Alpha Professional Holdings Limited 阿爾法企業控股有限公 司 * (Incorporated in Bermuda with limited liability) （於百慕達註冊成立的有限公司） (Stock Code 股份代號: 948) NOTIFICATION LETTER 通知信函 23 December 2024 Dear Non-registered Shareholder(s) (Note 1) , Notification of Publication of 2024 Interim Report (the "Current Corporate Communication") We, Alpha Professional Holdings Limited (the "Company"), hereby notify you that the Current Corporate Communication is available in printed English and Chinese versions. It is also available in ...

Financial Performance - The revenue of Alpha Professional Holdings Limited for the six months ended 30 September 2024 was approximately HK$17.0 million, a significant decrease of 82.2% compared to HK$95.4 million in the same period of 2023[7]. - The loss for the period was approximately HK$24.9 million, representing a decrease of HK$8.8 million or 26.7% compared to the previous year[7]. - Gross profit increased by HK$0.8 million or 44.7% despite a revenue drop of over 80%, attributed to changes in milk powder brands and new income sources from logistics and e-commerce[7]. - For the six months ended September 30, 2024, the total comprehensive loss was HK$36,793,000, which includes a loss for the period of HK$33,685,000[101]. - The Company reported a loss of HK$24,573,000 for the period, with exchange differences on translation contributing an additional loss of HK$3,602,000[101]. - The total comprehensive loss for the period, net of income tax attributable to owners of the company, was HK$20,971,000, down from HK$36,793,000 in the previous year, indicating a 43% reduction[118]. - The net loss for the period was HK$24,845,000, compared to a loss of HK$33,685,000 in the same period last year, showing a 26.2% improvement[116]. Expenses and Costs - Administrative expenses increased significantly by HK$14.3 million or 266.0%, mainly due to higher staff costs and legal fees[7]. - Selling and distribution costs rose to HK$5,692,000, an increase of 107.1% from HK$2,740,000 in the previous year[116]. - Administrative expenses surged to HK$19,665,000, up 265.5% from HK$5,376,000 in the same period last year[116]. - Finance costs decreased to HK$1,582,000, down 41.7% from HK$2,715,000 in the previous year[116]. Assets and Liabilities - As of September 30, 2024, the total number of employees increased to 106, with total employee costs amounting to approximately HKD 8.4 million, up from HKD 3.4 million in the previous year[29]. - As of September 30, 2024, the Group had outstanding borrowings of approximately HK$35.0 million, an increase from HK$33.2 million as of 31 March 2024[13]. - The total identifiable net assets at fair value amount to HK$20,545,000, with non-controlling interests based on their proportionate interest in the recognized amounts of the assets and liabilities of Shenyang Jinyi Group[72]. - The Group's significant investments represent approximately 2.6% of the total assets as of September 30, 2024[46]. - The aging analysis of trade payables shows that HK$32,102,000 is overdue by over 365 days as of September 30, 2024, compared to HK$28,861,000 as of March 31, 2024[69]. Investments and Acquisitions - The Group completed the acquisition of 70% of the economic benefit of Shenyang Jinyi, which is engaged in e-commerce in China, to enhance its Milk Products Business[28]. - The Group acquired 100% interest in Welfit Group to increase logistics segment profit by maximizing warehouse occupancy rates[28]. - On June 11, 2024, the Group completed the acquisition of Smart Front Developments Limited for a total consideration of HK$17.5 million[46]. - The Group also acquired 700,000 ordinary shares of Welfit for approximately HK$4.4 million on the same date[46]. Market Conditions - The domestic milk powder market continues to shrink due to declining birth rates, while major foreign milk powder brands have shown growth in performance and market share in China[32]. - Economic issues in China and Hong Kong persist, with retail markets showing signs of slowing down due to high interest rates and changing consumer patterns[55]. - The logistics and warehousing market in Hong Kong is under pressure, requiring companies to enhance service quality and adopt advanced technology to remain competitive[55]. Governance and Compliance - The Company has appointed Mr. Chen Jianguo as an independent non-executive Director, fulfilling governance requirements[61]. - The Audit Committee has reviewed the accounting principles and practices of the Group, relying on external auditor assessments[61]. - The Group has adopted a share option scheme, but no options have been granted, exercised, cancelled, or lapsed since its adoption[51]. Cash Flow and Financial Position - The company reported a net cash outflow of HK$19,595,000 for the period, compared to a net decrease of HK$12,523,000 in the prior year, indicating a worsening cash position[150]. - The company's cash and cash equivalents stood at HK$30,570,000, compared to HK$47,277,000 at the end of March 2024, reflecting a decline of approximately 35%[120]. - Net current assets decreased to HK$17,343,000 from HK$76,978,000, indicating a significant decline of about 77%[120]. Segment Information - The Group operates through three reportable segments: Milk Products Business, Logistics Business, and Property Investment[176]. - Revenue from the Milk Products Business is primarily generated from milk powder and baby food sales[176]. - The Logistics Business derives its revenue mainly from warehouse logistics services[176]. - Property Investment revenue is primarily from rental income from leased properties[176]. Financial Reporting and Standards - The interim financial information was prepared in accordance with International Accounting Standard 34, ensuring compliance with the applicable disclosure provisions[108]. - The financial statements reflect the same accounting policies as the 2024 annual financial statements, with certain amendments expected to be relevant in the 2025 annual financial statements[108]. - The Group has applied amendments to IFRSs for the first time, effective from April 1, 2024, with no material impact on financial positions or performance[173].

