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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 麥迪森控股集團有限公司 呈交日期: 2025年10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) | 08057 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | 本月底法定/註冊 ...

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8月31日 狀態: 新提交 FF301 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司名稱: 麥迪森控股集團有限公司 呈交日期: 2025年9月1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) | 08057 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | ...

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) | 08057 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | 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: 麥迪森控股集團有限公司 呈交日期: 2025年8月4日 本月底法定/註冊股 ...

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，概不就因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Madison Holdings Group Limited 麥迪森控股集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：08057） 於2025年8月1日舉行之 股東週年大會投票結果 董事會謹此宣佈於2025年8月1日（星期五）舉行之股東週年大會上，刊載於股東週年大會 通告內之所有決議案，均以投票表決方式獲股東正式通過。 茲提述麥迪森控股集團有限公司（「本公司」）日期皆為(i)2025年7月4日之股東週年大會（「股 東週年大會」）通函（「股東週年大會通函」）及(ii)通告（「股東週年大會通告」）。除文義另有 所指外，本公告所用詞彙與股東週年大會通函所界定者具有相同涵義。 股東週年大會投票結果 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年8月1日（星期五）舉行之股東週年 大會上，刊載於股東週年大會通告內之所有決議案（「股東週年大會決議案」）均以投票表決 方式獲股東正式通過。 於 ...

[Corporate Information](index=4&type=section&id=Corporate%20Information) [Corporate Information](index=4&type=section&id=Corporate%20Information) This chapter provides key corporate information including the core management team, board of directors, committee members, registered office, principal place of business, auditor, and principal bankers - The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with key committees like Audit, Remuneration, and Nomination & Corporate Governance clearly outlining their chairpersons and members[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - The company made personnel adjustments to its executive directors and authorized representatives in August and September 2024, with Mr. Jiang Tian appointed and Ms. Guo Qun resigning[9](index=9&type=chunk)[11](index=11&type=chunk) [Chairman's Statement](index=6&type=section&id=Chairman%27s%20Statement) [Chairman's Statement](index=6&type=section&id=Chairman%27s%20Statement) The Chairman's Statement highlights that the Group's wine and loan financing businesses faced suppression due to challenging economic conditions in Mainland China and Hong Kong, prompting a focus on optimizing the business portfolio, exploring new directions, and diversifying for long-term shareholder value - The Group's wine and loan financing businesses faced pressure during the reporting year due to an uncertain global economic environment[16](index=16&type=chunk)[19](index=19&type=chunk) - The Group's strategic focus is to optimize its existing business portfolio and explore diversification to introduce new revenue streams and enhance shareholder value[17](index=17&type=chunk)[20](index=20&type=chunk) [Biographical Details of Directors and Senior Management](index=7&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) [Biographical Details of Directors and Senior Management](index=7&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) This chapter details the personal biographies, professional backgrounds, and public company directorships of the company's executive, non-executive, independent non-executive directors, and senior management, showcasing their extensive experience in finance, trade, law, and corporate management - Mr. Jiang Tian was appointed Executive Director in August 2024, primarily responsible for strategic development of loan financing and consulting services, with over **20 years** of experience in new business development and asset restructuring[22](index=22&type=chunk)[23](index=23&type=chunk)[25](index=25&type=chunk) - Dr. Cheung Yuk Shan was appointed Executive Director in December 2023, recognized for outstanding achievements in corporate management and philanthropy, including honors like 'Top 100 Outstanding Chinese Businesswomen' and 'World Outstanding Chinese'[24](index=24&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - The independent non-executive director team, comprising Mr. Chu Kin Hong, Dr. Lau Wong Ching Ching, and Mr. Zhou Li, possesses deep expertise and experience in accounting, law, information technology, and investment mergers and acquisitions[43](index=43&type=chunk)[47](index=47&type=chunk)[49](index=49&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=13&type=section&id=Business%20Review) During the reporting period, the Group's total revenue increased by **4.4%** to **HKD 71.1 million**, with loss narrowing to **HKD 15.3 million**; loan financing was the primary growth driver with **8.9%** revenue growth and segment profit, while wine business revenue declined **5.0%** due to a weak consumer market, alongside detailed impairment assessments and