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]

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： ） 截至二零二三年三月三十一日止年度 經審核業績公告 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」）截至二零二三年三月三十一日止年度之經審核綜合 業績，連同截至二零二二年三月三十一日止年度之經審核比較數字如下。 本公告中的本集團截至二零二三年三月三十一日止年度之經審核綜合業績乃根據經本公司獨立核 數師（「核數師」）審核及本公司審核委員會（「審核委員會」）審閱之綜合財務報表編製。本集團與核數 師已就本公告的內容達成一致意見。 ...

Financial Performance - The unaudited consolidated results for the six months ended September 30, 2022, show a significant performance overview compared to the same period in 2021[13]. - The Group's revenue for the period was reported at a specific figure, reflecting a percentage change from the previous year[13]. - Revenue from continuing operations for the six months ended September 30, 2022, was HK$236,935, a decrease of 1.1% from HK$241,202 in 2021[14]. - Gross profit increased to HK$39,544, representing a significant increase of 91.5% compared to HK$20,638 in the previous year[14]. - Profit before taxation rose to HK$19,805, up 63.1% from HK$12,107 in the same period last year[14]. - Profit for the period from continuing operations was HK$16,727, an increase of 65.5% compared to HK$10,092 in 2021[16]. - Total comprehensive income for the period was HK$17,154, compared to a loss of HK$6,801 in the previous year[20]. - The profit for the period was approximately HK$20.5 million, a turnaround from a loss of HK$4.2 million in the previous year, resulting in a basic profit per share of HK6.0 cents[192][193]. Revenue Streams - User data indicates an increase in active users, contributing to overall growth in revenue streams[13]. - The Milk Products Business generated revenue of HK$236,101,000 for the six months ended 30 September 2022, while the Property Investment segment contributed HK$834,000, totaling HK$236,935,000 in reportable segment revenue[69]. - Revenue from milk products business was HK$240,324,000, while property investment generated HK$878,000, contributing to the overall revenue[76]. - The revenue of the Milk Products Business was approximately HK$236.1 million, a decrease of 1.8% from HK$240.3 million in 2021[199]. - The revenue from sales of milk powder and baby foods was approximately HK$236.1 million, slightly down from HK$239.6 million in 2021[199]. Strategic Initiatives - Future outlook suggests a strategic focus on expanding market presence and enhancing product offerings[13]. - The company is investing in new product development and technology advancements to drive future growth[13]. - Market expansion strategies include targeting new geographic regions and customer segments[13]. - The company is considering potential mergers and acquisitions to bolster its market position[13]. - Other strategic initiatives include improving operational efficiencies and enhancing customer engagement[13]. - The Group's strategic focus remains on the Milk Products Business and property investment, with ongoing efforts to enhance brand promotion[195]. Financial Position - Trade and other receivables increased significantly to HK$184,524, up 77.5% from HK$104,077 as of March 31, 2022[24]. - Inventories surged to HK$30,580, a substantial increase from HK$4,811 in the previous year[24]. - Net assets increased to HK$181,281, up from HK$116,351 as of March 31, 2022[24]. - Total assets as of September 30, 2022, were reported at HK$435,252,000[39]. - The Group's consolidated total assets reached HK$289,968,000, while total liabilities stood at HK$108,687,000[72]. Cash Flow and Financing - Net cash used in operating activities was HK$111,756,000, significantly higher than HK$31,536,000 in the prior period[43]. - Net cash generated from financing activities was HK$96,521,000, compared to a cash outflow of HK$712,000 in the previous year[47]. - Cash and cash equivalents at the end of the period decreased to HK$4,114,000 from HK$38,103,000 at the beginning of the period[46]. - The company raised HK$47,776,000 from the issuance of shares upon placing, with share issue expenses amounting to HK$1,112,000[38]. - The company experienced a net cash inflow of HK$2,590,000 for the six months ended September 30, 2022, compared to a net cash outflow of HK$1,127,000 in the previous period[110]. Segment Information - The Company operates primarily in the Milk Products Business and Property Investment segments, with the Mobile Business discontinued during the reporting period[1]. - Adjusted EBITDA for the reportable segments was HK$26,537,000, with the Milk Products Business contributing HK$25,004,000 and the Property Investment segment contributing HK$1,533,000[69]. - Total segment assets amounted to HK$264,588,000, with HK$222,234,000 attributed to the Milk Products Business and HK$42,354,000 to the Property Investment segment[72]. - The adjusted EBITDA for the property investment segment was approximately HK$1.5 million, an increase from HK$0.7 million in 2021[199]. Operational Efficiency - The company reported a profit from discontinued operations of HK$3,770, recovering from a loss of HK$14,328 in the same period last year[16]. - The