Financial Performance - The Group reported interim results for the six months ended September 30, 2024, with comparative figures for the same period in 2023 [15]. - The Group's revenue for the Reporting Period was approximately HK$31.9 million, a decrease of approximately HK$0.3 million or 0.9% compared to the same period in 2023 [31]. - Gross profit decreased by approximately 8.6% to approximately HK$27.0 million, with a gross profit margin dropping to approximately 84.5% from 91.6% in the same period last year [32]. - The Company recorded a loss attributable to owners of approximately HK$1.1 million for the reporting period, compared to a profit of approximately HK$1.6 million for the six months ended 30 September 2023, primarily due to equity-settled share-based payments [48][51]. - Operating loss for the period was HK$251,000, compared to an operating profit of HK$2,219,000 in the previous year [150]. - The comprehensive loss for the period ended September 30, 2024, was HK$1,104,000, compared to a profit of HK$1,689,000 for the same period in 2023 [159]. - Total comprehensive profit for the period was HK$982,000, a significant recovery from a loss of HK$4,357,000 in the previous year [153]. Business Strategy and Expansion - The Group aims to diversify its business scope into contemporary artworks and jewelry, targeting expansion in the Taiwan market due to potential demand [24]. - The Group has strengthened its market position in the Chinese and Japanese art auction market, enhancing brand recognition and awareness [17]. - The Group's strategic focus includes expanding its business footprint to other major Asian cities and the global market [17]. - The Group aims to enhance its brand image and influence in response to increasing market demand for jewelry and contemporary artworks [24]. - The Group has initiated joint consignments with industry peers in Taiwan to enhance its coverage in key Asian regions [29]. Operational Improvements - The Group's operational improvements include adopting professional marketing techniques to maximize auction transaction prices [17]. - The Group's online auction platform development aims to integrate technology and provide a multi-scenario auction experience for collectors [23]. - The Group is focusing on enhancing its online auction platform to adapt to market trends and provide a new auction experience for collectors [25]. - The Group has recognized the adverse effects of global economic uncertainty on the market for Chinese and Japanese artworks [23]. Financial Position and Assets - The Group's current assets increased to approximately HK$406.9 million as of 30 September 2024, up from approximately HK$368.1 million as of 31 March 2024 [59][65]. - Cash and cash equivalents amounted to approximately HK$55.6 million as of 30 September 2024, compared to approximately HK$48.7 million as of 31 March 2024 [59][65]. - Total assets as of September 30, 2024, amounted to HK$432,266,000, an increase from HK$396,637,000 as of March 31, 2024 [155]. - Total liabilities increased to HK$189,663,000 as of September 30, 2024, from HK$157,691,000, marking a rise of 20.3% [157]. Share Options and Employee Management - The Group had a total of 48,000,000 share options granted on April 24, 2023, to certain directors, senior management, and employees [80]. - The Group's share option scheme was adopted on September 13, 2018, to attract and retain high-caliber employees [79]. - The remuneration committee and the Board believe that granting share options to middle to senior level management aligns their interests with those of the Company and its shareholders, encouraging long-term commitment and competitiveness [111]. - No performance targets are attached to the share options granted under the 2023 Share Option Scheme, which is designed to reward eligible participants for their contributions to the Group [110]. Governance and Compliance - The Company has complied with the Corporate Governance Code during the Reporting Period [134]. - The audit committee comprises three independent non-executive Directors, reviewing the unaudited interim condensed consolidated financial information for the Reporting Period [141]. - The interim financial information has not been audited but has been reviewed by the Company's audit committee [173][177]. Use of Proceeds - The Company received net proceeds of approximately HK$110.0 million from the global offering, with a reallocation of unutilized net proceeds of approximately HK$27.3 million resolved on March 26, 2021 [121]. - HK$ 62.7 million was allocated to enhance marketing and promotional activities, with HK$ 39.9 million utilized as of 30 September 2024 [123]. - The total planned use of Net Proceeds was HK$ 110.0 million, with HK$ 104.7 million utilized as of 30 September 2024 [123].

