2024/2025 CONTENTS 目錄 ANNUAL REPORT 2024/2025 1 2024/2025 年報 CORPORATE INFORMATION 2 公司資料 CHAIRMAN'S STATEMENT 5 主席報告 MANAGEMENT DISCUSSION AND ANALYSIS 10 管理層討論與分析 BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT CORPORATE GOVERNANCE REPORT 36 企業管治報告 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT REPORT OF THE DIRECTORS 107 董事會報告 INDEPENDENT AUDITOR'S REPORT 132 獨立核數師報告 CONSOLIDATED STATEMENT OF PROFIT OR LOSS CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME CONSOLIDATED STATEMEN ...

- 1 - 香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不會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的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：3860） 截至二零二五年三月三十一日止年度之 全年業績公告 財務摘要 截至二零二五年三月三十一日止年度，本集團營運業績如下： － 截至二零二五年三月三十一日止年度錄得收益約544.5百萬港元； － 截至二零二五年三月三十一日止年度之除稅後溢利約為30.4百萬港元； － 根據520,901,458股普通股加權平均數計算，截至二零二五年三月三十一日止年度 之每股基本盈利約為7.41港仙；及 － 董事會建議派發截至二零二五年三月三十一日止年度的末期股息每股1.0港仙，惟 須於應屆股東週年大會上取得股東批准。 全年業績 EPS創健科技集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈，本公司及 其附屬公司（統稱「本集團」）截至二零二五年三月三十一日止年度（「報告年度」）之綜合業 績連同上一財政年度之比較數字如下： 綜合損益表 截至二 ...

Financial Performance - The company recorded revenue of approximately HKD 346.9 million for the six months ended September 30, 2024, a decrease from HKD 357.8 million in the same period of 2023, representing a decline of about 3.3%[3] - The net profit after tax for the reporting period was approximately HKD 17.1 million, a significant recovery from a loss of HKD 8.7 million in the same period of the previous year[5] - Basic earnings per share (EPS) for the period was approximately HKD 2.83, compared to a loss per share of HKD 1.05 in the prior year[5] - The total comprehensive income for the period was HKD 16.0 million, a recovery from a comprehensive loss of HKD 9.6 million in the same period last year[7] - The total profit before tax was HKD 19,302,000, compared to a loss of HKD 8,182,000 in the same period of 2023[30][36] Revenue Breakdown - The revenue from the apparel business was HKD 244,981,000, down 10.9% from HKD 274,964,000 year-on-year[27] - The healthcare products business generated revenue of HKD 73,408,000, an increase of 12.5% from HKD 65,060,000 in the previous year[27] - The IRO and CRO services reported revenue of HKD 28,489,000, up 60.5% from HKD 17,805,000 in the same period last year[27] - The revenue from major customer A in the apparel business was HKD 148,419,000, down from HKD 154,349,000 in the previous year[41] - The apparel segment's revenue decreased by approximately HKD 30 million or 10.9%, from HKD 275 million to HKD 245 million, primarily due to reduced orders from major clients in the US and Japan[81] Cost and Expenses - Research and development expenses totaled HKD 7.4 million, while selling and distribution expenses were HKD 20.2 million, indicating a focus on maintaining operational efficiency[5] - Administrative expenses decreased from approximately HKD 32.1 million to HKD 27.6 million, a reduction of about 14.0% due to lower employee costs and legal fees[98] - The total employee cost for the six months ended September 30, 2024, was approximately HKD 26.5 million, compared to HKD 27.6 million for the same period in 2023[117] Assets and Liabilities - The company reported total assets of HKD 253.8 million as of September 30, 2024, an increase from HKD 211.9 million as of March 31, 2024[10] - Current liabilities increased to HKD 179.2 million from HKD 205.0 million, indicating a reduction in short-term financial obligations[10] - The net current assets improved significantly to HKD 74.7 million, compared to HKD 6.9 million in the previous period, showcasing better liquidity[10] - The total assets as of September 30, 2024, amounted to HKD 474,950,000, an increase from HKD 429,885,000 as of March 31, 2024[37] - The total liabilities as of September 30, 2024, were HKD 298,752,000, compared to HKD 291,703,000 as of March 31, 2024[37] Dividends and Share Capital - The company did not recommend the payment of an interim dividend for the reporting period, reflecting a conservative approach to cash management[3] - The company did not declare any interim dividends for the current period[51][52] - As of September 30, 2024, the company's issued share capital is HKD 5.2 million, divided into 522,177,419 shares with a par value of HKD 0.01 each[108] Strategic Initiatives - The company is exploring new production sources and product development to maintain profitability in the apparel business[70] - The company is pursuing innovative research in regenerative medicine and potential treatments for obesity and diabetes[67] - The company is focusing on understanding customer preferences and identifying emerging trends to design products that drive sustainable long-term growth[118] - The company is exploring new sales structures and business models to maximize profits in response to increasing demand for healthcare products in China[120] Governance and Compliance - The company has adopted corporate governance practices and has complied with all relevant codes during the reporting period, except for a deviation regarding the roles of the chairman and CEO[121] - The audit committee consists of three members, including independent non-executive directors, and has reviewed the unaudited interim results for the reporting period[128]

