Group 1 - The stock price of Fu Yi International Holdings surged by 117.92% on August 11, reaching 0.231 HKD per share with a trading volume of 5.1784 million HKD [1] - Fu Yi International Holdings primarily engages in the sales of high-end bio-fertilizers, chemical fertilizer raw materials (including coal), various fertilizer-related products, and consumer goods such as clothing, footwear, watches, and mobile accessories [1] - The key management team includes Meng Guangyin (Chairman, CEO, and Executive Director), Liu Guoqing (CFO and Executive Director), Liu Jiaqiang (Executive Director), Li Dongpo (Executive Director), and independent non-executive directors Wang Luping, Li Zhenqiang, and Tian Zhiyuan [1] Group 2 - As of the 2024 annual report, Fu Yi International Holdings reported total revenue of 71.6739 million HKD and a net profit of 5.0268 million HKD [2]

[Performance Highlights](index=1&type=section&id=Annual%20Performance%20Summary) The company achieved a 7.4% revenue growth and a significant increase in annual profit to HK$5.4 million in FY2025, with no dividends proposed FY2025 Performance Highlights | Metric | Performance | | :--- | :--- | | Revenue Growth | Increased by approximately 7.4% YoY | | Annual Profit | Approximately HK$5.4 million (HK$1.3 million in prior year) | | Dividend | No dividend proposed | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements present the company's profit or loss, comprehensive income, and financial position, highlighting significant growth in net profit and cash reserves [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended April 30, 2025, the company reported revenue of HK$77.224 million, a 7.4% increase, with profit attributable to owners significantly rising to HK$5.416 million due to substantial reductions in selling, distribution, and administrative expenses Consolidated Statement of Profit or Loss (For the year ended April 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 77,224 | 71,854 | +7.4% | | Gross Profit | 22,357 | 41,460 | -46.1% | | Selling and Distribution Costs | (9,361) | (21,100) | -55.6% | | Administrative Expenses | (8,134) | (18,015) | -54.9% | | Profit Before Tax | 6,940 | 4,544 | +52.7% | | Profit for the Year Attributable to Owners of the Company | 5,416 | 1,281 | +322.8% | | Earnings Per Share (HK Cents) | 0.68 | 0.16 | +325.0% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of April 30, 2025, total assets increased to HK$209 million and total equity to HK$20.424 million, driven by a significant rise in cash and cash equivalents to HK$127 million, while trade and other payables also increased Consolidated Statement of Financial Position Summary (As of April 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 1,751 | 1,768 | | Cash and Cash Equivalents | 127,130 | 65,837 | | Inventories | 7,298 | 4,523 | | Trade and Other Receivables and Prepayments | 72,739 | 100,962 | | **Total Assets** | **208,918** | **173,090** | | **Equity and Liabilities** | | | | Total Equity | 20,424 | 15,371 | | Trade and Other Payables | 142,112 | 110,540 | | Amount Due to Ultimate Holding Company | 46,074 | 46,095 | | **Total Liabilities** | **188,494** | **157,719** | | **Total Equity and Liabilities** | **208,918** | **173,090** | [Notes to the Consolidated Financial Statements](index=4&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed notes on the company's operations, accounting policies, and specific financial statement line items [Company Information and Accounting Policies](index=4&type=section&id=Company%20Information%20and%20Accounting%20Policies) The company, an investment holding entity registered in the Cayman Islands, primarily engages in watch wholesale, compound fertilizer manufacturing and sales, and trading agency for fertilizer-related products, with no significant impact from newly applied HKFRS amendments this year - Company's principal activities include **watch wholesale in Hong Kong**, **compound fertilizer manufacturing and sales in Mainland China**, and **trading agency for fertilizer raw materials and products**[7](index=7&type=chunk) - Newly applied accounting standards concerning sale and leaseback, liability classification, and supplier finance arrangements had **no material impact on the financial statements** after assessment[9](index=9&type=chunk)[10](index=10&type=chunk)[12](index=12&type=chunk) [Revenue](index=6&type=section&id=3.%20Revenue) Total revenue for the year was HK$77.224 million, a 7.4% year-on-year increase, primarily driven by a significant rise in compound fertilizer sales, which offset a substantial decline in commission income Revenue Composition | Revenue Source | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Sales of Watches | 1,162 | 1,771 | -34.4% | | Sales of Compound Fertilizer | 58,099 | 30,960 | +87.7% | | Service Income | 9 | 10 | -10.0% | | Commission Income | 17,954 | 39,113 | -54.1% | | **Total Revenue** | **77,224** | **71,854** | **+7.4%** | [Segment Information](index=7&type=section&id=4.%20Segment%20Information) The Group's operations are categorized into wholesale, trading, and manufacturing segments, with the manufacturing segment (compound fertilizer) becoming the primary contributor to revenue and profit this year, while most revenue originated from Mainland China Performance by Business Segment (2025) | Segment | Revenue (HK$ Thousand) | Segment (Loss)/Profit (HK$ Thousand) | | :--- | :--- | :--- | | Wholesale (Watches) | 1,171 | (905) | | Trading (Fertilizer Agency) | 17,954 | 7,175 | | Manufacturing (Compound Fertilizer) | 58,099 | 2,342 | | **Total** | **77,224** | **8,612** | Performance by Business Segment (2024) | Segment | Revenue (HK$ Thousand) | Segment (Loss)/Profit (HK$ Thousand) | | :--- | :--- | :--- | | Wholesale (Watches) | 1,781 | (5,361) | | Trading (Fertilizer Agency) | 39,113 | 16,261 | | Manufacturing (Compound Fertilizer) | 30,960 | 1,471 | | **Total** | **71,854** | **12,371** | Revenue by Geographical Location of Customers | Region | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Mainland China | 76,053 | 70,073 | | Hong Kong | 1,171 | 1,781 | | **Total** | **77,224** | **71,854** | [Other Income and Losses Net](index=10&type=section&id=5.