CONTENTS 目錄 2 Corporate Information 公司資料 5 Chairlady's Statement 主席報告書 9 Management Discussion and Analysis 管理層討論及分析 21 Biographical Details of Directors and Senior Management 董事及高級管理層之履歷詳情 29 Corporate Governance Report 企業管治報告 47 Environmental, Social and Governance Report 環境、社會及管治報告 82 Report of the Directors 董事會報告 96 Independent Auditor's Report 獨立核數師報告 104 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表 105 Consolidated Statement of Financial Position 綜合財務狀況表 107 Con ...

Financial Performance - For the fiscal year ending March 31, 2025, the group's revenue was approximately HKD 403.15 million, a decrease of about HKD 91.11 million or 18.4% compared to HKD 494.26 million for the fiscal year ending March 31, 2024[3]. - The company reported a profit attributable to equity holders of approximately HKD 10.6 million for the fiscal year ending March 31, 2025, reversing from a loss of HKD 12.6 million for the fiscal year ending March 31, 2024[3]. - Basic earnings per share for the fiscal year ending March 31, 2025, was HKD 0.0265, compared to a basic loss per share of HKD 0.0315 for the previous year[3]. - The group reported a net loss of HKD 10,590,000 for the year, with no potential dilutive ordinary shares issued[24]. - The group reported revenue of HKD 403.2 million for the fiscal year 2025, a decrease of 18.4% compared to HKD 494.3 million in fiscal year 2024[29]. - The group incurred income tax expenses of HKD 12,427,000 in 2025, compared to HKD 836,000 in 2024[21]. - The company expects to report a profit attributable to shareholders of approximately HKD 10.6 million in FY2025, compared to a loss of HKD 12.6 million in FY2024[47]. Assets and Liabilities - Total non-current assets decreased to HKD 156.29 million in 2025 from HKD 196.88 million in 2024[5]. - Current assets increased to HKD 314.99 million in 2025 from HKD 282.56 million in 2024, with cash and cash equivalents rising to HKD 182.32 million from HKD 119.83 million[5]. - Total current liabilities decreased to HKD 263.85 million in 2025 from HKD 277.98 million in 2024[5]. - The company's total assets less current liabilities increased to HKD 207.43 million in 2025 from HKD 201.47 million in 2024[5]. - The company reported a net cash position of HKD 51.14 million in 2025, compared to HKD 4.59 million in 2024[5]. - Non-current assets total HKD 168,997,000 in 2025, an increase from HKD 128,839,000 in 2024[15]. - Total non-current liabilities amount to HKD 59,866,000 in 2025, down from HKD 64,703,000 in 2024, indicating a decrease of 7.1%[6]. Revenue Breakdown - Revenue from treatment services was approximately HKD 350.3 million, accounting for 86.9% of total revenue, a decrease of about HKD 24.2 million or 6.5% due to a relatively weak economic environment[37]. - Revenue from skincare products dropped significantly to HKD 52,804,000 in 2025 from HKD 119,641,000 in 2024, representing a decline of 55.9%[17]. - Revenue from Hong Kong for 2025 is expected to be HKD 400,318,000, down 11.2% from HKD 450,819,000 in 2024[15]. Operational Efficiency - The company is focusing on improving operational efficiency and exploring new market opportunities to drive future growth[4]. - Operating profit before interest, tax, and depreciation increased to HKD 58.6 million, up 84.9% from HKD 31.7 million in the previous fiscal year[29]. - Operating expenses were reduced by 24.5% year-on-year, significantly lowering the expense-to-revenue ratio[30]. - Employee costs decreased by approximately HKD 42.2 million or 23.0% to about HKD 141.6 million in fiscal year 2025, mainly due to the optimization of operational structure and systems[41]. - Property rental and related expenses are expected to decrease from approximately HKD 67.9 million in FY2024 to HKD 54.2 million in FY2025, a reduction of about HKD 13.7 million or 20.2% due to network optimization and better lease terms negotiations[42]. - Other expenses are expected to decrease from approximately HKD 159.6 million in FY2024 to HKD 100.1 million in FY2025, a reduction of about HKD 59.5 million or 37.3%[44]. Market and Strategic Focus - The company operates primarily in the medical beauty and lifestyle beauty services sector, focusing on Hong Kong and mainland China markets[13]. - The market for medical beauty and lifestyle beauty in Hong Kong is expected to continue growing, driven by increasing consumer demand and technological advancements[28]. - The company is focusing on innovation in medical beauty services and expanding its diverse customer base in prime commercial areas of Hong Kong[29]. - The skincare retail segment faced challenges but implemented multi-faceted strategies to optimize product mix and enhance customer experience[30]. - Customer satisfaction continued to improve, with a growing customer base reflecting the company's commitment to service quality and customer experience[30]. Governance and Compliance - The company has adopted the corporate governance code and has complied with all applicable provisions as of March 31, 2025, except for specific deviations noted[59]. - The board believes that the current structure, with the same individual serving as both Chairperson and CEO, is in the best interest of the company, thus accepting the deviation from the corporate governance code[60]. - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending March 31, 2025[63]. - The auditors confirmed that the financial figures in the preliminary announcement are consistent with the draft consolidated financial statements for the year ending March 31, 2025[64]. Other Financial Information - The provision for restoration costs increased to HKD 11,056,000 in 2025 from HKD 8,800,000 in 2024, representing a rise of 25.5%[6]. - Deferred tax liabilities decreased to HKD 2,754,000 in 2025 from HKD 4,395,000 in 2024, a reduction of 37.3%[6]. - The company had outstanding interest-bearing bank borrowings of approximately HKD 5.9 million as of March 31, 2025, down from HKD 12.5 million in FY2024[51]. - The company has no supplier financing arrangements, thus recent accounting standard amendments do not impact its financial statements[12]. - No significant events occurred after the reporting period[62].

