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 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 環球戰略集團有限公司 呈交日期: 2025年8月6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) | 08007 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 800,000,000 | HKD | | 0.1 | HKD | | 80,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 800,000,000 | HKD | | 0.1 | HKD | | 80,000,000 | 本月底法定/註冊股本總額： HK ...

[GEM Market Features](index=2&type=section&id=GEM%E7%9A%84%E7%89%B9%E8%89%B2) The GEM market targets small and medium-sized companies, entailing higher investment risks that investors should understand and consider carefully - The GEM market is positioned for small and medium-sized companies, carrying higher investment risks that investors should understand and consider carefully[4](index=4&type=chunk) - Hong Kong Exchanges and Clearing Limited and the Stock Exchange are not responsible for this report's content; directors jointly and individually bear full responsibility, confirming the report is accurate, complete, and not misleading[4](index=4&type=chunk) [Unaudited Condensed Consolidated Interim Results](index=3&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended March 31, 2025, the Group's revenue and gross profit significantly increased, and despite higher finance costs and income tax expenses, the loss for the period narrowed substantially from HKD 7,022 thousand to HKD 957 thousand | Indicator | As of March 31, 2025 (HKD thousands) | As of March 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 167,749 | 109,660 | +58,089 | +52.97% | | Cost of Sales | (141,750) | (91,607) | (50,143) | +54.74% | | Gross Profit | 25,999 | 18,053 | +7,946 | +44.01% | | Profit/(Loss) from Operations | 7,162 | (3,915) | +11,077 | N/A | | Profit/(Loss) Before Tax | 3,231 | (7,353) | +10,584 | N/A | | Income Tax (Expense)/Credit | (4,188) | 331 | (4,519) | N/A | | Loss for the Period | (957) | (7,022) | +6,065 | -86.37% | | Loss for the Period Attributable to Owners of the Company | (8,798) | (7,746) | (1,052) | +13.58% | | Basic Loss Per Share (HK cents) | (1.93) | (1.70) | (0.23) | +13.53% | [Unaudited Condensed Consolidated Statement of Financial Position](index=5&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of March 31, 2025, the Group's non-current assets slightly increased, but both current assets and net current liabilities deteriorated, expanding net current liabilities to HKD 121,762 thousand, indicating challenging financial conditions | Indicator | As of March 31, 2025 (HKD thousands) | As of September 30, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current Assets | 296,259 | 281,309 | +14,950 | +5.31% | | Current Assets | 40,380 | 57,184 | (16,804) | -29.38% | | Current Liabilities | 162,142 | 161,251 | +891 | +0.55% | | Net Current Liabilities | (121,762) | (104,067) | (17,695) | +17.00% | | Total Equity | 77,672 | 83,619 | (5,947) | -7.11% | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended March 31, 2025, total equity attributable to owners of the Company further decreased from HKD (12,075) thousand to HKD (21,964) thousand, primarily due to a total comprehensive loss of HKD (9,889) thousand for the period, while non-controlling interests increased | Indicator | As of October 1, 2024 (Audited) (HKD thousands) | As of March 31, 2025 (Unaudited) (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Owners of the Company | (12,075) | (21,964) | (9,889) | | Non-controlling Interests | 95,694 | 99,636 | +3,942 | | Total Equity | 83,619 | 77,672 | (5,947) | [Unaudited Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended March 31, 2025, net cash generated from operating activities significantly improved to HKD 19,661 thousand, but net cash used in investing activities substantially increased to HKD 44,170 thousand, primarily for deposits on property, plant and equipment and right-of-use assets, resulting in a HKD 11,024 thousand decrease in cash and cash equivalents at period-end | Indicator | As of March 31, 2025 (HKD thousands) | As of March 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 19,661 | (669) | +20,330 | | Net Cash Used in Investing Activities | (44,170) | (3,524) | (40,646) | | Net Cash Generated from Financing Activities | 13,485 | 3,977 | +9,508 | | Net Decrease in Cash and Cash Equivalents | (11,024) | (216) | (10,808) | | Cash and Cash Equivalents at End of Period | 7,968 | 8,972 | (1,004) | - Investment cash outflow significantly increased, primarily due to deposits for acquisition of property, plant and equipment of **HKD 32,130 thousand** and deposits for acquisition of right-of-use assets of **HKD 4,010 thousand**[10](index=10&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E6%B3%A8) [Basis of Preparation](index=9&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) Financial statements are prepared under HKAS 34 and GEM Listing Rules, with consistent accounting policies; despite period loss and net current liabilities, directors adopted a going concern basis due to a major shareholder's commitment for continuous financial support - The Group recorded a net loss of **HKD 957 thousand** and had net current liabilities of **HKD 121,762 thousand** for the six months ended March 31, 2025[11](index=11&type=chunk) - Major shareholder and director Mr Wu Guoming has agreed to provide sufficient funds to the Group to support its continuous operation[12](index=12&type=chunk) - Financial information is prepared on a going concern basis, but if the Group cannot continue as a going concern, adjustments for asset impairment, liability provisions, and asset/liability reclassification would be required[13](index=13&type=chunk) [Adoption of New and Revised Hong Kong Financial Reporting Standards](index=10&type=section&id=%E6%8E%A1%E7%B4%8D%E6%96%B0%E8%A8%82%E5%8F%8A%E7%B6%93%E4%BF%AE%E8%A8%82%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E5%87%86%E5%89%87) The Group first applied new and revised HKFRSs from October 1, 2024, with no significant impact on current or comparative interim financial statements, while management assesses the potential effects of HKFRS 18 on future financial reporting - New and revised standards adopted in the current period had no material impact on the financial statements[14](index=14&type=chunk) - The HKICPA's amendment to HKAS 21, concerning currency convertibility and exchange rate usage, is not expected to have a material impact on the consolidated financial statements[15](index=15&type=chunk) - HKFRS 18, effective January 1, 2027, will introduce significant changes to profit or loss statement structure, management-defined performance measures disclosure, and information aggregation classification, with management currently assessing its impact[17](index=17&type=chunk) [Segment Information](index=11&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates two reportable segments: natural gas business and sales and leasing business; for the six months ended March 31, 2025, natural gas revenue significantly grew and generated profit, while sales and leasing revenue decreased and incurred a loss | Segment | Revenue for the Six Months Ended March 31, 2025 (HKD thousands) | Revenue for the Six Months Ended March 31, 2024 (HKD thousands) | Revenue Change Rate | Segment Profit/(Loss) for the Six Months Ended March 31, 2025 (HKD thousands) | Segment Profit/(Loss) for the Six Months Ended March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Natural Gas Business | 163,845 | 104,470 | +56.83% | 14,617 | 534 | | Sales and Leasing Business | 3,904 | 5,190 | -24.80% | (4,338) | (1,833) | | **Total** | **167,749** | **109,660** | **+52.97%** | **10,279** | **(1,299)** | - Natural gas business includes investment in natural gas projects, sales of natural gas, natural gas cooking appliances and accessories, and pipeline installation[18](index=18&type=chunk) - Sales and leasing business includes providing sales and leasing services for steel support axial force servo systems and technical support[18](index=18&type=chunk) [Revenue](index=14&type=section&id=%E6%94%B6%E7%9B%8A) For the six months ended March 31, 2025, the Group's total revenue increased to HKD 167,749 thousand, primarily driven by natural gas sales, which grew from HKD 101,629 thousand to HKD 153,608 thousand, with service revenue also significantly increasing | Product/Service Line | As of March 31, 2025 (HKD thousands) | As of March 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Sales of Natural Gas | 153,608 | 101,629 | +51,979 | +51.14% | | Sales of Construction Materials | – | 523 | (523) | -100% | | Provision of Services | 13,287 | 4,109 | +9,178 | +223.37% | | Lease Income | 854 | 3,399 | (2,545) | -74.88% | | **Total Revenue** | **167,749** | **109,660** | **+58,089** | **+52.97%** | - All revenue primarily originated from Mainland