ZO FUTURE GROUP 大 象 未 來 集 團 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） Stock Code （ 股份代號：2309） NOTIFICATION LETTER 通知信函 20 March 2026 Dear Non-registered Shareholder(s) (Note 1), ZO Future Group (the "Company") - Notice of publication of Interim Report for the six months ended 31 December 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.zogroup.com.hk ...

（於開曼群島註冊成立之有限公司） Stock Code （ 股份代號：2309） NOTIFICATION LETTER 通知信函 Dear Registered Shareholders, ZO Future Group (the "Company") – Notice of publication of Interim Report for the six months ended 31 December 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on the Company's website at www.zogroup.com.hk and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk (the "Websit ...

Financial Performance - For the six months ended December 31, 2025, the Group recorded a profit attributable to owners of approximately HK$179.8 million, a significant improvement from a loss of approximately HK$117.1 million in the same period last year [15]. - The turnaround in profit was primarily due to a gain on the disposal of the football club business, contributing approximately HK$357.8 million during the review period [15]. - The Group's financial performance reflects a strategic pivot towards more profitable and sustainable business segments [15]. - For the six months ended 31 December 2025, the Group reported consolidated revenue from continuing operations of approximately HK$56.6 million, an increase of approximately 110.8% compared to HK$26.8 million for the same period in 2024 [22][28]. - The loss from continuing operations for the same period was approximately HK$50.0 million, compared to a loss of approximately HK$20.4 million in the previous year, resulting in a loss per share of approximately HK5.34 cents [23][29]. - The Group recorded rental income of approximately HK$14.1 million from investment properties during the six months ended 31 December 2025 [39]. - Gross profit increased by approximately HK$6.9 million, or approximately 44.8%, from approximately HK$15.4 million to approximately HK$22.3 million [53]. - Selling and marketing expenses rose to approximately HK$11.5 million, an increase from approximately HK$6.9 million in the prior year [55]. - Administrative and other expenses increased by approximately 11.8% to approximately HK$40.5 million, primarily due to rising costs associated with the new energy automobiles segment [56]. - The Group's share of losses from an associate increased to approximately HK$16.1 million, compared to a loss of approximately HK$6.3 million in the same period of 2024 [62]. - The Group's total borrowings decreased significantly to approximately HK$68.4 million as of December 31, 2025, from approximately HK$1,072.0 million as of June 30, 2025 [79]. - The Group's bank balances and cash decreased to approximately HK$43.7 million as of December 31, 2025, from approximately HK$242.4 million as of June 30, 2025 [79]. - The Group's total liabilities of reportable segments increased from HK$801,121,000 as of June 30, 2025, to HK$854,552,000 as of December 31, 2025 [170]. Business Segments - The Group decided to cease and dispose of the football club business segment in November 2025, allowing for a consolidation of resources towards high-growth opportunities in the new energy automobiles sector [13]. - Following the disposal, the Group's continuing operations now consist of the new energy automobiles and related business and investment in properties, with the football club classified as discontinued operations [14]. - The football club business segment recorded a profit of approximately HK$108.8 million prior to its disposal, with HK$357.8 million attributed to the gain on disposal [19]. - The new energy automobiles segment delivered approximately 100 vehicles, generating revenue of approximately HK$42.5 million, representing an increase of approximately 233.2% year-over-year [31][33]. - The segment loss for new energy automobiles and related business was approximately HK$55.1 million during the review period [31][33]. - Revenue from the new energy automobiles and related business for the same period was approximately HK$42.5 million, up from approximately HK$12.7 million in the previous year [52]. - The segment results for new energy automobiles showed a loss of HK$55,108,000, while investment in properties generated a profit of HK$12,988,000, resulting in an overall loss of HK$42,120,000 for the segment [162]. Investment and Expansion - The Group plans to expand its market presence in Southeast Asia, targeting countries such as Singapore, Malaysia, and Vietnam, while enhancing collaboration with upstream and downstream partners [35][37]. - The Group is exploring investment opportunities to expand existing operations and diversify its businesses, aiming to enhance long-term shareholder value [106]. - The Group's investment in ZO Motors North America LLC totaled approximately HK$62.4 million, representing a 20% stake, with a share of net asset value of approximately HK$13.9 million as of December 31, 2025 [73]. - The Group's significant investment in Windrose Holdings Limited was valued at approximately HK$64.8 million as of December 31, 2025, representing about 8.2% of total assets [71]. - Of the net proceeds from the disposal, approximately HK$30.0 million is intended for investment in ZO Motors North America LLC, and HK$10.0 million for purchasing inventories of new energy automobiles [100]. Discontinued Operations - The Group completed the sale of its entire interest in BCL Group on November 7, 2025, leading to the termination of its football club business segment [158]. - Profit from discontinued operations for the period was HK$108,841,000, a significant recovery from a loss of HK$186,984,000 in the prior period [200]. - Loss from discontinued operations for the period was HK$248,993,000, compared to HK$186,984,000 in the previous period, indicating an increase in losses [200]. - Gain on disposal of discontinued operations amounted to HK$357,834,000, with no comparable figure from the previous period [200]. Cash Flow and Financing - For the six months ended December 31, 2025, the net cash flows used in operating activities were HK$199,567,000, compared to HK$140,493,000 for the same period in 2024 [132]. - The net cash flows used in investing activities were HK$95,971,000, a decrease from HK$228,118,000 in the previous year [132]. - Financing activities generated net cash flows of HK$103,539,000, down from HK$390,291,000 in the prior year [132]. - A capital reserve of approximately HK$131,824,000 was released to accumulated losses upon the disposal of the BCL Group [129]. - The company plans to utilize various financing channels for potential capital investments, subject to Board approval [110]. - The Group has secured unsecured revolving loan facilities of up to HK$250,000,000 and HK$300,000,000 from substantial shareholders to support its working capital needs [140]. Assets and Liabilities - As of December 31, 2025, the fair value of the Group's investment properties amounted to approximately HK$471.5 million, representing approximately 59.6% of the total assets [40]. - The Group's investment properties were valued at approximately HK$471.5 million as of December 31, 2025, accounting for about 59.6% of total assets [43]. - The current ratio of the Group improved to approximately 136.9% as of December 31, 2025, compared to 75.9% as of June 30, 2025 [78]. - The gearing ratio of the Group improved to approximately 9.7% as of December 31, 2025, down from 74.7% as of June 30, 2025 [78]. - The total assets for reportable segments as of December 31, 2025, amounted to HK$774,563,000, with liabilities totaling HK$854,552,000 [168]. - As of December 31, 2025, total non-current liabilities amounted to HK$24,440,000, a significant decrease from HK$1,293,482,000 as of June 30, 2025 [123]. - The net assets of the company increased to HK$637,767,000 from a net liability of HK$89,566,000 as of June 30, 2025 [123]. - The total equity attributable to owners of the company reached HK$637,958,000, up from HK$363,256,000 as of June 30, 2025 [123]. Employee and Operational Costs - The Group employed an average of approximately 100 full-time employees during the six months ended December 31, 2025, with total staff costs amounting to approximately HK$29.4 million [105]. - The Group's total staff costs increased from approximately HK$21.5 million for the six months ended December 31, 2024, to approximately HK$29.4 million for the same period in 2025 [108]. - Research and development costs for the period were HK$2,721,000, indicating ongoing investment in innovation [114]. - The company’s corporate expenses for the period were HK$4,815,000, and finance costs amounted to HK$3,134,000 [162]. Accounting and Compliance - The Group has adopted all new and revised HKFRS Accounting Standards effective from July 1, 2025, with no significant changes to accounting policies or financial statement presentation [146]. - The Group's financial statements are prepared on a going concern basis, contingent on the financial support from substantial shareholders [140]. - The Group did not make any provision for Hong Kong profits tax as there were no assessable profits for the six months ended December 31, 2025 [191].

