Financial Performance - For the six months ended September 30, 2025, the group's unaudited consolidated revenue was approximately HKD 76.5 million, an increase of about 139.8% compared to HKD 31.9 million for the same period in 2024[3] - The unaudited consolidated profit attributable to the owners of the company for the six months ended September 30, 2025, was approximately HKD 427,000, recovering from a loss of HKD 1.1 million in the same period of 2024[3] - Basic and diluted earnings per share for the six months ended September 30, 2025, were 0.09 HK cents, compared to a loss of 0.23 HK cents per share for the same period in 2024[3] - The total comprehensive income for the period was HKD 1.4 million, compared to HKD 982,000 for the same period in 2024[6] - The group reported a gross profit of HKD 33.7 million for the six months ended September 30, 2025, compared to HKD 27.0 million for the same period in 2024[5] - Operating profit for the period was HKD 3,778,000, compared to an operating loss of HKD 251,000 in the same period last year[19] - The net profit for the period was HKD 665,000, a turnaround from a net loss of HKD 1,104,000 in the previous year[19] Revenue Breakdown - Revenue from the art auction and related business was HKD 38,741,000, up from HKD 29,447,000, reflecting a growth of 31.5% year-over-year[19] - The art sales segment generated HKD 37,518,000, a substantial increase from HKD 2,444,000, indicating a growth of 1435.5%[19] - The gold and gold-related business contributed HKD 215,000, marking its first revenue recognition in this segment[19] - Total external customer revenue from Hong Kong was HKD 42,838,000, significantly up from HKD 14,399,000, while revenue from Japan increased to HKD 33,636,000 from HKD 17,492,000[22] Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 453.6 million, an increase from HKD 394.9 million as of March 31, 2025[7] - Total liabilities as of September 30, 2025, were HKD 227.0 million, compared to HKD 170.4 million as of March 31, 2025[8] - The company experienced a significant increase in trade and other receivables, which rose to HKD 221.0 million as of September 30, 2025, from HKD 145.4 million as of March 31, 2025[7] - Trade receivables increased significantly to HKD 21,355,000 as of September 30, 2025, from HKD 10,679,000 as of March 31, 2025, with a net trade receivables amount of HKD 15,904,000[36] - The total trade and other receivables reached HKD 221,013,000 as of September 30, 2025, up from HKD 145,435,000 as of March 31, 2025[36] - Bank borrowings amounted to HKD 34,641,000 as of September 30, 2025, a decrease from HKD 37,327,000 as of March 31, 2025[43] - The company’s total liabilities included trade and other payables of HKD 183,574,000 as of September 30, 2025, compared to HKD 124,549,000 as of March 31, 2025[45] Dividends and Shareholder Information - The company did not declare an interim dividend for the six months ended September 30, 2025, consistent with the previous year[3] - The company did not declare or recommend any dividends for the six months ended September 30, 2025, consistent with the previous year[35] - The company’s weighted average number of ordinary shares remained constant at 500,000,000 shares for both periods[33] - The company has issued a total of 48,000,000 share options, with an exercise price of HKD 0.80 per share, which will expire by April 2029[76] - The company has entered into a placement agreement to issue up to 11,880,000 shares at a placement price of HKD 7.71 per share, which was completed on November 6, 2025[79] Expenses and Costs - Sales and distribution expenses were approximately HKD 13.1 million, reflecting an increase consistent with the rise in revenue during the reporting period[55] - Administrative expenses decreased by approximately 0.6% to about HKD 17.2 million, remaining stable compared to the previous year[56] - The company reported a net financial cost of HKD 308,000, slightly higher than HKD 301,000 in the previous year[26] - The income tax expense for the period was HKD 2,397,000, compared to HKD 440,000 in the same period last year, reflecting increased profitability in Japan[27] - The company incurred a foreign exchange loss of HKD 33,000, down from HKD 109,000 in the previous year[23] - The company recorded financial income of approximately HKD 49,000 and financial costs of approximately HKD 357,000 during the reporting period[57] Strategic Plans and Market Presence - The company plans to expand its market presence by establishing flagship stores and standard stores in high-traffic commercial areas across East Asia, Southeast Asia, and the Middle East[48] - The company aims to enhance its brand image and market share in the Chinese and Japanese art auction markets while diversifying its business scope[47] - The company aims to maintain stable growth and expand its global market presence by developing a dual business ecosystem of "Gold + Auction" to reduce reliance on a single business[80] - The company plans to enrich the variety of auction items to cater to diverse collector tastes while exploring valuable artworks for the auction market[80] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with its provisions during the reporting period[82] - The company has established a code of conduct for directors' securities trading, ensuring compliance with the standard code during the reporting period[83] - The audit committee has reviewed the unaudited interim consolidated financial information and found no objections to the accounting treatment adopted during the reporting period[84] Employee and Operational Information - As of September 30, 2025, the group had 36 full-time employees across Japan, Hong Kong, Taiwan, and China[72] - The group reported no significant capital commitments or major investments as of September 30, 2025[65][67] - The group had no contingent liabilities or guarantees provided to third parties as of September 30, 2025[66] - The group has adopted a cautious treasury policy, emphasizing risk control and relevant transactions related to its main business[68] Acknowledgments - The company expresses gratitude to shareholders, business partners, and employees for their support and efforts, looking forward to a successful 2025[86] - The company will distribute its interim report to shareholders in accordance with the listing rules[85]