Financial Performance - The Group's revenue from the IRO Business with CRO Services and In-house R&D Business Unit was approximately HK$38.1 million for the Reporting Year, representing an increase of approximately 144.2% compared to HK$15.6 million for the year ended March 31, 2023[22]. - The Group's gross loss in the IRO segment decreased to approximately HK$0.08 million from approximately HK$6.1 million for the year ended March 31, 2023, indicating improved operational efficiency[22]. - The Group's total comprehensive expenses attributable to owners for the Reporting Year were approximately HK$22.3 million, a decrease from approximately HK$45.4 million for the year ended March 31, 2023, primarily due to increased profits in the health products business[26]. - Revenue from womenswear products increased by approximately HK$39.8 million or 13.3% to approximately HK$338.6 million for the Reporting Year from approximately HK$298.8 million for the year ended 31 March 2023, driven by an increase in sales volume from approximately 3.3 million pieces to approximately 4.0 million pieces[31]. - Revenue from menswear products increased by approximately HK$48.8 million or 70.7% to approximately HK$117.8 million for the Reporting Year from approximately HK$69.0 million for the year ended 31 March 2023, attributed to an increase in sales quantity from approximately 1.0 million pieces to approximately 1.5 million pieces[62]. - Revenue from kidswear products decreased by approximately HK$3.2 million or 23.4% to approximately HK$10.5 million for the Reporting Year from approximately HK$13.7 million for the year ended 31 March 2023, due to a decrease in sales volume from approximately 0.3 million pieces to approximately 0.2 million pieces[34]. - Revenue from the Healthcare Products Business increased by approximately HK$83.7 million or 150.0% to approximately HK$139.5 million for the year ended 31 March 2024 from approximately HK$55.8 million for the year ended 31 March 2023, primarily due to the acquisition of R&E and its subsidiary[36]. - Other income, gains and losses increased by approximately HK$12.2 million to a gain of HK$11.9 million for the year ended 31 March 2024 from a loss of approximately HK$0.3 million for the year ended 31 March 2023, mainly due to a fair value gain on promissory note of approximately HK$16.1 million related to the acquisition of 65% equity interests in R&E[39]. - Selling and distribution expenses increased by approximately HK$15.0 million or 44.4% to approximately HK$48.8 million for the year ended 31 March 2024 from approximately HK$33.8 million for the year ended 31 March 2023, attributed to increased transportation costs and selling expenses[40]. - The Group's gross profit improved to approximately HK$69.7 million for the Reporting Year, representing an increase of approximately 12.8% compared to approximately HK$61.8 million for the year ended 31 March 2023[94]. - The gross profit margin decreased to approximately 14.9% for the Reporting Year from approximately 16.2% for the year ended 31 March 2023, mainly due to a decrease in average selling price per piece[94]. - The gross profit in the Healthcare Products Business increased to approximately HK$29.6 million for the year ended 31 March 2024 from approximately HK$12.2 million for the year ended 31 March 2023, representing an increase of approximately 142.6%[94]. - The Company's basic loss per share for the year ended 31 March 2024 was approximately HK4.41 cents, a significant decrease from approximately HK9.15 cents for the year ended 31 March 2023[101]. Operational Efficiency - The Group's knitwear product sales volume increased to approximately 5.7 million pieces for the Reporting Year, up from approximately 4.6 million pieces for the year ended March 31, 2023[29]. - The Group's total sales volume of finished knitwear products amounted to approximately 5.7 million pieces for the Reporting Year, an increase from approximately 4.6 million pieces for the year ended March 31, 2023[57]. - The average selling price per piece of menswear products increased from approximately HK$71.2 for the year ended 31 March 2023 to approximately HK$79.8 for the Reporting Year[62]. - The average selling price per piece of kidswear products increased from approximately HK$51.8 for the year ended 31 March 2023 to approximately HK$52.7 for the Reporting Year, despite the decrease in sales volume[34]. - Administrative expenses decreased to approximately HK$55.0 million for the year ended 31 March 2024 from approximately HK$63.1 million for the year ended 31 March 2023, representing a significant decrease of approximately 12.8%[73]. - Finance costs increased to approximately HK$7.1 million