gross profit for the Milk Products Business was approximately HK$38.7 million, an increase of 95.5% compared to HK$19.8 million in 2021, reflecting a purchase discount of approximately HK$25.4 million[199]. - The cost of inventories sold was HK$197,391,000, down from HK$220,564,000 in the previous year, with purchase discounts significantly increasing to HK$27,870,000[95][99]. - Administrative expenses from continuing operations amounted to approximately HK$7.8 million, an increase from HK$5.8 million in the previous year, mainly due to higher staff costs[195]. Taxation and Compliance - The company’s current tax expenses for the period were HK$3,078, up from HK$2,015 in the previous year, reflecting an increase of approximately 53.0%[101]. - The under-provision in respect of prior years was HK$3,945, compared to HK$1,979 in the previous year, indicating an increase of about 99.5%[101]. - The Group's financial information for the six months ended 30 September 2022 is derived from the statutory annual consolidated financial statements for the year ended 31 March 2022[53]. - The interim financial information was prepared in compliance with International Accounting Standard 34 "Interim Financial Reporting"[185]. Investment Property - The fair value of the investment property as of 30 September 2022 was estimated at approximately AUD8.0 million (equivalent to approximately HK$41.5 million), representing a valuation gain of approximately HK$1.3 million for the six months ended 30 September 2022[199]. - The fair value adjustment for the investment property recognized a gain of HK$1,296,000 for the six months ended September 30, 2022, compared to a gain of HK$1,402,000 for the same period in 2021, indicating a decrease of about 7.6%[132]. - The Group's investment property was revalued by an independent firm, Norton Appraisals Holdings Limited, as of September 30, 2022, ensuring compliance with valuation standards[136].

Financial Performance - The Group's revenue for the year ended March 31, 2022, was approximately HK$461.8 million, representing an increase of approximately 72.2% compared to HK$268.1 million in 2021[12]. - Revenue from the trading of milk powder and baby foods increased by approximately 90.6% for the year ended March 31, 2022[12]. - The Group reported a loss of approximately HK$31.6 million for the year, compared to a loss of HK$15.0 million in 2021[12]. - Basic loss per share amounted to approximately HK10.1 cents, an increase from HK4.8 cents in the previous year[12]. - The revenue of Alpha Professional Holdings Limited for the year ended 31 March 2022 was approximately HK$461.8 million, representing an increase of approximately 72.2% compared to HK$268.1 million in 2021[20]. - The revenue from the Milk Products Business increased by approximately 90.6% for the year ended 31 March 2022, contributing significantly to the overall revenue growth[20]. - The loss for the year was approximately HK$31.6 million, compared to a loss of HK$15.0 million in 2021, with a basic loss per share of approximately HK10.1 cents[20]. - The total comprehensive loss for the year attributable to owners of the company was HK$34,141,000, compared to HK$14,682,000 in the previous year, highlighting a significant increase in overall losses[174]. Business Segments - The Milk Products Business has been performing well, with expected revenue growth in the next one to two years, supported by distribution agreements with BUBS Australia Limited and "Bellamy's" signed in early 2022[14]. - The revenue of the Milk Products Business was approximately HK$436.6 million, with sales of milk powder and baby foods contributing approximately HK$435.2 million[20]. - The gross profit from the Milk Products Business was approximately HK$33.0 million, compared to HK$22.4 million in 2021[20]. - The reportable segment profit (adjusted EBITDA) for the Milk Products Business was approximately HK$25.3 million, an increase from HK$21.8 million in 2021[20]. - The Mobile Business has scaled down operations due to decreased customer orders, with ongoing cost-cutting measures to manage challenges[14]. - For the year ended 31 March 2022, the revenue of the Mobile Business was approximately HK$23.4 million, representing a decrease of approximately 39.7% compared to the previous year[22]. - The reportable segment loss (adjusted EBITDA) for the Mobile Business was approximately HK$42.5 million, compared to a loss of HK$23.0 million in the previous year[22]. - The Group experienced a loss of over HK$40.0 million from the Mobile Business due to slow-moving inventory sales at a loss[20]. Shareholder Information - The Board does not recommend the payment of a final dividend for the year ended March 31, 2022[12]. - The Company has adopted a dividend policy that allows for the declaration of dividends based on financial performance, with the potential for special dividends in addition to interim and annual dividends[97]. - Shareholders holding at least one-tenth of the paid-up capital have the right to request the Board to