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 16,980,000, a decrease of 82.2% compared to HKD 95,441,000 for the same period in 2023[3]. - The cost of sales and services for the same period was HKD 14,234,000, resulting in a gross profit of HKD 2,746,000, which is an increase of 44.9% from HKD 1,898,000 in 2023[3]. - The company incurred a loss before tax of HKD 24,670,000, which is a 23.5% improvement compared to a loss of HKD 32,279,000 in the previous year[3]. - The total comprehensive loss for the period was HKD 21,243,000, a reduction of 42.5% from HKD 36,793,000 in the same period last year[3]. - Basic loss per share for the period was HKD 7.0, compared to HKD 9.6 for the same period in 2023, indicating a 27.1% improvement[9]. - Revenue from external customers for the six months ended September 30, 2024, was HKD 16,980,000, compared to HKD 95,441,000 for the same period in 2023, indicating a significant decline[34]. - The loss for the period was approximately HKD 24.9 million, an improvement of HKD 8.8 million or 26.7% compared to a loss of HKD 33.7 million in the same period last year[57]. Assets and Liabilities - Current assets decreased to HKD 93,643,000 from HKD 156,735,000, reflecting a decline of 40.2%[10]. - Non-current assets increased to HKD 92,239,000 from HKD 41,571,000, representing a significant growth of 121.1%[11]. - The company's total equity as of September 30, 2024, was HKD 103,023,000, down from HKD 118,233,000, a decrease of 13.0%[14]. - The company reported cash and cash equivalents of HKD 30,570,000, a decrease of 35.3% from HKD 47,277,000 in the previous year[10]. - Trade and other receivables as of September 30, 2024, totaled HKD 59,243,000, down from HKD 107,731,000 as of March 31, 2024, with trade receivables (net of impairment) at HKD 27,492,000[52]. - Trade and other payables as of September 30, 2024, amounted to HKD 39,794,000, a decrease from HKD 45,358,000 as of March 31, 2024, including trade payables of HKD 33,712,000[54]. - The total liabilities decreased from approximately HKD 45.4 million as of March 31, 2024, to about HKD 39.8 million as of September 30, 2024[71]. Business Segments - For the six months ended September 30, 2024, total revenue from the dairy products business was HKD 6,694,000, while logistics business revenue was HKD 10,286,000, resulting in a total revenue of HKD 16,980,000[28]. - The adjusted EBITDA for the dairy products business showed a loss of HKD 18,065, while the logistics business reported a profit of HKD 764, leading to a total adjusted EBITDA loss of HKD 16,842[28]. - The milk products business generated revenue of approximately HKD 6.7 million, down from HKD 93.2 million in 2023, with a related gross profit of approximately HKD 1.5 million[62]. - The logistics business reported revenue of approximately HKD 10.3 million, a significant increase from HKD 1.8 million in 2023, with an adjusted EBITDA profit of approximately HKD 0.8 million[63]. Acquisitions and Investments - The group completed