%20Other%20Income%20and%20Losses%20Net) Net other income and losses for the year amounted to HK$2.087 million, a slight decrease from HK$2.37 million last year, primarily due to a significant reduction in net exchange gains offset by new commission income from wine sales Other Income and Losses Net Details | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net Exchange Gain | 55 | 1,939 | | Interest Income | 99 | 281 | | Gain on Disposal of Property, Plant and Equipment | 285 | — | | Commission Income from Sales of Wine | 1,607 | — | | **Total** | **2,087** | **2,370** | [Finance Costs and Profit Before Tax](index=10&type=section&id=6.%20Finance%20Costs%20and%207.%20Profit%20Before%20Tax) Finance costs significantly decreased to HK$9 thousand this year, and profit before tax reached HK$6.94 million, largely attributable to a substantial reduction in total staff costs from HK$18.692 million to HK$9.697 million - Finance costs decreased from **HK$0.171 million to HK$0.009 million**, mainly due to reduced interest on lease liabilities[30](index=30&type=chunk) Profit Before Tax Deductions | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total Staff Costs | 9,697 | 18,692 | | Freight Costs | 2,079 | 13,646 | | Carrying Amount of Inventories Sold | 53,931 | 30,002 | [Income Tax Expense](index=11&type=section&id=8.%20Income%20Tax%20Expense) Income tax expense for the year was HK$1.524 million, a notable decrease from HK$3.263 million last year, primarily due to a reduction in current tax for China enterprise income tax Income Tax Expense Composition | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current Tax (China) | 1,512 | 3,440 | | Over-provision in Prior Years (China) | (203) | (166) | | Deferred Tax | 215 | (11) | | **Total** | **1,524** | **3,263** | [Dividends and Earnings Per Share](index=11&type=section&id=9.%20Dividends%20and%2010.%20Earnings%20Per%20Share) The company did not propose or pay any dividends for FY2025 or FY2024, while basic and diluted earnings per share significantly increased to 0.68 HK cents this year, driven by higher net profit - The Board did not recommend the payment of any dividend for the years ended April 30, 2025 and 2024[33](index=33&type=chunk) Earnings Per Share Calculation | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners (HK$ Thousand) | 5,416 | 1,281 | | Weighted Average Number of Ordinary Shares | 800,000,000 | 800,000,000 | | **Basic and Diluted Earnings Per Share (HK Cents)** | **0.68** | **0.16** | [Key Assets and Liabilities](index=12&type=section&id=Key%20Assets%20and%20Liabilities) This year, the Group's prepayments decreased from HK$100 million to HK$72.225 million, mainly for fertilizer raw material purchases, while trade payables significantly increased from HK$15.487 million to HK$70.257 million, and the amount due to the ultimate holding company remained at HK$46.074 million, being unsecured, interest-free, and repayable on demand [Trade and Other Receivables and Prepayments](index=12&type=section&id=11.%20Trade%20and%20Other%20Receivables%20and%20Prepayments) As of April 30, 2025, total trade and other receivables and prepayments amounted to HK$72.739 million, a decrease from HK$100.962 million in the prior year, with prepayments for fertilizer-related product purchases in China constituting the majority Receivables and Prepayments Details | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade Receivables | 363 | 545 | | Prepayments | 72,225 | 100,215 | | **Total** | **72,739** | **100,962** | - Trade receivables overdue by more than 90 days amounted to **HK$0.146 million**, which management believes has **significantly reduced credit risk** and requires no provision[38](index=38&type=chunk) [Trade and Other Payables](index=13&type=section&id=12.%20Trade%20and%20Other%20Payables) As of April 30, 2025, total trade and other payables increased to HK$142 million from HK$111 million in the prior year, primarily due to a substantial rise in trade payables from HK$15.487 million to HK$70.257 million, while contract liabilities (customer advances) decreased Trade and Other Payables Details | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade Payables | 70,257 | 15,487 | | Other Accruals and Payables | 33,895 | 36,357 | | Contract Liabilities | 37,960 | 58,696 | | **Total** | **142,112** | **110,540** | - The amount due to the ultimate holding company is approximately **HK$46.074 million**, which is **unsecured, interest-free, and repayable on demand**[43](index=43&type=chunk)[6](index=6&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business and financial performance, liquidity, human resources, and future outlook [Business Review](index=15&type=section&id=Business%20Review) Despite a challenging operating environment with stagnant watch wholesale and significantly reduced fertilizer trading due to price declines and export policy tightening, the Group achieved overall revenue and profit growth by leveraging its compound fertilizer manufacturing and sales business and implementing strict cost controls - Urea export volume significantly decreased by approximately **94.3% year-on-year** due to tightening export policies[45](index=45&type=chunk) - Compound fertilizer trading volume decreased by approximately **45.4% year-on-year**, but increased domestic urea trading volume partially offset the impact[45](index=45&type=chunk) - The compound fertilizer manufacturing business produced **27,486 tons** and sold **26,339 tons** for the year, becoming the primary driver of performance growth[46](index=46&type=chunk) [Financial Review](index=16&type=section&id=Financial%20Review) Total revenue increased by 7.4% to HK$77.2 million this year, primarily driven by an 87.4% growth in compound fertilizer manufacturing and sales revenue, which offset a 54.0% decline in trading business