convene a special general meeting within two months of their written requisition[99]. - The Company provides shareholders with contact details for inquiries regarding shareholdings and entitlements to dividends[99]. - The results of shareholder votes at the annual general meeting are published on the Company's website and the Stock Exchange[97]. Corporate Governance - The Company has complied with all applicable provisions of the Corporate Governance Code throughout the year ended March 31, 2022[47]. - The Board currently consists of seven Directors, including four executive Directors and three independent non-executive Directors[47]. - The independent non-executive Directors represent more than one-third of the Board, ensuring independent judgment on strategy and policy matters[50]. - The Company has adopted a Board diversity policy to enhance performance quality and support strategic objectives through diverse Board composition[61]. - The Company has arranged appropriate Directors' and officers' liability insurance for legal actions against Directors[66]. - The Company has complied with the Model Code for Securities Transactions by Directors throughout the year[62]. - The Board is collectively responsible for corporate governance duties, including policy development and compliance monitoring[94]. Risk Management - The Group emphasizes the importance of risk management and internal control, with the Board responsible for overseeing these systems on an ongoing basis[80]. - An annual risk assessment was conducted, identifying strategic, operational, financial, and compliance risks, leading to a three-year audit plan prioritizing identified risks[85]. - The Board, through the Audit Committee, reviewed the effectiveness of the risk management and internal control systems and considers them effective and adequate[86]. - The Group has taken steps to enhance its risk management and internal control systems based on weaknesses identified during assessments[85]. Financial Position - As at 31 March 2022, the Group had current assets of approximately HK$130.1 million and current liabilities of approximately HK$61.3 million, resulting in a current ratio of 2.12 times[25]. - The trade and other receivables increased to approximately HK$104.4 million, primarily due to increased sales and longer credit periods granted to new customers[25]. - The Group's cash and bank balances decreased to approximately HK$20.9 million, with 84.0% denominated in Australian dollars[25]. - The total equity decreased to HK$116,351,000 in 2022 from HK$150,492,000 in 2021, resulting in a gearing ratio increase to 35.7% from 12.4%[28]. - The Group had no contingent liabilities or material capital commitments as of March 31, 2022, maintaining a stable financial position[37]. Share Capital and Financing - The Group completed a placing of 34,920,000 shares on May 10, 2022, raising net proceeds of approximately HK$47.8 million to further develop the Milk Products Business[14]. - The net proceeds of approximately HK$47.8 million are intended to be used for purchasing inventory for the Milk Products Business (approximately HK$47.3 million) and for general working capital (approximately HK$0.5 million)[127]. - The placing was conducted under the general mandate granted to the Directors at the annual general meeting held on September 8, 2021[124]. - The Directors believe that the placing will enhance the capital base and shareholder base of the Company[124]. Management and Personnel - Employee count increased to 36 in 2022 from 23 in 2021, with total staff costs rising to approximately HK$11.8 million from HK$9.1 million[37]. - The Group maintains a competitive remuneration policy for employees, which includes salary and discretionary performance bonuses based on individual performance and Group results[122]. - The management team is committed to improving financial performance and strategic decision-making through their expertise[154]. Audit and Compliance - The external auditor's report is included in the annual report, affirming the responsibility for preparing financial statements[79]. - The Audit Committee reviewed and approved the financial statements for the year ended March 31, 2022, ensuring compliance with accounting principles and practices[94]. - The independent auditor's report covers the consolidated financial statements from pages 51 to 142 of the annual report[159]. - The audit was conducted in accordance with Hong Kong Standards on Auditing (HKSAs)[159]. Market and Economic Conditions - The impact of the COVID-19 pandemic is expected to lessen as vaccination rates increase globally, allowing the Group to pursue opportunities for performance enhancement[14]. - The Group's Mobile Business is significantly impacted by global economic conditions, with slow growth or recession potentially reducing demand for services and products[104]. - The Group's Milk Products Business is less sensitive to economic fluctuations compared to the Mobile Business, which is more affected by consumer purchasing power[104].

