Alright, good afternoon, everyone. Thanks for coming, joining the AFC AGM. Thank you, Afa. Thank you, Jimmy. Thank you, Ross. And Ross. My name is Howard. I'm the Interim CFO of AFC Group Holdings Limited. It's my pleasure to chair the Virtual Annual General Meeting of AFC Group Holdings Limited. AFC has decided not to offer the annual shareholders' meeting in person this year. Therefore, shareholders can attend the meeting through Zoom meetings only. Now it's 2:00 P.M., and it's time to start the meeting. I'm advised that the correct notice has been given, and we have a quorum of online participants present, and therefore we are a correctly constituted meeting. Welcome, everyone. I'd like to welcome you all to our Virtual Annual Meeting of AFC.
The minutes of the annual meeting held on the 15th of September have been approved by the Board of Directors and are available for inspection. I'd like to advise that we have received 40 proposals representing the 3,189,170.278 shares, which is 87.03% of the total value secured vote. I confirm that this is a meeting of shareholders of AFC Group Holdings Limited. Shareholders have the right to attend and vote. We have another person here. The Chair has the option of accepting questions or comments from non-shareholders at their absolute discretion. I also ask all shareholders to ensure that if you wish to vote on the date, you need to email your shareholder details, including the CSN number, which is the security holder number, your registered names and address, and your voting intentions for each resolution, or scan your proxy or voting form to accounts@afcnz.com by 3:00 P.M. today.
You need to have a form in case of a poll being called. Finally, I ask that everyone can be kept silent unless you have questions to ask. Let's move on to the next. Right, sorry. Here is the Board of Directors: Chairman Yang Xia, Independent Director Jingwei MA, Independent Director Bo Xian Charles Cao, Non-Executive Director Shuang Xia, Independent Director Jacky Wang, and Non-Executive Director David Chen. As I mentioned before, we have received proxy votes; today is 3.189 million, which covers 86.68% of the total voting. Let's move on to the next part, which is the Chairman's letter. Since Chairman is not here today, I'll just read the letters. Dear shareholders and guests, good afternoon, and welcome to you all. The Board of Directors presents the outcome for the financial year on the 31st of March 2025.
AFC Group Holdings Limited has failed to sustain the positive momentum achieved in the prior fiscal period. The performance shortfall primarily stems from a significant downturn in overseas wine sales due to weakening demand from overseas, as well as slower-than-expected progress in new business development. This operational challenge, coupled with an unfavorable international trade environment and macroeconomic conditions, impacts the company's financial performance during the period. The company reports revenue totaling NZD 741,088 in the financial year 2025, a decrease of 44% from the last financial year, driven by the substantial revenue reductions combined with the difficulty in adjusting fixed operation costs proportionately. The company incurred a net loss of NZD 184,806 for this period, compared to the net profit of NZD 53,911 in the financial year 2024. This financial setback has weakened the company's equity position, leaving the net equity at NZD 243,574.
No dividend has been declared or paid for the 12 months on the 31st of March 2025. As of the 31st of March 2025, the company recorded a total asset of NZD 2,129,822, including cash and cash equivalents of NZD 3,760. The company will need to continue raising funds to maintain business operations. While AFC is well aware of the high level of uncertainty in the market, despite the challenges, the group has developed a series of actions to navigate through the current difficulty, achieve future revenue growth, and create value for the shareholders. For AFC Longview Limited, AFC Longview Limited is actively pursuing enhanced productivity and market presence. To extend market reach and accelerate sales growth, AFC Longview plans to expand its current product line to make our wines more accessible to a wider audience.
In addition, the company endeavors to strengthen its overseas sales channels in order to increase sales in China. Domestically, AFC Longview is boosting customer engagement through targeted email campaigns, social media activations, and participation in the wine exhibition. For AFC Biotechnology Manufacture Co Limited, to drive sales growth, the company will enhance distributor collaborations, refine agency agreements, and extend its secondary distribution footprint. Of course, for the head office, the AFC Group Holdings Limited, AFC is actively exploring new business opportunities, serving as a proxy for the trade and investment between New Zealand and China. AFC has been actively involved in international arenas. We participate in the 7th China International Import Expo and the EFOODLINE global e-commerce platform, promoting our products and facilitating the entry of SMEs from both countries to access wider international markets.
We remain dedicated to our corporate social responsibility and improve communities' welfare across New Zealand and China. Despite the challenges ahead, AFC will focus on aligning strategies and accelerating operational execution to address market vulnerabilities. Accelerate operational execution. Our strategies prioritize, including expanding our market footprint, identifying new opportunities for business growth, and enhancing operational efficiency. The board remains optimistic that this focused effort will enhance shareholder value and drive our long-term growth objectives. Alright, that was the Chairman's letter. Now let's move on to the business of the meeting. The business in this AGM is set out in the notes of the meeting sent to shareholders along with explanation notes. The directors should have previously advised all shareholders to read the document carefully before making any decisions. The first resolution is the annual report.
To receive and consider any report, including the audit report and financial statement for the year ended 31 March. If thought fit to pass, the following ordinary resolution is that the annual report be received. I'll move the resolution, and we have a second. Is there any discussion? Alright, now I put the resolution. All in favor, say aye, and those against, please say no. I declare the motion carried. Here is the resolution number two. Re-election of director. To consider and if thought fit to pass, the following ordinary resolution is that Yang Xia will retire by rotation and is eligible for re-election to be elected as a Non-Executive Director of the company. I move the resolution. Do we have a second? Is there any discussion? Now I put the resolutions. All in favor, please say aye. Those against, please say no. I declare the motion carried.
Oh, sorry, that was... Okay, resolution number four. Re-election of director to consider and if thought fit to pass the following ordinary resolution pursuant to NZX listing rule 2.7.1 that Bo Xian Charles Cao, who retires by rotation and is eligible for re-election, be elected as an Independent Director of the company. I move the resolution. Do we have a second? Is there any discussion? I now put the resolution. All in favor, please say aye. Those against, please say no. I declare the motion carried. The last resolutions: re-election of directors to consider and if thought fit to pass the following ordinary resolution pursuant to NZX listing rule 2.7.1 that Jianfeng David Chen, who retires by rotation and is eligible for re-election, be elected as a Non-Executive Director of the company. I move the resolution. Do we have a second? Is there any discussion? I now put the resolutions.
All in favor, please say aye. Those against, please say no. I declare the motion carried. Is there any business anyone would like to raise? Thank you. Ladies and gentlemen, thank you for your attention today. We look forward to enjoying future development with you, and I declare the meeting closed at 2:17 P.M. That's the end of our virtual AGM for AFC Group Holdings Limited. Thanks for attending, and have a nice day.