Alpha Professional Holdings Limited 阿爾法企業控股有限公 司* (Incorporated in Bermuda with limited liability) (Stock Code 股份代號: 948) （於百慕達註冊成立的有限公司） Dear Registered Shareholder(s), Notification of Publication of 2025 Interim Report (the "Current Corporate Communication") We, Alpha Professional Holdings Limited (the "Company"), hereby notify you that both English and Chinese versions of the Current Corporate Communication is available on the Company's website at www.hk-alpha.com and the website of The Stock Exchange of ...

Revenue and Profitability - Revenue for the six months ended September 30, 2025, was HK$20,343,000, representing a 19.5% increase from HK$16,980,000 in the same period of 2024[10] - Gross profit decreased to HK$2,137,000, down 22.2% from HK$2,746,000 year-over-year[10] - Loss from operations for the period was HK$19,750,000, an improvement from a loss of HK$23,547,000 in the previous year[10] - Loss before taxation was HK$23,049,000, compared to a loss of HK$25,129,000 in the prior period, indicating a reduction in losses[10] - Total comprehensive loss for the period was HK$29,624,000, compared to HK$21,243,000 in the same period last year, reflecting increased losses[10] - For the six months ended September 30, 2025, the loss attributable to owners of the company was HK$22,798,000, a decrease from HK$24,573,000 in the same period of 2024, representing a 7.2% improvement[12] - The total comprehensive loss for the period attributable to owners of the company was HK$29,378,000, compared to HK$20,971,000 in the previous year, indicating a 40.5% increase in losses[12] - Basic loss per share from continuing operations was HK$6.5, slightly improved from HK$7.1 in the prior year[12] Expenses and Cost Management - Selling and distribution costs decreased to HK$3,931,000 from HK$5,692,000, showing a reduction in expenses[10] - Administrative expenses were reduced to HK$10,360,000 from HK$19,517,000, highlighting cost-cutting measures[10] - The company continues to focus on improving operational efficiency and reducing costs in response to market conditions[10] Financial Position and Assets - Non-current assets decreased significantly from HK$123,240,000 as of March 31, 2025, to HK$37,047,000 as of September 30, 2025, reflecting a 69.9% decline[14] - Current liabilities increased sharply from HK$199,510,000 to HK$226,408,000, marking a 13.5% rise[14] - The company reported net current liabilities of HK$126,060,000, an improvement from HK$173,173,000 in the previous period, indicating a 27.2% reduction[14] - The company's cash and cash equivalents increased to HK$11,919,000 from HK$10,701,000, showing an increase of 11.4%[14] - The total assets classified as held for sale amounted to HK$76,230,000 as of September 30, 2025, compared to nil in the previous period[14] - The company's share capital decreased significantly from HK$435,252,000 to HK$2,720,000, indicating a substantial reduction in equity[14] - The capital deficiency increased to HK$94,321,000 from HK$65,134,000, reflecting a worsening financial position[14] Cash Flow and Liquidity - Net cash used in operating activities for the six months ended September 30, 2025, was HK$673,000, compared to HK$1,136,000 in the same period of 2024, indicating a reduction in cash outflow[19] - The company reported a decrease in trade and other receivables by HK$1,162,000 for the six months ended September 30, 2025, compared to an increase of HK$32,326,000 in 2024[19] - The Group's cash and bank balances as stated in the condensed consolidated statement of financial position were HK$11,919,000[1] - The Group is undertaking plans to improve liquidity and financial position, including seeking legal opinions regarding potential cash flow impacts[35] Discontinued Operations - The business of property investment was discontinued in the current period, focusing on milk products and services[25] - For the six months ended September 30, 2025, the company reported a loss of HK$161,000 from discontinued operations, compared to a profit of HK$459,000 in the same period of 2024[112] - The total revenue from discontinued operations was HK$0 for the six months ended September 30, 2025, with other net gains and losses amounting to a loss of HK$44,000[110] Segment Performance - Revenue from the Milk Products Business for the six months ended 30 September 2025 was HK$6,217,000, while the Services Business generated HK$14,126,000, totaling HK$20,343,000[78] - The adjusted EBITDA for the Milk Products Business was a loss of HK$11,098,000, while the Services Business reported a profit of HK$7,850,000, resulting in a consolidated adjusted EBITDA loss of HK$3,248,000[78] - The reportable segment loss (adjusted EBITDA) for the milk products business was HK$18,065,000, while the services business reported a profit of HK$764,000, resulting in a total adjusted EBITDA loss of HK$17,301,000[83] Financial Liabilities and Borrowings - The Group's financial liabilities measured at amortized cost total HK$37,918,000 as of September 30, 2025, up from HK$36,917,000 as of March 31, 2025[180] - Other borrowings increased from HK$41,081,000 on March 31, 2025, to HK$47,651,000 on September 30, 2025, reflecting a rise of 15.5%[187] - The group has secured its borrowings with debentures and mortgages over its properties and assets[188] Legal and Arbitration Matters - The arbitration notices filed by The Infant Food Company Pty Limited claim outstanding trade payables of approximately AUD5,653,000 and losses and damages of AUD34,200,000[197] - The Arbitration Awards mandated Willis Trading and Alice Trading to settle trade payables of approximately AUD5,653,000 and additional losses and damages of approximately AUD24,636,000 (equivalent to HK$125,220,000)[198][199] Asset Valuation and Impairment - The fair value of the investment property located in Australia was revalued to HK$43,518,000 as of September 30, 2025, using Level 3 inputs[145] - The investment property was sold for AUD 9,100,000, with the sale expected to be completed within eight weeks of the contract date[138] - The company has not recognized any impairment losses against the carrying amount of goodwill for the current period[164]