China (excluding Hong Kong)[22](index=22&type=chunk) - Most revenue from products and services is recognized over time, such as natural gas sales and technical support services[22](index=22&type=chunk) [Income Tax Expense/(Credit)](index=15&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF%EF%BC%8F%EF%BC%88%E6%8A%B5%E5%85%8D%EF%BC%89) For the six months ended March 31, 2025, the Group's income tax expense was HKD 4,188 thousand, compared to a HKD 331 thousand credit in the prior period, mainly due to a significant increase in PRC corporate income tax, with Hong Kong subsidiaries incurring no tax due to no taxable profits | Indicator | As of March 31, 2025 (HKD thousands) | As of March 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Current Tax - PRC Corporate Income Tax | 4,684 | 199 | +4,485 | | Deferred Tax | (496) | (530) | +34 | | **Total Income Tax Expense/(Credit)** | **4,188** | **(331)** | **+4,519** | - PRC subsidiaries are subject to a corporate income tax rate of **25%**, with small and micro-sized enterprises eligible for preferential rates of **2.5% to 5%**[24](index=24&type=chunk) - Hong Kong subsidiaries made no provision for Hong Kong profits tax due to no assessable profits[25](index=25&type=chunk) [Loss for the Period](index=16&type=section&id=%E6%9C%9F%E5%85%A7%E8%99%A7%E6%90%8D) For the six months ended March 31, 2025, the Group's loss for the period significantly narrowed to HKD 957 thousand from HKD 7,022 thousand in the prior period, driven by increased other income and gains, reduced selling and distribution costs, and lower general and administrative expenses, despite higher finance costs | Item | As of March 31, 2025 (HKD thousands) | As of March 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Bank Interest Income | (14) | (8) | (6) | | Government Grants | (2) | – | (2) | | Others | (143) | – | (143) | | **Total Other Income** | **(159)** | **(19)** | **(140)** | | Item | As of March 31, 2025 (HKD thousands) | As of March 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Gain on Disposal of Right-of-Use Assets | (384) | (160) | (224) | | **Total Other Gains and Losses** | **(384)** | **(150)** | **(234)** | | Item | As of March 31, 2025 (HKD thousands) | As of March 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 2,289 | 2,517 | (228) | | Interest on Convertible Bonds | 1,606 | 759 | +847 | | Interest on Lease Liabilities | 36 | 162 | (126) | | **Total Finance Costs** | **3,931** | **3,438** | **+493** | [Dividends](index=17&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend paying any dividends for the six months ended March 31, 2025, consistent with the prior period - No dividend is recommended for the six months ended March 31, 2025[29](index=29&type=chunk) [Loss Per Share](index=18&type=section&id=%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) For the six months ended March 31, 2025, basic loss per share increased to **1.93 HK cents** from **1.70 HK cents** in the prior period, with no diluted loss per share presented due to the absence of potential ordinary shares | Indicator | As of March 31, 2025 (HK cents) | As of March 31, 2024 (HK cents) | Change (HK cents) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Basic Loss Per Share | (1.93) | (1.70) | (0.23) | +13.53% | - The weighted average number of ordinary shares used for calculating basic loss per share was **455,860 thousand** shares[31](index=31&type=chunk) - No diluted loss per share is presented due to the absence of potential ordinary shares[32](index=32&type=chunk) [Property, Plant and Equipment](index=18&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) For the six months ended March 31, 2025, the Group acquired property, plant and equipment totaling approximately HKD 7,864 thousand, an increase from HKD 3,534 thousand in the prior period, with disposals amounting to approximately HKD 11 thousand - Acquisition of property, plant and equipment increased from **HKD 3,534 thousand** to **HKD 7,864 thousand**[33](index=33&type=chunk) - Proceeds from disposal of property, plant and equipment were **nil** (HKD 2 thousand in the prior period)[10](index=10&type=chunk) [Trade and Bills Receivables](index=19&type=section&id=%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%A6%E6%AC%BE%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) As of March 31, 2025, net trade and bills receivables decreased to HKD 5,630 thousand from HKD 9,873 thousand as of September 30, 2024, with impairment losses increasing from HKD 8,374 thousand to HKD 8,922 thousand, while natural gas customers typically prepay, and other services have 30-180 day credit terms | Indicator | As of March 31, 2025 (HKD thousands) | As of September 30, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade Receivables | 14,151 | 17,128 | (2,977) | -17.38% | | Bills Receivables | 401 | 1,119 | (718) | -64.16% | | Less: Impairment Loss | (8,922) | (8,374) | (548) | +6.54% | | **Net Amount** | **5,630** | **9,873** | **(4,243)** | **-42.97%** | - Natural gas sales customers generally receive no credit period, with a few specific customers having an average credit period of **60 days**[34](index=34&type=chunk) - Natural gas pipeline installation services have an average credit period of **180 days**, while leasing business has an average credit period of **30 days**[34](index=34&type=chunk) [Prepayments, Deposits and Other Receivables](index=20&type=section&id=%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E8%B3%A6%E6%AC%BE) As of March 31, 2025, total prepayments, deposits, and other receivables increased to HKD 22,745 thousand from HKD 17,113 thousand as of September 30, 2024, primarily due to higher prepayments | Item | As of March 31, 2025 (HKD thousands) | As of September 30, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Deposits | 4,532 | 4,322 | +210 | +4.86% | | Prepayments | 18,067 | 12,451 | +5,616 | +45.10% | | Others | 146 | 340 | (194) | -57.06% | | **Total** | **22,745** | **17,113** | **+5,632** | **+32.91%** | [Trade Payables](index=21&type=section&id=%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%A6%E6%AC%BE) As of March 31, 2025, total trade payables increased to HKD 4,814 thousand from HKD 3,980 thousand as of September 30, 2024, with natural gas suppliers typically requiring prepayment, while LNG suppliers offer 30-day credit, and other business suppliers have 60-180 day credit terms | Aging | As of March 31, 2025 (HKD thousands) | As of September 30, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | 0 to 90 days | 4,689 | 3,711 | +978 | +26.35% | | 91 to 180 days | – | 10 | (10) | -100% | | 181 to 365 days | – | 54 | (54) | -100% | | Over 365 days | 125 | 205 | (80) | -39.02% | | **Total** | **4,814** | **3,980** | **+834** | **+20.95%** | - Natural gas suppliers typically require prepayment, LNG suppliers offer a **30-day** credit period, and other business suppliers provide **60 to 180-day** credit periods[37](index=37&type=chunk) [Accruals and Other Payables](index=21&type=section&id=%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E8%B3%A6%E6%AC%BE) As of March 31, 2025, total accruals and other payables decreased to HKD 51,104 thousand from HKD 56,101 thousand as of September 30, 2024, mainly due to reduced payables for property, plant and equipment and lower safety cost provisions | Item | As of March 31, 2025 (HKD thousands) | As of September 30, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Payables for Construction in Progress | 16,961 | 16,717 | +244 | +1.46% | | Receipts in Advance | 1,823 | 1,890 | (67) | -3.54% | | Payables for Property, Plant and Equipment | 13,996 | 15,935 | (1,939) | -12.17% | | Provision for Safety Costs | 4,905 | 6,339 | (1,434) | -22.62% | | Other Payables and Accruals | 13,419 | 15,220 | (1,801) | -11.83% | | **Total** | **51,104** | **56,101** | **(4,997)** | **-8.91%** | - Deposits received from independent third parties for the disposal of Group buildings are included in receipts in advance[39](index=39&type=chunk) [Convertible Bonds](index=22&type=section&id=%E4%B8%8D%E5%8F%AF%E6%8F%9B%E8%82%A1%E5%82%B5%E5%88%B8) As of March 31, 2025, total convertible bonds increased to HKD 46,723 thousand from HKD 37,258 thousand as of September 30, 2024, with current liabilities at HKD 20,563 thousand and non-current liabilities at HKD 26,160 thousand, carrying interest rates from 6% to 12% and maturing between 2024 and 2027 | Indicator | As of March 31, 2025 (HKD thousands) | As of September 30, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Convertible Bonds | 46,723 | 37,258 | +9,465 | +25.40% | | Current Liabilities | 20,563 | 15,621 | +4,942 | +31.64% | | Non-current Liabilities | 26,160 | 21,637 | +4,523 | +20.91% | - Convertible bonds carry annual interest rates ranging from **6% to 12%**, with