the acquisition of 70% of Shenyang Jinyi E-commerce Co., Ltd. on June 27, 2024, to integrate its e-commerce platform with the milk products business[61]. - The company completed the acquisition of Smart Front Developments Limited for a total consideration of HKD 17.5 million, including shareholder loans of approximately HKD 17.3 million[84]. - The company also acquired a 70% economic interest in Shenyang Golden Ant for a total consideration of RMB 2.4 million, in exchange for waiving trade receivables totaling AUD 5.1 million[87]. - The company acquired 100% equity of He Ying Group to enhance logistics operations and aims to maximize warehouse rental rates[93]. Operational Challenges and Market Conditions - Despite government measures to boost the economy, retail markets in China and Hong Kong are experiencing a slowdown due to high interest rates and changing consumer behaviors[96]. - The Chinese dairy market, particularly infant formula, faces challenges from declining birth rates and stricter regulations, yet foreign brands are showing growth in market share[97]. - The logistics sector must enhance service quality and adopt advanced IT systems to remain competitive amid economic challenges[96]. Corporate Governance and Compliance - The company has taken steps to fill board vacancies following the passing of an independent non-executive director, ensuring compliance with listing rules[100][101]. - The audit committee reviewed the accounting principles and practices adopted by the group for the six months ending September 30, 2024[105]. - The company has not made any significant investment or capital asset plans but will continue to follow its business strategy for development[97]. Miscellaneous - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2024 (2023: none)[50]. - The interim report for 2024 will be made available to shareholders and can be accessed on the Hong Kong Stock Exchange website and the company's website[108]. - The company expresses gratitude to the management team and all employees for their hard work and contributions to sustainability[110].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 Alpha Professional Holdings Limited 阿 爾 法 企 業 控 股 有 限 公 司 * （於百慕達註冊成立的有限公司） （股份代號：948） 內幕消息 虧損減少 本公告乃由Alpha Professional Holdings Limited 阿爾法企業控股有限公司*（「本公司」，連同其附屬公 司統稱「本集團」）根據香港聯合交易所有限公司證券上市規則第13.09(2)條及香港法例第571章證券 及期貨條例第XIVA部內幕消息條文作出。 本公司董事（「董事」）會（「董事會」）謹此通知本公司股東及有意投資者，基於管理層目前所得 的財務資料，本集團預期截至二零二四年九月三十日止六個月（「本期間」）的收入相較截至二零二 三年九月三十日止六個月（「同期」）的相應數字將會錄得大幅下降，主要由於奶粉銷量及物業投資 收入下降。儘管出現上述情況，預計本集團將錄得不超過27.0百萬港元的本期 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Alpha Professional Holdings Limited 阿 爾 法 企 業 控 股 有 限 公 司 * （於百慕達註冊成立的有限公司） （股份代號：948） 董事會會議召開日期 Alpha Professional Holdings Limited 阿爾法企業控股有限公司*（「本公司」）董事會 （「董事會」）謹此宣佈將於二零二四年十一月二十九日（星期五）舉行董事會會議， 藉以（其中包括）考慮及批准本公司及其附屬公司截至二零二四年九月三十日止六個月 的中期業績及其刊發，以及考慮派發股息（如有）。 承董事會命 Alpha Professional Holdings Limited 阿爾法企業控股有限公司* 公司秘書 陳振康 香港，二零二四年十一月十八日 於本公告日期，本公司執行董事為趙磊先生及伍非子女士，以及本公司獨立非執行董事 為李澤雄先生、涂春安先生及陳建國先生。 * 僅供識別 ...