| 截至月份: | 2026年2月28日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 大象未來集團 | | | | | | 呈交日期: | 2026年3月2日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 02309 | 說明 | 不適用 | | | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 本月底法定/註冊股本總額： HKD 500,000,000 第 1 頁 共 10 頁 v 1.2.0 FF301 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 2,000,000,000 HKD 0.25 HKD 500,000,000 增加 / 減少 (-) 0 HKD 0 本月底結存 2,000,000,000 HKD 0.25 HKD 500,000,000 II. 已 ...

Group 1 - The core viewpoint of the article is that Elephant Future Group (02309) reported significant financial growth for the six months ending December 31, 2025, with a revenue of HKD 56.564 million, representing a year-on-year increase of 110.78% [1] - The company achieved a profit attributable to owners of HKD 180 million, marking a turnaround from a loss to profit compared to the previous year [1] - Basic earnings per share were reported at HKD 0.1948 [1] Group 2 - The turnaround to profit for the company was primarily attributed to the revenue generated from the sale of its football club business, which contributed approximately HKD 357.8 million in profit during the reporting period [1]

Group 1 - The core viewpoint of the article is that Elephant Future Group (02309) reported a significant increase in revenue and a turnaround in profit for the six months ending December 31, 2025 [1] - The company achieved revenue of HKD 56.564 million, representing a year-on-year increase of 110.78% [1] - The profit attributable to the owners of the company was HKD 180 million, marking a return to profitability compared to the previous period [1] - Basic earnings per share were reported at HKD 0.1948 [1] Group 2 - The turnaround in profit was primarily attributed to the sale of the group's football club business, which contributed approximately HKD 357.8 million in profit during the reporting period [1]

Core Viewpoint - The company, Elephant Future Group, reported a significant turnaround in its financial performance, achieving a profit of approximately HKD 179.8 million for the six months ending December 31, 2025, compared to a loss of about HKD 117 million in the same period last year, primarily due to the sale of its football club business which contributed around HKD 357.8 million in profit [1] Financial Performance - The company recorded revenue of HKD 56.564 million for the six months ending December 31, 2025 [1] - The profit attributable to the owners of the company was approximately HKD 179.8 million, marking a substantial improvement from the previous year's loss of about HKD 117 million [1] Business Strategy - The board of directors decided not to declare an interim dividend for the six months ending December 31, 2025, consistent with the previous year [1] - The company reached a significant milestone by deciding to terminate and sell its football club business segment in November 2025, which was based on a review of the financial performance and operational status of that segment [1] - Management believes that the sale of the football club business will relieve the company from further financial support obligations for that segment and provide a good opportunity for investment returns, allowing the company to focus on high-growth opportunities in the electric vehicle and related sectors [1]

