,562)

(488,640)

(914,788)

Profit/(Loss) from operations

(22,803,126)

(2,929,749)

(16,058,998)

7,629,957

Finance costs

(692,894)

(89,024)

(2,015,096)

(550,714)

Profit/(Loss) before income tax

(23,496,020)

(3,018,773)

(18,074,094)

7,079,243

Income tax expense

Profit/(Loss) for the year

(23,496,020)

(3,018,773)

(18,074,094)

7,079,243

Other comprehensive (loss)/income:

Exchange differences on foreign currency translations

(118)

(16)

48,424

(47,378)

Total comprehensive income/(loss) for the year

$ (23,496,138)

$ (3,018,789)

$ (18,025,670)

$ 7,031,865

Earnings/(Loss) per share attributable to owners of the Company

Basic (in Dollars per share and Dollars per share) | (per share)

$ (94.52)

$ (12.14)

$ (109.72)

$ 45.31

Diluted (in Dollars per share and Dollars per share) | (per share)

$ (86.38)

$ (11.1)

$ (109.72)

$ 45.31

Weighted average number of ordinary shares

Basic (in Shares)

^[1]

248,574

164,729

156,250

Diluted (in Shares)

^[1]

272,022

164,729

156,250

[1]	Giving retroactive effect to the issuance of ordinary shares which are detailed in Note 1.

Consolidated Statements of Cash Flows	12 Months Ended
Consolidated Statements of Cash Flows	Dec. 31, 2025 HKD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 HKD ($)	Dec. 31, 2023 HKD ($)
Cash flows from operating activities
Profit/(Loss) before income tax	$ (23,496,020)	$ (3,018,773)	$ (18,074,094)	$ 7,079,243
Adjustments for:
Depreciation of property, plant and equipment	3,578,225	459,731	4,444,914	5,015,875
Allowance for expected credit losses – trade receivables	1,631,086	209,562	488,640	914,788
Bad debt write-off			40,382	77,249
Issuance of shares as compensation for advisory fee	117,000	15,032
Change in fair value of contingent consideration	(717,606)	(92,199)
Impairment of goodwill	11,773,403	1,512,649
Interest expense - bank borrowings	101,108	12,990	154,980	179,866
Interest expense - lease liabilities	268,999	34,562	211,258	370,848
Interest expense - convertible promissory notes	322,787	41,472	1,648,858
Change in fair value of embedded derivative liability	(1,452,727)	(186,647)	(1,623,695)
Interest income	(96,179)	(12,357)	(286,321)	(48,233)
Issuance of ordinary shares for commitment fee			1,560,000
Gain arising from the drawdown of the SEPA	(1,033,094)	(132,733)
Unrealized foreign exchange difference, net			22,358
Operating cash flows before working capital changes	(9,003,018)	(1,156,711)	(11,412,720)	13,589,636
Changes in working capital:
Trade and other receivables	2,400,252	308,385	(4,077,972)	(5,651,207)
Trade and other payables	(2,645,702)	(339,920)	4,293,607	957,115
Contract liabilities	498,969	64,108	(214,326)	(1,782,857)
Net cash generated from/(used in) operating activities	(8,749,499)	(1,124,138)	(11,411,411)	7,112,687
Cash flows from investing activities
Interest income	96,179	12,357	286,321	48,233
Acquisition of a subsidiary	(28,078,241)	(3,607,498)
Purchase of property, plant and equipment	(20,998)	(2,698)	(1,490,361)	(287,307)
Net cash used in investing activities	(28,003,060)	(3,597,839)	(1,204,040)	(239,074)
Cash flows from financing activities
Advance from ultimate beneficial shareholder				(15,939)
Interest paid	(101,108)	(12,990)	(154,980)	(179,866)
Repayment of bank borrowings	(3,845,863)	(494,117)	(921,966)	(706,871)
Repayment of lease liabilities	(3,230,591)	(415,067)	(3,693,784)	(3,706,727)
Proceeds from issuance of ordinary shares, net of offering expenses			32,243,314
Proceeds from underwriters’ exercise of over-allotment option			3,112,668
Proceeds from issuance of convertible promissory notes, net of transaction costs			20,592,000
Proceeds from issuance of shares pursuant to the SEPA, net of transaction costs	5,423,085	696,759
Proceeds from private placement	3,144,960	404,065
Net cash (used in)/generated from financing activities	1,390,483	178,650	51,177,252	(4,609,403)
Net change in cash and bank balances	(35,362,076)	(4,543,327)	38,561,801	2,264,210
Cash and bank balances at beginning of year	42,222,014	5,424,693	3,660,213	1,396,003
Cash and bank balances at end of year	$ 6,859,938	$ 881,366	$ 42,222,014	$ 3,660,213

Consolidated Statements of Financial Position	Dec. 31, 2025 HKD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 HKD ($)
Non-current assets
Goodwill	$ 8,356,443	$ 1,073,638
Property, plant and equipment	6,101,956	783,980	4,253,686
Total non-current assets	14,458,399	1,857,618	4,253,686
Current assets
Contingent consideration	8,704,606	1,118,370
Trade and other receivables	12,344,686	1,586,047	16,096,160
Cash and bank balances	6,859,938	881,366	42,222,014
Total current assets	27,909,230	3,585,783	58,318,174
Total assets	42,367,629	5,443,401	62,571,860
Current liabilities
Trade and other payables	10,566,327	1,357,565	12,990,458
Contract liabilities	1,906,421	244,937	1,310,435
Bank borrowings			3,845,863
Lease liabilities	2,996,973	385,050	1,376,122
Derivative			6,756,516
Convertible promissory notes			13,860,647
Total current liabilities	15,469,721	1,987,552	40,140,041
Non-current liabilities
Trade and other payables	150,000	19,272	150,000
Lease liabilities	1,837,235	236,049	1,014,182
Total non-current liabilities	1,987,235	255,321	1,164,182
Total liabilities	17,456,956	2,242,873	41,304,223
Equity attributable to owners of the Company
Share capital	16,501	2,120	11,457
Accumulated losses	(57,250,842)	(7,355,600)	(33,754,822)
Reserves	82,145,014	10,554,008	55,011,002
Total equity	24,910,673	3,200,528	21,267,637
Total liabilities and equity	$ 42,367,629	$ 5,443,401	$ 62,571,860