for the year ended 31 March 2024 from approximately HK$5.8 million for the year ended 31 March 2023[73]. Financial Position - The Group's current assets net value as of 31 March 2024 was approximately HK$6.9 million, down from approximately HK$101.5 million as of 31 March 2023, with a current ratio decreasing from approximately 1.9 to 1.0[78]. - The Group's gearing ratio was 0.08 as at 31 March 2024, up from 0.03 as at 31 March 2023[80]. - The Group has capital commitments of JPY50 million (approximately HK$2.6 million) as at 31 March 2024, unchanged from JPY50 million (approximately HK$2.9 million) as at 31 March 2023[85]. - The maximum liabilities of the Group under a legal action were in the amount of HK$5,280,000 as of 31 March 2024, with no other material contingent liabilities reported[85]. - The Group does not recommend the payment of a final dividend for the year ended 31 March 2024, consistent with the previous year[75]. - The Group's operations were generally financed through internally generated cash flows and bank borrowings, with plans to seek additional equity financing if necessary[75]. - The Group currently has no plans for material investments and capital assets[85]. - As of March 31, 2024, the Group's total staff costs amounted to approximately HK$54.3 million, a decrease from HK$55.1 million in 2023[89]. - The Group employed a total of 136 full-time employees as of March 31, 2024, unchanged from the previous year[89]. - The Group had net current assets of approximately HK$6.9 million as at 31 March 2024, down from HK$101.5 million as at 31 March 2023[103]. - The Group's current ratio decreased from approximately 1.9 as at 31 March 2023 to approximately 1.0 as at 31 March 2024, due to a significant increase in current liabilities by approximately 78.0%[103]. - The Group's debt-to-equity ratio was 0.08 as at 31 March 2024, compared to 0.03 as at 31 March 2023[106]. - The Group's unused bank financing rate was 63.1% as at 31 March 2024[106]. - The Group will continue to seek fundraising opportunities to strengthen its financial position[106]. Strategic Initiatives - The Group acquired Biotube Co., Ltd., a company engaged in physician-led clinical trials, which aligns with the Group's development areas and enhances its innovative research capabilities[12]. - The Group aims to provide a one-stop solution to academia, biotech ventures, and pharmaceutical companies in Japan and the PRC, leveraging its extensive knowledge in drug development support[19]. - The Group is coordinating industry resources to improve margins in its PRC specialized CRO business, which is becoming increasingly competitive[22]. - The Group's new strategies include enhancing its innovative research capabilities through acquisitions and improving operational margins through resource coordination[12][22]. - The Group has integrated and launched businesses in the healthcare segment, expanding its services to include comprehensive solutions in Japan[92]. - The Group aims to maintain good relationships with existing clients while proactively acquiring new customers by upgrading facilities and enhancing competitive strengths[91]. - The healthcare segment has expanded its services to include IRO and CRO business, enhancing new drug development support in Japan[135]. - The newly acquired subsidiary Biotube owns pipelines under ongoing investigator-initiated clinical trials, expected to create synergy effects for the Group[186]. - The Group aims to enhance necessary functions step by step towards creating a business co-creation platform to meet diverse needs in the healthcare industry[186]. Management and Governance - Mr. Shimada was appointed as the executive Director, Chairman, and CEO effective from November 1, 2023, bringing over 39 years of pharmaceutical experience[163]. - Mr. Miyano has over 32 years of experience in the domestic pharmaceutical industry in Japan and has been with EPS Japan since January 2002[166]. - Mr. Zhao, appointed as an executive Director from November 1, 2023, has over 32 years of experience in accounting, auditing, corporate finance, and mergers and acquisitions[166]. - Mr. Kusaba joined EPS Holdings in March 2022 and has extensive experience in business development and investment management[168]. - Mr. Yan Ping was appointed as a non-executive Director effective from November 1, 2023, with extensive experience in the biomedical industry in China[171]. - EPS Japan is a controlling shareholder of the Company, with Mr. Yan Hao indirectly owning approximately 71.51% of EPS Japan[171]. - The Company is focused on expanding its market presence and enhancing its product offerings through strategic appointments in senior management[166]. - The management team has a strong background in both domestic and international pharmaceutical markets, which is expected to drive future growth[166]. - The Company is committed to leveraging its leadership's extensive experience to explore new business opportunities and partnerships[171]. - The