Financial Performance - For the six months ended September 30, 2024, the group's unaudited consolidated revenue was approximately HKD 31.9 million, a decrease of about 0.9% compared to HKD 32.2 million for the same period in 2023[3]. - The unaudited consolidated loss attributable to the company's owners for the six months ended September 30, 2024, was approximately HKD 1.1 million, compared to a profit of HKD 1.6 million for the same period in 2023[3]. - Basic and diluted loss per share for the six months ended September 30, 2024, was HKD 0.23, compared to earnings of HKD 0.32 per share for the same period in 2023[3]. - Gross profit for the six months ended September 30, 2024, was HKD 26.9 million, down from HKD 29.5 million in the same period of 2023[5]. - The company reported a total comprehensive income of HKD 982,000 for the six months ended September 30, 2024, compared to a loss of HKD 4.4 million for the same period in 2023[12]. - The operating loss for the six months ended September 30, 2024, was HKD 251,000, a significant decline from an operating profit of HKD 2.2 million in the same period of 2023[5]. - The net loss for the period was HKD 1,104 thousand, compared to a profit of HKD 1,689 thousand for the same period in 2023[29][41]. - The company recorded a loss attributable to owners of approximately HKD 1.1 million for the reporting period, compared to a profit of approximately HKD 1.6 million for the six months ended September 30, 2023, primarily due to equity-settled share-based payments[84]. Revenue Breakdown - For the six months ended September 30, 2024, total revenue from external customers was HKD 31,891 thousand, a decrease of 0.9% compared to HKD 32,194 thousand for the same period in 2023[29][36]. - Revenue from Hong Kong increased significantly to HKD 14,399 thousand from HKD 8,345 thousand, while revenue from Japan decreased to HKD 17,492 thousand from HKD 23,849 thousand[36]. - The segment performance for the auction and related business generated a profit of HKD 26,636 thousand, while the art sales segment contributed HKD 317 thousand, leading to a total segment performance of HKD 26,953 thousand[29]. Expenses and Costs - The company incurred administrative expenses of HKD 17,282 thousand, which is a slight increase from HKD 16,603 thousand in the previous year[29]. - Selling and distribution expenses were about HKD 10.3 million, reflecting a decrease consistent with the decline in revenue[79]. - The cost of sold inventory for the period was HKD 2,127 thousand, compared to HKD 642 thousand in the same period last year[41]. - Financial income for the six months ended September 30, 2024, was HKD 219,000, compared to HKD 130,000 for the same period in 2023, representing a 68.5% increase[9]. - The net financial cost for the six months ended September 30, 2024, was HKD (301,000), compared to HKD (113,000) for the same period in 2023, indicating a significant increase in financial expenses[9]. - The total income tax expense for the six months ended September 30, 2024, was HKD 440,000, down from HKD 1,001,000 in the same period of 2023, reflecting a 56.1% decrease[9]. Assets and Liabilities - Total assets as of September 30, 2024, were HKD 432.3 million, an increase from HKD 396.6 million as of March 31, 2024[16]. - Total liabilities as of September 30, 2024, were HKD 189.7 million, compared to HKD 157.7 million as of March 31, 2024[18]. - Trade receivables increased to HKD 18,726,000 as of September 30, 2024, from HKD 11,114,000 as of March 31, 2024, marking a 68.5% increase[53]. - Total trade and other receivables amounted to HKD 189,357,000 as of September 30, 2024, compared to HKD 158,160,000 as of March 31, 2024, representing a 19.7% increase[53]. - Bank borrowings as of September 30, 2024, totaled HKD 40,722,000, a slight decrease from HKD 41,598,000 as of March 31, 2024[63]. Dividends and Share Options - The board has resolved not to declare an interim dividend for the six months ended September 30, 2024, consistent with the previous year[3]. - The company did not declare or propose any dividends for the six months ended September 30, 2024, consistent with the same period in 2023[52]. - The company adopted a share option scheme in September 2018, granting 48,000,000 share options to certain directors and employees on April 24, 2023[102]. - The company has proposed to adopt the 2023 Share Option Scheme and terminate the 2018 Share Option Scheme, which was officially approved by shareholders at the annual general meeting on September 4, 2023[105]. - As of September 30, 2024, a total of 48,000,000 share options were granted, with an exercise price of HKD 0.80 per share[103]. Strategic Initiatives - The group aims to maintain stable growth and expand its market presence in other key Asian cities and globally[74]. - The group has initiated joint collection activities with peers in Taiwan to enhance its reach in the Asian art market[74]. - The company aims to expand its business into the contemporary art and jewelry sectors, driven by the significant potential demand from existing customers[107]. - The company plans to enhance its online auction platform and integrate technology to provide a new multi-scenario auction experience for