maturity dates from September 30, 2024, to February 27, 2027[40](index=40&type=chunk) - Accrued interest increased from **HKD 1,974 thousand** to **HKD 3,289 thousand**[40](index=40&type=chunk) [Bank and Other Borrowings](index=23&type=section&id=%E9%8A%80%E8%A1%8C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%80%9F%E8%B2%B8) As of March 31, 2025, total bank and other borrowings increased to HKD 92,457 thousand from HKD 87,473 thousand as of September 30, 2024, with HKD 42,564 thousand due within one year, and interest rates ranging from 5.00% to 10.05%, exposing some borrowings to cash flow interest rate risk | Indicator | As of March 31, 2025 (HKD thousands) | As of September 30, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Secured Bank Borrowings | 69,696 | 56,702 | +12,994 | +22.92% | | Secured Other Borrowings | 22,761 | 30,771 | (8,010) | -26.03% | | **Total** | **92,457** | **87,473** | **+4,984** | **+5.70%** | - Borrowings repayable within one year amounted to **HKD 42,564 thousand**, and those repayable after one year were **HKD 49,893 thousand**[43](index=43&type=chunk) - The effective interest rate for bank borrowings ranged from **5.00% to 10.05%**[45](index=45&type=chunk) [Share Capital](index=25&type=section&id=%E8%82%A1%E6%9C%AC) As of March 31, 2025, the Company's authorized share capital was 8,000,000 thousand shares with a par value of HKD 0.01 each, totaling HKD 80,000 thousand, while issued and fully paid share capital remained unchanged at 455,860 thousand shares, amounting to HKD 4,559 thousand - Issued and fully paid share capital was **455,860 thousand** shares, amounting to **HKD 4,559 thousand**, with no changes during the reporting period[47](index=47&type=chunk) [Litigation](index=25&type=section&id=%E8%A8%B4%E8%A8%9F) Global Jin Yi Trading (Shenzhen) Co Ltd's lawsuit against a former director, concerning outstanding remuneration and building ownership, concluded with the Shenzhen court ruling the former director's evidence invalid on August 28, 2024, and upholding the first-instance judgment by dismissing the appeal on February 28, 2025 - The Shenzhen court ruled on August 28, 2024, that the evidence provided by the former director for the claim was invalid[48](index=48&type=chunk) - The former director's appeal was dismissed, and the first-instance judgment was upheld on February 28, 2025[48](index=48&type=chunk) [Capital Commitments](index=26&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of March 31, 2025, the Group's capital commitments decreased to HKD 12,641 thousand from HKD 14,515 thousand as of September 30, 2024, primarily related to the acquisition of property, plant and equipment and system and network development - Capital commitments decreased from **HKD 14,515 thousand** to **HKD 12,641 thousand**[49](index=49&type=chunk) - Capital commitments primarily relate to the acquisition of property, plant and equipment and system and network development[49](index=49&type=chunk) [Related Party Transactions](index=26&type=section&id=%E9%97%9C%E9%80%A3%E6%96%B9%E4%BA%A4%E6%98%93) The Group has several related party transactions, including guarantees for bank borrowings, key management personnel compensation, and receivables/payables with a director's son, daughter-in-law, and a director-controlled company - Related parties provided guarantees for the Group's bank borrowings[50](index=50&type=chunk) - Key management personnel compensation (short-term benefits) decreased from **HKD 807 thousand** to **HKD 598 thousand**[51](index=51&type=chunk) | Related Party | Relationship | As of March 31, 2025 (HKD thousands) | As of September 30, 2024 (HKD thousands) | | :--- | :--- | :--- | :--- | | 吴夏晨 | Son of a Director of the Company | 1,105 (Receivable) | 1,145 (Receivable) | | Tang Xia | Daughter-in-law of a Director of the Company | (1,072) (Payable) | (1,112) (Payable) | | Shanghai Guangda Foundation Engineering Co Ltd | Controlled by a Director of the Company | (11,929) (Payable) | (8,033) (Payable) | [Significant Events](index=27&type=section&id=%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A0%85) The Group's 25% equity interest in Yichang Biaodian (RMB 14.7 million) was frozen by the Changzhi City Supervision Commission of Shanxi Province; however, Chinese legal counsel believes this does not affect Yichang Biaodian's daily operations, the Group's control, or dividend income risk - The Group's **25%** equity interest in Yichang Biaodian (RMB **14.7 million**) was frozen by the Changzhi City Supervision Commission of Shanxi Province[53](index=53&type=chunk) - Chinese legal counsel believes the freezing action does not affect Yichang Biaodian's daily operations or the Group's control, and the risk to dividend income is low[53](index=53&type=chunk) - As of the reporting date, the Supervision Commission has not taken further action[53](index=53&type=chunk) [Management Discussion and Analysis](index=29&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Financial and Business Review](index=29&type=section&id=%E8%B2%A1%E5%8B%99%E5%8F%8A%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) This section reviews the Group's key financial metrics and business performance for the reporting period, including revenue growth, reduced operating expenses, increased finance costs, and a significant narrowing of the loss for the period [Revenue](index=29&type=section&id=%E6%94%B6%E7%9B%8A) For the six months ended March 31, 2025, the Group's unaudited revenue significantly increased from HKD 109,660 thousand in the prior period to HKD 167,749 thousand, primarily driven by strong performance in the natural gas business segment - Revenue increased by **52.97%** year-on-year, from **HKD 109,660 thousand** to **HKD 167,749 thousand**[57](index=57&type=chunk) - The natural gas business segment contributed approximately **HKD 163,845 thousand** in revenue[57](index=57&type=chunk) - The sales and leasing business segment contributed approximately **HKD 3,904 thousand** in revenue[57](index=57&type=chunk) [Operating Expenses](index=29&type=section&id=%E7%87%9F%E9%81%8B%E9%96%8B%E6%94%AF) For the six months ended March 31, 2025, the Group's total operating expenses, including selling and distribution costs and general and administrative expenses, decreased from HKD 22,482 thousand to HKD 18,794 thousand in the prior period, mainly due to the reversal of excess safety production provision and reduced other operating costs - Total operating expenses decreased by **16.40%** year-on-year, from **HKD 22,482 thousand** to **HKD 18,794 thousand**[58](index=58&type=chunk) - The decrease was due to the reversal of excess safety production provision recognized in the prior year and reduced other operating costs[58](index=58&type=chunk) [Finance Costs](index=29&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) For the six months ended March 31, 2025, the Group's finance costs increased to HKD 3,931 thousand from HKD 3,438 thousand in the prior period, primarily due to higher interest expenses from additional bank and other borrowings and convertible bonds, while the loss for the period significantly narrowed to HKD 957 thousand - Finance costs increased by **14.34%** year-on-year, from **HKD 3,438 thousand** to **HKD 3,931 thousand**[59](index=59&type=chunk) - The increase was primarily due to higher interest from additional loans and convertible bonds[59](index=59&type=chunk) - Loss for the period significantly narrowed from **HKD 7,022 thousand** to **HKD 957 thousand**[59](index=59&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=30&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of March 31, 2025, the Group's total borrowings increased to HKD 157,450 thousand, and the total debt-to-asset ratio rose to 192%, indicating increased financial leverage, with operations supported by internal cash flow, bank borrowings, and external financing, under continuous financial monitoring - Total borrowings increased from **HKD 147,499 thousand** to **HKD 157,450 thousand**[60](index=60&type=chunk) - The total debt-to-asset ratio increased from **152%** to **192%**[60](index=60&type=chunk) - Total borrowings include bank and other borrowings, amounts due to directors, convertible bonds, lease liabilities, amounts due to non-controlling shareholders of subsidiaries, and amounts due to related parties[60](index=60&type=chunk) [Updates on Natural Gas Business](index=30&type=section&id=%E6%9C%89%E9%97%9C%E5%A4%A9%E7%84%B6%E6%B0%A3%E6%A5%AD%E5%8B%99%E7%9A%84%E6%9C%80%E6%96%B0%E8%B3%87%E6%96%99) For the six months ended March 31, 2025, natural gas sales volume increased by approximately **59%** to **43,550,000 cubic meters**; the expansion of Yichang High-tech Zone Baiyang Industrial Park and Yichang Biaodian's exclusive gas supply rights are expected to drive new customers