Financial Performance - For the fiscal year ending March 31, 2024, the total revenue was HKD 96,310,000, a decrease of 73.5% compared to HKD 363,093,000 in the previous year[5]. - The gross profit for the same period was HKD 4,067,000, down 90.5% from HKD 42,740,000 year-on-year[5]. - The net loss from continuing operations was HKD 38,321,000, compared to a loss of HKD 2,455,000 in the previous year, indicating a significant decline in performance[6]. - The company reported a basic loss per share of HKD 11.0 from continuing operations, compared to a loss of HKD 0.7 in the previous year[6]. - The company recorded a net loss of HKD 40,587,000 attributable to shareholders, compared to a loss of HKD 5,308,000 in the previous year[6]. - The company reported a pre-tax consolidated loss of HKD 48,374,000 for the fiscal year ending March 31, 2024, compared to a loss of HKD 2,920,000 in the previous year[20]. - The group reported a loss of approximately HKD 38.3 million for the year, compared to a profit of HKD 1.3 million in the previous year, resulting in a basic loss per share of HKD 0.11[49]. Revenue Breakdown - For the fiscal year ending March 31, 2024, the total revenue from reportable segments was HKD 96,310,000, a significant decrease of 73.5% compared to HKD 363,093,000 for the previous year[19][20]. - Revenue from the sale of milk powder and infant food decreased to HKD 93,087,000 in 2024 from HKD 361,227,000 in 2023, representing a decline of 74.2%[26]. - The logistics business generated revenue of HKD 1,493,000 in 2024, up from HKD 255,000 in 2023, indicating a growth of 485.5%[26]. - The total rental income from investment properties was HKD 1,730,000 in 2024, compared to HKD 1,611,000 in 2023, reflecting an increase of 7.4%[26]. - Revenue from the dairy products business was approximately HKD 93.1 million, a decline of 74.2% from HKD 361.2 million in the previous year, with a reported segment loss (adjusted EBITDA) of approximately HKD 31.3 million[53]. - The logistics business generated revenue of approximately HKD 1.5 million, compared to HKD 0.3 million in the previous year, with an adjusted EBITDA of approximately HKD 1.5 million[59]. Asset and Liability Management - Total assets decreased to HKD 156,735,000 from HKD 212,928,000, reflecting a reduction of 26.4%[8]. - The total non-current assets in Australia decreased to HKD 41,350,000 in 2024 from HKD 44,255,000 in 2023, a decline of 8.6%[23]. - Current assets were approximately HKD 156.7 million, down from HKD 212.9 million in 2023, while current liabilities decreased to approximately HKD 79.8 million from HKD 101.3 million, resulting in a current ratio of 1.97, up from 1.91 in 2023[62]. - Trade and other receivables decreased to approximately HKD 107.9 million from HKD 168.7 million in 2023, primarily due to the recovery of overdue trade receivables and a decrease in sales of dairy products[63]. - The company's net debt as of March 31, 2024, was HKD 32.76 million, down from HKD 97.94 million in 2023, with a debt-to-equity ratio of 27.7%, significantly improved from 61.7% in 2023[69]. - The company's trade and other payables decreased to HKD 45,358,000 from HKD 63,733,000, indicating improved cash flow management[46]. Operational Changes - The company has terminated its mobile solutions business, which will not be included in future financial reports[12]. - The group aims to further expand its logistics business and explore various business opportunities as they arise[59]. - The group plans to continue investing resources into its dairy product business and actively explore the development of online marketing and sales platforms[89]. - The group aims to diversify its product portfolio by leveraging existing dairy product business channels to sell and distribute other food and beverage products starting in 2024[88]. - The group anticipates that the acquisition of He Ying Group will strengthen its logistics business and enhance operational efficiency[91]. Compliance and Governance - The company has not adopted any new accounting standards that would significantly impact its financial performance for the current or prior years[10]. - The company has confirmed compliance with the standards set out in the standard code for securities transactions by directors as of March 31, 2024[100]. - Following the appointment of Mr. Tu Chun'an as an independent non-executive director on April 25, 2024, the company has complied with the minimum requirement of three independent non-executive directors[98]. - The company has been actively seeking suitable candidates with appropriate expertise to fill the vacancies left by resigning directors[99]. - The