collectors[107]. - The company intends to further develop its business in the Taiwan market to strengthen its brand image and influence in major Asian cities and globally[107]. Governance and Compliance - The board has adopted the corporate governance code as per the listing rules and believes that the company has complied with these codes during the reporting period[110]. - The audit committee has reviewed the unaudited interim consolidated financial information and found no objections to the accounting treatment adopted during the reporting period[112]. Miscellaneous - The group reported no significant capital commitments or major investments during the reporting period[91][93]. - The group has no contingent liabilities or guarantees provided for any third parties as of September 30, 2024[92]. - The group employs a total of 36 full-time employees across Japan, Hong Kong, Taiwan, and China as of September 30, 2024[99]. - There were no significant events affecting the group from the end of the reporting period to the date of this announcement[106]. - The company did not acquire, sell, or redeem any of its listed securities during the reporting period[108].

Business Diversification and Expansion - The Group has diversified its business scope by venturing into contemporary artworks and fine & rare whisky and moutai[11]. - The Group aims to enhance its online auction platform to provide a new multi-scenario auction experience for collectors[13]. - The Group plans to extend its coverage in Asian artworks through a joint consignments tour with industry peers based in Taiwan[16]. - The Group is targeting to expand its business footprint to other potential markets in major Asian cities and globally[11]. - The Group aims to diversify its business into contemporary artworks and jewelry, targeting expansion in the Taiwan market to enhance brand image and influence[19]. - The Group is exploring cooperation opportunities with other auction companies to accelerate business development[16]. Financial Performance - The Group's revenue for the Reporting Period was approximately HK$57.9 million, a decrease of approximately HK$14.9 million or 20.5% compared to HK$72.8 million in 2023[28]. - Revenue from art auction and related business was approximately HK$48.7 million, down from approximately HK$59.8 million in 2023, while revenue from artwork sales decreased to approximately HK$9.2 million from HK$12.9 million[28]. - Gross profit decreased by approximately HK$6.5 million or 12.2% to approximately HK$46.8 million, with an overall gross profit margin of approximately 80.8%, up from 73.2% in 2023[29]. - The company recorded a loss attributable to owners of approximately HK$26.9 million, compared to a loss of approximately HK$8.3 million in 2023, primarily due to decreased revenue from art auctions and increased impairment losses[45]. - Other income for the reporting period was approximately HK$1.4 million, mainly from government grants and penalties, slightly down from approximately HK$1.5 million in 2023[35]. Auction Operations and Success - The success rate of auctions was 73.2%, with a total of 3,612 pieces sold out of 4,934 auction lots launched, achieving an aggregate hammer price of approximately HK$83.2 million and JPY2,489.5 million[20]. - The Group will continuously enrich the categories of auction lots to meet the diverse preferences of collectors[16]. Management and Staffing - The Group reported a focus on recruiting high-caliber managers and experts to support sustainable growth[11]. - As of March 31, 2024, the Group had 21 full-time staff in Japan, Hong Kong, Taiwan, and the PRC[79]. - The executive team has over 20 years of experience in auction operations and artwork trading, indicating strong leadership in the industry[104][110]. - The management team is focused on strengthening client relationships and expanding market presence through effective branding and marketing strategies[107]. Corporate Governance - The Group emphasizes high corporate governance standards to safeguard shareholder interests and enhance corporate value[141]. - The Company has complied with all code provisions of the Corporate Governance Code during the Reporting Period[145]. - The Board consists of four executive Directors and three independent non-executive Directors, meeting the requirements of the Listing Rules[158]. - The Audit Committee consists of three independent non-executive directors, ensuring compliance with the required professional qualifications[184]. Share Options and Incentives - As of April 1, 2023, a total of 50,000,000 share options were available for grant under the 2018 Share Option Scheme[81]. - The granting of share options is intended to reward eligible participants who have contributed to the business development of the Group[100]. - The stock options granted will expire if any grantee ceases to be an employee for reasons other than death, illness, disability, or retirement[102]. Economic Impact - The uncertain global economy has adversely affected the market for Chinese and Japanese artworks, impacting demand and value[13]. - The Group plans to allocate more resources to develop its online auction platform and jewelry segments to cope with economic uncertainties[24].