Core Viewpoint - Alpha Enterprises (00948) has shown a revenue increase of 19.8% year-on-year, despite reporting a loss for the period ending September 30, 2025 [1] Group 1: Shareholder Activity - On December 8, shareholders of Alpha Enterprises deposited shares into Everbright Securities Investment Services Hong Kong, with a market value of 7.14 million HKD, representing 7.42% of the total [1] Group 2: Financial Performance - For the six months ending September 30, 2025, Alpha Enterprises reported a revenue of 20.34 million HKD, which is an increase of 19.8% compared to the previous year [1] - The company recorded a loss attributable to shareholders of 22.798 million HKD, which is a reduction of 7.22% year-on-year [1] - The loss per share was reported at 0.065 HKD [1]

Group 1 - The core viewpoint of the article highlights that Alpha Enterprises (00948) has deposited shares worth HKD 7.14 million into Everbright Securities Investment Services Hong Kong, representing 7.42% of the total [1] - Alpha Enterprises reported a revenue of HKD 20.34 million for the six months ending September 30, 2025, reflecting a year-on-year increase of 19.8% [1] - The company recorded a loss attributable to shareholders of HKD 22.798 million, which is a year-on-year decrease of 7.22%, with a loss per share of HKD 0.065 [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 阿爾法企業控股有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00948 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | USD | | 0.001 | USD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 100,000,000,000 | USD | | 0.001 | USD | | 100,000,000 | ...

Core Viewpoint - Alpha Enterprises (00948.HK) reported a revenue increase from continuing operations for the six months ending September 30, 2025, amounting to approximately HKD 20.3 million, compared to HKD 17 million in 2024 [1] Financial Performance - The company incurred a loss of approximately HKD 23.3 million for the period, which is a decrease of about HKD 1.5 million compared to a loss of HKD 24.8 million in 2024 [1] - Shareholders' loss attributable to the company was HKD 22.8 million, down from HKD 24.6 million in 2024 [1] - Basic loss per share from continuing and discontinued operations was HKD 0.065, compared to HKD 0.070 in 2024 [1]

Core Viewpoint - Alpha Enterprises (00948) reported a revenue of HKD 20.343 million for the six months ending September 30, 2025, representing a year-on-year increase of 19.8% [1] Financial Performance - The company recorded a loss attributable to shareholders of HKD 22.798 million, which is a decrease of 7.22% compared to the previous year [1] - The loss per share was HKD 0.065 [1]

Core Insights - Alpha Enterprises (00948) reported a revenue of HKD 20.343 million for the six months ending September 30, 2025, representing a year-on-year increase of 19.8% [1] - The company recorded a loss attributable to shareholders of HKD 22.798 million, which is a year-on-year decrease of 7.22% [1] - The loss per share was HKD 0.065 [1]