Financial Performance - Loss attributable to the owners of the Company was approximately HK$0.6 million for the six months ended 30 September 2024, a significant improvement from a loss of HK$13.1 million for the same period in 2023[8]. - Revenue for the six months ended 30 September 2024 was HK$200.1 million, down from HK$237.0 million in the previous year, representing a decrease of approximately 15.6%[10]. - The Company reported a profit before tax of HK$1.8 million for the six months ended 30 September 2024, compared to a loss before tax of HK$16.6 million for the same period in 2023[10]. - Total comprehensive loss for the period was HK$156,000, a notable reduction from HK$13.2 million in the prior year[10]. - Basic and diluted loss per share attributable to ordinary equity holders of the Company was HK(0.16) cents, compared to HK(3.26) cents for the same period in 2023[10]. - The company reported a loss for the period of HK$630,000 for the six months ended September 30, 2024, compared to a loss of HK$13,050,000 for the same period last year[21]. - The Group's profit before tax for the six months ended September 30, 2024, was a loss of HK$630,000, significantly improved from a loss of HK$13,050,000 in the same period of 2023[89]. - Total tax charge for the period was HK$2,393,000, compared to a tax credit of HK$3,584,000 in the previous year[83]. Revenue Breakdown - Revenue from contracts with customers for the six months ended September 30, 2024, was HK$200,076,000, a decrease of 15.6% compared to HK$237,010,000 for the same period in 2023[68]. - Revenue from Hong Kong was HK$195,040,000, down from HK$215,069,000, representing a decline of 9.3%[41]. - Revenue from the Chinese Mainland significantly decreased to HK$5,036,000 from HK$21,941,000, a decline of 77%[41]. - Treatment services generated revenue of HK$170,722,000, while skincare products revenue dropped to HK$29,336,000, down 51.7% from HK$60,631,000 in the previous year[68]. Cost Management - Staff costs decreased to HK$25.4 million from HK$27.0 million year-on-year, reflecting a reduction of approximately 5.8%[10]. - Property rentals and related expenses decreased to HK$74.2 million from HK$91.5 million, a reduction of approximately 18.9%[10]. - Finance costs decreased significantly to HK$51.4 million from HK$79.5 million, indicating a reduction of approximately 35.4%[10]. - Other expenses, net decreased by approximately HK$28.1 million or 35.3%, from approximately HK$79.5 million in the previous period to approximately HK$51.4 million in the current period[141]. - Cost of inventories and consumables amounted to approximately HK$25.4 million for the period under review, representing 12.7% of total revenue[134]. Asset and Liability Management - Total non-current assets decreased slightly to HK$195,688,000 as of September 30, 2024, from HK$196,881,000 as of March 31, 2024[14]. - Current assets totaled HK$272,981,000, a decrease from HK$282,562,000 as of March 31, 2024, primarily due to a reduction in trade receivables[14]. - Net current assets improved to HK$19,046,000 compared to HK$4,585,000 as of March 31, 2024, indicating better liquidity[14]. - Total current liabilities decreased to HK$253,935,000 from HK$277,977,000, reflecting a reduction in other payables and accruals[14]. - Non-current liabilities increased to HK$78,127,000 as of September 30, 2024, up from HK$64,703,000 as of March 31, 2024, mainly due to higher lease liabilities[17]. - Total equity remained stable at HK$136,607,000 as of September 30, 2024, compared to HK$136,763,000 as of March 31, 2024[17]. - Cash and cash equivalents increased to HK$128,561,000 from HK$119,829,000, indicating improved cash flow management[14]. - Cash and cash equivalents at the end of the period were HK$89,092,000, an increase from HK$77,329,000[26]. - The company reported a net increase in cash and cash equivalents of HK$13,278,000, contrasting with a decrease of HK$28,199,000 in the prior period[26]. - The Group's non-current assets as of September 30, 2024, totaled HK$164,461,000, a decrease from HK$168,997,000 as of March 31, 2024[60]. - Trade receivables as of September 30, 2024, amounted to HK$3,803,000, a significant decrease of 71.7% from HK$13,402,000 as of March 31, 2024[98][103]. - Trade payables totaled HK$9,189,000 as of September 30, 2024, a decrease from HK$10,561,000 as of March 31, 2024[107]. Employee and Management - The Group had a total of 242 employees, a decrease from 413 employees as of September 30, 2023[151]. - Key management personnel compensation for the six months ended September 30, 2024, totaled HK$4,847,000, slightly down from HK$4,996,000 in the same period of 2023[117]. - Employee costs for the six months ended September 30, 2024, were approximately HKD 74.2 million, down from approximately HKD 91.5 million for the same period in 2023[155]. Strategic Focus and Future