risk control measures Financial Performance Summary | Indicator | FY2025 (million HKD) | FY2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **71.1** | **68.1** | **+4.4%** | | Wine Business Revenue | 20.8 | 21.9 | -5.0% | | Loan Financing Business Revenue | 50.3 | 46.2 | +8.9% | | **Annual Loss** | **(15.3)** | **(17.8)** | **Loss narrowed 14.0%** | - The reduction in annual loss was primarily due to a **HKD 7 million** decrease in finance costs, a **HKD 3.3 million** net decrease in impairment losses on loans receivable, and a **HKD 3 million** increase in revenue, partially offset by a **HKD 12.7 million** decrease in other income[62](index=62&type=chunk)[64](index=64&type=chunk) [Financial Review](index=29&type=section&id=FINANCIAL%20REVIEW) This year, the Group's total revenue grew **4.4%** and gross profit increased **6.8%**, driven by loan financing, with overall gross margin improving from **75.7%** to **77.3%**; staff costs and administrative expenses decreased due to cost control, though other income significantly dropped by **HKD 12.7 million** mainly due to reduced net exchange gains, while liquidity strengthened with current ratio rising from **1.3 times** to **1.7 times** and gearing ratio decreasing from **88.8%** to **63.6%** Key Financial Indicators | Financial Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Total Revenue (million HKD) | 71.1 | 68.1 | | Gross Profit (million HKD) | 55.0 | 51.5 | | Gross Margin | 77.3% | 75.7% | | Staff Costs (million HKD) | 29.4 | 31.7 | | Finance Costs (million HKD) | 6.5 | 13.5 | | Other Income (million HKD) | 2.3 | 15.0 | | Annual Loss (million HKD) | (15.3) | (17.8) | Liquidity and Financial Resources (as of March 31) | Liquidity and Financial Resources (as of March 31) | 2025 | 2024 | | :--- | :--- | :--- | | Net Current Assets (million HKD) | 127.7 | 63.7 | | Cash and Cash Equivalents (million HKD) | 22.3 | 34.4 | | Current Ratio | 1.7 times | 1.3 times | | Gearing Ratio | 63.6% | 88.8% | - The Board does not recommend the payment of a final dividend for the current year[149](index=149&type=chunk)[157](index=157&type=chunk) - During the reporting period, the Group disposed of a **38%** equity interest in Hackett Enterprises Limited, with no other significant investments, acquisitions, or disposals[150](index=150&type=chunk)[158](index=158&type=chunk) [Segment Information](index=32&type=section&id=SEGMENT%20INFORMATION) The Group's operations are primarily divided into three segments: wine business, loan financing business, and financial services business; this year, loan financing became the main revenue source, accounting for **70.7%** of total revenue, while the wine business contributed **29.3%**, and the financial services business generated no revenue Revenue Contribution by Business Segment | Business Segment | Revenue Contribution (FY2025) | Revenue Contribution (FY2024) | | :--- | :--- | :--- | | Wine Business | 29.3% | 32.2% | | Loan Financing Business | 70.7% | 67.8% | | Financial Services Business | 0% | 0% | [Principal Risks and Uncertainties](index=32&type=section&id=PRINCIPAL%20RISKS%20AND%20UNCERTAINTIES) The Group identified and outlined key risks across its business segments: the wine business faces inventory obsolescence, product liability, and foreign exchange fluctuation risks; loan financing faces client default and key personnel retention risks; and financial services faces client attrition, key personnel loss, and professional liability risks - Principal risks for the wine business include: inventory obsolescence, product liability claims, and foreign exchange rate fluctuations[164](index=164&type=chunk) - Principal risks for the loan financing business include: clients or counterparties failing to fulfill contractual obligations and the inability to retain and motivate key management personnel[164](index=164&type=chunk) [Business Prospect](index=34&type=section&id=BUSINESS%20PROSPECT) Looking ahead to 2025, the Group anticipates a continuously challenging and uncertain global economic environment; the Board will prudently review the existing business portfolio and implement necessary strategic adjustments to maintain competitiveness, while remaining open to new investors who can provide strategic cooperation and financial support - Facing a challenging global economic environment, the Group will adopt prudent strategic adjustments to maintain competitiveness[175](index=175&type=chunk)[177](index=177&type=chunk) - The Group is open to introducing new investors who can provide strategic cooperation and financial support for business expansion[175](index=175&type=chunk)[177](index=177&type=chunk) [Directors' Report](index=35&type=section&id=Directors%27%20Report) [Results and Dividends](index=35&type=section&id=Results%20and%20Dividends) This chapter outlines the Group's annual results and dividend policy; during the reporting period, the Board did not recommend a final dividend, and