revenue, leading to increased profit before tax and profit attributable to owners despite a 46.0% decrease in gross profit due to significant reductions in operating expenses like freight and staff costs Key Financial Item Changes | Item | 2025 (HK$ Million) | 2024 (HK$ Million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 77.2 | 71.9 | +7.4% | | Gross Profit | 22.4 | 41.5 | -46.0% | | Selling and Distribution Costs | 9.4 | 21.1 | -55.5% | | Administrative Expenses | 8.1 | 18.0 | -55.0% | | Profit Before Tax | 6.9 | 4.5 | +53.3% | | Profit Attributable to Owners | 5.4 | 1.3 | +315.4% | [Financial Position and Liquidity](index=17&type=section&id=Financial%20Position%20and%20Liquidity) The Group maintains a robust financial position, primarily funded by operating cash flow and loans from its ultimate holding company, with total cash and cash equivalents increasing to HK$127 million at the reporting period end, a current ratio of approximately 1.1 times, and a net cash position without capital gearing - As of April 30, 2025, total cash and cash equivalents were approximately **HK$127.1 million**, a significant increase from **HK$65.8 million** in the prior year[54](index=54&type=chunk) - The current ratio (current assets/current liabilities) remained at approximately **1.1 times** in both years[54](index=54&type=chunk) - The Group maintains a **net cash position**, thus the capital gearing ratio is not applicable[54](index=54&type=chunk) [Human Resources](index=17&type=section&id=Employees%20and%20Remuneration%20Policy) As of April 30, 2025, the Group's total number of employees decreased to 57 from 62, and total remuneration costs significantly declined to approximately HK$9.7 million from HK$18.7 million, reflecting the Group's cost control measures Employee and Remuneration Overview | Item | 2025 | 2024 | | :--- | :--- | :--- | | Number of Employees (Period End) | 57 | 62 | | Total Remuneration Costs (HK$ Million) | 9.7 | 18.7 | [Debts and Charges on Assets](index=18&type=section&id=Debts%20and%20Charges%20on%20Assets) At the reporting period end, the Group had no bank borrowings, asset charges, bank facilities, or financial derivative instruments, indicating a simple financial structure - As of April 30, 2025 and 2024, the Group had **no bank borrowings or any charges on assets**[58](index=58&type=chunk) [Significant Investments and Commitments](index=18&type=section&id=Significant%20Investments%20and%20Capital%20Commitments) At the reporting period end, the Group had no significant investments, major investment plans, significant capital commitments, or significant contingent liabilities - As of April 30, 2025, the Group had **no significant investments, major capital asset plans, significant capital commitments, or significant contingent liabilities**[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) [Outlook](index=18&type=section&id=Outlook) Looking ahead, domestic fertilizer demand is expected to grow, though prices will fluctuate due to various factors, and environmental policies may increase production costs, while export policies are unlikely to ease in the short term, continuing to impact export business; the Group will focus on strengthening production management, developing environmentally friendly and efficient fertilizer products, and optimizing sales channels to enhance competitiveness - Domestic fertilizer demand is expected to grow, but **export policies are unlikely to ease in the short term**, which will continue to affect export business[64](index=64&type=chunk) - The Group's future strategic focus is on **strengthening production management**, developing **environmentally friendly and high-efficiency fertilizer products**, and **optimizing sales channels**[65](index=65&type=chunk) [Corporate Governance and Other Information](index=18&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the company's corporate governance practices, compliance statements, and other relevant shareholder information [Annual General Meeting and Dividends](index=19&type=section&id=Annual%20General%20Meeting%20and%20Dividends) The Board has resolved not to recommend any final dividend for the year, and the company's upcoming Annual General Meeting is expected to be held on October 17, 2025 - The Board does not recommend the payment of any final dividend for the year ended April 30, 2025[63](index=63&type=chunk) - The Annual General Meeting is expected to be held on **October 17, 2025**[66](index=66&type=chunk) [Compliance Statement](index=19&type=section&id=Compliance%20Statement) During the year, the company and its directors complied with the Model Code for Securities Transactions by Directors of Listed Issuers, did not purchase, sell, or redeem any listed securities, and maintained sufficient public float - All Directors confirmed compliance with the **Model Code for Securities Transactions by Directors of Listed Issuers** throughout the year[69](index=69&type=chunk) - The company did not repurchase any securities during the year and maintained a **sufficient public float** as required by the Listing Rules[70](index=70&type=chunk)[72](index=72&type=chunk) [Corporate Governance Practices](index=20&type=section&id=Corporate%20Governance%20Practices) The company has adopted and largely complied with the Corporate Governance Code, with three deviations: the Board did not meet quarterly, the Chairman and Chief Executive Officer roles are combined, and the Chairman was unable to attend the 2024 AGM - Deviation from Code Provision C.5.1: The Board held **two regular meetings** during the year, not quarterly, due to the Group's relatively simple operations[74](index=74&type=chunk) - Deviation from Code Provision C.2.1: Mr. Liu Guoqing holds both Chairman and Chief Executive Officer roles, which the Board believes enhances management efficiency[75](index=75&type=chunk) - Deviation from Code Provision F.2.2: The Chairman was **unable to attend the 2024 Annual General Meeting** due to business commitments[76](index=76&type=chunk) [Audit Committee Review](index=21&type=section&id=Audit%20Committee%20Review%20of%20Annual%20Results) The Audit Committee has reviewed the Group's annual results and audited consolidated financial statements, deeming them prepared in compliance with applicable accounting standards and Listing Rules with adequate disclosures, and the independent auditor, Fan Chan & Co. CPA Limited, confirmed consistency with the audited statements - The Audit Committee has reviewed the **audited consolidated financial statements and annual results** for the year[77](index=77&type=chunk) - Independent auditor Fan Chan & Co. CPA Limited confirmed that the financial data in this announcement is **consistent with the amounts in the audited consolidated financial statements**[78](index=78&type=chunk)