recent appointments are part of a broader strategy to strengthen governance and operational capabilities within the Company[166]. Environmental Commitment - The Group is committed to minimizing environmental impacts through energy saving and recycling initiatives[90]. - The Group promotes environmental protection by encouraging the use of electronic document processing to minimize paper use[131]. - The temperature of the air-conditioning system is set between 25˚C to 26˚C to enhance energy efficiency[131]. - The Group has implemented measures to maintain or reduce the intensity of air pollutants emissions[128]. - The total GHG emissions (Scope 1 and 2) increased by 31% to 67,353 kg CO2e compared to the previous reporting period[158]. - Scope 2 emissions rose by 32% to 65,992 kg CO2e, primarily due to changes in the reporting scope[158]. - Electricity consumption increased by 32% to 160,758 kWh, attributed to a change in the reporting scope[140]. - The intensity of GHG emissions per square meter increased by 14% to 32 kg CO2e/m²[158]. - The Group aims to reduce air pollutant emissions by 1-2% in the coming year[151]. - The Group's nitrogen oxides (NOx) emissions decreased by 13% to 0.33 kg[151]. - The Group generated no significant hazardous waste due to its business nature, reflecting a low environmental impact[161]. - The intensity of electricity consumption in Hong Kong offices increased by 16% to 73 kWh/m²[140]. - The Group's sulphur oxides (SOx) emissions remained stable at 0.01 kg[151]. - Non-hazardous waste for recycling purposes increased to 5.30 tonnes, a 221% increase compared to the previous year[122].

截至二零二四年三月三十一日止年度之 全年業績公告 EPS創健科技集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈，本公司及 其附屬公司（統稱「本集團」）截至二零二四年三月三十一日止年度之綜合業績連同上一財 政年度之比較數字如下： （於開曼群島註冊成立之有限公司） （股份代號：3860） - 1 - 綜合損益表 截至二零二四年三月三十一日止年度 - 2 - - 3 - 流動資產 211,929 216,732 貿易及其他應付款項以及應計費用 12 52,084 34,347 合約負債 3,269 5,648 應付關聯公司款項 13 78,360 70,585 應付最終控股公司款項 13 45,739 318 應付非控股權益款項 13 11,759 – 租賃負債 2,606 2,564 應付稅項 3,878 1,722 銀行借貸 7,335 – 淨流動資產 6,899 101,548 | --- | --- | --- | --- | |------------------|-------|---------------------|---------------------| | | | | ...

Financial Performance - Revenue for the Reporting Period was approximately HK$357.8 million, an increase from HK$258.4 million in the same period last year, representing a growth of 38.5%[16] - Loss after taxation for the Reporting Period amounted to approximately HK$8.7 million, a decrease from a loss of HK$20.4 million in the previous year, indicating an improvement of 57.5%[16][21] - Basic loss per share for the Reporting Period was approximately 1.05 HK cents, based on a weighted average of 500,000,000 ordinary shares[16] - Gross profit for the Reporting Period was approximately HK$48.8 million, compared to HK$45.3 million in the previous year, reflecting a gross margin increase[21] - Other income for the Reporting Period was approximately HK$15.2 million, a significant increase from a loss of HK$1.9 million in the previous year[21] - Loss before taxation improved to approximately HK$8.2 million from HK$18.3 million in the previous year, showing a reduction of 55.2%[21] - Income tax expense for the Reporting Period was approximately HK$0.5 million, down from HK$2.1 million in the previous year[21] - For the six months ended September 30, 2023, the loss attributable to owners of the Company was HK$5,235,000, a significant improvement from a loss of HK$18,923,000 in the same period of 2022, representing a reduction of approximately 72.5%[23] - Total comprehensive expense for the period was HK$9,579,000, down from HK$21,253,000 in the prior year, indicating a decrease of about 55.1%[23] - Basic loss per share for the period attributable to owners of the Company improved to HK$0.09 from HK$1.05, reflecting a substantial decrease in loss per share of approximately 91.4%[23] Assets and Liabilities - Non-current assets increased to HK$120,958,000 as of September 30, 2023, compared to HK$10,762,000 as of March 31, 2023, showing a significant rise[25] - Current assets rose to HK$253,947,000 from HK$216,732,000, marking an increase of approximately 17.2%[25] - Current liabilities increased to HK$189,711,000 from HK$115,184,000, representing a rise of about 64.6%[25] - Net assets as of September 30, 2023, were HK$118,378,000, up from HK$91,644,000 as of March 31, 2023, indicating an increase of approximately 29.1%[27] - The Company reported an increase in inventories to HK$26,954,000 from HK$16,871,000, which is an increase of about 59.5%[25] - The amount due to a related party rose to HK$75,026,000 from HK$70,585,000, reflecting an increase of approximately 6.5%[25] - Trade debtors, net of loss allowance, increased to HK$66,426,000 as of 30 September 2023, up from HK$34,593,000 as of 31 March 2023, reflecting a 92.1% increase[95] - Trade payables rose to HK$64,473,000 as of 30 September 2023, compared to HK$22,406,000 as of 31 March 2023, marking a 187.5% increase[102] - As of 30 