the company's dividend policy will consider financial performance, operational needs, gearing ratio, and development plans - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025[183](index=183&type=chunk)[190](index=190&type=chunk) - The company's dividend policy aims to balance shareholder returns with company development needs, considering financial performance, liquidity, gearing ratio, and future development plans in its decisions[191](index=191&type=chunk)[196](index=196&type=chunk) [Share Options](index=36&type=section&id=Share%20Options) This chapter details the company's share option scheme, including its purpose, participant eligibility, total limit, exercise period, and pricing basis; during the reporting period, some directors and shareholders held unexercised share options, and the company also granted options to SRA Holdings under a specific mandate to extend a significant loan's maturity, though these options expired in December 2024 - As of March 31, 2025, **48,470,000** share options remained unexercised under the share option scheme, compared to **50,370,000** at the beginning of the year, with **1,900,000** options lapsing during the year due to director and employee resignations[271](index=271&type=chunk)[275](index=275&type=chunk) - The company reached an agreement with SRA Holdings in October 2023, granting **85,922,330** share options in exchange for an extension of a **JPY 1.5 billion** loan; these options automatically lapsed on December 5, 2024, upon expiry, unexercised[281](index=281&type=chunk)[288](index=288&type=chunk)[290](index=290&type=chunk) - The authorized limit for the share option scheme was updated on August 9, 2022, with a maximum of **62,312,722** shares available for grant, representing **10%** of the then-issued shares[252](index=252&type=chunk)[279](index=279&type=chunk) [Directors' and Substantial Shareholders' Interests](index=39&type=section&id=Directors%27%20and%20Substantial%20Shareholders%27%20Interests) This chapter discloses directors' and substantial shareholders' interests in the company's shares as required by the SFO; as of March 31, 2025, Mr. Ting Pang Wan, through his controlled entities (e.g., Devoss Global and Royal Spectrum), collectively held approximately **42.07%** interest, making him the company's major controlling shareholder, with other significant shareholders holding over **5%** also listed Major Shareholders' Interests | Major Shareholder | Capacity/Nature of Interest | Total Shares of Interest | Approximate Percentage of Total Share Capital* | | :--- | :--- | :--- | :--- | | Mr. Ting Pang Wan | Interest in controlled corporations and beneficial owner | 262,153,893 | 42.07% | | Royal Spectrum Holding Company Limited | Beneficial owner | 195,920,000 | 31.44% | | Devoss Global Holdings Limited | Interest in controlled corporations and beneficial owner | 196,520,000 | 31.54% | | Mrs. Chu / Kingston Finance | Interest in controlled corporations / Person holding security interest in shares | 221,323,638 | 35.52% | | Ms. Liu Ying / ACGHL | Interest in controlled corporations | 68,224,500 | 10.95% | *Based on 623,127,227 issued shares as of March 31, 2025. - Mr. Ting Pang Wan controls Royal Spectrum through his wholly-owned Devoss Global, and is thus deemed to have an interest in the shares held by Royal Spectrum[243](index=243&type=chunk) [Non-exempt Connected Transaction](index=59&type=section&id=Non-exempt%20Connected%20Transaction) During the reporting period, the Group completed a significant non-exempt connected transaction: the company sold its **38%** equity interest in Hackett to CVP Financial Group Limited, wholly-owned by controlling shareholder Mr. Ting Pang Wan, for a total consideration of **HKD 56.4 million**, with the transaction disclosed and approved by shareholders as required by GEM Listing Rules - On May 28, 2024, the company entered into an agreement with CVP Financial Group Limited (wholly-owned by controlling shareholder Mr. Ting Pang Wan) to dispose of a **38%** equity interest in Hackett[312](index=312&type=chunk)[317](index=317&type=chunk) - The total consideration for the transaction was **HKD 56.4 million**, and it was completed on August 7, 2024[312](index=312&type=chunk)[313](index=313&type=chunk)[319](index=319&type=chunk) [Corporate Governance Report](index=62&type=section&id=Corporate%20Governance%20Report) [Board of Directors and Committees](index=64&type=section&id=Board%20of%20Directors%20and%20Committees) This chapter outlines the company's corporate governance structure, emphasizing the Board's central role in leadership, strategy, and risk management, supported by Audit, Remuneration, and Nomination & Corporate Governance Committees; during the reporting period, the company complied with GEM Listing Rules regarding board composition and committee operations, disclosing directors' attendance, training, and board diversity policy - The Board is responsible for