Latest 20-F annual reports

LakeShore Biopharma reported a narrowed net loss and increased revenue in fiscal year 2025, driven by strong rabies vaccine sales, but faces ongoing litigation, significant R&D shifts, and internal control weaknesses.

China SXT Pharmaceuticals, Inc. reported a 10% revenue decrease and a 7% increase in net loss for the fiscal year ended March 31, 2025, alongside disclosed material weaknesses in its internal financial reporting controls.

GCL Global Holdings achieved significant revenue growth and returned to profitability in fiscal year 2025, fueled by a surge in digital game sales and strategic expansions into game publishing and hardware distribution.

Roma Green Finance Limited reported a substantial increase in net loss for the fiscal year ended March 31, 2025, driven by significantly higher sales, marketing, and general and administrative expenses, alongside a disclosed material weakness in internal financial reporting controls.

Grande Group Limited, a Hong Kong-based corporate finance advisory firm, reported a slight revenue decrease but improved gross profit margin for fiscal year 2025, while navigating significant regulatory uncertainties and completing its Nasdaq IPO.

MOGU Inc., a China-based KOL-driven online fashion and lifestyle platform, reported a further decline in total revenues and key operational metrics for the fiscal year ended March 31, 2025, despite a reduced net loss, while highlighting significant regulatory and business risks.

Real Messenger Corporation shifts its business model to a vertically integrated, acquisition-driven real estate technology platform, despite ongoing net losses and going concern uncertainties.

GreenPower Motor Company Inc. reported a nearly 50% drop in annual revenue and an increased net loss for the fiscal year ended March 31, 2025, raising substantial doubt about its ability to continue as a going concern.

Metalpha Technology Holding Limited achieved a significant profit of $15.9 million for the fiscal year ended March 31, 2025, driven by substantial growth in its digital asset wealth management and securities advising services.

Masonglory Limited, a Hong Kong-based wet trades services provider, announced significant revenue and gross profit increases for the fiscal year ended March 31, 2025, following its successful Nasdaq Capital Market IPO.

Mint Incorporation Limited, a Hong Kong-based interior design and fit-out provider, reported a substantial net loss of US$1.46 million in fiscal year 2025, a sharp reversal from prior year profits, despite successfully completing its initial public offering.

Kandal M Venture Limited, a Cambodian-based luxury leather goods manufacturer, reported a 23% revenue increase but an 81.3% drop in net income for fiscal year 2025, coinciding with its successful Nasdaq IPO.

Coincheck Group N.V. reported a substantial net loss for the fiscal year ended March 31, 2025, primarily driven by non-cash Nasdaq listing expenses, while achieving a 71% increase in total revenue and continued growth in verified users and customer assets.

ReNew Energy Global, a leading Indian renewable energy provider, announced a significant profit turnaround for the fiscal year ended March 31, 2025, driven by increased operational capacity and strategic asset management, alongside a new $125 million senior secured notes offering.

GH Research PLC filed an amendment to its 2024 annual report, confirming robust Phase 2b clinical trial results for its lead depression candidate GH001, while navigating an ongoing FDA clinical hold and outlining future funding requirements.

Deswell Industries, a manufacturer of plastic and electronic components, reported a significant increase in net income for fiscal year 2025, primarily due to gains from marketable securities, despite a decrease in overall net sales and an identified material weakness in internal financial controls.

ImmunoPrecise Antibodies achieved record revenue and improved gross margins in fiscal year 2025, driven by its BioStrand AI segment, but continues to face significant net losses, liquidity challenges, and substantial intangible asset impairments.

Electra Battery Materials Corporation filed an amendment to its 2024 annual report, detailing persistent material weaknesses in internal controls, significant operating losses, and a going concern doubt, despite securing new financing and government funding for its refinery project.

Amarc Resources Ltd. announced new copper-gold-silver discoveries and expanded existing deposits across its British Columbia projects, despite reporting a substantial net loss and working capital deficiency for the fiscal year ended March 31, 2025.

J-Long Group Limited, a distributor of garment trims, announced a significant 38% revenue increase and a 221% surge in net income for the fiscal year ended March 31, 2025, driven by increased customer orders and strategic expansion into Vietnam, despite ongoing internal control weaknesses.

Ridgetech, Inc. (formerly China Jo-Jo Drugstores, Inc.) has completed a significant corporate restructuring, divesting its retail pharmacy business and acquiring Ridgeline International Limited to focus solely on pharmaceutical wholesale distribution, reporting a net income driven by the divestiture gain despite a loss from continuing operations.

Vantage Corp's latest annual report details a decline in revenue and net income for fiscal year 2025, influenced by geopolitical tensions and increased ship tonnage supply, despite a strategic pivot towards more stable period charter activity and a successful initial public offering.

Birks Group Inc. reported a significant increase in net loss and deteriorating liquidity in fiscal 2025, despite strategic acquisitions and securing additional financing, as it works to address NYSE American listing non-compliance.

Portage Biotech reported a significantly reduced net loss in Fiscal 2025 but continues to face substantial doubt about its ability to continue as a going concern, driven by ongoing capital constraints and strategic realignments of its clinical pipeline.

Psyence Biomedical Ltd. filed an amendment to its annual report to include the previously omitted management's report on internal control over financial reporting, confirming its effectiveness.

WPP plc has filed an amendment to its 2024 annual report to correct typographical errors in its list of subsidiaries and include updated certifications from its Chief Executive and Chief Financial Officers.

Raytech Holding Limited, a Hong Kong-based personal care electrical appliance wholesaler, reported a 17.6% revenue increase for the fiscal year ended March 31, 2025, but saw net income decline by 16.8% due to significantly higher operating expenses, while also disclosing material weaknesses in internal financial controls.

ICICI Bank announced a significant increase in net profit and total assets for fiscal year 2025, driven by robust growth in net interest income and strategic consolidation of key subsidiaries, despite rising operating expenses and provisions.

OMS Energy Technologies Inc. reported significant revenue and net profit growth for the fiscal year ended March 31, 2025, primarily fueled by increased demand from Saudi Aramco, while also disclosing a material weakness in its internal financial reporting controls.

Waton Financial Limited, a Hong Kong-based fintech and securities brokerage firm, reported a significant net loss of US$12.0 million for the fiscal year ended March 31, 2025, a sharp reversal from previous profits, driven by a 25.9% revenue drop and a surge in share-based compensation expenses, even as it completed its IPO and outlined ambitious AI and virtual asset strategies.