Outlook - The Group plans to adopt a cautious and prudent operating strategy in the second half of the year, focusing on optimizing operational strategies and cost to maintain competitiveness[132]. - The Group remains committed to high-quality service delivery to strengthen customer confidence and loyalty to its brand[130]. - The Group's strategic focus will prioritize resources towards core businesses with competitive advantages to enhance overall profitability and shareholder value[132]. - The company plans to introduce new treatments and products to enhance brand visibility and market presence in response to evolving market demands[161]. - The group recognizes the structural transition in the consumer market and will continue to adopt cautious and prudent operating strategies[159]. - The group has implemented strategic measures to diversify revenue streams and reduce expenses, including optimizing its sales network and launching promotional activities[160]. Compliance and Governance - The company has confirmed compliance with the Model Code for Securities Transactions by Directors, with all directors affirming adherence to the required standards during the six months ended September 30, 2024[195]. - The company has adopted a non-competition undertaking to ensure compliance with relevant regulations[199]. - The Company aims to ensure that its business operations remain free from direct competition from its Controlling Shareholders[200]. - The non-competition undertakings are designed to protect the Company's market position and strategic interests[200]. - The Controlling Shareholders have committed to non-competition undertakings as per the deed dated December 19, 2016[200].

Financial Performance - For the six months ended September 30, 2024, the group's revenue was approximately HKD 200.08 million, a decrease of about HKD 36.93 million or 15.6% compared to HKD 237.01 million for the same period in 2023[1]. - The company reported a loss attributable to equity holders of approximately HKD 630,000, compared to a loss of HKD 13.31 million for the same period in 2023[1]. - Total comprehensive loss for the period amounted to HKD 156,000, compared to HKD 13.19 million in the previous period[4]. - Basic and diluted loss per share was HKD 0.16, compared to HKD 3.26 for the same period last year[4]. - The group reported a pre-tax profit of HKD 19,259 thousand for the six months ended September 30, 2024, compared to HKD 20,868 thousand for the same period in 2023, reflecting a decrease of 7.7%[23]. - The company recorded a revenue of HKD 201 million for the six months ended September 30, 2024, a decrease of 15.6% compared to HKD 237 million for the same period in 2023[37]. - The net loss for the current period was approximately HKD 630,000, significantly reduced from a net loss of HKD 13.1 million in the previous period[37]. - The group’s total tax expense for the period was HKD 2,393 thousand, compared to a tax benefit of HKD 3,584 thousand in the same period last year[26]. Revenue Breakdown - Revenue for the six months ended September 30, 2024, was HKD 200,076 thousand, a decrease of 15.6% compared to HKD 237,010 thousand for the same period in 2023[17]. - Revenue from non-surgical medical beauty services was HKD 170,722 thousand, down from HKD 176,335 thousand year-on-year, representing a decline of 3.5%[22]. - Revenue from skincare products significantly decreased to HKD 29,336 thousand from HKD 60,631 thousand, a drop of 51.6%[22]. - The revenue from mainland China dropped significantly to HKD 5,036 thousand from HKD 21,941 thousand, a decline of 77.0%[17]. Assets and Liabilities - Non-current assets as of September 30, 2024, totaled HKD 195.69 million, slightly down from HKD 196.88 million as of March 31, 2024[7]. - Current assets amounted to HKD 272.98 million, a decrease from HKD 282.56 million as of March 31, 2024[7]. - Current liabilities were HKD 253.94 million, down from HKD 277.98 million as of March 31, 2024[8]. - The total equity value as of September 30, 2024, was HKD 136.61 million, unchanged from HKD 136.76 million as of March 31, 2024[9]. - Trade receivables as of September 30, 2024, amounted to HKD 3,803,000, down from HKD 13,402,000 as of March 31, 2024[33]. - Trade payables as of September 30, 2024, totaled HKD 9,189,000, compared to HKD 10,561,000 as of March 31, 2024[34]. - The company's lease liabilities amounted to approximately HKD 107 million as of September 30, 2024[55]. - The debt-to-equity ratio was approximately 6.7% as of September 30, 2024, down from 9.1% on March 31, 2024[60]. Operational Efficiency - The company has implemented targeted advertising strategies and improved internal management systems to enhance operational efficiency and reduce costs[36]. - Other net expenses decreased by approximately HKD 28.1 million or 35.3% to about HKD 51.4 million, attributed to improved