| 財務摘要 | 截至3月31日止年度 | | | | --- | --- | --- | --- | | | 2024年 | 2023年 | | | | （千港元） | （千港元） | 變動 | | 收益 | 57,852 | 72,762 | –20.5% | | 毛利 | 46,779 | 53,321 | –12.3% | | 除所得稅前虧損 | (26,389) | (8,479) | 211.2% | | 本公司擁有人應佔虧損 | (26,890) | (8,286) | 224.5% | | 每股虧損 | | | | | （港仙） 基本及攤薄 | (5.38) | (1.66) | 224.1% | | 純損率 | (46.5%) | (11.4%) | | | （港仙） 建議每股末期股息 | — | — | | – 1 – 東京中央拍賣控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然呈列本公司及其 附屬公司（統稱「本集團」）截至2024年3月31日止年度（「報告期間」）的合併業績，連同截 至2023年3月31日止年度的比較數字。 合併損益表 香港交易及結算所有限公司及香港聯合交易 ...

Financial Performance - The Group's revenue for the reporting period was approximately HK$32.2 million, a decrease of approximately HK$13.2 million or 29.1% compared to HK$45.4 million in the same period in 2022 [25]. - Gross profit decreased by approximately 21.1% to approximately HK$29.5 million, with a gross profit margin increasing to approximately 91.6% from 82.3% in the same period in 2022 [26]. - The profit attributable to owners of the Company for the reporting period was approximately HK$1.6 million, a decrease from approximately HK$7.6 million for the six months ended 30 September 2022, primarily due to a decrease in revenue [43][46]. - Operating profit decreased significantly to HK$2,219,000 from HK$10,379,000, representing a 79% drop year-over-year [130]. - Profit for the period was HK$1,689,000, a decrease of 78% compared to HK$7,801,000 in the previous year [130]. - Basic and diluted earnings per share fell to HK0.32 cents from HK1.52 cents, a decline of 79% [130]. - Total comprehensive loss for the period was HK$4,357,000, compared to a loss of HK$7,024,000 in the same period last year [132]. Business Strategy and Expansion - The Group aims to diversify its business into contemporary artworks and jewelry, while also enhancing its online auction platform to adapt to current market trends [16]. - The Group is targeting to expand its business footprint into other potential markets to enhance brand influence in major Asian cities and globally [12]. - The Group has diversified its business scope by venturing into contemporary artwork and fine & rare whisky and moutai [12]. - The Group's efforts to consolidate competitive strengths aim to broaden its network within the collection community and facilitate auction business growth [17]. - The management will seek collaboration with other auction companies and consider strategic investments in artworks-related businesses to achieve synergies [21]. Marketing and Brand Development - The Group's marketing and brand promotion efforts have strengthened its reputation among high net worth individuals in the Asia-Pacific region, enhancing brand awareness [17]. - The Group's marketing and branding efforts are crucial for enhancing brand recognition among high-net-worth individuals in the Asia-Pacific region [19]. Operational Efficiency - The Group has adopted professional marketing techniques to maximize transaction prices of auctioned artworks, thereby improving operational efficiency [12]. - The Group's online trading and information platform development is intended to provide flexibility in coping with economic uncertainties [16]. Financial Position and Assets - As of 30 September 2023, the total principal amount of consignor advances was approximately HK$45.6 million, down from HK$53.2 million as of 31 March 2023 [44][47]. - The Group's current assets as of 30 September 2023 were approximately HK$414.0 million, a decrease from approximately HK$444.8 million as of 31 March 2023 [56][61]. - Interest-bearing bank borrowings as of 30 September 2023 were approximately HK$39.8 million, down from approximately HK$49.3 million as of 31 March 2023 [57][62]. - The Group maintained a net cash position as of 30 September 2023, consistent with the position as of 31 March 2023, with no other borrowings reported [58][62]. - The Group had no material capital commitments as of 30 September 2023, similar to the situation as of 31 March 2023, and no plans for significant investments or capital assets [59][63]. Employee and Management - The Group has focused on recruiting high-caliber managers and experts to strengthen its management and operational