audit committee, along with the management, has reviewed the accounting principles and practices adopted by the group for the year ending March 31, 2024[101]. Employee and Operational Costs - The administrative expenses for the year were approximately HKD 12.1 million, a reduction of 19.7% from HKD 15.1 million in the previous year, primarily due to decreased employee costs[50]. - The group has 80 employees, an increase from 26 employees in 2023, with total employee costs from continuing operations amounting to approximately HKD 6.9 million, down from HKD 10.3 million in 2023[84]. - The total financing costs for the year were HKD 4,448,000, slightly down from HKD 4,665,000 in 2023, while employee benefits expenses decreased to HKD 6,741,000 from HKD 10,286,000[32]. Market Conditions and Future Outlook - The current economic environment in China, particularly in the dairy product market, remains challenging due to low birth rates, increased competition, and stringent food regulations[91]. - The group will continue to review and monitor existing businesses while exploring further development opportunities, particularly in light of ongoing arbitration matters affecting its reputation[91]. - The exclusive distribution agreement with Bubs Australia was not renewed, leading to a decline in sales performance for Bubs products in China, attributed to decreased demand and increased competition[88].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 Alpha Professional Holdings Limited * 阿 爾 法 企 業 控 股 有 限 公司 （於百慕達註冊成立的有限公司） 948 （股份代號： ） 有關 截至二零二三年九月三十日止六個月之 中期業績公告及中期報告的補充公告 (i) Alpha Professional Holdings Limited * 茲提述 阿爾法企業控股有限公司（「本公司」，連同其附屬公司 統稱「本集團」）日期為二零二三年十一月二十八日之公告，內容有關截至二零二三年九月三十日止 (ii) 六個月（「二零二三年六個月」）未經審核中期業績；及 本公司於二零二三年十二月二十一日刊發 之二零二三年中期報告（「中期報告」）。除文義另有所指外，本公告所用詞彙與中期報告所界定者具 有相同涵義。 貿易應收款項減值虧損 18.5 ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides an overview of the company's board and committee changes, along with essential company details [Board of Directors and Committee Composition](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's board and committees underwent significant changes during the reporting period, including Mr. Zhao Lei's appointment as Executive Director and CEO and Mr. Chen Xu's resignation - Mr. Zhao Lei was re-designated from Independent Non-executive Director to Executive Director and appointed Chief Executive Officer on September 25, 2023[4](index=4&type=chunk)[6](index=6&type=chunk) - Mr. Chen Xu resigned as Executive Director and a member of several committees on August 28, 2023[4](index=4&type=chunk)[6](index=6&type=chunk) - Mr. Zhao Lei ceased to be a member of the Audit Committee and Chairman of the Remuneration Committee and Credit Committee on September 25, 2023, but remains a member of the latter two[4](index=4&type=chunk)[6](index=6&type=chunk) - Mr. Li Chak Hung was appointed Chairman of the Credit Committee on September 25, 2023[5](index=5&type=chunk)[6](index=6&type=chunk) [Company Details](index=3&type=section&id=Company%20Details) The Company Secretary is Mr. Chan Chun Hong, with authorized representatives including Mr. Zhao Lei and Mr. Chan Chun Hong, and Crowe (HK) CPA Limited as auditor - Company Secretary is Mr. Chan Chun Hong[6](index=6&type=chunk) - Authorized representatives include Mr. Zhao Lei (appointed September 25, 2023) and Mr. Chan Chun Hong; Mr. Chen Xu resigned on August 28, 2023[9](index=9&type=chunk)[10](index=10&type=chunk) - Auditor is Crowe (HK) CPA Limited[9](index=9&type=chunk)[10](index=10&type=chunk) - Principal bankers include Bank of China (Hong Kong) Limited, Citibank (Hong Kong) Limited, and Dah Sing Bank Limited[10](index=10&type=chunk)[11](index=11&type=chunk) - Company stock code is 948, and the website is www.hk-alpha.com[10](index=10&type=chunk)[11](index=11&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the Group's financial performance, including revenue, gross profit, and net loss for the period [Financial Performance Overview](index=5&type=section&id=Financial%20Performance%20Overview) For the six months ended September 30, 2023, the company's revenue significantly decreased by 59.7% to HK$95,441 thousand, and gross profit fell from HK$39,544 thousand to HK$1,898 thousand, transitioning from operating profit to a net loss of HK$33,685 thousand Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (for the six months ended September 30) | Indicator | 2023 (HK$ thousand) | 2022 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 95,441 | 236,935 | | Cost of sales | (93,543) | (197,391) | | Gross profit | 1,898 | 39,544 | | Impairment losses on financial assets | (18,509) | (5,253) | | Other income | 2,015 | 15,932 | | Other gains and losses, net | (6,852) | (7,702) | | Selling and distribution expenses | (2,740) | (13,409) | | Administrative expenses | (5,376) | (7,782) | | (Loss)/Profit from operations | (29,564) | 21,330 | | Finance costs | (2,715) | (1,525) | | (Loss)/Profit before taxation | (32,279) | 19,805 | | Income tax expense | (1,406) | (3,078) | | (Loss)/Profit for the period from continuing operations | (33,685) | 16,727 | | Profit for the period from discontinued operations | – | 3,770 | | (Loss)/Profit for the period | (33,685) | 20,497 | | Total comprehensive (loss)/income for the period, net of income tax | (36,793) | 17,154 | | Basic and diluted (loss)/earnings per share (HK cents) | (9.6) | 6.0 | - Basic and diluted loss per share from continuing operations for the period was **9.6 HK cents**, compared to earnings of **4.9 HK cents** in the prior period[16](index=16&type=chunk) [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement outlines the Group's financial position, detailing assets, liabilities, and equity at the reporting date [Financial Position Overview](index=7&type=section&id=Financial%20Position%20Overview) As of September 30, 2023, the company's total assets less current liabilities decreased to HK$122,683 thousand from HK$158,820 thousand as of March 31, 2023, with net assets and total equity attributable to shareholders both at HK$122,027 thousand Condensed Consolidated Statement of Financial Position (as of September 30) | Indicator | Sep 30, 2023 (HK$ thousand) | Mar 31, 2023 (HK$ thousand) | | :--- | :--- | :--- | | Non-current assets | 51,898 | 57,516 | | Current assets | 177,508 | 212,928 | | Current liabilities | 106,723 | 111,624 | | Net current assets | 70,785 | 101,304 | | Total assets less current liabilities | 122,683 | 158,820 | | Non-current liabilities | 656 | – | | Net assets | 122,027 | 158,820 | | Share capital | 435,252 | 435,252 | | Reserves | (313,225) | (276,432) | | Total equity attributable to shareholders of the Company and total equity | 122,027 | 158,820 | - Investment property within non-current assets decreased from HK$42,094 thousand to HK$40,289 thousand, while property, plant and equipment increased from HK$360 thousand to HK$1,333 thousand[18](index=18&type=chunk) - Cash and bank balances within current assets significantly decreased from HK$13,686 thousand to HK$928 thousand[18](index=18&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement details the changes in the Group's equity attributable to shareholders, including profit/loss and other comprehensive income [Equity Changes Overview](index=8&type=section&id=Equity%20Changes%20Overview) For the six months ended September 30, 2023, total equity attributable to shareholders decreased from HK$158,820 thousand as of April 1, 2023, to HK$122,027 thousand, primarily due to a loss for the period of HK$33,685 thousand and comprehensive loss from exchange differences in foreign currency translation reserve Condensed Consolidated Statement of Changes in Equity (for the six months ended September 30) | Indicator | Share Capital (HK$ thousand) | Share Premium (HK$ thousand) | Foreign Currency Translation Reserve (HK$ thousand) | Accumulated Losses (HK$ thousand) | Total Equity (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | At April 1, 2023 (audited) | 435,252 | 592,019 | (8,891) | (859,560) | 158,820 | | Loss for the period | – | – | – | (33,685) | (33,685) | | Exchange differences arising from translation of foreign operations | – | – | (3,108) | – | (3,108) | | Total comprehensive loss for the period | – | – | (3,108) | (33,685) | (36,793) | | At September 30, 2023 (unaudited) | 435,252 | 592,019 | (11,999) | (893,245) | 122,027 | - Accumulated losses increased from HK$859,560 thousand as of April 1, 2023, to HK$893,245 thousand as of September 30, 2023[22](index=22&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes the Group's cash flows from operating, investing, and financing activities, and the net change in cash and cash equivalents [Cash Flow Overview](index=9&type=section&id=Cash%20Flow%20Overview) For the six months ended September 30, 2023, the company reported net cash used in operating activities of HK$1,478 thousand, net cash

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 Alpha Professional Holdings Limited * 阿 爾 法 企 業 控 股 有 限 公司 （於百慕達註冊成立的有限公司） 948 （股份代號： ） 截至二零二三年九月三十日止六個月 未經審核中期業績 Alpha Professional Holdings Limited * 阿爾法企業控股有限公司（「本公司」）董事（「董事」）會（「董事會」） 謹此宣佈，本公司及其附屬公司（統稱「本集團」）截至二零二三年九月三十日止六個月之未經審核綜 合業績，連同截至二零二二年九月三十日止六個月之比較數字如下。 本公告中的本集團截至二零二三年九月三十日止六個月之未經審核綜合業績乃根據未經審核但已 經本公司審核委員會（「審核委員會」）及本公司核數師（「核數師」）審閱之未經審核簡明綜合中期財 務資料編製。 ...