and revenue growth, with Yichang Biaodian approved to invest approximately **RMB 130 million** in high-pressure gas pipelines and a pressure regulating station to meet future industrial gas demand - Natural gas sales volume increased by approximately **59%**, reaching **43,550,000 cubic meters**[61](index=61&type=chunk) - The expansion of Yichang High-tech Zone Baiyang Industrial Park attracted several large chemical enterprises, with Yichang Biaodian benefiting from exclusive gas supply rights[61](index=61&type=chunk) - Yichang Biaodian was approved to construct two sections of high-pressure gas pipelines (totaling approximately **23.33 kilometers**) and a pressure regulating station, with a total investment of approximately **RMB 130 million**[61](index=61&type=chunk) [Litigation](index=31&type=section&id=%E8%A8%B4%E8%A8%9F) The Group's litigation with a former director concluded on February 28, 2025, with the Shenzhen court dismissing the former director's appeal and upholding the first-instance judgment that the evidence provided for the claim was invalid - The Shenzhen court ruled on August 28, 2024, that the evidence provided by the former director for the claim was invalid[63](index=63&type=chunk) - The former director's appeal was dismissed on February 28, 2025, upholding the first-instance judgment[64](index=64&type=chunk) [Pledged Assets](index=31&type=section&id=%E6%8A%B5%E6%8A%BC%E8%B3%87%E7%94%A2) As of March 31, 2025, the Group pledged exclusive natural gas supply rights (approximately HKD 83,089 thousand) and certain property, plant and equipment (approximately HKD 30,949 thousand) for bank and other borrowings, and also pledged a property of approximately HKD 1,464 thousand for an advance - Pledged exclusive natural gas supply rights of approximately **HKD 83,089 thousand** and property, plant and equipment of approximately **HKD 30,949 thousand** for bank and other borrowings[65](index=65&type=chunk) - Pledged a property of approximately **HKD 1,464 thousand** to secure an advance of **RMB 100,000**[65](index=65&type=chunk) [Dividends](index=31&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend paying an interim dividend for the six months ended March 31, 2025, consistent with the prior period - No interim dividend is recommended for the six months ended March 31, 2025[66](index=66&type=chunk) [Contingent Liabilities](index=31&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of March 31, 2025, the Group had no other significant contingent liabilities - As of March 31, 2025, the Group had no significant contingent liabilities[67](index=67&type=chunk) [Capital Commitments](index=32&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of March 31, 2025, the Group's capital commitments were approximately HKD 12,641 thousand, a decrease from HKD 14,515 thousand as of September 30, 2024 - Capital commitments decreased from **HKD 14,515 thousand** to **HKD 12,641 thousand**[68](index=68&type=chunk) [Prospects](index=32&type=section&id=%E5%89%8D%E6%99%AF) Management is optimistic about future economic recovery, expecting positive impacts on natural gas and sales and leasing businesses, with the Group cautiously pursuing new M&A and business expansion to sustain growth and profitability - Management anticipates an orderly economic recovery in the coming year, positively impacting core businesses[69](index=69&type=chunk) - The natural gas business is expected to continue revenue growth, benefiting from the Yichang High-tech Zone Baiyang Industrial Park expansion project and exclusive gas supply rights[70](index=70&type=chunk) - The sales and leasing business is expected to benefit from increased infrastructure construction and renovation projects driven by national economic development[71](index=71&type=chunk) [Significant Events](index=32&type=section&id=%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A0%85) The Group's 25% equity interest in Yichang Biaodian was frozen by the Changzhi City Supervision Commission of Shanxi Province; Chinese legal counsel believes that despite the freeze, Yichang Biaodian's daily operations and the Group's control remain unaffected, with low risk to dividend income - The Group's **25%** equity interest in Yichang Biaodian (RMB **14.7 million**) was frozen by the Changzhi City Supervision Commission of Shanxi Province[72](index=72&type=chunk) - Chinese legal counsel believes the freezing action does not affect Yichang Biaodian's daily operations or the Group's control, and the risk to dividend income is low[74](index=74&type=chunk) [Events After the Reporting Period](index=33&type=section&id=%E5%9B%9E%E9%A1%A7%E6%9C%9F%E9%96%93%E5%BE%8C%E4%BA%8B%E9%A0%85) The Board proposes a share consolidation (10 existing shares into 1 consolidated share) and a rights issue of up to 182,344,000 rights shares at HKD 0.28 per share on the basis of four rights shares for every one consolidated share held, aiming to raise approximately HKD 51.1 million, subject to shareholder approval - The Board proposes a share consolidation, where every **10 existing shares** will be consolidated into **1 consolidated share**[75](index=75&type=chunk) - A rights issue is proposed, offering up to **182,344,000 rights shares** at a subscription price of **HKD 0.28** per share, on the basis of **four rights shares** for every one consolidated share held, aiming to raise approximately **HKD 51.1 million**[75](index=75&type=chunk) - The share consolidation and rights issue require shareholder approval by June 11, 2025[76](index=76&type=chunk) [Exchange Rate Fluctuation Risk](index=34&type=section&id=%E5%BD%99%E7%8E%87%E6%B3%A2%E5%8B%95%E9%A2%A8%E9%9A%AA) The Group's foreign exchange risk is limited as most transactions, assets, and liabilities are denominated in HKD and RMB; no financial instruments are used to hedge RMB exchange risk, which will be continuously monitored - The Group's foreign exchange risk is limited as most transactions, assets, and liabilities are denominated in HKD and RMB[77](index=77&type=chunk) - No financial instruments have been entered into to hedge RMB exchange risk, which will be continuously monitored[77](index=77&type=chunk) [Human Resources and Remuneration Policies of the Group](index=34&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E7%9A%84%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of March 31, 2025, the Group's employee count increased to 64; remuneration policies, based on market terms, performance, qualifications, and experience, include monthly salaries, bonuses, retirement benefits, and medical plans, with a Human Resources and Remuneration Committee established - Employee headcount increased from **51** to **64**[78](index=78&type=chunk) - Remuneration policies are based on market terms, employee performance, qualifications, and experience, including monthly salaries, bonuses, retirement benefit schemes, medical plans, and share option schemes[78](index=78&type=chunk) - A Human Resources and Remuneration Committee has been established[78](index=78&type=chunk) [Material Investments Held](index=34&type=section&id=%E6%89%80%E6%8C%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) For the six months ended March 31, 2025, the Group held no material investments - The Group held no material investments[79](index=79&type=chunk) [Material Acquisitions or Disposals](index=34&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E4%BA%8B%E9%A0%85%E6%88%96%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) For the six months ended March 31, 2025, the Group did not undertake any material acquisitions or disposals of subsidiaries - The Group did not undertake any material acquisitions or disposals of subsidiaries[80](index=80&type=chunk) [Other Information](index=35&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or its Associated Corporations](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E8%A1%8C%E6%94%BF%E7%B8%BD%E8%A3%81%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%96%E5%85%B6%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E5%88%B8%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of March 31, 2025, Mr Wu Guoming, a director, held a long position of **16,237,500 shares**, representing **3.56%** of the Company's total equity; no other directors or chief executives held disclosable interests or short positions in shares, underlying shares, or debentures | Director/Chief Executive | Number of Shares Held (shares) | Long/Short Position | Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr Wu Guoming | 16,237,500 | Long Position (L) | 3.56% | - Apart from Mr Wu Guoming, no other directors or chief executives held disclosable interests or short positions[81](index=81&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares of the Company](index=36&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of