the Group's overall leadership, strategic direction, and risk management, and has established Audit, Remuneration, and Nomination & Corporate Governance Committees to assist in fulfilling its duties[359](index=359&type=chunk)[402](index=402&type=chunk) - The Board adopted a diversity policy, with a gender ratio of **5 men and 2 women** as of the reporting date; the Group's overall employee gender ratio is approximately **44.66%** male and **55.34%** female[400](index=400&type=chunk)[401](index=401&type=chunk) Committee Composition | Committee | Chairman | Member Composition | | :--- | :--- | :--- | | Audit Committee | Mr. Chu Kin Hong | 1 Non-executive Director, 3 Independent Non-executive Directors | | Remuneration Committee | Mr. Zhou Li | 1 Non-executive Director, 3 Independent Non-executive Directors | | Nomination and Corporate Governance Committee | Mr. Ji Zu Guang | 2 Non-executive Directors, 3 Independent Non-executive Directors | - The report details each director's attendance records at Board meetings, various committee meetings, and general meetings during the reporting year[380](index=380&type=chunk) [Risk Management and Internal Control](index=77&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board is responsible for maintaining and assessing the effectiveness of the Group's risk management and internal control systems; the Group has established an internal audit system to systematically review and evaluate departmental operations, objective achievement, internal control execution, and resource utilization; during the reporting period, the Board was satisfied with the Group's resources, staff qualifications, and experience in accounting, financial reporting, internal audit, and ESG reporting, deeming the risk management and internal control systems adequate and effective - The Board bears ultimate responsibility for the Group's risk management and internal control systems, conducting annual effectiveness reviews[433](index=433&type=chunk)[437](index=437&type=chunk) - The Group has established an internal audit system to independently evaluate and monitor the operational activities and internal controls of various departments[434](index=434&type=chunk) - The Board assessed that the Group's resources, staff qualifications, and experience in accounting, financial reporting, internal audit, and ESG are adequate, and the systems operate effectively[435](index=435&type=chunk) [Environmental, Social and Governance Report](index=80&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) [ESG Governance and Strategy](index=82&type=section&id=ESG%20Governance%20and%20Strategy) The Group has established a clear ESG governance structure, with the Board ultimately responsible and an ESG working group for execution; through stakeholder engagement and materiality assessment, highly important issues such as business ethics, customer satisfaction, product quality, health and safety, and employee rights were identified; the Group set a long-term goal of carbon neutrality by **2050** and specific environmental targets until **2027** - The Group established an ESG governance structure led by the Board and executed by an ESG working group, responsible for strategy formulation, risk assessment, and oversight of all ESG matters[466](index=466&type=chunk)[467](index=467&type=chunk) - Through materiality assessment, the Group identified business ethics, customer satisfaction, product quality management, health and safety, and employee rights and benefits as highly important ESG issues[478](index=478&type=chunk)[480](index=480&type=chunk) - The Group set environmental targets until **2027**, including reducing greenhouse gas emission intensity and water consumption intensity, and plans to achieve carbon neutrality by **2050**[485](index=485&type=chunk)[486](index=486&type=chunk) [Environment (A)](index=87&type=section&id=Environment%20(A)) In environmental aspects, the Group is committed to reducing its operational impact; during the reporting period, total greenhouse gas emissions were **103.76 tCO2e**, with an intensity of **1.46 tCO2e/million HKD revenue**; the Group implemented various energy, water, and waste reduction measures, such as optimizing vehicle routes, using energy-efficient air conditioning, and recycling office supplies, while also assessing physical and transition risks from climate change and developing corresponding mitigation plans Environmental Performance Indicators | Environmental Performance Indicator | Unit | FY2025 | FY2024 | | :--- | :--- | :--- | :--- | | Total Greenhouse Gas Emissions | tCO2e | 103.76 | 98.28 | | Greenhouse Gas Emission Intensity | tCO2e/million HKD revenue | 1.46 | 1.44 | | Total Electricity Consumption | MWh | 208.85 | 211.95 | | Total Water Consumption | m³ | 624.00 | 644.50 | | Total Non-hazardous Waste | tonnes | 1.26 | 1.04 | - The Group identified physical risks (e.g., extreme weather impacting transportation) and transition