operational efficiency and effective cost control[48]. - Employee costs decreased by approximately HKD 17.3 million or 18.9% to about HKD 74.2 million, with the number of employees reduced from 413 to 242[45]. - Property rental and related expenses decreased by approximately HKD 6 million or 17.2% to about HKD 28.9 million, primarily due to the closure of retail stores[46]. Corporate Governance - The company has adhered to all applicable corporate governance rules during the six-month period ended September 30, 2024, with one exception regarding the separation of the roles of Chairman and CEO[71]. - The Audit Committee, consisting of three independent non-executive directors, has reviewed the financial information for the six months ended September 30, 2024[74]. - The company believes that maintaining high standards of corporate governance is essential for managing business risks and enhancing transparency[71]. Future Outlook - The company plans to introduce new therapies and products to increase brand awareness and market coverage, responding to changing market demands[67]. - The company has adopted a cautious and prudent operational strategy to adapt to structural changes in the consumer market[66]. - The economic environment remains challenging, impacting market sentiment and business operations[36]. - The company has maintained a low debt ratio over the years, ensuring a stable financial position despite a relatively high interest rate environment[66]. Dividends and Shareholder Returns - The board of directors did not declare an interim dividend for the six months ended September 30, 2024, consistent with the previous year[1]. - The group did not declare any interim dividend for the six months ended September 30, 2024, consistent with the same period in 2023[27]. - The company has not engaged in any purchases, sales, or redemptions of its own shares during the six-month period ended September 30, 2024[68]. Employment and Workforce - As of September 30, 2024, the group employed 242 employees, a decrease from 413 employees as of September 30, 2023[64]. - Employee costs for the six months ended September 30, 2024, were approximately HKD 74.2 million, down from HKD 91.5 million for the same period in 2023[64]. Business Operations - The company operates three CosMax+ medical beauty centers in Hong Kong, enhancing its customer base and service offerings[38]. - The XOVĒ skincare product line, developed by a Swiss research team, is marketed through various platforms, including retail stores and e-commerce, despite a challenging retail environment[40].

Financial Performance - For the fiscal year ending March 31, 2024, the group's revenue was approximately HKD 449.43 million, an increase of about HKD 31.21 million or 6.7% compared to HKD 463.31 million for the fiscal year ending March 31, 2023[17] - The company reported a loss attributable to shareholders of approximately HKD 12.61 million, a reduction of about HKD 7.90 million or 38.5% compared to a loss of HKD 20.50 million for the previous year[17] - Basic loss per share for the fiscal year was HKD 0.0315, compared to HKD 0.0513 for the previous year[17] - Total comprehensive loss for the year was HKD 13.95 million, down from HKD 20.56 million in the previous year[5] - The company recorded a net loss of approximately HKD 12.6 million for 2024, compared to a net loss of HKD 20.5 million in 2023, primarily due to increased marketing and other expenses in the mainland market[42] - The company reported a basic loss per share of HKD 12.6 million for the year, compared to a loss of HKD 20.5 million in 2023[56] - Total revenue for the fiscal year 2024 was HKD 494,260,000, an increase from HKD 463,117,000 in 2023, representing a growth of approximately 6.1%[66] - Total revenue for the fiscal year 2024 reached HKD 494,260,000, an increase of 6.0% from HKD 463,117,000 in 2023[122] Asset and Liability Management - The total value of non-current assets decreased to HKD 196.88 million from HKD 243.48 million, reflecting a decline of approximately 19.1%[6] - Current assets increased to HKD 282.56 million from HKD 273.33 million, representing a growth of about 3.4%[6] - Current liabilities decreased to HKD 277.98 million from HKD 286.57 million, a reduction of approximately 3.0%[6] - Non-current liabilities decreased to HKD 64.70 million in 2024 from HKD 79.53 million in 2023, reflecting a reduction in lease liabilities and provisions[24] - Total assets decreased to HKD 136.76 million in 2024 from HKD 150.71 million in 2023, indicating a decline in net asset value[24] - The company’s total equity remained unchanged at HKD 136.76 million for both 2024 and 2023, with no potential dilution from issued ordinary shares[36] - As of March 31, 2024, cash and cash equivalents were approximately HKD 119,800,000, up from HKD 116,900,000 in 2023[97] - The company had operating funds of