March 31, 2025, no other persons, apart from the Company's directors or chief executive, held disclosable interests or short positions in shares or underlying shares under the Securities and Futures Ordinance - No other substantial shareholders or persons, apart from the Company's directors or chief executive, held disclosable interests or short positions in shares or underlying shares[82](index=82&type=chunk) [Competing Business Interests](index=36&type=section&id=%E7%AB%B6%E7%88%AD%E6%A5%AD%E5%8B%99%E6%AC%8A%E7%9B%8A) For the six months ended March 31, 2025, no directors, controlling shareholders, or their close associates held any business or interest competing or potentially competing with the Group's business, nor were there any other conflicts of interest - No directors, controlling shareholders, or their close associates had competing business interests or conflicts of interest[83](index=83&type=chunk) [Share Option Scheme](index=36&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The Group adopted a share option scheme on August 20, 2020; for the six months from October 1, 2024, to March 31, 2025, no share options were granted, exercised, cancelled, or lapsed, with **45,586,000** share options available for grant at period-end - The share option scheme was adopted on August 20, 2020[84](index=84&type=chunk) - No share options were granted, exercised, cancelled, or lapsed during the reporting period[84](index=84&type=chunk) - As of March 31, 2025, the total number of share options available for grant was **45,586,000**[84](index=84&type=chunk) [Purchase, Sale or Redemption of Securities](index=36&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E8%AD%89%E5%88%B8) For the six months from October 1, 2024, to March 31, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any listed securities - During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities[85](index=85&type=chunk) [Corporate Governance Practices](index=36&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Group is committed to maintaining high corporate governance standards and complies with all code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules, with a deviation regarding the unseparated roles of Chairman and Chief Executive, for which the Board is actively seeking suitable candidates - The Company complies with all code provisions of the Corporate Governance Code[86](index=86&type=chunk) - The deviation is that the roles of Chairman and Chief Executive are not separated, with no Chairman appointed since April 19, 2018, and no Chief Executive appointed since April 29, 2024[87](index=87&type=chunk) - The Board will continue to review and identify suitable candidates for the roles of Chairman and Chief Executive[87](index=87&type=chunk) [Directors' Securities Transactions](index=37&type=section&id=%E8%91%A3%E4%BA%8B%E7%9A%84%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) The Company has adopted the required standard of dealings under the GEM Listing Rules as the code of conduct for directors' securities transactions; all directors confirmed compliance with this standard for the six months from October 1, 2024, to March 31, 2025 - The Company has adopted the required standard of dealings as the code of conduct for directors' securities transactions[88](index=88&type=chunk) - All directors confirmed compliance with the required standard of dealings during the reporting period[88](index=88&type=chunk) [Audit Committee](index=37&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, established under the GEM Listing Rules, has reviewed and provided its opinion on the Group's unaudited condensed consolidated financial statements for the six months ended March 31, 2025, and this interim report - The Audit Committee has been established and reviewed the interim financial statements and this interim report[89](index=89&type=chunk) - Its primary responsibilities include reviewing annual reports, financial statements, interim reports, and risk management and internal control systems[89](index=89&type=chunk) [Approval of Financial Statements](index=37&type=section&id=%E6%89%B9%E5%87%86%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The Board approved and authorized the publication of the interim financial statements on May 30, 2025 - The interim financial statements were approved and authorized for publication by the Board on May 30, 2025[56](index=56&type=chunk)

Company Overview - Global Strategic Group Limited primarily engages in commodity trading, natural gas supply, internet and e-commerce solutions, strategic investments in technology projects, and rental and technical services for steel support axial force servo systems [2]. Financial Performance - As of March 31, 2025, Global Strategic Group reported total revenue of 155 million yuan, representing a year-on-year increase of 52.97%. However, the net profit attributable to shareholders was -8.12 million yuan, a decrease of 13.58% year-on-year. The gross margin stood at 15.5%, and the debt-to-asset ratio was 76.93% [1]. Stock Performance - On June 10, the stock price of Global Strategic Group closed at 0.04 HKD per share, marking a 29.03% increase with a trading volume of 59.63 million shares and a turnover of 2.48 million HKD. Over the past month, the stock has seen a cumulative increase of 6.9%, but it has declined by 11.43% year-to-date, underperforming the Hang Seng Index by 20.55% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the utility sector is 6.38 times, with a median of 6.79 times. Global Strategic Group's P/E ratio is -0.85 times, ranking 73rd in the industry. Comparatively, other companies in the sector have P/E ratios such as Dianchi Water (2.14), Xinglu Water (2.78), Shanghai Industrial Environment (3.74), China Everbright Water (3.90), and Kanda Environmental Protection (3.95) [1].

Financial Performance - Revenue for the six months ended March 31, 2025, was HKD 167,749,000, representing a 52.9% increase from HKD 109,660,000 in the same period of 2024[4] - Gross profit for the same period was HKD 25,999,000, up 44.1% from HKD 18,053,000 year-on-year[4] - Operating profit for the six months was HKD 7,162,000, compared to an operating loss of HKD 3,915,000 in the previous year[4] - The net loss for the period was HKD 957,000, a significant improvement from a loss of HKD 7,022,000 in the prior year[5] - Total comprehensive loss for the period amounted to HKD 5,947,000, compared to a loss of HKD 5,353,000 in the same period last year[5] - The company reported a basic and diluted loss per share of HKD 1.93 for the period, compared to HKD 1.70 in the previous year[5] - The company reported a loss of HKD 8,798,000 for the six months ended March 31, 2025, compared to a loss of HKD 7,746,000 for the same period in 2024[27] - The company’s total comprehensive loss before tax for the six months ended March 31, 2025, was HKD 3,231,000, compared to a loss of HKD 7,353,000 for the same period in 2024[19] Revenue Breakdown - Revenue from external customers for the gas business was HKD 163,845,000, while the leasing business generated HKD 3,904,000, totaling HKD 167,749,000 for the period[15] - Revenue from gas sales increased significantly to HKD 153,608,000 for the six months ended March 31, 2025, compared to HKD 101,629,000 for the same period in 2024[20] - Revenue from natural gas sales in China reached HKD 153,608,000 for the six months ended March 31, 2025, compared to HKD 101,629,000 for the same period in 2024, representing a growth of 50.9%[21] - The total revenue for the six months ended March 31, 2025, was HKD 166,895,000, an increase from HKD 106,261,000 in the prior year, marking a growth of 57.0%[21] - For the six months ended March 31, 2024, revenue from external customers was HKD 109,660,000, with the gas business contributing HKD 104,470,000 and the leasing business HKD 5,190,000[18] Assets and Liabilities - Non-current assets as of March 31, 2025, totaled HKD 296,259,000, an increase from HKD 281,309,000 as of September 30, 2024[6] - Current liabilities were HKD 162,142,000, slightly up from HKD 161,251,000 in the previous period[7] - The company reported a net loss of HKD 957,000 for the six months ended March 31, 2025, with current liabilities amounting to HKD 121,762,000[8] - As of March 31, 2025, total segment assets were HKD 284,454,000, with total segment liabilities of HKD 204,914,000[16] - The group's total borrowings amounted to approximately HKD 157.45 million as of March 31, 2025, compared to HKD 147.50 million as of September 30, 2024, indicating a rise in financial leverage[40] - The debt-to-asset ratio was approximately 192% as of March 31, 2025, up from 152% as of September 30, 2024, reflecting increased financial risk[40] Operational Insights - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[4] - The