September 2023, the Group's total trade and other receivables amounted to HK$85,856,000, an increase from HK$58,220,000 as of 31 March 2023, representing a 47.5% growth[95] Cash Flow and Financing - The company generated HK$5,730,000 in cash from operations before working capital changes, a significant turnaround from cash used in operations of HK$19,416,000 in the previous year[35] - Net cash generated from operating activities was HK$5,233,000, compared to cash used of HK$20,215,000 in the same period last year[35] - The company reported a net increase in cash and cash equivalents of HK$1,553,000, contrasting with a decrease of HK$41,773,000 in the prior year[36] - The company invested HK$1,892,000 in property, plant, and equipment, compared to HK$76,000 in the same period of 2022[36] - Proceeds from bank borrowings amounted to HK$13,843,000, while repayments totaled HK$6,317,000, indicating active financing activities[36] - The company’s interest income increased to HK$760,000 from HK$31,000 in the previous year, reflecting improved financial management[36] Segment Performance - The Garment Business generated segment revenue of HK$274,964,000, while the Healthcare Products Business and IRO with CRO and In-house R&D Business contributed HK$65,060,000 and HK$17,805,000, respectively[52] - The Group reported a segment loss of HK$17,218,000 for the six months ended September 30, 2023, compared to a loss of HK$8,884,000 for the same period in 2022[52][55] - Revenue from external customers for the six months ended September 30, 2023, included HK$120,467,000 from the United States and HK$106,979,000 from Japan[63] - The Healthcare Products Business experienced a segment loss of HK$369,000, while the IRO with CRO and In-house R&D Business reported a significant loss of HK$26,661,000[52] - The Group recorded revenue of approximately HK$17.8 million for the Reporting Period in the specialized CRO business, representing an increase of approximately 141.3% compared to HK$7.4 million for the six months ended 30 September 2022[150] Expenses - Selling and distribution expenses increased to HK$25.5 million from HK$21.5 million, indicating a rise of 18.6%[21] - Administrative expenses were slightly higher at HK$32.1 million compared to HK$31.6 million in the previous year[21] - Research and development expenses for the six months ended 30 September 2023 amounted to HK$11,408,000, an increase from HK$5,412,000 in the previous year, reflecting a growth of approximately 110.5%[80] - Staff costs, including directors' remuneration, rose to HK$43,003,000 for the six months ended 30 September 2023, compared to HK$25,517,000 in the previous year, marking an increase of approximately 68.2%[80] - Selling and distribution expenses increased by approximately HK$4.0 million or 18.2% to approximately HK$25.5 million, primarily due to rising transportation costs[186] - Administrative expenses rose by approximately HK$0.5 million or 1.6% to approximately HK$32.1 million, mainly due to increased staff costs and legal fees[191] Dividends - The Board does not recommend the payment of an interim dividend for the Reporting Period[16] - No dividends were paid, declared, or proposed during both interim periods, with the Board not recommending any payment of interim dividend for the current interim period[75] Acquisitions and Investments - The company acquired 65% of R&E Corporation Limited for HK$56.16 million, completed on May 23, 2023[108] - The identifiable net assets acquired amounted to HK$15.76 million, with goodwill arising from the acquisition at HK$19.92 million[111] - The acquisition of R&E Corporation Limited is part of the company's strategy to expand into the Japanese health food market[108] - The Limited Partnership established in Japan aims to invest in start-ups and emerging companies with high growth potential in healthcare, intelligent manufacturing, technology, and consumer services[93] Strategic Focus - The Group is focusing on anti-obesity and anti-diabetes therapies using brown adipocytes induction technology, and is collaborating with a major university in Japan on a treatment for Lower Extremity Artery Diseases (LEAD)[149] - The Group aims to provide a one-stop solution for drug development support, leveraging its knowledge and experience in the IRO and CRO services[142] - The IRO business is expected to create synergies for the expansion of the In-House R&D and Healthcare Products Business segments[147] - The Group's sales teams are actively expanding client bases and exploring new manufacturing sources and product development to maintain profitable margins in the Garment Business[134] - Economic challenges such as rising interest rates and inflation continue to impact the Group's business operations[134]

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。 （於開曼群島註冊成立之有限公司） （股份代號：3860） 截至二零二三年九月三十日止六個月 之中期業績公告 財務摘要 － 報告期內錄得收益約357.8百萬港元； － 期內之除稅後虧損為約8.7百萬港元； － 根據本公司500,000,000股本公司普通股加權平均數計算，期內之每股基本虧損為 約1.05港仙；及 － 董事會並不建議派付報告期內之中期股息。 ...