Financial Performance - The revenue for the year ended March 31, 2023, was approximately HK$363.1 million, a decrease of 17.2% from HK$438.4 million in 2022[12] - The profit for the year, including both continuing and discontinued operations, was approximately HK$1.3 million, a turnaround from a loss of approximately HK$31.6 million in the previous year[12] - Basic earnings per share for the year were HK0.4 cents, compared to a basic loss per share of HK10.1 cents in 2022[12] - The revenue of the Milk Products Business was approximately HK$361.2 million, a decrease from HK$436.6 million in 2022[20] - The gross profit for the Milk Products Business increased to approximately HK$41.1 million, up from HK$33.0 million in 2022, reflecting a purchase discount of approximately HK$25.4 million from the subscription of 9,541,620 Bubs Shares[20] - The reportable segment profit (adjusted EBITDA) for the Milk Products Business was approximately HK$23.0 million, compared to HK$25.3 million in 2022[20] - The revenue from the Logistics Business was approximately HK$0.3 million for the year ended March 31, 2023, compared to nil in 2022[22] - The revenue from the discontinued Mobile Business was approximately HK$4.3 million for the year ended March 31, 2023, a decrease of 81.6% compared to HK$23.4 million in 2022[30] - The loss for the year from the Mobile Business was approximately HK$1.0 million, significantly reduced from HK$43.4 million in 2022[30] Assets and Liabilities - The fair value of the Group's investment property was estimated at approximately AUD8.0 million (equivalent to approximately HK$42.1 million) as at 31 March 2023, representing approximately 15.6% of the total assets of the Group[27] - The Group's current assets increased to approximately HK$212.9 million as of March 31, 2023, from HK$130.1 million in 2022[40] - The current liabilities also rose to approximately HK$111.6 million as of March 31, 2023, compared to HK$61.3 million in 2022[40] - The liquidity ratio (current assets over current liabilities) was 1.91 times as of March 31, 2023, down from 2.12 times in 2022[40] - The Group's outstanding borrowing was approximately HK$47.5 million as of March 31, 2023, with no outstanding borrowing from the previous year[46] - The gearing ratio as of March 31, 2023, was 61.7%, an increase from 35.7% in 2022[48] - The trade and other receivables increased to approximately HK$194.7 million as of March 31, 2023, from HK$104.4 million in 2022, primarily due to longer credit terms granted to customers[41] Business Strategy and Operations - The Group's focus on cross-border milk powder trading in the PRC, Hong Kong, and Australia continues to drive its Milk Products Business[18] - The Group has launched a Logistics Business in March 2023 to provide low-cost warehouse storage and logistics services, aimed at supporting the Milk Products Business and increasing the number of downstream customers[83][90] - The Group plans to diversify its product portfolio and enhance marketing efforts in mainland China to meet increasing customer demands in the Milk Products Business[90] - The Group's strategy includes reinforcing existing business foundations and actively seeking opportunities for business development and diversification[88][91] - The Group has achieved a stable earning base in the Milk Products Business through enhanced relationships with key brands, contributing positively to financial results[90] - The Milk Products Business has stabilized and is expected to continue growing, supported by partnerships with brands like "Bubs" and "Bellamy" for quality product supply[92] Corporate Governance - The Board of Directors consists of five members, including two executive directors and three independent non-executive directors, ensuring independent judgment on strategic issues[106] - The Company has complied with the Corporate Governance Code throughout the year, except for the vacancy in the roles of Chairman and Chief Executive Officer since October 2022[99] - The independent non-executive directors represent over one-third of the board, providing independent judgment on strategies and policies[111] - The Company aims to maintain at least the current level of female representation on the Board and ultimately increase the proportion of female members over time[138] - The Company has adopted a Board diversity policy to enhance the quality of its performance and support strategic objectives[134] Risk Management - The Group conducted an annual risk assessment identifying strategic, operational, financial, and compliance risks, leading to a three-year audit plan prioritizing identified risks into annual audit projects[181] - The Board acknowledges its ultimate responsibility for overseeing the management of risk management and internal control systems, ensuring their adequacy and effectiveness[177] - The Group maintains risk management and internal control systems designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatements or losses[178] Audit and Financial Reporting - The Audit Committee, consisting of three independent non-executive Directors, is responsible for reviewing financial statements, risk management, and internal control systems[187] - The Group's financial reporting is designed to present a balanced and clear assessment of its performance and prospects[171] - The Audit Committee approved the audited consolidated financial statements for the year ended March 31, 2023[195] - The external auditor confirmed its independence in accordance with the requirements of the Hong Kong Institute of Certified Public Accountants[198]