Financial Performance - Revenue for the six months ended September 30, 2021, was HK$253,999,000, an increase from HK$245,870,000 in the same period of 2020, representing a growth of approximately 3%[11] - Gross profit for the period was HK$8,129,000, compared to HK$7,182,000 in the previous year, indicating an increase of about 13.2%[12] - Loss for the period attributable to owners of the company was HK$4,236,000, compared to a loss of HK$3,343,000 in the same period of 2020, reflecting a decline in performance[12] - Total comprehensive loss for the period attributable to owners of the company was HK$6,801,000, up from HK$3,319,000 in the prior year, indicating a worsening financial position[12] - Basic and diluted loss per share was HK$1.3, compared to HK$1.1 in the previous year, showing an increase in loss per share[12] - The company reported a loss before taxation of HK$2,218,000, an improvement from a loss of HK$3,343,000 in the previous year[12] Expenses and Costs - Administrative expenses decreased to HK$7,497,000 from HK$10,437,000, a reduction of approximately 28.3%[12] - Finance costs for the period were HK$2,170,000, compared to HK$3,275,000 in the same period of 2020, reflecting a decrease of approximately 33.7%[12] - The company experienced a write-down of inventories amounting to HK$13,089,000, a significant increase from HK$3,292,000 in the previous year[22] - Staff costs, including directors' emoluments, increased to HK$5,222,000 in 2021 from HK$4,448,000 in 2020, marking a rise of 17.4%[86] Assets and Liabilities - As of September 30, 2021, total assets amounted to HK$172,191,000, a decrease from HK$189,843,000 as of March 31, 2021, representing a decline of approximately 9.3%[15] - Current liabilities decreased to HK$74,875,000 from HK$87,694,000, reflecting a reduction of about 14.6%[15] - The net current assets stood at HK$97,316,000, down from HK$102,149,000, indicating a decrease of approximately 4.1%[15] - Cash and bank balances decreased to HK$38,103,000 from HK$70,379,000, representing a decline of approximately 46%[15] - The total equity attributable to owners of the company was HK$143,691,000, down from HK$150,492,000, indicating a decrease of about 4.5%[15] Segment Performance - Revenue from external customers for the milk products segment was HK$240,324,000, while the mobile business segment generated HK$12,797,000, totaling HK$253,999,000[40] - Adjusted EBITDA for the milk products segment was HK$16,435,000, while the mobile business segment reported a loss of HK$14,000,000, resulting in a total adjusted EBITDA of HK$3,161,000[40] - The reportable segment profit (adjusted EBITDA) for the Milk Products Business was approximately HK$16.4 million, up from HK$9.0 million in the previous year[146] - For the six months ended 30 September 2021, the revenue of the Mobile Business was approximately HK$12.8 million, representing a decrease of 53.6% compared to HK$27.6 million in the same period last year[151] Corporate Governance and Shareholder Information - The company is an investment holding company, with its parent company being Well Dynasty Investments Limited, indicating a structured corporate governance[28] - Well Dynasty Investments Limited acquired approximately 56.61% of the entire issued share capital of the Company, becoming the controlling shareholder[181] - Ms. Chong Sok Un is deemed to be interested in approximately 61.07% of the entire issued share capital of the Company as of 30 September 2021[181] - The Company has complied with the Corporate Governance Code throughout the six months ended 30 September 2021[185] Market Strategy and Future Outlook - The company continues to explore new strategies for market expansion and product development to enhance future performance[11] - The Milk Products Business is expected to become a new bright spot for the Group's performance, with a focus on expanding market share in Asian markets, especially in the PRC[177] - The Group's focus remains on cross-border milk powder trading in the PRC, Hong Kong, and Australia[146] - The Mobile Business faced significant operational pressure due to intensified competition and the ongoing impacts of COVID-19, resulting in reduced profitability[173]