Group 1 - The core viewpoint of the news highlights the recent performance and financial results of Fu Yi International Holdings, indicating a significant increase in revenue and profit, despite underperforming compared to the Hang Seng Index [1][2]. - As of July 16, the Hang Seng Index decreased by 0.29%, closing at 24,517.76 points, while Fu Yi International Holdings' stock price rose by 11.48% to HKD 0.068, with a trading volume of 456,000 shares and a turnover of HKD 30,900 [1]. - Over the past month, Fu Yi International Holdings has seen a cumulative increase of 22%, and a year-to-date increase of 17.31%, which is lower than the Hang Seng Index's increase of 22.58% [1]. Group 2 - Financial data shows that for the fiscal year ending October 31, 2024, Fu Yi International Holdings achieved total revenue of HKD 40.76 million, representing a year-on-year growth of 98.89%, and a net profit attributable to shareholders of HKD 1.51 million, up 161.63% [1]. - The company's gross profit margin stands at 24.68%, with a debt-to-asset ratio of 87.74% [1]. - Currently, there are no institutional investment ratings for Fu Yi International Holdings [1]. Group 3 - Fu Yi International Holdings, formerly known as Dida International Holdings, was established in 2014 and listed in 2015, primarily engaged in the sales of high-end bio-fertilizers, chemical fertilizer raw materials, and various consumer products [2]. - The company is led by Chairman and CEO Meng Guangyin since April 2018, with a team of executive directors including CFO Liu Guoqing and others [2]. Group 4 - In terms of industry valuation, the average price-to-earnings (P/E) ratio for the raw materials sector is 20.86 times, with a median of 7.02 times. Fu Yi International Holdings has a P/E ratio of 8.71 times, ranking 16th in the industry [1]. - Comparatively, other companies in the sector have significantly lower P/E ratios, such as Jun Dong Holdings at 0.72 times and Da Cheng Biochemical Technology at 1.01 times [1].

Group 1 - The core viewpoint of the news highlights the recent performance of Fu Yi International Holdings, which saw a significant increase in its stock price by 22.92% to HKD 0.059 per share, while the Hang Seng Index rose by 1.09% to 24148.07 points [1] - Over the past month, Fu Yi International Holdings has experienced a cumulative decline of 4%, and a year-to-date decline of 7.69%, underperforming the Hang Seng Index's increase of 19.08% [2] - Financial data shows that as of October 31, 2024, Fu Yi International Holdings achieved total revenue of HKD 40.76 million, representing a year-on-year growth of 98.89%, and a net profit attributable to shareholders of HKD 1.51 million, with a growth of 161.63% [2] Group 2 - Currently, there are no institutional investment ratings for Fu Yi International Holdings [3] - In terms of industry valuation, the average price-to-earnings (P/E) ratio for the raw materials sector is 14.85 times, with a median of 5.58 times. Fu Yi International Holdings has a P/E ratio of 6.85 times, ranking 11th in the industry [3] - Fu Yi International Holdings, formerly known as Dida International Holdings, was established in 2014 and listed in 2015. The company primarily engages in the sales of high-end bio-fertilizers, fertilizer raw materials (including coal), various fertilizer-related products, and consumer goods such as clothing, shoes, watches, and mobile accessories [3]

Group 1 - The core viewpoint of the news highlights the recent performance of 富一国际控股 (Fu Yi International Holdings), noting a significant increase in its stock price despite a general decline in the Hang Seng Index [1] - As of June 19, the Hang Seng Index fell by 1.99% to 23,237.74 points, while 富一国际控股's stock price rose by 22.92% to HKD 0.059 per share, with a trading volume of 8,000 shares and a total turnover of HKD 476 [1] - Over the past month, 富一国际控股 has seen a cumulative increase of 17.07%, but it has a year-to-date decline of 7.69%, underperforming the Hang Seng Index by 18.2% [1] Group 2 - Financial data shows that for the fiscal year ending October 31, 2024, 富一国际控股 achieved total revenue of HKD 40.76 million, representing a year-on-year growth of 98.89% [1] - The company reported a net profit attributable to shareholders of HKD 1.51 million, which is a 161.63% increase compared to the previous year, with a gross margin of 24.68% and a debt-to-asset ratio of 87.74% [1] - Currently, there are no institutional investment ratings for 富一国际控股 [1] Group 3 - 富一国际控股, formerly known as 滴达国际控股, was established in 2014 and listed in 2015, primarily engaged in the sales of high-end bio-fertilizers and various related products, including coal and consumer goods [2] - The company is led by Chairman and CEO 孟广银 since April 2018, with a team of executive directors including 刘国庆 as CFO and others appointed in various roles since 2017 [2] Group 4 - In terms of industry valuation, the average price-to-earnings (P/E) ratio for the raw materials sector is 15.16 times, with a median of 5.63 times [1] - 富一国际控股 has a P/E ratio of 6.85 times, ranking 10th in the industry, while other companies in the sector have significantly lower P/E ratios, such as 大成生化科技 at 1.06 times and 中木国际 at 1.65 times [1]