Group 1: Market Overview - The Hang Seng Index fell by 0.45%, down 117 points, closing at 25,812 points, while the Hang Seng Tech Index dropped by 0.98% [1] - The trading volume in the Hong Kong stock market reached HKD 112.6 billion in the morning session [1] Group 2: Hydrogen Energy Sector - Hydrogen energy stocks experienced a significant rise, driven by the continuous rollout of green hydrogen ammonia industry policies, indicating a maturing industry [1] - Reshaping Energy (02570) surged by 24.29%, while Guofu Hydrogen Energy (02582) increased by over 4.64% [1] Group 3: Oil Sector - Oil stocks continued their recent upward trend, with institutions noting the resilience of the three major oil companies during the oil price downturn [1] - Sinopec (00386) rose by 3.6%, PetroChina (00857) increased by 2.49%, and CNOOC (00883) gained 2.11% [1] Group 4: Telecommunications and Technology - Changfei Optical Fiber and Cable (06869) saw an increase of over 4% after China Telecom completed the world's first ultra-long-distance hollow core fiber transmission experiment [1] - Boleton (01333) surged by over 10% as the company is set to globally launch its autonomous driving specialized mining truck this Friday [1] Group 5: Gold and Consumer Products - Shangshan Gold (01939) rose nearly 2% following a profit warning, which is expected to boost its global layout of intelligent gold terminals [1] - H&H International Holdings (01112) increased by over 2%, with a strong growth momentum in its infant-related products, particularly in infant formula sales exceeding industry averages [1] Group 6: Medical and Defense Sectors - Yimai Sunshine (02522) rose by over 4% as the company plans to further invest in Yinghe Medical, validating its commercial path for medical data assetization [1] - China Shipbuilding Defense (00317) increased by over 4%, with institutions noting that second-hand ship prices have surpassed new ship prices, indicating an upcoming positive trend in the shipbuilding sector [1] Group 7: Declining Stocks - Jacobson Pharmaceutical (02633) fell by over 8% due to a 5.36% year-on-year decrease in mid-term earnings, despite a 20% increase in dividends [2] - Yuejiang (02432) dropped by over 4%, accumulating a decline of over 40% in the past two months, having completed two rounds of equity financing in four months [2]

Core Viewpoint - The company, Shangshan Gold (01939), has announced a positive earnings forecast, expecting to achieve a net profit of approximately HKD 400,000 for the six months ending September 30, 2025, marking a turnaround from a loss [1] Financial Performance - Revenue for the reporting period is projected to increase by 140% to approximately HKD 76.5 million [1] - Revenue from art auction and related businesses is expected to be around HKD 38.88 million, while art sales revenue is estimated at HKD 37.5 million, and revenue from gold and related businesses is about HKD 2 million [1] Capital Raising and Strategic Focus - The company has recently completed a placement of 11.88 million shares, raising a net amount of approximately HKD 90 million [1] - The raised funds will be primarily directed towards global channel expansion and brand system development, with a core focus on scaling and upgrading technology for gold smart terminals [1] Competitive Advantage - The company's core competitiveness is rooted in the technological accumulation and industry layout of its parent company, Jinya Fu Group [1] - As of June 2025, Jinya Fu's smart gold stores have been established in nearly 100 key cities across China, including major cities like Beijing, Shanghai, and Guangzhou, and have partnered with over 50 banks, serving more than 300,000 users [1]