Financial Performance - The Group's revenue for the year ended March 31, 2021, was approximately HK$268.1 million, representing an increase of 81.2% compared to HK$147.9 million in 2020[11]. - The loss attributable to the owners of the Company was approximately HK$15.0 million, a significant improvement from a loss of HK$88.1 million in the previous year[11]. - The basic loss per share for the year was HK4.8 cents, compared to HK29.6 cents in 2020, indicating a reduction in losses per share[11]. - The revenue for the year ended 31 March 2021 was approximately HK$268.1 million, representing an increase of 81.2% compared to HK$147.9 million in 2020[24]. - The loss attributable to the owners of the Company was approximately HK$15.0 million, a significant decrease from HK$88.1 million in 2020[24]. - The basic loss per share improved to HK4.8 cents from HK29.6 cents in the previous year[24]. - The Group's loss for the year decreased by HK$73.6 million compared to the previous year, primarily due to the absence of a one-off loss from discontinued operations of approximately HK$56.5 million recorded in 2020[24]. - Administrative expenses for the Group amounted to approximately HK$19.5 million, representing a decrease of 36.8% from HK$30.8 million in 2020[24]. - The reduction in loss from continuing operations was approximately HK$17.1 million compared to the previous year[24]. Business Segments - The Milk Products Business, a newly established segment, has achieved satisfactory performance and is expected to maintain rapid growth in the coming years, particularly in the Asian market, especially China[19]. - The Mobile Business, which focuses on ODM mobile handsets, has seen a deterioration in performance due to increased competition and the impact of COVID-19, leading to a need for enhanced internal management and cost reduction strategies[19]. - The profits from the Milk Products Business contributed to the full-year impact, contrasting with only two months of profit recorded in the previous year[24]. - The Mobile Business experienced a slight increase in loss, affected by the impact of COVID-19 compared to the previous year[24]. - The revenue of the Milk Products Business for the year ended March 31, 2021, was approximately HK$229.0 million, a significant increase of 648.0% compared to HK$30.6 million in 2020[26]. - Revenue from sales of milk powder and baby foods was approximately HK$227.7 million, accounting for 99.4% of the Milk Products Business revenue, with a gross profit of approximately HK$22.4 million[26]. - The Mobile Business revenue for the year ended March 31, 2021, was approximately HK$38.8 million, representing a decrease of 66.9% compared to HK$117.3 million in 2020[26]. - The Mobile Business recognized a write-down of inventories amounting to approximately HK$18.7 million during the year, adversely affecting the Group's results[26]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the year ended 31 March 2021, except for certain deviations due to the resignation of Mr. Cui Songhe as an independent non-executive Director[54]. - Following the appointment of Mr. Ngai Wah Sang as an independent non-executive Director on 28 October 2020, the Company has met the requirements under the Listing Rules[55]. - The Board currently consists of six Directors, including three executive Directors and three independent non-executive Directors[60]. - The Company has received annual confirmations of independence from all independent non-executive Directors, continuing to consider them independent[60]. - The company held five Board meetings during the year, with all Executive Directors