teams for sustainable growth [12]. - As of September 30, 2023, the Group had 35 full-time employees across Japan, Hong Kong, Taiwan, and the PRC [76]. Share Option Scheme - On April 24, 2023, 48,000,000 share options were granted under the 2018 Share Option Scheme to certain Directors and employees [78]. - The Company adopted the Share Option Scheme on September 13, 2018, allowing for the issuance of options not exceeding 10% of the total issued shares at the time of listing [102]. - The maximum number of shares that may be issued upon exercise of all outstanding options must not exceed 30% of the shares in issue at any time [104]. - The exercise price for shares under the Share Option Scheme is set at HK$0.80 per share [108]. - On September 4, 2023, the Company adopted the 2023 Share Option Scheme to better retain eligible participants and incentivize their contributions [111]. Compliance and Governance - The audit committee reviewed the unaudited interim condensed consolidated financial information for the reporting period [121]. - The company has adopted a code of conduct for Directors' securities transactions, ensuring compliance with the required standards [119]. - The company’s auditor reported unqualified opinions on the consolidated financial statements for the year ended March 31, 2023, indicating no significant issues [155].

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 產生或因依賴該等內容而引致之任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：1939） 截至2023年9月30日止六個月 中期業績公告 財務摘要 • 截至2023年9月30日止六個月，本集團未經審計合併收益約為32.2百萬港元，較 2022年同期減少約29.1%（截至2022年9月30日止六個月：約45.4百萬港元）。 • 截至2023年9月30日止六個月，本公司擁有人應佔未經審計合併溢利約為1.6百萬 港元（截至2022年9月30日止六個月：約7.6百萬港元）。 • 截至2023年9月30日止六個月，每股基本及攤薄盈利為0.32港仙（截至2022年9月30 日止六個月：1.52港仙）。 ...

Employee Demographics and Training - The Group employed a total of 42 employees as of the end of the Reporting Period, with 20 male and 22 female staff[36]. - The workforce age distribution includes 7 employees under 30, 20 between 30 to 39, 11 between 40 to 49, and 4 between 50 to 59[36]. - The Group's employee distribution by category includes 5 executives, 2 technical staff, and 35 administrative staff[36]. - The Group's employee count remained stable with 42 employees in FY2023, compared to 41 in FY2022[49]. - The Group provided an average of 1.12 training hours per employee in FY2023, with 100% of employees receiving training[80]. - Male employees received an average of 1.13 training hours, while female employees received 1.11 hours in FY2023[80]. - Employee training participation included 42 employees, with 12% being executives, 5% technical, and 83% administrative[102]. Environmental Impact and Sustainability - The Group's carbon footprint during the Reporting Period was 82.59 tons of CO2 equivalent, resulting in a carbon density of 1.97 tons per employee[18]. - Water consumption decreased to a total of 188 cubic meters during the Reporting Period, leading to a water intensity of 4.48 cubic meters per employee[27]. - The Group aims to maintain energy consumption intensity at the same level as FY2022 by the end of FY2027[24]. - The Group has set a target to maintain water discharge intensity at the same level as FY2022 by the end of FY2027[26]. - The Group encourages employees to use public transportation to reduce environmental impact[31]. - The Group's environmental policy emphasizes enhancing carbon emission disclosure and improving climate change risk management[35]. - The Group's operations are committed to integrating sustainability principles into event management to reduce waste[31]. - The Group prioritizes suppliers that promote efficient resource use and environmental protection, gradually incorporating eco-friendly elements into procurement processes[116]. - The Group has integrated environmental considerations into its procurement process, prioritizing suppliers that provide durable products with less packaging[140]. Financial Performance and Position - The Group's interest-bearing bank borrowings were approximately HK$49.3 million as of March 31, 2023, down from HK$59.9 million in the previous year[44]. - The Group's cash and cash equivalents were approximately HK$67.3 million