company has two operating segments: gas business and leasing business, each requiring different technologies and marketing strategies[13] - The gas business segment is expected to continue growing, benefiting from the expansion project in Yichang and exclusive gas supply rights held by Yichang Biaodian[45] - The sales and leasing business is projected to increase revenue due to the growth in infrastructure and renovation projects driven by stable national economic development[46] - Management anticipates a positive impact on the group's core businesses due to an orderly economic recovery in the coming year[44] Corporate Governance and Compliance - The company has complied with all corporate governance codes except for the separation of the roles of chairman and CEO, which remains unfulfilled since April 2018[67] - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ending March 31, 2025, and provided feedback to the board[69] - The announcement is made in compliance with the Hong Kong Stock Exchange Listing Rules, ensuring the accuracy and completeness of the information provided[71] - The board of directors collectively and individually accepts responsibility for the accuracy of the announcement[71] - The announcement will be available on the Hong Kong Stock Exchange website and the company's website for at least seven days[71] Future Plans and Shareholder Actions - The board proposed a share consolidation and rights issue to raise approximately HKD 51.1 million, subject to shareholder approval by June 11, 2025[35] - The board proposed a share consolidation on November 15, 2024, merging every ten existing shares with a par value of HKD 0.01 into one consolidated share with a par value of HKD 0.1[50] - Following the share consolidation, the board plans to issue up to 182,344,000 rights shares at a subscription price of HKD 0.28 per rights share, aiming to raise approximately HKD 51.1 million[50] - The rights issue requires shareholder approval by June 11, 2025, and must meet other conditions to be completed[51] Staffing and Compensation - The group employed 64 staff as of March 31, 2025, up from 51 staff a year earlier, with compensation policies based on market terms and individual performance[53] Miscellaneous - No dividends were recommended for the six months ended March 31, 2025, consistent with the previous year[25] - No significant investments or acquisitions were reported for the six months ending March 31, 2025[54][55] - The company has not entered into any agreements to hedge against foreign exchange risks related to RMB as of March 31, 2025[52] - The deferred tax expense for the six months ended March 31, 2025, was a credit of HKD 496,000, compared to a credit of HKD 530,000 in the prior year[22] - The aging analysis of trade payables showed HKD 4,814,000 due within 90 days as of March 31, 2025, compared to HKD 3,980,000 as of September 30, 2024[32] - The company is currently facing a freeze on 25% equity in Yichang Biaodian valued at RMB 14.7 million, but daily operations are not expected to be adversely affected[33] - The company had trade receivables of HKD 5,630,000 as of March 31, 2025, down from HKD 9,873,000 as of September 30, 2024[29] - Financial costs for the six months ended March 31, 2025, were approximately HKD 3.93 million, up from HKD 3.44 million for the previous period, mainly due to increased interest from additional loans and non-convertible bonds[39]

Financial Performance - Revenue for the year ended September 30, 2024, was HK$221,212,000, representing an increase of 33.2% compared to HK$166,077,000 in 2023[12] - The company reported a loss of HK$10,766,000 for the year, compared to a profit of HK$13,686,000 in the previous year[12] - Basic and diluted loss per share for 2024 was HK(3.43) cents, compared to HK(2.68) cents in 2023[12] - The Group recorded a net loss of approximately HK$10.8 million for the year, a reversal from a profit of HK$13.7 million in the previous year[23] - The total comprehensive loss attributable to the owners of the company for the year ended September 30, 2024, was approximately HK$14,597,000, compared to a loss of HK$13,254,000 for the year ended September 30, 2023[62] Assets and Liabilities - Non-current assets increased to HK$281,309,000 in 2024 from HK$259,854,000 in 2023, reflecting a growth of 8.5%[12] - Current assets rose to HK$57,184,000 in 2024, up from HK$39,484,000 in 2023, marking a 45.4% increase[12] - Current liabilities increased to HK$161,251,000 in 2024 from HK$132,228,000 in 2023, an increase of 21.9%[12] - Non-current liabilities also rose to HK$93,623,000 in 2024, compared to HK$75,320,000 in 2023, which is a 24.3% increase[12] - Equity decreased to HK$83,619,000 in 2024 from HK$91,790,000 in 2023, a decline of 8.9%[12] Revenue Sources - The natural gas business accounted for approximately 96% of the Group's total revenue, generating about HK$213 million[23] - In the fiscal year 2024, the Group's natural gas sales revenue was approximately HK$205,113,000, an increase from HK$149,692,000 in fiscal year 2023, representing a growth of 37.1%[42] - Revenue from sales and leasing business was approximately HK$8.56 million for the year, down from HK$11.03 million in the previous year[39] Operating Expenses - Selling and distribution costs increased by approximately HK$4.0 million, representing a 40.9% increase, primarily due to higher depreciation charges[23] - The total operating expenses for the year were approximately HK$45.2 million, an increase of 5.4% compared to HK$42.9 million in the previous year[40] - Total operating expenses for fiscal year 2024 were approximately HK$45,234,000, up 5.4% from HK$42,923,000 in fiscal year 2023[42] Future Plans and Investments - The Group plans to construct two sections of high-pressure gas pipelines totaling approximately 23.33 kilometers to meet industrial gas demand, with a total investment of approximately RMB130 million[31] - The management expects the economy to recover in an orderly manner, positively impacting the group's two core businesses in the coming year[72] - Revenue from the natural gas operations segment is anticipated to continue growing due to the expansion project in Yichang Gaoxin District[73] Shareholder Actions - The company does not recommend the payment of a final dividend for the year ended September 30, 2024, consistent with the previous year[71] - A share consolidation is proposed, where every ten existing shares will be consolidated into one share, alongside a rights issue to raise approximately HK$51.1 million[85] - The company plans to implement a share consolidation on November 15, 2024, merging every ten existing shares into one share with a par value of HK$0.10[88] Management and Governance - The company has established a Human Resources and Remuneration Committee to regularly review remuneration policies and packages[100] - The board has instructed legal advisors to assess the potential legal consequences of a freezing action affecting the group, but daily operations remain unaffected[87] - The company is committed to maintaining high standards of corporate governance and transparency in its operations[113] Employment and Human Resources - As of September 30, 2024, the company employed 59 staff members, a decrease from 61 staff members as of September 30, 2023[98][100] - The remuneration of employees is determined based on market terms and individual performance, with Directors' emoluments recommended by the Human Resources and Remuneration Committee[186] Auditor and Compliance - RSM Hong Kong has been the auditor since January 30, 2019, and will offer itself for reappointment at the upcoming annual general meeting[195] - The Company has maintained compliance with all code provisions of the Corporate Governance Code during the reporting period[199]