HKD 40,300,000 as of March 31, 2024, compared to HKD 31,200,000 in 2023[97] - As of March 31, 2024, the company had outstanding interest-bearing bank loans of approximately HKD 12,500,000, down from HKD 19,200,000 in 2023[112] Revenue Breakdown - The company generated other income of HKD 5.76 million in 2024, down from HKD 9.45 million in 2023, largely due to the absence of government subsidies received in the previous year[33] - Revenue from treatment services increased significantly to HKD 374.54 million in 2024, up from HKD 333.21 million in 2023[33] - Revenue from skincare products decreased to HKD 119,641,000, representing 24.2% of total revenue, down from HKD 129,573,000 or 28.0% in 2023, a decline of 7.7%[89] - Revenue from Hong Kong was HKD 450,819,000, up 4.4% from HKD 431,976,000 in the previous year[122] - Revenue from mainland China increased significantly to HKD 43,441,000, a rise of 39.5% compared to HKD 31,141,000 in 2023[122] Operational Highlights - The company’s operations are primarily focused on providing medical beauty services and selling skincare products in Hong Kong and mainland China[29] - The company operates six treatment centers and has retail stores in online shopping centers, contributing to the overall revenue increase due to effective sales and marketing activities[46] - The company has upgraded its customer relationship management system to enhance core competitiveness in the medical beauty, lifestyle beauty, and skincare industries[61] - The VITAE brand has met expectations in both customer base and revenue, with positive contributions anticipated for the group's operations and finances in the medium to long term[62] - The company has participated in various advertising and promotional activities during the fiscal year 2024 to improve brand image and attract new customers[64] - The company has organized various customer workshops and events to strengthen and solidify customer relationships despite lower consumer confidence compared to pre-pandemic levels[44] - The company plans to enhance its service offerings by introducing diversified treatments to meet varying customer needs and improve brand recognition[83] - XOVĒ's sales performance through various online platforms met expectations, although it is anticipated to take longer to reach profitability due to high advertising costs[84] Cost Management - Employee costs increased by HKD 630,000 or 3.5% to HKD 183,800,000 in 2024, primarily due to an increase in headcount and commissions paid to frontline staff[71] - Other expenses rose to HKD 159,600,000 in 2024, an increase of HKD 610,000, attributed mainly to increased spending on brand building and advertising in mainland China[75] - Cost of goods sold increased to HKD 52,800,000, up by HKD 540,000 or 11.4%, driven by the increase in revenue for the fiscal year 2024[91] - Advertising and promotion expenses increased by 5.0% to HKD 65,346,000 from HKD 62,229,000[94] - Professional fees rose by 14.1% to HKD 9,069,000 from HKD 7,947,000[94] - Charity donations surged by 235.7% to HKD 433,000 from HKD 129,000[94] Governance and Compliance - The company confirmed compliance with the standards for directors' securities trading for the fiscal year 2024[117] - The company has maintained its governance structure with the same individual serving as both Chairperson and CEO, which the board believes is in the best interest of the group[116] - The company does not have any single customer contributing more than 10% of total revenue[127] Future Outlook - The company anticipates a slow economic recovery, focusing on optimizing operational strategies for sustainable growth[99] - The company plans to continue researching, developing, and launching new products and services to enhance customer experience[114] - The company does not recommend or declare any dividends for the 2024 fiscal year[109] - No significant events occurred after the reporting period[118] - The estimated taxable profit in Hong Kong is subject to a tax rate of 16.5%[128]

Financial Performance - For the six months ended September 30, 2023, the total revenue was HK$240,086,000, a decrease from HK$243,482,000 as of March 31, 2023[8]. - The company reported a loss for the period of HK$13,050,000, compared to a profit of HK$3,411,000 in the previous period[10]. - The Group's revenue for the six months ended September 30, 2023, was approximately HK$237.0 million, an increase of approximately HK$25.1 million or 11.8% compared to HK$211.9 million for the same period in 2022[35]. - Loss attributable to the owners of the Company was approximately HK$13.1 million for the six months ended September 30, 2023, compared to a profit of approximately HK$3.4 million for the same period in 2022[35]. - Total comprehensive loss for the period was HK$13.2 million, compared to a comprehensive income of HK$3.3 million for the same period in 