as of March 31, 2023, compared to HK$108.7 million as of March 31, 2022[47]. - The Group's gearing ratio indicated a net cash position as of March 31, 2023, consistent with the previous year[45]. - The Group has no material capital commitments or significant contingent liabilities as of March 31, 2023[46]. - As of March 31, 2023, there were no significant contingent liabilities reported by the Group[146]. - The Group's asset-liability ratio is calculated based on interest-bearing borrowings minus cash and cash equivalents divided by shareholders' equity, indicating a net cash position[182]. - The Group's treasury policy emphasizes risk control and transactions directly related to its principal business, with funds primarily in Japanese Yen and Hong Kong dollars[187]. - All borrowings were floating rate borrowings, secured by bank deposits of approximately HK$4.0 million during the Reporting Period[188]. Employee Turnover and Recruitment - The Group's employee turnover rate surged from 12% in FY2022 to 90% in FY2023, indicating significant restructuring impacts[64]. - The turnover rate for male employees reached 90%, while female employees experienced a turnover rate of 91% in FY2023[65]. - Among age groups, the turnover rate for employees under 30 years old was 100%, and for those aged 30-39, it was 105%[65]. - In Japan, the turnover rate was notably high at 129%, compared to 5% in FY2022[65]. - The Group's recruitment and promotion processes are conducted fairly and openly, ensuring no discrimination based on various factors[41]. - The Group's anti-discrimination policies ensure a diverse and inclusive workplace, promoting equal opportunities for all employees[68]. - The Group has dedicated resources to attract and retain talent, emphasizing on-the-job training programs for employee development[74]. Compliance and Risk Management - The Group's commitment to workplace safety resulted in no incidents of non-compliance with occupational health and safety laws during the reporting period[69]. - The Group has encountered no incidents of non-compliance with major applicable labor laws and regulations during the reporting period[85]. - The Group has integrated climate change risks into its business strategies and conducts annual enterprise risk assessments[54]. - The Group has implemented stringent internal control and risk management systems to authenticate and value artworks, ensuring all artwork sellers pass rigorous assessment procedures[113]. - The Group has integrated pandemic risks into its enterprise risk management mechanism and has utilized digital infrastructure for business continuity, conducting auctions on its online platform[114]. - The Group has not faced any significant product liability claims or major complaints regarding product quality during the Reporting Period[175]. Business Development and Market Position - The Group has diversified its business scope by venturing into contemporary artwork and fine & rare whisky and moutai[197]. - The Group aims to strengthen its market position and share in the Chinese and Japanese art auction markets, enhancing brand recognition[197]. - The Group is accelerating the development of its online auction platform to adapt to current market trends and provide a multi-scenario auction experience[198]. - The impact of the COVID-19 pandemic has created unpredictability in market demand and conditions for artworks, affecting the art auction market[198]. - The Group is targeting to expand its business footprint into other major Asian cities and the global market to enhance brand influence[197]. - The Group is focused on recruiting high-caliber managers and experts to support sustainable growth[197]. - The online trading and information platform development allows the Group to provide more flexibility in coping with economic uncertainty[198].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，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 產生或因依賴該等內容而引致之任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：1939） 截至2023年3月31日止年度全年業績公告 財務摘要 截至3月31日止年度 2023年 2022年 （千港元） （千港元） 變動 收益 72,762 79,597 –8.6% 毛利 53,321 68,969 –22.7% 除所得稅前（虧損）╱溢利 (8,479) 12,031 不適用 ...