Revenue and Profit Performance - The apparel segment recorded revenue of approximately HKD 381.5 million, a decrease of about 10.2% compared to HKD 424.6 million for the year ended March 31, 2022[11]. - The gross profit for the apparel segment was approximately HKD 61.8 million, slightly down from HKD 62.5 million for the previous year[11]. - The healthcare products segment generated revenue of approximately HKD 55.8 million, a decrease of about 29.8% from HKD 79.5 million in the previous year[23]. - The gross profit for the healthcare products segment was approximately HKD 12.2 million, down from HKD 18.2 million, attributed to decreased procurement orders from a major client in Japan and the depreciation of the yen[23]. - The internal R&D segment recorded revenue of approximately HKD 15.6 million, a slight decrease of about 1.3% from HKD 15.8 million in the previous year[29]. - The total revenue decreased from approximately HKD 424.6 million to HKD 381.5 million, a reduction of about HKD 43.1 million, primarily due to a significant decrease in procurement orders from a major client based in Japan[34]. - Women's apparel revenue decreased from approximately HKD 323.6 million to HKD 298.8 million, a decline of about HKD 24.8 million (7.7%) due to a drop in sales volume from approximately 4.1 million units to 3.3 million units, despite an increase in average selling price from HKD 78.3 to HKD 89.3[42]. - Men's apparel revenue increased from approximately HKD 61.9 million to HKD 69 million, an increase of about HKD 7.1 million (11.5%), primarily due to an increase in average selling price from HKD 64.2 to HKD 71.2[42]. - Children's apparel revenue significantly decreased from approximately HKD 39.1 million to HKD 13.7 million, a decline of about HKD 25.5 million (65.1%), attributed to a drop in sales volume from approximately 0.7 million units to 0.3 million units and a decrease in average selling price from HKD 58.1 to HKD 51.8[43]. - Revenue from health products decreased from approximately HKD 79.5 million to HKD 55.8 million, a decline of about HKD 23.7 million (29.8%), mainly due to reduced procurement orders from major Japanese clients[44]. Acquisitions and Business Expansion - The company is focusing on enhancing its healthcare product business and innovation research organization (IRO) through acquisitions during the reporting period[5]. - The company has acquired three Chinese companies engaged in clinical trial services and one company in Japan for procurement and distribution of healthcare products[19]. - The company completed the acquisition of 100% of EP Trading Limited in December 2022, enhancing its distribution capabilities for healthcare products[23]. - The group completed the acquisition of three Chinese equity companies for a total consideration of approximately RMB 2.85 million (approximately HKD 3.24 million) on September 20, 2022[78]. - The acquisition of EP Trading Co., Ltd. was completed for a total consideration of approximately JPY 99.4 million (approximately HKD 5.6 million) on December 7, 2022[79]. - The group acquired 65% of R&E Corporation Limited for a total consideration of approximately HKD 56.16 million, completed on May 23, 2023[83]. - The IRO business is expected to provide synergies for the expansion of internal R&D and healthcare products[27]. - The company expects to leverage its acquisitions for future growth and market expansion strategies[140]. Financial Position and Liabilities - The total comprehensive expenses attributable to the company's owners increased to approximately HKD 45.4 million, up from HKD 20.6 million, mainly due to increased research and administrative expenses related to new drug development[33]. - As of March 31, 2023, the group's current assets amounted to approximately HKD 101.5 million, a decrease of about 23.9% compared to HKD 202.4 million on March 31, 2022[68]. - The current ratio declined from approximately 3.5 on March 31, 2022, to about 1.9 on March 31, 2023, primarily due to a significant increase in current liabilities