Revenue and Profitability - Revenue for the Review Period increased by approximately 98.7% to approximately HK$44.5 million, compared to approximately HK$22.4 million for the same period last year[17]. - Profit attributable to owners of the Company was approximately HK$1.6 million, a turnaround from a loss of approximately HK$2.7 million in the same period last year[17]. - Revenue increased by approximately HK$22.1 million or 98.7% from approximately HK$22.4 million for the six months ended 31 October 2023 to approximately HK$44.5 million for the Review Period[28]. - Revenue from the manufacture and sales of compound fertilisers increased by approximately HK$35.0 million from approximately HK$0.7 million for the six months ended 31 October 2023 to approximately HK$35.7 million for the Review Period[28]. - The Group recorded a profit before tax of approximately HK$2.1 million for the Review Period, compared to a loss before tax of approximately HK$1.4 million for the six months ended 31 October 2023[38]. - Total comprehensive income for the period was HK$2,188,000, compared to a comprehensive loss of HK$4,996,000 in the prior year[98]. - For the six months ended 31 October 2024, the profit attributable to owners of the Company was HK$1,648,000, compared to a loss of HK$2,674,000 for the same period in 2023[173]. Cost Management - The Group adopted measures to control operating costs, including staff cost reductions, to navigate the challenging economic environment[11]. - Cost of sales increased by approximately HK$31.8 million from approximately HK$1.7 million for the six months ended 31 October 2023 to approximately HK$33.5 million for the Review Period[29]. - Overall gross profit decreased by approximately HK$9.7 million or 46.9% from approximately HK$20.7 million for the six months ended 31 October 2023 to approximately HK$11.0 million for the Review Period[30]. - Selling and distribution costs decreased by approximately HK$5.9 million or 54.6% from approximately HK$10.8 million for the six months ended 31 October 2023 to approximately HK$4.9 million for the Review Period[35]. - Administrative expenses decreased by approximately HK$8.0 million or 66.1% from approximately HK$12.1 million for the six months ended 31 October 2023 to approximately HK$4.1 million for the Review Period[36]. - Total staff costs decreased to HK$4,951,000 in 2024 from HK$12,033,000 in 2023, representing a reduction of approximately 58.8%[163]. Market Performance - The export volume of urea dropped sharply by about 92.8% compared to the same period last year, severely affecting the Group's export business performance[12]. - The overall domestic fertiliser market showed a slight weakness due to falling raw material prices and insufficient domestic market demand[12]. - The Group's trading business faced challenges due to a slowdown in demand growth and a sharp decline in trading volume[11]. - The Group implemented marketing strategies to promote domestic sales in response to the decline in export volume[12]. - Revenue from Mainland China surged to HK$43,714,000, up 104.4% from HK$21,426,000 in the previous year, while revenue from Hong Kong decreased to HK$752,000 from HK$931,000[149]. Corporate Governance - The Company has complied with all provisions of the Corporate Governance Code, except for provisions C.2.1 and F.2.2, with Mr. Liu serving as both Chairman and CEO since September 7, 2017[71]. - The Audit Committee consists of three members, all of whom are Independent Non-Executive Directors (INEDs), ensuring compliance with Rule 3.21 of the Listing Rules[74]. - The Company plans to schedule future AGMs earlier to avoid timetable clashes, ensuring effective communication with shareholders[72]. - The Company is in the process of identifying suitable candidates to comply with the Corporate Governance Code regarding the separation of the roles of Chairman and CEO[71]. - The Company has established a register to record substantial shareholders' interests as required under section 336 of the SFO[79]. Financial Position - As of 31 October 2024, the Group's total cash and cash equivalents were approximately HK$65.1 million, a slight decrease from approximately HK$65.8 million as of 30 April 2024[40]. - The Group maintained a current ratio of approximately 1.1 times as of 31 October 2024 and 30 April 2024, indicating stable liquidity[40]. - The Group had no bank borrowings as of 31 October 2024 and 30 April 2024, indicating a strong financial position[46]. - The Company did not declare any interim dividend for the review period, consistent with the previous period[62]. - The income tax expense for the six months ended 31 October 2024 was HK$414,000, down from HK$1,266,000 in 2023, reflecting a decrease of approximately 67.3%[167]. - Total liabilities decreased to HK$125,632,000 from HK$157,719,000, indicating improved financial stability[103]. Operational Challenges - Cash generated from operations was HK$672,000, a significant decline from HK$51,259,000 in the previous year, highlighting operational challenges[108]. - Commission income decreased to HK$8,059,000, down 61.0% from HK$20,712,000 in the previous year[129]. - The wholesale business of watches generated revenue of HK$743,000, a decline of 19.5% compared to HK$922,000 in the prior period[129]. - The net foreign exchange gain for the period was HK$39,000, a decrease from HK$586,000 in the previous year[156]. Inventory and Receivables - The gross carrying amount of inventories as of 31 October 2024 was HK$12,426,000, down from HK$13,789,000 as of 30 April 2024[179]. - Trade receivables as of October 31, 2024, were HK$112,000, significantly reduced from HK$545,000 as of April 30, 2024, indicating a decline of about 79.5%[182]. - The allowance for write-down of inventories recognized was HK$76,000 for the current period, compared to HK$581,000 in the previous year[153]. - The entire balance of contract liabilities as of October 31, 2024, is expected to be derecognized within twelve months upon delivery of products to customers[193].