Financial Performance - The Group reported interim results for the six months ended September 30, 2022, with comparative figures for the same period in 2021[11]. - The Group's revenue for the Reporting Period was approximately HK$45.4 million, a decrease of approximately HK$2.1 million or 4.4% compared to the same period in 2021[30]. - Revenue from art auction and related business was approximately HK$38.7 million, while revenue from artwork sales increased to approximately HK$6.7 million from approximately HK$0.5 million in the same period last year[30]. - Gross profit decreased by approximately 30.1% to approximately HK$37.4 million, with a gross profit margin dropping to approximately 69.1% from 93.5% in the previous year[31]. - The profit attributable to owners of the Company decreased to approximately HK$7.6 million, representing a decline of approximately 34.5% compared to HK$11.6 million in the same period of 2021[47]. - The total comprehensive loss for the period was HK$7,024,000, compared to a total comprehensive income of HK$11,661,000 in the same period last year[108]. - Basic earnings per share for the six months ended September 30, 2022, was HK1.52 cents, down from HK2.32 cents in the same period of 2021, representing a decline of 34.5%[184]. Expenses and Losses - Other losses amounted to approximately HK$275,000 due to exchange loss during the Reporting Period[32]. - Other income was approximately HK$585,000, primarily from government grants and penalties from buyers, compared to approximately HK$277,000 in the same period last year[33]. - Selling and distribution expenses remained stable at approximately HK$11.9 million, compared to approximately HK$12.0 million in the previous year[40]. - Administrative expenses decreased by approximately 12.5% to approximately HK$15.4 million, mainly due to reduced employee benefits and amortization of intangible assets[41]. - Finance income was approximately HK$31,000, while finance costs were approximately HK$581,000 during the Reporting Period[42]. Assets and Liabilities - Current assets as of 30 September 2022 amounted to approximately HK$504.0 million, a decrease from approximately HK$550.0 million as of 31 March 2022[48]. - Cash and cash equivalents were approximately HK$82.2 million as of 30 September 2022, down from approximately HK$108.7 million as of 31 March 2022[48]. - Interest-bearing bank borrowings were approximately HK$44.4 million as of 30 September 2022, reduced from approximately HK$59.9 million as of 31 March 2022[49]. - Total liabilities increased to HK$256,623,000 as of September 30, 2022, compared to HK$297,060,000 as of March 31, 2022, indicating a decrease of about 13.6%[113]. - The Group's total trade and other receivables stood at HK$250,958,000 as of September 30, 2022, slightly up from HK$250,271,000 as of March 31, 2022, showing a marginal increase of 0.3%[194]. Business Strategy and Development - The Group has strengthened its market position and share in the Chinese and Japanese art auction market in Hong Kong and Japan, enhancing brand recognition[13]. - The Group diversified its business scope by venturing into contemporary artwork and fine & rare whisky and Moutai[13]. - The Group plans to accelerate the formation of its online auction platform to adapt to current trends and enhance the number and scale of online auctions[19]. - The development of an online trading and information platform is aimed at expanding the Group's business and providing flexibility amid economic uncertainty[19]. - The Group aims to establish and enhance its brand image and influence in other major Asian cities and the global market[13]. - The Group has adopted professional marketing techniques to maximize transaction prices of auctioned artworks[13]. - The Group is focused on recruiting high-caliber managers and experts to strengthen its management and operating teams[13]. Governance and Compliance - The Company has complied with the Corporate Governance Code during the Reporting Period[92]. - The audit committee comprises three independent non-executive Directors, ensuring oversight of financial practices[98]. - All Directors confirmed compliance with the required standards for securities transactions during the Reporting Period[93]. - The Company has maintained a sufficient public float as required under the Listing Rules as of the report date[97]. Taxation and Dividends - The Group's effective tax rate during the Reporting Period was 24.9%, slightly up from 24.1% for the six months ended 30 September 2021[46]. - The Group did not hold any material investments or make any significant acquisitions or disposals during the Reporting Period[58]. - The Directors do not recommend the payment of an interim dividend for the Reporting Period[60]. - The Group's assessable profits in Hong Kong are subject to a two-tiered profits tax rate, with the first HK$2 million taxed at 8.25% and profits above this threshold taxed at 16.5%[178]. Employment and Staffing - As of September 30, 2022, the company employed 47 full-time staff across Japan, Hong Kong, Taiwan, and China[70].