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 20,343,000, an increase of 19.5% compared to HKD 16,980,000 for the same period in 2024[4] - The gross profit for the same period was HKD 2,137,000, down 22.2% from HKD 2,746,000 in 2024[4] - The company incurred a loss from continuing operations of HKD 23,089,000, compared to a loss of HKD 25,304,000 in the previous year, representing a 8.8% improvement[4] - The total comprehensive loss for the period was HKD 29,624,000, compared to HKD 21,243,000 in 2024, indicating a decline of 39.5%[4] - The company reported a net loss attributable to shareholders of HKD 22,798,000, compared to HKD 24,573,000 in 2024, a reduction of 7.2%[5] - The group recorded a net loss of HKD 23,250,000 for the six months ended September 30, 2025[10] - The total comprehensive loss before tax for the six months ended September 30, 2025, was HKD 23,049,000, slightly improved from a loss of HKD 25,129,000 in the same period of 2024[22] - The company reported a loss of HKD 161,000 from discontinued operations for the six months ending September 30, 2025, compared to a profit of HKD 459,000 in the previous year[42] Assets and Liabilities - The company's total assets decreased to HKD 100,348,000 from HKD 123,240,000, a decline of 18.5%[6] - Current liabilities rose significantly to HKD 226,408,000 from HKD 199,510,000, an increase of 13.5%[7] - Current liabilities exceeded current assets by HKD 126,060,000 as of September 30, 2025[10] - The group’s total liabilities exceeded total assets by HKD 94.32 million, indicating financial distress[54] - The company’s total non-current assets, excluding financial instruments and deferred tax assets, were HKD 24,091,000 as of September 30, 2025, compared to HKD 107,580,000 as of March 31, 2025[24] - As of September 30, 2025, the group's current assets were approximately HKD 100.3 million, significantly up from HKD 26.3 million as of March 31, 2025, while current liabilities increased to HKD 226.4 million from HKD 199.5 million[64] Cash Flow and Liquidity - The company's cash and cash equivalents increased to HKD 11,919,000 from HKD 10,701,000, reflecting a growth of 11.4%[6] - The group has implemented several plans to improve liquidity and financial condition, ensuring sufficient working capital to meet financial obligations[12] - A loan agreement was established with Ms. Chuang Shun-er for a principal amount of HKD 80,000,000, with an unused credit line of HKD 75,000,000 as of September 30, 2025[13] - The group completed the sale of a 70% economic interest in Shenyang Golden Ant E-commerce Co., Ltd. for a total consideration of HKD 27,500,000, enhancing liquidity[13] - The group repaid HKD 5 million of loans from the ultimate holding company ahead of schedule on October 24, 2025[49] Revenue Segmentation - The group operates in two segments: Dairy Products Business and Service Business, with revenue primarily from milk powder and logistics services[19] - Revenue from dairy products for the six months ended September 30, 2025, was HKD 6,217,000, a decrease from HKD 6,694,000 in the same period of 2024, representing a decline of approximately 7.1%[21] - Revenue from service operations for the six months ended September 30, 2025, was HKD 14,126,000, an increase from HKD 10,286,000 in the same period of 2024, representing a growth of approximately 37.5%[21] - For the six months ended September 30, 2025, the service segment generated revenue of approximately HKD 14.1 million, up from HKD 10.3 million in 2024, with adjusted EBITDA of HKD 7.9 million compared to HKD 0.8 million in 2024[61] Employee and Operational Costs - The company’s employee benefits expenses, including director remuneration, increased to HKD 8,817,000 for the six months ended September 30, 2025, compared to HKD 8,395,000 in the same period of 2024[29] - Total employee costs for the six months ended September 30, 2025, were approximately HKD 8.8 million, compared to HKD 8.4 million for the same period in 2024[92] - As of September 30, 2025, the group had 35 employees, down from 104 employees as of March 31, 2025[92] Strategic Initiatives and Market Position - The group has not disclosed any new product developments or market expansion strategies in the current report[3] - The group is taking a more cautious approach to manage project progress and related costs to improve profitability and cash flow[13] - The group has entered into an exclusive distribution agreement with a New Zealand supplier to distribute certain adult formula products in China and Hong Kong, which is anticipated to positively contribute to future sales[93] - The group has been impacted by increasing competition in the Chinese infant formula market, prompting a strategic shift towards adult formula products[93] - The company plans to launch its own cleaning services business in September 2025, aiming to enter the integrated facilities management sector[95] Legal and Compliance Matters - The group is subject to arbitration regarding unpaid debts amounting to approximately AUD 3.7 million for Veles Trade and AUD 23.0 million for Alice Trade[86] - The group has initiated legal proceedings to recover long-term outstanding trade receivables starting from October 2025[69] - The group is seeking legal advice to address issues arising from the arbitration and to protect its interests[91] - The group expressed regret over the arbitration ruling from the Australia International Commercial Arbitration Centre on April 28, 2025, which negatively impacted its business reputation[93] Corporate Governance - The board did not recommend an interim dividend for the six months ending September 30, 2025, consistent with the previous year[102] - The company has complied with corporate governance codes, addressing board diversity following the resignation of a director[98] - The audit committee reviewed the accounting principles and interim financial reports for the six months ending September 30, 2025[100]

Core Viewpoint - Alpha Enterprises (00948) has successfully completed a placement of 28 million shares at a price of HKD 0.24 per share, with the proceeds intended to support the expansion of its dairy product business [1] Group 1: Share Placement Details - The share placement was completed on November 14, 2025, with the placement agent successfully distributing shares to no fewer than six subscribers [1] - The total net proceeds from the placement, after deducting expenses, amounted to HKD 6.29 million [1] - The subscription price for the shares was set at HKD 0.24 per share [1] Group 2: Use of Proceeds - The net proceeds from the placement are planned to be used to support the expansion of the company's dairy product business [1]