2022[36]. - The Group reported a loss before tax of HK$13,050,000 for the six months ended September 30, 2023, compared to a profit of HK$3,411,000 in the same period of 2022[122]. - The Group recorded a loss of HK$13.1 million for the period, compared to a profit of HK$3.4 million in the previous period[159]. Revenue Breakdown - Revenue from contracts with customers for the six months ended September 30, 2023, was HK$237,010,000, an increase of 11.8% from HK$211,900,000 in the same period of 2022[112]. - Revenue from Hong Kong was HK$215,069,000, up 5.9% from HK$203,124,000 year-on-year[73]. - Revenue from Mainland China surged to HK$21,941,000, a significant increase of 149.5% compared to HK$8,776,000 in the previous year[73]. - Treatment services revenue increased to HK$176,335,000, up from HK$153,569,000, representing a growth of 14.8% year-over-year[113]. - Skincare products revenue rose to HK$60,631,000, compared to HK$58,120,000, marking a 4.3% increase[113]. Assets and Liabilities - Total current assets as of September 30, 2023, were HK$272,953,000, slightly down from HK$273,329,000 as of March 31, 2023[8]. - The total non-current assets decreased to HK$240,086,000 from HK$243,482,000[8]. - The company’s total equity as of September 30, 2023, was HK$137,525,000, a decrease from HK$150,713,000 as of April 1, 2023[10]. - Net current liabilities increased to HK$24.8 million as of September 30, 2023, compared to HK$13.2 million as of March 31, 2023[38]. - Total assets less current liabilities amounted to HK$215.3 million as of September 30, 2023, down from HK$230.2 million as of March 31, 2023[38]. - Non-current liabilities totaled HK$77.8 million as of September 30, 2023, slightly decreased from HK$79.5 million as of March 31, 2023[38]. - Net assets decreased to HK$137.5 million as of September 30, 2023, from HK$150.7 million as of March 31, 2023[38]. Cash Flow and Investments - Net cash flows from operating activities for the six months ended September 30, 2023, were HK$24,581,000, a decrease from HK$54,118,000 in the same period last year[11]. - Net cash flows used in investing activities amounted to HK$25,820,000, compared to HK$19,426,000 in the previous year, indicating increased investment outflows[11]. - Cash and cash equivalents were reported at HK$97,784,000, down from HK$116,911,000[8]. - Cash and cash equivalents at the end of the period were HK$77,329,000, down from HK$80,802,000 at the end of the previous period[11]. - The total cash and cash equivalents at the beginning of the period were HK$105,610,000, showing a decrease in liquidity during the reporting period[11]. Operational Focus and Strategy - The company plans to focus on market expansion and new product development in the upcoming quarters[5]. - The Group expanded its CosMax+ operation scale by approximately 4,000 square feet to enhance customer experience[157]. - The Group's marketing expenses increased due to the expansion into the Mainland market, impacting overall profitability[161]. - The Group's two brands, CosMax+ and VITAE, are positioned to leverage synergies and enhance market coverage[162]. - The Group plans to adopt a cautiously optimistic approach in the second half of the year, focusing on improving management and operational efficiency[190]. Compliance and Governance - The interim financial information has been prepared in accordance with Hong Kong Accounting Standards, ensuring compliance with local regulations[12]. - The Group has adopted new and revised Hong Kong Financial Reporting Standards (HKFRSs) effective from April 1, 2023, which did not impact the interim financial information but will affect annual disclosures[80]. - The Group's accounting policies remain consistent with those applied in the previous fiscal year, with no significant impact from recent amendments[87]. - The Group did not experience any material impact on liquidity from exchange rate fluctuations and did not engage in hedging transactions during the review period[200]. Shareholder Information - The Board did not declare an interim dividend for the six months ended September 30, 2023, consistent with the previous year[35]. - The average number of ordinary shares issued during the period was 400,000,000, consistent with the previous period[144].

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之內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 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之任何損 失承擔任何責任。 Miricor Enterprises Holdings Limited 卓 珈 控 股 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1827） 截 至2023年9月30日 止 六 個 月 之 中 期 業 績 公 告 摘要 • 截 至2023年9月30日 止 六 個 月，本 集 團 的 收 益 約 為 二 億 三 千 七 百 萬 港 元，與 截 至2022年9月30日 止 六 個 月 約 二 億 一 千 一 百 九 十 萬 港 元 相比增加約二千五百一十萬港元或11.8%。 • 截 至2023年9月30日 止 六 個 月， 本 公 司 擁 有 人 應 佔 虧 損 約 為 一 千 三 百 一 十 萬 港 元（ 截 至2022年9月30日 止 六 個 月： 溢 利 約 三百四十萬港元）。 • 董事會不宣派截至2023年9月30日止六個月中期股息（截至2022年9月 30日止六個月： ...