Financial Performance - The group reported a net loss of HKD 10,766,000 for the year ending September 30, 2024, compared to a profit of HKD 13,686,000 in the previous year[30]. - Total revenue for the year was HKD 221,212,000, representing an increase of 33.2% from HKD 166,077,000 in the prior year[30]. - The gross profit margin improved to 19.5%, up from 16.4% in the previous year, with gross profit amounting to HKD 43,158,000[30]. - The group’s total comprehensive loss for the year was HKD 8,171,000, compared to a comprehensive income of HKD 9,453,000 in the previous year[32]. - The company reported a basic loss per share of HKD 3.43 for the year, compared to a loss of HKD 2.68 in the previous year, indicating a worsening in earnings performance[52]. - The total equity of the company decreased to HKD 83,619,000 from HKD 91,790,000, reflecting a decline of about 8.9% year-over-year[57]. - The net loss for the fiscal year 2024 was approximately HKD 10,766,000, a decline from a net profit of HKD 13,686,000 in 2023, primarily due to increased sales and distribution costs by approximately HKD 4,000,000, a rise of 40.9%[112]. - The basic and diluted loss per share for fiscal year 2024 was HKD (15,636) compared to HKD (12,229) in fiscal year 2023[130]. Liquidity and Financial Position - The current ratio of the group was approximately 0.4, an increase from 0.3 as of September 30, 2023, indicating a slight improvement in liquidity[18]. - The group’s total liabilities exceeded its current assets by HKD 104,067,000 as of September 30, 2024[4]. - The company has acknowledged the need for stronger measures to improve its liquidity and financial position[6]. - The company’s current liabilities net amount increased to HKD 93,623,000 from HKD 75,320,000, representing a rise of about 24.2%[54]. - The total debt-to-asset ratio was approximately 152%, up from 106% as of September 30, 2023[173]. - The group maintains a prudent policy in managing its working capital and closely monitors its financial position to sustain financial strength[141]. Revenue and Sales Performance - For the fiscal year ending September 30, 2024, the company reported a total revenue of HKD 217,717,000, an increase from HKD 159,488,000 in the previous year, representing a growth of approximately 36.5%[69]. - The company's gas sales segment generated revenue of HKD 205,113,000, up from HKD 149,692,000 in the prior year, indicating a year-over-year increase of about 37.1%[69]. - Revenue from external customers for the natural gas business was HKD 155,052,000, while the sales and leasing business generated HKD 11,025,000, totaling HKD 166,077,000[73]. - Revenue from the natural gas segment was HKD 212,652,000, while the sales and leasing segment contributed HKD 8,560,000 to the total revenue[121]. - The company expects total revenue from services to rise to HKD 217,717,000 in 2024, compared to HKD 159,488,000 in 2023, indicating a growth of about 36%[91]. Costs and Expenses - Financial costs increased to HKD 6,602,000 from HKD 4,921,000, reflecting higher borrowing costs[30]. - The total operating expenses for the fiscal year 2024 were approximately HKD 45,234,000, an increase of about 5.4% compared to HKD 42,923,000 in fiscal year 2023[137]. - Trade receivables increased to HKD 18,247,000 in 2024 from HKD 16,032,000 in 2023, with a provision for impairment of HKD 8,374,000[108]. Future Plans and Strategies - The group plans to explore various equity financing options, including a proposed rights issue[27]. - The company plans to issue up to 182,344,000 new shares at a subscription price of HKD 0.28 per share, aiming to raise approximately HKD 51,100,000 before expenses[59]. - The group expects to benefit from exclusive gas supply rights in Yichang, anticipating a wave of new customers in the coming years[115]. - The group is seeking new potential mergers, business combinations, and expansions to maintain growth and profitability[148]. - The group has entered into a non-binding memorandum of understanding with a potential partner regarding the development of electric vehicle charging stations[138]. - The group has received approval to expand its operations in the Yichang High-tech Zone, which is expected to drive revenue growth in the coming year[147]. Compliance and Reporting - The company has adopted new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position and performance for the year[64]. - The independent auditor was unable to express an opinion on the group's consolidated financial statements due to significant uncertainties[192].

Financial Performance - The company recorded a net loss of HKD 7,022,000 for the six months ended March 31, 2024[18]. - Revenue for the six months ended March 31, 2024, was HKD 109,660,000, an increase of 31.2% compared to HKD 83,551,000 for the same period in 2023[28]. - Gross profit for the same period was HKD 18,053,000, up from HKD 8,246,000, representing a 119.5% increase[28]. - The company reported a loss before tax of HKD 7,353,000, significantly improved from a loss of HKD 15,817,000 in the previous year, marking a 53.5% reduction in losses[28]. - Total comprehensive loss for the period was HKD 5,353,000, compared to a loss of HKD 14,412,000 in the prior year, indicating a 62.9% improvement[30]. - Basic and diluted loss per share was HKD 1.70, an improvement from HKD 2.71 in the same period last year[30]. - The group reported a loss of HKD 1,338,000 for the six months ended March 31, 2024, compared to a loss of HKD 7,416,000 for the same period in 2023, indicating a significant improvement[51]. - The loss for the six months ending March 31, 2024, was approximately HKD 7,022,000, compared to a loss of approximately HKD 15,406,000 for the same period in 2023, indicating an improvement[156]. Assets and Liabilities - Total assets less current liabilities amounted to HKD 152,628,000 as of March 31, 2024, compared to HKD 167,110,000 as of September 30, 2023[11]. - Non-current assets decreased to HKD 255,149,000 from HKD 259,854,000[10]. - Current liabilities increased to HKD 160,019,000 from HKD 132,228,000[10]. - The company has a net current liability of HKD 102,521,000 as of March 31, 2024[11]. - The company’s total equity as of March 31, 2024, was HKD 86,437,000, down from HKD 91,790,000[13]. - The group’s total assets amounted to HKD 301,054,000, with total liabilities of HKD 179,687,000 as of March 31, 2024[51]. - The group’s total borrowings amounted to approximately HKD 117,739,000, up from HKD 106,870,000 as of September 30, 2023, with a debt-to-equity ratio of approximately 126%[158]. Cash Flow and Financing - The company's cash and cash equivalents increased to HKD 8,972,000 from HKD 4,187,000 during the same period[17]. - Cash used in operating activities was HKD 669,000, an improvement from HKD 1,514,000 used in the previous year[35]. - Cash used in investing activities was HKD 3,524,000, down from HKD 5,922,000 in the prior year, reflecting a 40.5% decrease[35]. - The company raised new bank borrowings of HKD 10,980,000 during the period[17]. - The group reported a financial cost of HKD 3,438,000, which includes bank and other borrowing interest of HKD 2,517,000 for the six months ended March 31, 2024[47]. - Financial costs increased to approximately HKD 4,050,000 for the six months ended March 31, 2024, from HKD 1,848,000 for the same period in 2023, mainly due to additional loans and non-convertible bonds[138]. Business Operations - The company is focused on expanding its sales and leasing business, including the provision of technical support for its products[39]. - The company operates different strategic business units, each requiring distinct technologies and marketing strategies[39]. - The gas business generated revenue of HKD 104,470,000, while the leasing business contributed HKD 5,190,000 for the six months ended March 31, 2024[51]. - Gas sales volume grew by approximately 36% year-on-year to about 27,475,000 cubic meters for the six months ended March 31, 2024, compared to 20,158,000 cubic meters for the same period in 2023[141]. - The group is pursuing a cautious and conservative approach to seek new potential mergers, acquisitions, and expansions to maintain growth and profitability[145]. Shareholder and Corporate Governance - The group has a total of 455,860,000 shares issued and fully paid as of March 31, 2024, unchanged from September 30, 2023[108]. - The group plans to issue up to 91,172,000 new ordinary shares at a placement price of HKD 0.068 per share, subject to conditions[115]. - The group did not declare any dividends for the six months ended March 31, 2024, consistent with the previous year[71]. - The board does not recommend an interim dividend for the six months ended March 31, 2024, consistent with no dividend declared for the same period in 2023[143]. - The company has no share options granted, exercised, cancelled, or lapsed under the share option scheme since its adoption on August 20, 2020[182]. - The company’s chairman and CEO roles are not held by the same individual, and the board will continue to review the current structure for suitable candidates[183]. Employee and Operational Metrics - Employee benefit expenses, including salaries and bonuses, rose to HKD 7,133,000 for the period, compared to HKD 6,658,000 in the previous year[88]. - The group employed 51 staff members as of March 31, 2024, down from 54 staff members a year earlier, with compensation policies reviewed regularly[176]. Legal and Compliance - The group has engaged legal counsel to provide advice regarding the implications of the freezing action on its 25% equity stake in Yichang Biaodian[151]. - The group has not entered into any agreements or commitments to use financial instruments to hedge against RMB exchange rate risks as of March 31, 2024[167].