risks (e.g., tightening environmental regulations) from climate change, and has developed mitigation plans and emergency preparedness[532](index=532&type=chunk)[533](index=533&type=chunk) [Social (B)](index=99&type=section&id=Social%20(B)) Regarding social responsibility, the Group focuses on employee well-being, labor standards, supply chain management, product responsibility, anti-corruption, and community investment; during the reporting period, total employees were **103**, with a turnover rate of **18.45%**, significantly lower than last year's **39.48%**; the Group provided approximately **608 hours** of employee training; in product responsibility, the Group strictly adhered to quality standards, with no product recalls due to safety or health concerns; additionally, the Group actively participated in community initiatives like clothing donation and environmental recycling programs Employee Data (as of March 31) | Employee Data (as of March 31) | 2025 | 2024 | | :--- | :--- | :--- | | Total Employees | 103 | 113 | | Employee Turnover Rate | 18.45% | 39.48% | - During the reporting period, lost workdays due to work-related injuries were **0 days**, a significant improvement from **7 days** last year and **256 days** the year before[558](index=558&type=chunk) - The Group provided approximately **608 hours** of employee training, averaging about **5.9 hours** per trained employee[562](index=562&type=chunk) - The Group strictly adheres to product responsibility standards, with no product or service-related complaints or recalls due to safety or health concerns during the reporting period[585](index=585&type=chunk)[596](index=596&type=chunk) - The Group established a zero-tolerance anti-corruption policy and whistleblowing mechanism, providing comprehensive anti-corruption training for directors and employees, with no concluded corruption litigation cases during the year[607](index=607&type=chunk)[609](index=609&type=chunk)[614](index=614&type=chunk) - The Group actively participates in community investment, including old clothing donation programs in Chongqing and Hong Kong, and computer and communication product recycling initiatives; its subsidiary was rated as an A-grade taxpayer[619](index=619&type=chunk)[621](index=621&type=chunk)[625](index=625&type=chunk) [Independent Auditor's Report](index=128&type=section&id=Independent%20Auditor%27s%20Report) [Auditor's Opinion and Key Matters](index=128&type=section&id=Auditor%27s%20Opinion%20and%20Key%20Matters) Auditor Pacia CPA Limited issued an unmodified opinion on the Group's consolidated financial statements, deeming them to fairly present the Group's financial position; however, the report highlighted 'material uncertainty related to going concern,' noting the Group's net loss and significant maturing debt raise substantial doubt, despite directors' belief in continued operation; additionally, 'recoverability and impairment assessment of loans and interest receivables' was listed as a key audit matter due to significant management judgment involved - **Material Uncertainty Related to Going Concern**: The auditor draws attention to the Group's net loss of **HKD 15.252 million** for the year and approximately **HKD 157 million** in debts maturing within the next **12 months**, with cash and bank balances of only approximately **HKD 22.316 million**; these conditions indicate a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern, on which the auditor did not modify their opinion[653](index=653&type=chunk)[654](index=654&type=chunk)[657](index=657&type=chunk) - **Key Audit Matter**: The recoverability and impairment assessment of loans and interest receivables is considered a key audit matter; as of March 31, 2025, the net amount was approximately **HKD 277 million**, with a loss allowance of approximately **HKD 30.11 million**; the measurement of Expected Credit Losses (ECL) involves significant management judgment and complex assumptions (e.g., Probability of Default (PD), Loss Given Default (LGD)), posing risks of subjectivity and management bias[659](index=659&type=chunk)[660](index=660&type=chunk)[661](index=661&type=chunk) [Consolidated Financial Statements](index=137&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=137&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, the Group's revenue was **HKD 71.1 million**, a **4.4%** increase from **HKD 68.09 million** last year; annual loss narrowed to **HKD 15.25 million** from **HKD 17.79 million**, with basic and diluted loss per share attributable to owners of the company at **2.44 HK cents** Consolidated Statement of Profit or Loss and Other Comprehensive Income | Item (HKD '000) | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 71,095 | 68,087 | | Loss before tax | (16,191) | (19,762) | | Loss for the year | (15,252) | (17,790) | | Loss for the year attributable to owners of the company | (15,218) | (16,217) | | Total comprehensive expense