Core Viewpoint - The company, Shangshan Gold (01939), has announced a positive earnings forecast, expecting to achieve a net profit of approximately HKD 400,000 for the six months ending September 30, 2025, marking a turnaround from a loss in the previous year [1] Financial Performance - Revenue is projected to increase by 140% to approximately HKD 76.5 million [1] - Revenue from art auctions and related businesses is expected to be around HKD 38.88 million, while art sales revenue is estimated at HKD 37.5 million, and revenue from gold and related businesses is about HKD 2 million [1] Capital Raising and Strategic Focus - The company has recently completed a placement of 11.88 million shares, raising a net amount of approximately HKD 90 million [1] - The raised funds will be primarily directed towards global channel expansion and brand system development, with a core focus on scaling and upgrading technology for gold smart terminals [1] Competitive Advantage - The company's core competitiveness is rooted in the technological accumulation and industrial layout of its parent company, Jinya Fu Group [1] - As of June 2025, Jinya Fu's smart gold stores have been established in nearly 100 key cities across China, including major cities like Beijing, Shanghai, and Guangzhou, and have partnered with over 50 banks, serving more than 300,000 users [1]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of approximately HKD 400,000 for the six months ending September 30, 2025, marking a turnaround from a loss to profit [1] Financial Performance - The group's revenue for the reporting period is projected to increase to approximately HKD 76.5 million, representing a year-on-year growth of about 139.8% [1] - Revenue from art auctions and related businesses is expected to be around HKD 38.8 million, compared to approximately HKD 29.3 million for the six months ending September 30, 2024 [1] - Revenue from art sales is anticipated to be approximately HKD 37.5 million, significantly up from about HKD 2.2 million for the same period last year [1] - Revenue from gold and gold-related businesses is expected to be around HKD 200,000, whereas there was no revenue recorded for the six months ending September 30, 2024 [1]

Core Insights - The company, Shangshan Gold, has completed a placement of 11.88 million shares, raising approximately HKD 90 million, which will be focused on global channel expansion and brand system development, particularly in the area of gold smart terminals [1] - The gold recycling market is experiencing significant growth, driven by a combination of market pain points and policy incentives, with China's gold consumption far exceeding production [2][4] - Shangshan Gold's smart terminal model addresses traditional industry pain points such as price transparency and long payment cycles, creating disruptive opportunities [4][5] Market Dynamics - Global gold demand reached 1,206 tons in Q1 2025, with Southeast Asia showing remarkable growth, particularly in Singapore, where demand increased by 35% year-on-year [2] - China's gold production in 2024 was 534.106 tons, a 2.85% increase, while consumption was 985.31 tons, indicating a significant gap between supply and demand [2] Technological Advancements - Shangshan Gold's smart terminals, developed over a decade, have received multiple certifications and can perform precise gold detection in just three minutes, addressing trust and efficiency issues in traditional recycling [5][6] - The company has established a unique business model that integrates recycling, retail, and customization, allowing for low investment costs and reduced operational risks [5][6] Expansion Strategy - The placement funds will accelerate Shangshan Gold's global expansion, with the first international smart gold recycling machines launched in Macau, optimized for local market needs [7] - The company has already established nearly 100 smart stores across major cities in China, with a significant increase in recycling volume reported [6][7] Investment Value - Shangshan Gold's competitive edge lies in its extensive intellectual property and industry certifications, which create high barriers to entry in the smart terminal market [8] - The company's strategy of "thousand cities, ten thousand stores" aims to reshape the gold jewelry distribution landscape, drawing parallels with successful models in other industries [8][9] - The combination of market potential, technological innovation, and supportive policies positions Shangshan Gold as a leading player in the global gold smart retail sector [10]