Market Position and Business Expansion - The Group has strengthened its market position and share in the Chinese and Japanese art auction market in Hong Kong and Japan, enhancing brand recognition and awareness[13] - The Group diversified its business scope by venturing into contemporary artwork and fine & rare whisky and moutai[13] - The Group aims to expand its business footprint to other potential markets to enhance brand image and influence in major Asian cities and globally[13] - The Group has expanded its market presence from Japan to major cities in Asia, including Hong Kong and Taiwan, since its successful listing in 2018[35] - The Group is actively exploring new auction segments to increase customer numbers and pursue new business opportunities[33] Online Auction Development - The COVID-19 pandemic has led to a shift towards online auction activities, prompting the Group to accelerate the development of its online auction platform[17] - The Group plans to enhance the number and scale of online auctions, introducing diverse collections to meet collectors' needs[17] - The Group's new online integrated platform "Bidding Art" generated revenue of approximately HK$137,000 during the reporting period, promoting Japanese art and facilitating online sales for art stores[29] - The Group plans to further develop its artwork business through an online trading and information platform to meet the increasing demand for online auction sales due to travel restrictions[20] - The Group's online auction platform allows clients to participate and make direct bids during auctions, reflecting a new trend in the auction industry[28] Financial Performance - The Group's revenue for the Reporting Period was approximately HK$79.6 million, a decrease of approximately HK$1.2 million or 1.5% compared to HK$80.8 million in 2021[40] - Revenue from art auction and related business was approximately HK$78.1 million, while revenue from artwork sales was approximately HK$1.5 million, showing a decline from HK$3.3 million in 2021[40] - Gross profit decreased by approximately HK$1.0 million or 1.4% to approximately HK$69.0 million, with a stable gross profit margin of 86.6%[41] - The gross profit margin for art auction and related business was approximately 87.8%, down from 90.0% in 2021, while artwork sales saw an increase in gross profit margin to approximately 25.1% from 8.2%[41] - Selling and distribution expenses were approximately HK$20.4 million, a decrease of approximately HK$0.9 million compared to HK$21.3 million in 2021[47] Management and Governance - The Group has focused on recruiting high-caliber managers and experts to strengthen management and operational teams for sustainable growth[13] - The Group's overall strategy development and business leadership are overseen by Executive Director and Chairman Mr. Ando Shokei, who has over 20 years of experience in auction operations[84] - The management team has extensive backgrounds in the auction industry, with key members having held significant positions in other auction companies prior to joining the Group[95] - The independent non-executive director Mr. Chung Kwok Mo John brings over 20 years of experience in auditing and corporate finance, enhancing the Group's financial management capabilities[96] - The Group's corporate governance practices comply with the Corporate Governance Code, ensuring transparency and accountability[122] Board Structure and Diversity - The Board currently consists of four executive Directors and three independent non-executive Directors, ensuring a balanced governance structure[132] - The independent non-executive Directors represent one-third of the Board, meeting the Listing Rules requirements[140] - The Company has adopted a Board Diversity Policy to enhance the diversity of its Board, recognizing it as a key factor for maintaining competitive advantage[187] - The Nomination Committee is committed to achieving diversity at all levels, considering factors such as gender, age, and professional experience[189] - The Company recognizes the benefits of a diverse Board and aims to maintain an appropriate balance of diversity perspectives relevant to its business growth[190] Employee and Operational Insights - The Group had a total of 38 full-time employees across Japan, Hong Kong, Taiwan, and the PRC as of March 31, 2022[80] - The Group's treasury policy emphasizes risk control and prudent management of funds, primarily in Japanese Yen and Hong Kong dollars[76] - The Group does not currently have a foreign currency hedging policy but will monitor exchange rate volatility closely[76] - The leadership team is committed to promoting the Group's brand and increasing its market share in the auction industry[86] - The Company emphasizes the importance of experienced leadership in navigating the complexities of the auction and art market[99]