Financial Performance - Revenue for the six months ended December 31, 2025, was HKD 56,564,000, a significant increase of 110.9% compared to HKD 26,836,000 for the same period in 2024[4] - Gross profit for the same period was HKD 22,251,000, representing a 44.7% increase from HKD 15,372,000 in 2024[4] - The net loss from continuing operations for the six months was HKD 50,037,000, compared to a loss of HKD 20,354,000 in 2024, indicating a worsening of 146.5%[5] - The total comprehensive income for the period was HKD 161,351,000, a recovery from a loss of HKD 198,101,000 in the previous year[6] - The company reported a profit from discontinued operations of HKD 108,841,000, compared to a loss of HKD 186,984,000 in 2024[5] - The group reported a loss before tax of HKD 50,037,000 for the six months ending December 31, 2025, compared to a loss of HKD 20,354,000 for the same period in 2024[18] - The group recorded a profit attributable to the owners of approximately HKD 179.8 million for the six months ended December 31, 2025, a significant improvement from a loss of approximately HKD 117.1 million in the same period last year, primarily due to a profit contribution of approximately HKD 357.8 million from the sale of the football club business[48] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 791,408,000, down from HKD 1,986,202,000 as of June 30, 2025[7] - Current liabilities decreased to HKD 129,201,000 from HKD 782,286,000, showing a significant reduction in short-term obligations[8] - The company’s cash and cash equivalents were HKD 43,742,000, down from HKD 242,350,000, indicating a liquidity challenge[7] - The group’s total loans as of December 31, 2025, were HKD 68.365 million, down from HKD 1,072.008 million as of June 30, 2025, reflecting a substantial reduction in debt obligations[42] - The group’s trade payables as of December 31, 2025, were HKD 35, a significant decrease from HKD 56.608 million as of June 30, 2025, indicating improved cash flow management[41] Operational Highlights - Revenue from the new energy vehicle and related business was HKD 42,474,000 for the six months ending December 31, 2025, compared to HKD 12,746,000 for the same period in 2024, indicating a growth of approximately 233%[18] - The company delivered approximately 100 electric vehicles, generating revenue of about HKD 42,500,000, an increase of approximately 233.2% compared to the same period last year[53] - The company incurred a loss of approximately HKD 55,100,000 in the electric vehicle segment, despite significant revenue growth[53] - The group has decided to terminate and sell its football club business segment, which is expected to allow the company to focus on high-growth opportunities in the electric vehicle and related sectors[48] - The football club business segment generated revenue of approximately HKD 108.8 million during the review period, with HKD 357.8 million attributed to the sale of the business segment[49] Financial Ratios and Stability - The group reported a current ratio of approximately 136.9% and a debt-to-equity ratio of about 9.7% as of December 31, 2025, indicating improved financial stability compared to June 30, 2025[71] - The group has not pledged any assets for its loans as of December 31, 2025, maintaining a flexible capital structure[75] Employee and Administrative Costs - Employee costs, including directors' remuneration, increased to HKD 29,407,000 in 2025 from HKD 21,453,000 in 2024[28] - Administrative and other expenses increased by approximately 11.8% to HKD 40,500,000, mainly due to costs associated with the development of the electric vehicle segment[62] Governance and Compliance - The audit committee consists of three independent non-executive directors, with Mr. Yang Zhidai as the chairman[80] - The company has complied with all applicable provisions of the Corporate Governance Code during the six months ending December 31, 2025[81] Future Plans and Investments - The group plans to utilize approximately 70% of the net proceeds from recent share subscriptions, totaling about HKD 90,600,000, for debt repayment[77] - The company plans to expand its electric vehicle offerings, having launched over 10 models in target markets, and aims to penetrate emerging markets such as Singapore, Malaysia, and Vietnam[54]

Group 1 - The company, Elephant Future Group (02309.HK), announced that it will hold a board meeting on February 27, 2026, to consider and approve the interim results for the six months ending December 31, 2025 [1]

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，概不對因本公告全部 或任何部份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。 董事會會議日期 大象未來集團（「本公司」）董事會（「董事會」）宣佈，本公司將於 2026 年 2 月 27 日（星期五）舉行董事會會議，藉以（其中包括）考慮及批准本公 司及其附屬公司截至 2025 年 12 月 31 日止六個月之中期業績。 承董事會命 大象未來集團 主席 趙文清 香港，2026 年 2 月 12 日 於本公告日期，董事會由七名董事組成，包括執行董事趙文清先生（主席）、 黃東風先生（行政總裁）、姚震港先生及郭洪林博士；及獨立非執行董事潘治平 先生、梁碧霞女士及楊志達先生。 ...