Financial Performance - The Group's revenue for FY2023 reached a record high of HK$463.1 million, showing significant growth in customer numbers and revenue across all treatment centers and skincare retail stores [45]. - Despite the growth, the Group recorded a net loss of approximately HK$20.5 million for FY2023, compared to a net profit of approximately HK$25.4 million in the previous year, primarily due to increased marketing and operational expenses in Mainland China [49]. - The financial condition remains robust with significant revenue growth and ample cash reserves to support future development despite increased marketing expenses [79]. - The Group's financial position remained healthy, with a significant increase in revenue compared to the Previous Year, supported by ample cash for future development [110]. - Marketing expenses and other expenses increased during the year due to the development of the Mainland market [110]. Brand Development and Market Expansion - The core brand CosMax+ maintained a leading position in the high-end medical aesthetic industry, contributing to the overall revenue growth [45]. - The VITAE treatment centers demonstrated increasing revenue and profit potential, indicating a positive trend for the brand [45]. - The high-end skincare brand XOVE launched in Mainland China stores of Sephora, ranking among the best-selling beauty brands within the first three months [49]. - The Group anticipates that the entry into the Mainland China market will yield positive contributions to revenue and profit as economies of scale are achieved in the future [49]. - The Group aims to leverage the growth of its three brands—CosMax+, VITAE, and XOVE—to capitalize on economic recovery in 2024 [45]. - The Group's proactive planning for future growth includes enhancing brand awareness and market presence in Mainland China through partnerships with established retailers like Sephora [49]. - The high-end skincare brand XOVE officially entered the Chinese market through Sephora, which has over 360 stores in mainland China, enhancing brand visibility [50]. - XOVE's sales performance in the first three months at Sephora was encouraging, ranking among the top beauty brands in the region [50]. Operational Efficiency and Cost Management - Staff costs increased by approximately HK$52.2 million, or 41.7%, from approximately HK$125.3 million to approximately HK$177.5 million, attributed to the opening of 6 new retail stores [57]. - Depreciation related to property, plant, and equipment rose by approximately HK$19.6 million, or 79.0%, from approximately HK$24.8 million to approximately HK$44.4 million [58]. - Other net expenses increased from approximately HK$103.2 million to approximately HK$135.5 million, mainly due to expanded operations and increased advertising and promotional expenses [62]. - The company aims to optimize operations and management to maintain a competitive advantage and improve revenue and profit for shareholders [53]. - The Group implemented standard operating procedures and a clear division of labor at its medical aesthetic centers to enhance operational efficiency and service quality [170]. Governance and Compliance - The Board is committed to high standards of corporate governance to manage business risks and enhance transparency [91]. - The Company has complied with the Listing Rules, maintaining at least 3 independent non-executive directors, representing over one-third of the Board [96]. - The Company has adopted the Model Code for Securities Transactions, ensuring all directors confirmed compliance during the review year [95]. - The Group's directors acknowledged their responsibility for preparing all information in the financial statements for the year ended 31 March 2023 [154]. - The Board oversees risk management and internal control systems, aiming to identify and mitigate risks to achieve business objectives [182]. - The Group's internal control processes are reviewed periodically to ensure effectiveness and compliance with applicable laws and regulations [184]. - The Group strictly complies with the Prevention of Bribery Ordinance, with no legal cases regarding corrupt practices reported during the reporting period [149]. - An anti-corruption policy has been established to ensure integrity and ethical conduct in business operations, with specific behavioral guidelines for employees and partners [189]. - The Group has adopted a whistleblowing policy to promote compliance and ethical behavior across its operations [188]. Community Engagement and Social Responsibility - The Company is committed to community investment and social responsibility initiatives [106]. - The Group made charitable donations amounting to HK$129,000 during the reporting period, a significant increase from HK$29,000 in 2022 [156]. - The Group's community investment policy aims to establish a comprehensive system to oversee activities related to community investment, fostering long-term relationships with stakeholders [155]. - The Group's charitable contributions reflect its commitment to community development and support for the underprivileged [156]. Research and Development - The company plans to continue investing in R&D and new projects to enhance customer experience and explore potential business opportunities in both Hong Kong and mainland China [51]. - The research and development department is responsible for managing intellectual property rights, including acquisition, modification, and monitoring across all units [172]. - The Group conducts regular training on intellectual property rights to enhance employee awareness and compliance [172]. Remuneration and Management Structure - The Remuneration Committee held one meeting during the year ended 31 March 2023, assessing the performance of executive Directors and making recommendations regarding remuneration packages [139]. - The Group's remuneration policy for directors is reviewed annually, considering experience, responsibilities, and time commitment [141]. - The current management structure allows the same individual to serve as both Chairperson and CEO, which the Board believes is in the best interest of the Company [93].

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之內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 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之任何損 失承擔任何責任。 Miricor Enterprises Holdings Limited 卓 珈 控 股 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1827） 截 至2023年3月31日 止 年 度 之 年 度 業 績 公 告 摘要 • 截至2023年3月31日止年度，本集團的收益約為463.1百萬港元，較截 至2022年3月31日 止 年 度 的 約363.9百 萬 港 元 增 加 約99.2百 萬 港 元 或 27.3%。 • 截至2023年3月31日止年度，本公司擁有人應佔虧損約為20.5百萬港元， 而截至2022年3月31日止年度則錄得溢利約25.4百萬港元。 • 截 至2023年3月31日 止 年 度，每 股 基 本 虧 損 為5.13港 仙（2022年：每 股 盈利6.35港仙）。 • 董事會並不建議或宣派截至2023年3月31日止年度的任何股息。 ...