Core Insights - The company, Shangshan Gold, has completed a placement of 11.88 million shares, raising approximately HKD 90 million, which will be focused on global channel expansion and brand system development, particularly in the smart gold terminal sector [1] - The gold recycling market is experiencing significant growth, driven by a combination of market pain points and policy incentives, with China's gold consumption far exceeding production [2][4] - Shangshan Gold's smart terminal model addresses traditional industry pain points such as price transparency and long payment cycles, positioning the company to capitalize on the emerging opportunities in the gold recycling market [4][5] Market Dynamics - Global gold demand reached 1,206 tons in Q1 2025, with Southeast Asia showing remarkable growth, particularly in Singapore, where demand increased by 35% year-on-year [2] - China's gold production in 2024 was 534.106 tons, a 2.85% increase, while consumption was 985.31 tons, indicating a significant gap between supply and demand [2] - The potential for gold recycling is substantial, with an estimated 17,000 tons of privately held gold in China, valued at over CNY 10 trillion, creating a large pool of potential sellers [2] Technological Advancements - Shangshan Gold's core competitiveness lies in its parent company, Jinyafu Group's, technological expertise, having developed a gold recycling smart terminal that has received multiple certifications [5] - The smart terminal, referred to as a "gold ATM," can perform precise gold detection in three minutes and offers real-time price updates, significantly improving the efficiency and trust in the recycling process [5][6] Business Model and Expansion - The investment cost for a smart gold store is significantly lower than traditional gold stores, with a required investment of only CNY 500,000 compared to millions for conventional stores, reducing operational risks [6] - As of June 2025, Jinyafu's smart gold stores have been established in nearly 100 major cities across China, with a 589% increase in total recycling volume year-on-year [8] - The recent capital raise will accelerate Shangshan Gold's global expansion, with the first international smart gold recycling machines already launched in Macau [10] Strategic Positioning - The company aims to leverage its technological barriers and scale advantages to establish a robust market presence, with a focus on a "recycling-retail-customization" model [10][12] - Shangshan Gold's strategy aligns with successful models in other industries, such as Luckin Coffee and Pop Mart, emphasizing standardized products and efficient channel networks for rapid expansion [11][12] - The combination of market demand, technological innovation, and supportive policies positions Shangshan Gold to potentially become a leader in the global smart gold retail sector within the next 3-5 years [12]

Core Viewpoint - The company, Shangshan Gold (01939.HK), expects to achieve a net profit attributable to shareholders of approximately HKD 400,000 for the six months ending September 30, 2025, marking a turnaround from a loss in the previous year. This improvement is primarily due to a significant increase in revenue, which is projected to reach approximately HKD 76.5 million, a year-on-year growth of about 139.8% [1][1][1] Financial Performance - Revenue from art auctions and related businesses is expected to be around HKD 38.8 million, compared to approximately HKD 29.3 million for the six months ending September 30, 2024 - Revenue from art sales is projected to be about HKD 37.5 million, a substantial increase from approximately HKD 2.2 million for the same period last year - Revenue from gold and gold-related businesses is anticipated to be around HKD 200,000, whereas there was no revenue recorded for the same period last year [1][1][1] Market Position - As of November 18, 2025, Shangshan Gold's stock closed at HKD 7.7, down 4.82%, with a trading volume of 2.516 million shares and a turnover of HKD 19.6459 million - The company has a market capitalization of HKD 4.141 billion and ranks 6th in the Trade II industry [1][1][1] Key Financial Metrics - Return on Equity (ROE) stands at -11.97%, compared to the industry average of -7.23%, ranking 28th in the industry - The company's market capitalization is HKD 4.141 billion, while the industry average is HKD 2.024 billion, ranking 6th - Operating revenue is HKD 57.549 million, significantly lower than the industry average of HKD 6.704 billion, ranking 38th - Net profit margin is -3.46%, better than the industry average of -25.14%, ranking 26th - Gross profit margin is 84.52%, substantially higher than the industry average of 19.78%, ranking 4th - Debt ratio is 43.88%, lower than the industry average of 58.62%, ranking 23rd [1][1][1]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of approximately HKD 400,000 for the six months ending September 30, 2025, marking a turnaround from a loss in the previous period [1] Financial Performance - The group's revenue for the reporting period is projected to increase to approximately HKD 76.5 million, representing a year-on-year growth of about 139.8% [1] - Revenue from art auctions and related businesses is expected to be around HKD 38.8 million, compared to approximately HKD 29.3 million for the six months ending September 30, 2024 [1] - Revenue from art sales is anticipated to be approximately HKD 37.5 million, significantly up from about HKD 2.2 million for the same period last year [1] - Revenue from gold and gold-related businesses is projected to be around HKD 200,000, whereas there was no revenue recorded for the same period last year [1]

Core Viewpoint - The company, Shangshan Gold (01939.HK), anticipates a net profit attributable to shareholders of approximately HKD 400,000 for the six months ending September 30, 2025, a turnaround from a net loss of approximately HKD 1.1 million in the same period of 2024 [1] Financial Performance - The company expects total revenue to increase to approximately HKD 76.5 million, representing an increase of about HKD 44.6 million or approximately 139.8% compared to the revenue for the six months ending September 30, 2024 [1] - Revenue from art auctions and related businesses is expected to be approximately HKD 38.8 million, up from approximately HKD 29.3 million in the same period of 2024 [1] - Revenue from art sales is projected to be approximately HKD 37.5 million, a significant increase from approximately HKD 2.2 million in the same period of 2024 [1] - Revenue from gold and gold-related businesses is expected to be approximately HKD 0.2 million, compared to no revenue in the same period of 2024 [1]