Financial Performance - For the six months ended March 31, 2024, the company reported external customer revenue of HKD 109,660,000, an increase from HKD 83,551,000 for the same period in 2023, representing a growth of approximately 31.2%[3] - The basic loss per share for the current period was HKD 1.70, compared to HKD 2.71 for the same period last year, indicating an improvement in loss per share[34] - The company incurred a net loss of HKD 7,022,000, compared to a loss of HKD 15,406,000 in the previous year, reflecting a reduction in losses[39] - Total comprehensive income for the period was (5,353) thousand HKD, compared to (14,412) thousand HKD in the previous period[69] - The loss attributable to owners of the company was (7,626) thousand HKD, compared to (10,784) thousand HKD in the previous period[71] - The company’s basic loss per share improved to HKD (1.70) from HKD (2.71) year-over-year[48] Revenue and Profitability - Gross profit for the same period was HKD 18,053,000, up from HKD 8,246,000, indicating a significant improvement in profitability[39] - Revenue from gas sales reached 101,629 thousand HKD, a significant increase from 76,891 thousand HKD in the previous year[88] - The company reported revenue of HKD 109,660,000 for the six months ended March 31, 2024, representing a 31.2% increase from HKD 83,551,000 in the same period last year[39] Assets and Liabilities - As of March 31, 2024, total segment assets amounted to HKD 301,054,000, up from HKD 286,547,000 as of September 30, 2023, indicating a growth of approximately 5.1%[3] - The company’s total liabilities rose to HKD 160,019,000 from HKD 132,228,000, indicating a potential increase in financial leverage[39] - The total asset-liability ratio increased to approximately 126% from 106% as of September 30, 2023[101] - The net current liabilities increased to (102,521) thousand HKD from (92,744) thousand HKD[75] Cash Flow and Financial Management - The company has a cash flow forecast in place to estimate its cash needs, supported by shareholders' commitments for financial backing[55] - Financial costs for the six months ended March 31, 2024, were approximately HKD 4,050,000, significantly higher than HKD 1,848,000 for the same period in 2023, primarily due to additional loans and bonds raised[7] - The company has secured bank loans totaling approximately HKD 65,942,000, backed by exclusive gas supply rights valued at about HKD 88,357,000[170] Business Operations - The segment profit for the natural gas business was HKD 534,000, while the leasing business reported a loss of HKD 1,833,000, leading to a total segment loss of HKD 1,338,000 for the current period, compared to a total segment loss of HKD 7,416,000 in the previous period[3] - The company anticipates continued growth in natural gas consumption driven by the recovery of domestic economic demand, which is expected to positively impact revenue in this segment[8] - The company acquired new equipment to launch new leasing projects, anticipating increased leasing revenue due to the growth in infrastructure and renovation projects driven by national economic development[179] Corporate Governance and Compliance - The company has established an audit committee to review annual reports, financial statements, and risk management systems, providing recommendations to the board[165] - The company has adopted all new and revised Hong Kong Financial Reporting Standards effective from October 1, 2023, with no significant impact on financial data[82] - The company’s board has confirmed the accuracy and completeness of the information disclosed in the announcement, ensuring no misleading or fraudulent elements are present[174] Future Outlook and Strategic Initiatives - Management believes that the economy will recover in an orderly manner in the coming year, which is expected to positively impact the group's two core businesses[134] - The group plans to adopt a more cautious and conservative approach in seeking new potential mergers, business combinations, and expansions to maintain growth and profitability[136] - The company entered into a non-binding memorandum of understanding with a potential partner regarding the sale of meat products in Japan and Korea[99] - The company entered into a non-binding memorandum of understanding with a potential partner to develop electric vehicle charging station business, although no formal agreement has been established as of the announcement date[178] Employee and Operational Changes - The company employed 51 staff as of March 31, 2024, down from 54 staff a year earlier[108] - For the six months ended March 31, 2024, the group's total operating expenses decreased from approximately HKD 23,105,000 to approximately HKD 22,482,000, attributed to a reduction in recognized exchange differences[129] Dividends and Shareholder Actions - The company did not recommend any dividend payment for the period, consistent with the previous year[63] - The board does not recommend the payment of an interim dividend for the six months ended March 31, 2024, consistent with the previous period[142] - The company plans to issue up to 91,172,000 new ordinary shares at a placement price of HKD 0.068 per share, subject to shareholder approval[171]

Financial Performance - Revenue for the fiscal year ended September 30, 2023, was HK$166,077,000, representing an increase of 22% compared to HK$136,241,000 in 2022[11]. - Profit for the fiscal year was HK$13,686,000, a significant recovery from a loss of HK$22,767,000 in 2021[11]. - The Group recorded a net profit of approximately HK$13.7 million for the year, up from HK$10.7 million in the previous year, representing an increase of approximately 28.5%[21][36]. - The gross profit increased by approximately HK$7.0 million, representing a growth of approximately 34.4% compared to the previous year[21][36]. - The expected average net profit margin for the next five years is projected to be 9% in 2023, an increase from 7% in 2022[50]. Assets and Liabilities - Non-current assets increased to HK$259,854,000 in 2023 from HK$214,968,000 in 2022, reflecting a growth of approximately 20.8%[11]. - Current liabilities rose to HK$132,228,000 in 2023, up from HK$75,911,000 in 2022, indicating an increase of 74%[11]. - Equity improved to HK$91,790,000 in 2023, compared to HK$82,337,000 in 2022, marking an increase of 11.7%[11]. - The Group's total borrowings amounted to approximately HK$106,870,000, an increase from HK$81,496,000 as of September 30, 2022, representing a growth of approximately 31%[65]. - The Group's total cash and bank balances were approximately HK$9,385,000, up from HK$4,998,000 as of September 30, 2022, indicating a growth of approximately 88%[65]. Business Operations - The natural gas business generated segment revenue of approximately HK$155 million, accounting for approximately 93% of the Group's total revenue[21][36]. - Sales volume of natural gas increased by approximately 17% during the year due to the recovery of industrial activities following the lifting of COVID-19 restrictions[22][27]. - The Group expects an increase in natural gas consumption due to domestic economic recovery, which is anticipated to positively impact revenue in the natural gas operations segment[75]. - The Group's leasing business is projected to grow as infrastructure construction and renovation projects increase, driven by the country's booming economy[76]. Strategic Initiatives - The company is focusing on market expansion and new product development as part of its growth strategy[8]. - Future outlook includes plans for further investment in technology and potential acquisitions to enhance market position[8]. - Management will adopt a cautious approach towards new mergers and acquisitions to sustain growth and profitability[30][33]. - The management anticipates that the economy will recover in an orderly manner, positively impacting the Group's core businesses in the coming year[24][30]. Corporate Governance - The company emphasizes the importance of maintaining compliance with GEM Listing Rules to ensure transparency and accountability[5]. - The Board does not recommend the payment of a final dividend for the year ended September 30, 2023, consistent with the previous year[73]. - The Company has adopted a Share Option Scheme as an incentive for Directors and eligible employees[188]. - The Company met all code provisions of the Corporate Governance Code for the year ended September 30, 2023, except for the separation of roles between chairman and chief executive, which has not been appointed since April 19, 2018[200]. Management and Staff - As of September 30, 2023, the Group employed 61 staff members, an increase from 58 staff members in the previous year[94]. - The executive team includes individuals with extensive backgrounds in business management, corporate finance, and engineering, enhancing the company's operational capabilities[101][104]. - The management team has a strong educational background, with degrees from prestigious institutions, which supports informed decision-making[104][113]. Shareholder Information - The five largest customers accounted for approximately 52.3% of the Group's revenue, with the largest customer contributing about 19.6% of total revenue[163]. - The five largest suppliers represented about 86.8% of the Group's purchases, with the largest supplier accounting for approximately 44.7% of total purchases[163]. - As of September 30, 2023, no substantial shareholders or other persons had interests or short positions in the shares that required disclosure[145].

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。 環球戰略集團有限公司 GLOBAL STRATEGIC GROUP LIMITED 環 球 戰 略 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） 8007 （股份代號： ） 截至二零二三年九月三十日止年度 末期業績公告 GEM 香港聯合交易所有限公司（「聯交所」） 的特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司 可能帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周 詳的考慮後方作出投資決定。 GEM GEM 由於 上市公司普遍為中小型公司，在 買賣的證券可能會較於主板買賣之證券承受較 GEM 大的市場波動風險，同時無法保證在 買賣的證券會有高流通量的市場。 ...