by approximately 40%[68]. - The group's debt-to-equity ratio increased from 1.12 on March 31, 2022, to 1.48 on March 31, 2023, reflecting the total loans and borrowings[68]. - The total liabilities as of March 31, 2023, were 82,288 thousand HKD, with trade and other payables amounting to 36,451 thousand HKD[143]. - Current liabilities increased to HKD 115,184 thousand from HKD 82,288 thousand, marking an increase of approximately 40.1%[126]. - The company’s total equity as of March 31, 2023, was HKD 91,644 thousand, compared to HKD 139,864 thousand, indicating a decrease of about 34.5%[128]. - The company’s retained earnings showed a cumulative loss of HKD 27,015 thousand as of March 31, 2023, compared to a loss of HKD 34 thousand in the previous year[128]. Employee and Operational Insights - The total employee costs for the year ended March 31, 2023, were approximately HKD 55.1 million, compared to HKD 38.8 million for the previous year, indicating a significant increase in personnel expenses[92]. - As of March 31, 2023, the group employed a total of 112 employees, with 111 being full-time and 1 part-time[199]. - The group adheres to local labor laws for employee annual leave and benefits, ensuring fair compensation based on individual performance[196]. - The group emphasizes a transparent and fair recruitment system, providing equal opportunities and a discrimination-free workplace[195]. - The management compensation is linked to the group's operational performance, incentivizing management based on the company's success[196]. - The group is committed to eliminating workplace bias and discrimination based on gender, marital status, disability, and family status[195]. - The employee distribution by gender shows 88 males and 24 females, indicating a male-dominated workforce[199]. - The group has implemented effective measures to protect employee rights and ensure compliance with anti-discrimination laws[195]. Future Outlook and Strategic Initiatives - The company maintains a cautiously optimistic outlook, investing in product design and development, including healthcare apparel products[12]. - The company aims to create a business co-creation platform to meet the diverse needs of the healthcare industry between China and Japan[12]. - The group is cautiously optimistic about the future, planning to invest in product design and development, including health apparel, to promote a healthy lifestyle[98]. - The group plans to simplify its organizational structure and operational processes to save costs and enhance competitiveness[98]. - The group will continue to explore opportunities for business diversification while considering market uncertainties[110]. - The growth of the apparel supply chain management services is expected to be driven by increased disposable income and economic recovery globally[98]. Environmental and Social Responsibility - The group aims to reduce the negative environmental impact of daily operations through energy-saving and resource recycling methods, complying with all relevant environmental laws and regulations as of March 31, 2023[94]. - The company has recognized potential financial losses due to extreme weather events, which may lead to increased operational costs and delayed deliveries[186]. - The company has implemented various measures to prevent and mitigate the negative impacts of extreme weather[187]. - The company aims to support harmonious social development and establish mutually beneficial relationships with stakeholders[194]. - The group is dedicated to sustainable development while achieving economic goals, reflecting its social responsibility[195].

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不會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的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （港交所股份代號：3860） 截至二零二三年三月三十一日止年度之 全年業績公告 財務摘要 截至二零二三年三月三十一日止年度，本集團營運業績如下： － 截至二零二三年三月三十一日止年度錄得收益約452.9百萬港元； － 截至二零二三年三月三十一日止年度之除稅後虧損約為50.3百萬港元； － 根據500,000,000股普通股加權平均數計算，截至二零二三年三月三十一日止年度 之每股基本虧損約為9.15港仙；及 － 董事並不建議派付截至二零二三年三月三十一日止年度之末期股息。 ...