Financial Position - As of October 31, 2024, the total cash and cash equivalents of the group amounted to approximately HKD 65.1 million, a slight decrease from HKD 65.8 million as of April 30, 2024[1]. - The current ratio remained stable at approximately 1.1 times as of October 31, 2024, consistent with April 30, 2024[1]. - The group had no bank borrowings as of October 31, 2024, and April 30, 2024[2]. - The total assets decreased from HKD 173.09 million to HKD 143.19 million, while total liabilities decreased from HKD 157.72 million to HKD 125.63 million[53][49]. - The group has no significant capital commitments as of October 31, 2024[31]. - The company has no major foreign exchange risks and is currently not executing any foreign currency hedging policies[33]. Revenue and Profitability - The group reported total revenue of HKD 44,466,000 for the six months ended October 31, 2024, compared to HKD 22,357,000 for the same period in 2023, representing a 99.8% increase[64]. - Revenue from the sale of compound fertilizers was HKD 35,655,000 for the current period, a significant increase from HKD 714,000 in the previous period[64]. - The wholesale segment generated revenue of HKD 743,000, down from HKD 922,000 in the previous period, indicating a decline of 19.5%[64]. - The group achieved a profit before tax of HKD 2,062,000 for the six months ended October 31, 2024, compared to a loss before tax of HKD 1,408,000 for the same period in 2023[73][78]. - The company reported a profit attributable to owners of approximately HKD 1.65 million, compared to a loss of HKD 2.67 million in the previous period[40]. - Basic and diluted earnings per share improved to HKD 0.21 from a loss of HKD 0.33 per share[42]. - Gross profit for the review period was approximately HKD 11.0 million, a decrease of about HKD 9.7 million or 46.9% from HKD 20.7 million for the six months ended October 31, 2022[115]. Cost Management - Sales and distribution costs decreased by approximately HKD 5.9 million or 54.6% to about HKD 4.9 million due to a significant drop in freight costs[25]. - Administrative expenses reduced by approximately HKD 8.0 million or 66.1% to about HKD 4.1 million, primarily due to decreases in financial advisory fees, director remuneration, and salaries and allowances for administrative staff[26]. - Financing costs decreased from approximately HKD 20,000 to about HKD 9,000, a reduction of approximately HKD 11,000, due to lower financing costs on lease liabilities[27]. - Total employee costs for the six months ended October 31, 2024, amounted to HKD 4,951,000, a decrease from HKD 12,033,000 in the same period of 2023[94]. - The company implemented cost control measures, including staff cost reductions, to overcome challenges during the review period[109]. Operational Developments - The group aims to enhance production management and efficiency to provide more high-quality fertilizer products, thereby increasing product competitiveness[11]. - The company expanded its business into the manufacturing and sales of compound fertilizers starting October 2023, which contributed to revenue growth[113]. - The company successfully leased a compound fertilizer production line in October 2023, which improved profit margins and product quality control[110]. - The company recognized an inventory write-down provision of HKD 76,000 for the six months ended October 31, 2024, significantly lower than HKD 581,000 for the same period in 2023[94]. Market Conditions - The fertilizer market is expected to face various challenges and opportunities, with domestic agricultural demand anticipated to support the market[11]. - Urea export volume dropped approximately 92.8% year-on-year, severely impacting the company's export business performance[110]. - Trade business revenue decreased by approximately 60.9% to about HKD 8.1 million, down from HKD 20.7 million for the same period last year[113]. Other Information - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the review period[4]. - There were no significant events occurring after the review period up to the date of the announcement[12]. - The company has not declared an interim dividend for the six months ended October 31, 2024[99].

Financial Performance - Prosper One International Holdings Company Limited reported its annual financial results for the year ended April 30, 2023[7]. - The company achieved a consolidated revenue of HK$XXX million, representing a year-on-year increase of XX%[7]. - The net profit for the year was HK$XXX million, reflecting a growth of XX% compared to the previous year[7]. - The Group recorded revenue from continuing operations of approximately HK$71.9 million, representing an increase of approximately HK$36.3 million or 102.0% from approximately HK$35.6 million for Year 2023[19][26]. - Profit attributable to owners of the Company was approximately HK$1.3 million for the Year, compared to a loss of approximately HK$2.7 million for Year 2023[19][22]. - The Group's gross profit increased by approximately HK$6.8 million or 19.6% to approximately HK$41.5 million[28][32]. - Trading business revenue increased by approximately HK$4.8 million or 14.0% to approximately HK$39.1 million, driven by significant growth in trading volume of urea and compound fertilisers[26][30]. Market and Business Expansion - User data indicated an increase in active users by XX% year-on-year, reaching a total of XXX million users[7]. - The company provided a positive outlook for the upcoming year, projecting a revenue growth of XX%[7]. - New product launches are expected to contribute an additional HK$XXX million in revenue in the next fiscal year[7]. - The company is focusing on market expansion in the Asia-Pacific region, targeting a XX% increase in market share[7]. - The Group produced 14,734 tonnes of compound fertilisers and achieved a sales volume of 14,036 tonnes during the Year, indicating successful expansion into this new business area[16]. - The Group's trading volume of urea and compound fertiliser increased significantly, with urea trade volume reaching 294,167 tons and compound fertiliser trade volume reaching 49,042 tons, representing year-on-year growth of approximately 27.9% and 46.9% respectively[18]. Operational Efficiency and Cost Management - A new operational strategy has been implemented to improve efficiency, aiming for a cost reduction of XX%[7]. - The Group's focus on controlling operating costs helped achieve profitability in a challenging business environment[17]. - Selling and distribution costs increased by approximately HK$9.8 million or 86.7% to approximately HK$21.1 million, primarily due to higher freight and packing expenses[29]. - Administrative expenses rose by approximately HK$2.5 million or 16.1% to approximately HK$18.0 million, influenced by the inclusion of salaries and allowances from the watch wholesale business[34]. Corporate Governance and Management - The company is committed to enhancing shareholder value through good corporate governance practices[60]. - The board of directors emphasizes the importance of effective accountability in management structures and internal controls[60]. - Mr. Liu Guoqing has been appointed as the Chief Executive Officer and Chairman effective April 10, 2024[55]. - The management team has extensive experience in finance, investment, and legal matters, contributing to the company's strategic direction[55][57][58]. - The Company has adopted and complied with all applicable code provisions of the CG Code throughout the Year, except for provisions C.5.1, C.2.1, C.2.7, and F.2.2[62]. Shareholder Communication and Engagement - The Company has adopted a Shareholder's communication policy to provide detailed information to Shareholders, allowing them to engage actively with the Company[146]. - The Company maintains a website for posting announcements and financial information to promote effective communication with shareholders[148]. - The Board is satisfied with the implementation and effectiveness of the shareholder communication policy reviewed during the year[150]. - The Company will ensure timely, fair, and accurate information disclosure to enable informed decision-making by shareholders and the public[160]. Environmental, Social, and Governance (ESG) Efforts - The Group's ESG efforts focus on reducing resource consumption and environmental impact, with a separate ESG report to be published alongside the Annual Report[187][192]. - The Group recognizes employees as valuable assets and offers competitive remuneration packages to attract and retain talent[178][183]. Financial Risks and Compliance - The Group's financial risks include currency risk, credit risk, and liquidity risk, which are detailed in the financial statements[175][180]. - The Group has complied with all relevant laws and regulations in all material respects during the Year[176][181].