attending 100% of the meetings[68]. - The Chairman and Chief Executive Officer roles are held separately by Mr. Xiong Jianrui and Mr. Yi Peijian, ensuring a clear division of responsibilities[73]. - All Directors confirmed participation in continuous professional development training during the year, enhancing their knowledge and skills[77]. - The Company has adopted a Board diversity policy to enhance performance quality through diverse Board composition[83]. - The Company has arranged liability insurance for Directors against legal actions[83]. - The Nomination Committee will review the Diversity Policy to ensure its effectiveness[83]. 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[89]. - The Board acknowledges its responsibility for reviewing the adequacy and effectiveness of the Group's risk management and internal control systems[89]. - The Group has taken steps to enhance its risk management and internal control systems based on weaknesses identified during risk assessments[89]. - The Group's risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatements or losses[89]. Shareholder Information - The Company adopted a Dividend Policy, which allows for special dividends in addition to interim and annual dividends, based on financial performance and other relevant factors[106]. - Shareholders holding at least one-tenth of the paid-up capital can request the Board to convene a special general meeting within two months of their written requisition[106]. - The Company established a shareholders' communication policy to ensure timely, transparent, and accurate communication with Shareholders[106]. - Corporate information is disseminated through annual reports, interim reports, and the Company's website, where financial reports are available[106]. - The Company encourages Shareholders to propose resolutions and convene special general meetings as needed[106]. Financial Position - The Group's current assets increased to approximately HK$189.8 million as of 31 March 2021, compared to HK$160.5 million in 2020, while current liabilities rose to approximately HK$87.7 million from HK$53.2 million[31]. - The liquidity ratio (current assets over current liabilities) decreased to 2.16 times as of 31 March 2021, down from 3.01 times in 2020[31]. - The Group had no outstanding borrowings as of 31 March 2021, compared to HK$10.0 million in 2020[31]. - The Group's total debt was HK$89,015,000, with net debt at HK$18,636,000, compared to HK$70,379,000 and HK$26,948,000 in 2020 respectively[35]. - Total equity increased to HK$150,492,000 in 2021 from HK$111,423,000 in 2020[35]. - The Group's financial key performance indicators are discussed in the "Management Discussion and Analysis" section of the annual report[125]. Audit and Compliance - The consolidated financial statements for the year ended March 31, 2021, were prepared in compliance with International Financial Reporting Standards (IFRSs) and the Hong Kong Companies Ordinance[184]. - The auditor expressed a qualified opinion due to inconsistencies in third-party documents related to revenue transactions[187]. - The audit was conducted in accordance with Hong Kong Standards on Auditing (HKSAs) issued by the Hong Kong Institute of Certified Public Accountants (HKICPA)[192]. - The auditors expressed that their opinion on the consolidated financial statements does not cover other information included in the annual report[193]. - The Audit Committee reviewed and approved the audited consolidated financial statements for the year ended March 31, 2021[93]. Employee Information - As of March 31, 2021, the Group had 23 employees, with total staff costs from continuing operations approximately HK$9.1 million, a decrease from HK$10.0 million in 2020[40]. - The Group maintains competitive remuneration for employees, which includes salary and discretionary performance bonuses based on Group results and individual contributions[125].