Financial Performance - The company recorded revenue of approximately HKD 228.0 million for the reporting period[6] - The after-tax loss for the period was approximately HKD 8.4 million[6] - The basic loss per share for the period was approximately HKD 1.7 cents, based on a weighted average of 500,000,000 ordinary shares[6] - The gross profit for the period was HKD 43.0 million, compared to HKD 30.6 million in the previous year[9] - Total comprehensive loss for the period was HKD 7.6 million, compared to HKD 5.5 million in the previous year[11] - The company reported a net loss of HKD 7,842,000 for the six months ended September 30, 2022, compared to a net loss of HKD 5,425,000 for the same period in 2021, indicating an increase in losses of approximately 44%[20] - The group recorded revenue of approximately HKD 225.3 million for the six months ended September 30, 2022, a decrease of about 8.3% from HKD 245.8 million for the same period in 2021[89] - The group reported a loss before tax of HKD 6,056 thousand for the six months ended September 30, 2022, compared to a loss of HKD 4,447 thousand for the same period in 2021[36] - The group experienced a total comprehensive loss attributable to owners of approximately HKD 7.2 million, compared to a loss of HKD 5.3 million in the same period last year[93] Assets and Liabilities - The company's total assets less current liabilities were HKD 172.3 million, down from HKD 201.1 million as of March 31, 2022[14] - The company's cash and cash equivalents were HKD 162.99 million, a decrease from HKD 197.95 million as of March 31, 2022[14] - The company's net assets stood at HKD 118.73 million, down from HKD 126.70 million as of March 31, 2022[16] - Total equity as of September 30, 2022, was HKD 118,734,000, a decrease from HKD 129,679,000 as of March 31, 2022, reflecting a decline of about 8.7%[20] - The total liabilities increased to HKD 56,952,000 as of September 30, 2022, compared to HKD 22,673,000 as of March 31, 2022, indicating a significant rise in obligations[75] - The company's net current assets as of September 30, 2022, were approximately HKD 160.9 million, down from HKD 190.0 million as of March 31, 2022, with a current ratio decreasing from about 5.0 to 2.9[125] Revenue Segmentation - The company's total revenue sources are categorized into apparel and healthcare segments, with further details provided in the financial notes[31] - The apparel segment generated revenue of HKD 225,321 thousand, while the healthcare segment contributed HKD 2,643 thousand for the six months ended September 30, 2022[36] - Revenue from women's apparel increased by approximately HKD 16.7 million or 10.6%, reaching about HKD 175 million, driven by an increase in average selling price from HKD 72.1 to HKD 90.9[101] - The group’s revenue from women's products accounted for approximately 77.6% of total revenue, up from 64.4% in the previous period[94] - Men's apparel revenue decreased from approximately HKD 52.1 million to about HKD 39.7 million, a reduction of approximately HKD 12.4 million or 23.8% due to a drop in sales volume from about 840,000 units to approximately 554,000 units[102] - Children's apparel revenue fell from approximately HKD 35.5 million to about HKD 10.7 million, a decrease of approximately HKD 24.8 million or 69.9%, with sales volume dropping from about 605,000 units to approximately 203,000 units[104] Expenses and Costs - Research and development expenses for new drug development amounted to HKD 2.6 million, a decrease from HKD 5.4 million in the previous year[9] - Employee costs increased significantly to HKD 17,637,000 in 2022 from HKD 12,789,000 in 2021, marking a 38% rise[60] - The total employee costs for the six months ended September 30, 2022, amounted to approximately HKD 17.6 million, compared to HKD 12.8 million for the same period in 2021, reflecting a year-on-year increase of 37.5%[144] - Administrative expenses rose from approximately HKD 12.0 million to about HKD 22.9 million, an increase of approximately HKD 10.9 million or 90.8%[116] - Financing costs increased from approximately HKD 258,000 to about HKD 2.774 million, primarily due to interest on new borrowings from related parties[119] Corporate Governance and Leadership - The company is committed to maintaining good corporate governance practices to enhance business growth and meet stakeholder expectations[164] - The company has appointed Mr. Dasha as both the Chairman of the Board and CEO effective from July 12, 2022, to provide strong and consistent leadership for business development[165] - The Audit Committee, consisting of three members, is responsible for reviewing financial information and overseeing the financial reporting system, risk management, and internal control systems[171] Market Outlook and Strategy - The company plans to expand its market presence in the apparel supply chain management sector, focusing on strategic partnerships and collaborations[26] - The company anticipates a continued decline in customer orders and sales for the 2022-2023 period due to adverse trade conditions and the ongoing impact of the COVID-19 pandemic[89] - The board anticipates a slow recovery in global economic activity, with a gradual increase in demand for the company's products, although uncertainties remain due to the ongoing Covid-19 pandemic[149] - The company will continue to monitor the impact of the Covid-19 pandemic and may implement measures such as prioritizing higher-margin orders and cost control to mitigate operational challenges[149] Acquisitions and Investments - The company completed the acquisition of approximately 95% of the equity of Shanghai Rixin Pharmaceutical Development Co., Ltd. for a total consideration of approximately HKD 3.24 million[79] - The net identifiable assets acquired in the acquisition included property, plant, and equipment valued at HKD 505,000 and inventory valued at HKD 119,000[80] - The company has capital commitments of HKD 4.859 million for equity investments and HKD 2.710 million for investments in limited partnerships as of September 30, 2022[140] Compliance and Reporting - The company is committed to maintaining compliance with the Hong Kong Financial Reporting Standards, ensuring transparency and accuracy in its financial reporting[27] - There have been no significant events after September 30, 2022, that could materially impact the company's operational and financial performance[170]