Financial Performance - The company's revenue from continuing operations increased by 102.0% for the fiscal year ending April 30, 2024[6]. - The profit for the fiscal year was approximately HKD 1.3 million, compared to HKD 2.7 million in the previous fiscal year[6]. - The basic and diluted earnings per share from continuing operations were HKD 0.16, down from HKD 0.40 in the previous year[18]. - The total revenue from continuing operations for the year was HKD 71,854,000, a significant increase from HKD 35,563,000 in the previous year, representing a growth of 101%[46]. - The company reported a profit before tax of HKD 4,544,000 from continuing operations, compared to HKD 8,354,000 in the previous year, indicating a decrease of 45%[37]. - The company recorded a profit attributable to shareholders of approximately HKD 1.3 million, compared to a loss of about HKD 2.7 million for the previous fiscal year[121]. - Profit attributable to owners from continuing operations decreased to approximately HKD 1.3 million, down about 59.4% from HKD 3.2 million in the previous year[125]. - The overall gross profit increased by approximately HKD 6.8 million or 19.6% from approximately HKD 34.7 million in the previous year to about HKD 41.5 million this year[148]. Discontinued Operations - The company has closed all retail watch stores and will not reopen them, classifying the watch retail business as discontinued operations[14]. - The company incurred a loss of HKD 5,858,000 from discontinued operations related to the watch retail business[38]. - The total revenue from discontinued operations was HKD 5,947,000, with a gross profit of HKD 1,846,000 reported[88]. - The company has decided to exit the watch retail business and focus on wholesale operations due to challenges in the retail market[96]. - The company faced challenges in its watch retail business, leading to the closure of three underperforming stores and a complete shutdown of retail operations by November 2022[108]. Assets and Liabilities - Total assets decreased to HKD 173.09 million from HKD 201.60 million[19]. - Total liabilities decreased to HKD 157.72 million from HKD 184.74 million[19]. - Trade payables decreased significantly to HKD 15,487,000 from HKD 32,272,000 in the previous year, a reduction of 52.0%[94]. - As of April 30, 2024, the total cash and cash equivalents amounted to approximately HKD 65.8 million, down from about HKD 126.2 million on April 30, 2023[125]. Revenue Streams - Sales of compound fertilizers amounted to HKD 30,960,000, with no sales reported in the previous year[46]. - The company generated commission income of HKD 39,113,000, an increase from HKD 34,349,000 in the previous year, reflecting a growth of 11%[46]. - The watch sales revenue for the year was HKD 1,771,000, up from HKD 1,210,000 in the previous year, marking a growth of 46%[46]. - Revenue from mainland China was HKD 1,531,000, while revenue from Hong Kong was negligible[54]. - Trade business revenue increased from approximately HKD 34.3 million to about HKD 39.1 million, representing a growth of approximately HKD 4.8 million or 14.0%[122]. Operational Changes and Strategy - The company is actively considering acquiring another production line to increase capacity[1]. - The company aims to strengthen customer relationships and expand its business to consolidate brand position and increase market share[1]. - The company has reclassified its watch retail business as discontinued operations, indicating a strategic shift in focus[30]. - The company expanded its business into the manufacturing and sales of compound fertilizers, producing a total of 14,734 tons and achieving sales of 14,036 tons in the current year[97]. - The company plans to purchase related production lines in July 2024 to enhance production efficiency and reduce rental costs[136]. - The company anticipates continued growth in domestic fertilizer demand, supporting the domestic fertilizer market[135]. Expenses and Costs - The total comprehensive expenses for the year were HKD 1,482,000, down from HKD 4,719,000 in the previous year[39]. - Sales and distribution costs increased by approximately HKD 9.8 million or 86.7% to about HKD 21.1 million, primarily due to rising freight, travel, and packaging expenses[101]. - The financing costs rose from approximately HKD 15,000 to about HKD 171,000, an increase of approximately HKD 156,000, attributed to higher financing costs of lease liabilities[103]. - The total cost of employee compensation amounted to HKD 5,149,000 for the year[64]. - Total employee costs increased to HKD 18,692,000, up 22.4% from HKD 15,250,000 in the previous year[83]. - Administrative expenses increased by approximately HKD 2.5 million or 16.1% to about HKD 18.0 million from approximately HKD 15.5 million (restated)[124]. Corporate Governance - The audit committee reviewed the group's audited consolidated financial statements and annual results, confirming compliance with applicable accounting standards and listing rules[167]. - The company has taken sufficient measures to ensure effective communication among directors, including independent non-executive directors[143]. - The board held two regular meetings and three other meetings during the year, with decisions made through written resolutions circulated among directors[141]. - The company will seek suitable candidates and make necessary arrangements as required by the corporate governance code regarding the separation of roles between the chairman and CEO[142]. Shareholder Relations - The company expressed gratitude to shareholders, suppliers, customers, and business partners for their ongoing trust and support[146]. - The company does not recommend the payment of any dividends for the fiscal year ending April 30, 2024[6]. - The company did not declare any dividends for the years ended April 30, 2024, and 2023[86].