Financial Performance - The Group's revenue for the six months ended September 30, 2022, was approximately HK$211.9 million, an increase of approximately HK$12.2 million or 6.1% compared to HK$199.7 million for the same period in 2021[11]. - Profit attributable to the owners of the Company was approximately HK$3.4 million for the six months ended September 30, 2022, a significant decrease from approximately HK$53.9 million for the same period in 2021[11]. - Total comprehensive income for the period was HK$3.3 million, down from HK$54.0 million in the previous year[13]. - Basic and diluted earnings per share attributable to ordinary equity holders of the Company were HK$0.85 cents, a decrease from HK$13.48 cents in the same period last year[13]. - The Group reported a profit before tax of HK$4.3 million, a decrease from HK$60.6 million for the same period in 2021[13]. - The Group received government subsidies of HK$6,678,000 during the six months ended September 30, 2022, primarily under the Employment Support Scheme[79]. - The total tax charge for the period was HK$900,000, a decrease of 86.5% compared to HK$6,648,000 in the same period last year[89]. - Profit for the period was approximately HK$3.4 million, down by HK$50.5 million, or 94%, from HK$53.9 million in the previous period[123][126]. Revenue Breakdown - Revenue from external customers for the six months ended September 30, 2022, was HK$211,900,000, an increase of 6.6% from HK$199,730,000 in 2021[51]. - Revenue from treatment services decreased to HK$153,569,000, down 13.0% from HK$176,594,000 in the previous year[62]. - Revenue from skin care products significantly increased to HK$58,120,000, up 154.5% from HK$22,775,000 in 2021[62]. - The geographical breakdown of revenue showed HK$203,124,000 from Hong Kong and HK$8,776,000 from Mainland China for the six months ended September 30, 2022[51]. Expenses and Costs - The cost of inventories and consumables was HK$18.99 million for the period[13]. - Staff costs amounted to HK$13.3 million during the six months ended September 30, 2022[13]. - Property rentals and related expenses totaled HK$82.4 million, an increase from HK$56.4 million in the previous year[13]. - Depreciation charge for property, plant and equipment amounted to approximately HK$21.7 million, representing 10.2% of total revenue for the Period Under Review, compared to approximately HK$7.3 million or 3.7% for the Previous Period[141]. - Other expenses, net increased by approximately HK$10.0 million or 22.8%, from approximately HK$43.9 million for the Previous Period to approximately HK$53.9 million for the Period Under Review[141]. Assets and Liabilities - Total non-current assets decreased from HK$276,708,000 to HK$264,837,000, a decline of approximately 4.0%[16]. - Current assets increased from HK$200,106,000 to HK$235,951,000, representing a growth of about 17.9%[16]. - Total current liabilities increased from HK$202,994,000 to HK$235,656,000, reflecting a rise of about 16.0%[16]. - Net assets increased from HK$171,270,000 to HK$174,579,000, a growth of approximately 1.8%[19]. - Cash and cash equivalents increased from HK$65,680,000 to HK$80,802,000, a rise of about 22.9%[16]. - Inventories increased from HK$37,969,000 to HK$45,160,000, representing a growth of approximately 19.0%[16]. - Lease liabilities decreased from HK$89,587,000 to HK$76,877,000, a reduction of approximately 14.2%[19]. Operational Insights - The Group is primarily engaged in providing medical aesthetic services and selling skin care products[30]. - The Group's reportable operating segment is the non-surgical medical aesthetic services segment, primarily engaged in providing medical aesthetic services and selling skin care products in Hong Kong and Mainland China[45]. - The Group's strategy focuses on customer needs, aiming to enhance brand reputation and service quality in the high-end medical aesthetics sector[164]. - The Group aims to maintain high service quality and competitiveness by continuing to invest in staff training[164]. - The Group will keep optimizing the environment and services of its medical aesthetic and beauty treatment centers to reinforce its market position[163]. Future Outlook - The Group is cautiously optimistic about its prospects as the pandemic stabilizes and the government eases anti-pandemic measures[163]. - The Group plans to launch new XOVE product lines in 2023 and has entered into an agreement with an international beauty retail group to establish a presence in over 300 offline retail outlets in Mainland China[169]. - The Group expects the operating environment to improve as the number of visitors to Hong Kong is anticipated to increase steadily[170]. Shareholding and Governance - As of September 30, 2022, Ms. Lai Ka Yee Gigi holds 275,000,000 shares, representing 68.75% of the company's issued share capital[189]. - Mrs. Gigi Ma is deemed to be interested in 100% of the issued share capital of Sunny Bright, due to her spouse's ownership of the remaining shares[198]. - No other directors or chief executives registered any interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations as of September 30, 2022[199].