Revenue Performance - Revenue for the six months ended September 30, 2020, was HK$103,200,000, an increase of 14.3% compared to HK$89,961,000 for the same period in 2019[9]. - Revenue from external customers for the six months ended September 30, 2020, was HK$103,200,000, an increase from HK$89,961,000 in the same period of 2019[69]. - Total revenue from contracts with customers increased to HK$103,200,000 from HK$89,961,000, representing a growth of 15% year-over-year[72]. - Revenue from the Milk Products Business was recognized at a point in time, while HK$636,000 was recognized over time[54]. - Revenue from the Milk Products Business was approximately HK$75.6 million, with sales of milk powder and baby foods contributing approximately HK$75.0 million[184]. - Revenue from mobile handsets and components decreased to HK$27,574,000 from HK$89,961,000, a decline of 69% year-over-year[72]. - Revenue from the People's Republic of China was HK$41,155,000 for the six months ended September 30, 2020, with no revenue reported in the same period of 2019[69]. Profit and Loss - Gross profit for the period was HK$7,182,000, recovering from a gross loss of HK$8,183,000 in the previous year[9]. - Loss from operations decreased significantly to HK$3,275,000 from HK$24,109,000 in the prior year, indicating improved operational efficiency[9]. - Loss before taxation was HK$3,343,000, a substantial reduction from HK$24,181,000 in the same period last year[9]. - Total loss for the period was HK$3,343,000, down from HK$88,541,000 in the prior year, reflecting a significant improvement[9]. - The company reported a total comprehensive loss of HK$3,319,000, a significant reduction from HK$90,222,000 in the prior year, highlighting operational improvements[11]. - The loss attributable to owners of the Company from continuing operations was HK$3,343,000, a decrease from HK$23,652,000 in the previous year[11]. - The basic loss per share from continuing operations was HK$1.1, compared to HK$7.8 in the previous year, indicating reduced losses per share[16]. - The Group reported a loss of approximately HK$3.3 million for the six months ended 30 September 2020, a decrease of HK$85.2 million compared to a loss of HK$88.5 million in the same period last year[180]. Operational Efficiency - The company has focused on reducing administrative expenses, which decreased to HK$10,731,000 from HK$16,877,000 year-over-year[9]. - Cash generated from operating activities was HK$31,643,000, a recovery from a cash outflow of HK$11,750,000 in the previous year[27]. - The company plans to continue focusing on operational efficiency and cost management to improve financial performance in the future[27]. - The substantial reduction in loss was primarily due to the improved performance of the Milk Products Business and reduced losses from the Mobile Business[180]. Assets and Liabilities - Current assets increased to HK$247,307,000 as of 30 September 2020, up from HK$160,483,000 at 31 March 2020, reflecting improved liquidity[18]. - Cash and bank balances rose significantly to HK$102,508,000 from HK$27,908,000, indicating a strong cash position[18]. - Inventories surged to HK$77,174,000, compared to HK$12,122,000 in the previous period, suggesting increased stock levels[18]. - Trade and other receivables decreased to HK$67,088,000 from HK$119,916,000, indicating improved collection or reduced sales[18]. - Total assets less current liabilities increased to HK$163,350,000 from HK$113,031,000, showing overall asset growth[18]. - The net assets attributable to owners of the Company increased to HK$161,855,000 from HK$111,423,000, reflecting a stronger equity position[20]. - Trade receivables as of September 30, 2020, amounted to HK$17,546,000, a decrease from HK$42,565,000 as of March 31, 2020, indicating a reduction of approximately 58.8%[134]. - Trade payables increased significantly to HK$67,255,000 as of September 30, 2020, from HK$13,209,000 as of March 31, 2020, representing a growth of approximately 408.5%[140]. Business Strategy and Future Outlook - The company is exploring new strategies for market expansion and product development to enhance future performance[8]. - The Group has been exploring business opportunities in other sectors to broaden income sources and enhance overall business performance due to intense competition in the communication technology industry[48]. - The Group's strategy includes focusing on the development of new business lines to improve performance and mitigate risks associated with existing segments[48]. - The company is primarily engaged in trading milk powder and baby foods, as well as providing mobile handset solutions[41]. - The Group's focus remains on the Milk Products Business and the Mobile Business moving forward[183]. Shareholder Information - The Board does not recommend the payment of an interim dividend for the six months ended 30 September 2020, consistent with the previous year where no dividend was paid[95]. - The total number of ordinary shares issued was 314,360,383, with a total amount equivalent to HK$391,672,000[154]. - On 17 April 2020, 50,000,000 ordinary shares were successfully placed at a price of HK$1.10 per share, raising net proceeds of HK$53,751,000 after expenses[158]. Compliance and Reporting - The condensed consolidated interim financial information was prepared in accordance with IAS 34 and the applicable disclosure provisions of the Listing Rules[41]. - The interim financial information includes a condensed consolidated statement of financial position as of September 30, 2020, and related financial statements for the six-month period then ended[167]. - The review of the interim financial information was conducted in accordance with Hong Kong Standard on Review Engagements 2410, which involves inquiries and analytical procedures[168].