Financial Performance - The turnover for the Review Period decreased by approximately 16.1% to approximately HK$22.4 million, compared to approximately HK$26.7 million for the same period in 2022[17]. - Gross profit for the Review Period was approximately HK$20.7 million, down from approximately HK$22.8 million in the previous year[17]. - Loss attributable to owners of the Company was approximately HK$2.7 million for the Review Period, compared to a profit of approximately HK$3.6 million for the same period in 2022[17]. - Revenue decreased by approximately HK$4.3 million or 16.1% from approximately HK$26.7 million to approximately HK$22.4 million for the Review Period[27]. - Revenue from the watches business decreased by approximately HK$5.2 million or 85.2% from approximately HK$6.1 million to approximately HK$0.9 million due to the closure of all retail shops since November 2022[27]. - Gross profit decreased by approximately HK$2.1 million or 9.2% from approximately HK$22.8 million to approximately HK$20.7 million, primarily due to the decline in revenue from the watches business[29]. - The Group recorded a loss before tax of approximately HK$1.4 million for the Review Period, compared to a profit before tax of approximately HK$7.0 million for the same period last year[36]. - For the six months ended October 31, 2023, total revenue was HK$22,357,000, a decrease of 16.4% compared to HK$26,670,000 for the same period in 2022[108]. - Gross profit for the same period was HK$20,698,000, down from HK$22,845,000, reflecting a decline of 9.4%[108]. - Loss before tax for the period was HK$1,408,000, compared to a profit of HK$7,001,000 in the previous year[108]. - Loss attributable to owners of the Company was HK$2,674,000, a significant decrease from a profit of HK$3,641,000 in the prior period[108]. - Total comprehensive expense for the period attributable to owners was HK$4,996,000, compared to HK$378,000 in the previous year[108]. - Basic and diluted loss per share was HK$0.33, compared to earnings of HK$0.46 per share in the same period last year[108]. Operational Developments - The Group entered into a lease agreement for a production line of compound fertiliser with an annual production capacity of 30,000 tonnes, starting from October 5, 2023[16]. - The new business of manufacturing and selling compound fertilisers recorded profits and is expected to provide growth opportunities for the Group[16]. - Fertiliser prices are expected to remain high during the peak season for domestic agricultural demand, but may fluctuate due to raw material prices and international market demand changes[21]. - The export volume of urea is expected to show a downward trend in the short term, impacting the export business[21]. - The Group aims to enhance shareholder value through vertical integration and may consider purchasing the leased production line or establishing its own in the future[22]. Cost and Expense Management - Selling and distribution costs increased by approximately HK$3.1 million or 40.3% from approximately HK$7.7 million to approximately HK$10.8 million, mainly due to increased freight costs[30]. - Administrative expenses increased by approximately HK$3.4 million or 39.1% from approximately HK$8.7 million to approximately HK$12.1 million, primarily due to higher directors' remuneration and administrative staff salaries[35]. - The company incurred finance costs of HK$20,000 for the six months ended 31 October 2023, a decrease from HK$85,000 in 2022[162]. Financial Position - As of 31 October 2023, the Group's total cash and cash equivalents were approximately HK$170.0 million, an increase from approximately HK$126.2 million as of 30 April 2023[38]. - The current ratio decreased from approximately 1.1 times as of 30 April 2023 to approximately 1.0 time as of 31 October 2023[38]. - Total assets increased to HK$296,996,000 as of 31 October 2023, up from HK$201,597,000 as of 30 April 2023, representing a growth of 47.2%[111]. - Current assets rose to HK$294,200,000, a significant increase of 46.1% from HK$201,261,000 in the previous period[113]. - Cash and cash equivalents at the end of the period reached HK$169,963,000, compared to HK$126,190,000 at the beginning of the period, marking an increase of 34.7%[118]. - Total equity decreased to HK$11,857,000 as of 31 October 2023, down from HK$16,853,000, a decline of 29.5%[113]. - The company reported a net cash from operating activities of HK$49,674,000 for the six months ended 31 October 2023, compared to HK$51,978,000 in the same period last year, a decrease of 4.5%[118]. Governance and Compliance - The Board resolved not to declare any interim dividend for the review period, consistent with the previous year[59][64]. - The Company has complied with all provisions of the Corporate Governance Code, except for code provisions C.2.1 and F.2.2 regarding the roles of the chairman and CEO, and attendance at the annual general meeting[67][68][69]. - Following the resignation of an independent non-executive director on November 16, 2023, the Company currently has only two independent non-executive directors, which does not meet the Listing Rules requirements[72]. - The Audit Committee currently comprises two members, both of whom are independent non-executive directors[73]. - The company is actively ensuring compliance with corporate governance standards as outlined in the Securities and Futures Ordinance[87]. Shareholder Information - As of October 31, 2023, Mr. Meng holds 600,000,000 shares, representing a 75% interest in the company[79]. - Prosper One, the immediate holding company, also holds 600,000,000 shares, accounting for 75% of the company's equity[89]. - The total number of shares issued as of October 31, 2023, is 800,000,000[81]. - Mr. Meng is the sole shareholder and director of Prosper One, which manages the shares under the Changjiang Absolute Return China Fund[81]. - No other persons or entities, apart from the disclosed interests, have any significant shareholdings as of October 31, 2023[91]. Employee and Staffing - The total number of employees increased to 62 as of October 31, 2023, compared to 51 as of October 31, 2022, with total remuneration costs of approximately HK$12.0 million for the review period, up from approximately HK$9.3 million for the same period last year[56][62]. - Total staff costs increased to HK$12,033,000, up 29.1% from HK$9,318,000 in the previous year[165].