for the year | (19,689) | (36,289) | | Basic and diluted loss per share (HK cents) | (2.44) | (2.60) | [Consolidated Statement of Financial Position](index=139&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HKD 337 million**, total liabilities **HKD 188 million**, and total equity increased to **HKD 149 million** from **HKD 113 million** last year; net current assets significantly increased from **HKD 63.75 million** to **HKD 128 million**, indicating improved liquidity Consolidated Statement of Financial Position | Item (HKD '000) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Non-current assets | 21,703 | 51,596 | | Current assets | 315,284 | 299,212 | | **Total Assets** | **336,987** | **350,808** | | Current liabilities | 187,581 | 235,464 | | Non-current liabilities | 477 | 2,060 | | **Total Liabilities** | **188,058** | **237,524** | | **Total Equity** | **148,929** | **113,284** | | Net Current Assets | 127,703 | 63,748 | [Consolidated Statement of Cash Flows](index=143&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This year, the Group experienced a net cash outflow of **HKD 5.35 million** from operating activities, a net cash inflow of **HKD 1.1 million** from investing activities, and a net cash outflow of **HKD 7.54 million** from financing activities; cumulatively, cash and cash equivalents decreased by **HKD 11.78 million**, with an ending balance of **HKD 22.32 million** Consolidated Statement of Cash Flows | Cash Flow Item (HKD '000) | FY2025 | FY2024 | | :--- | :--- | :--- | | Net cash used in operating activities | (5,345) | (9,456) | | Net cash from investing activities | 1,104 | 9,562 | | Net cash used in financing activities | (7,543) | (36,832) | | **Net decrease in cash and cash equivalents** | **(11,784)** | **(36,726)** | | Cash and cash equivalents at beginning of year | 34,435 | 72,911 | | **Cash and cash equivalents at end of year** | **22,316** | **34,435** | [Notes to the Consolidated Financial Statements](index=145&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes to the financial statements provide detailed explanations of the Group's accounting policies, key accounting judgments, and various financial statement items, focusing on the going concern assumption, impairment assessment of loans and interest receivables, related party transactions, share-based payments, and segment information; Note 2 specifically states that despite significant uncertainties, directors believe the Group can continue as a going concern; Notes 24 and 25 detail the composition, aging, and impairment provisions for loans and trade receivables; Note 36 discloses details of the **38%** equity disposal in Hackett - Note 2 details management's assessment of the company's going concern ability, stating that despite net losses and significant maturing debt, directors believe the company can continue operations through measures like non-demand agreements with shareholders and improved cash flow strategies[709](index=709&type=chunk)[710](index=710&type=chunk)[712](index=712&type=chunk) - Note 24 discloses that as of March 31, 2025, total loans and interest receivables amounted to **HKD 307 million**, with a loss allowance of **HKD 30.11 million**; unsecured loans constitute a higher proportion within the loan portfolio[1235](index=1235&type=chunk)[1238](index=1238&type=chunk) - Note 36 discloses the disposal of a **38%** equity interest in Hackett to a related party for **HKD 56.4 million**, settled by offsetting amounts due to a shareholder, resulting in a **HKD 59.16 million** reduction in capital reserve[1320](index=1320&type=chunk)[1324](index=1324&type=chunk)[1326](index=1326&type=chunk) - Note 38 details changes in the share option scheme, with **1.9 million** options lapsing during the year due to director and employee resignations, and another **85.92 million** options granted under specific mandate lapsing unexercised upon expiry[1365](index=1365&type=chunk) [Five-Year Financial Summary](index=278&type=section&id=Five-Year%20Financial%20Summary) This chapter provides a summary of the Group's key performance and financial position data for the past five fiscal years; the data indicates a declining trend in the Group's total assets and total equity over the past five years, with revenue peaking in **2022** before declining, and continuous losses recorded in the last three years Five-Year Financial Summary | Item (HKD '000) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Performance** | | | | | | | Revenue | 71,095 | 68,087 | 97,174 | 130,492 | 106,896 | | (Loss) Profit before tax | (16,191) | (19,762) | 9,487 | (16,661) | (46,030) | | **Assets and Liabilities** | | | | | | | Total Assets | 336,987 | 350,808 | 432,278 | 618,522 | 649,423 | | Total Liabilities | (188,058) | (237,524) | (282,705) | (442,255) | (410,331) | | Total Equity | 148,929 | 113,284 | 149,573 | 176,267 | 239,092 |

[Financial Performance](index=2&type=section&id=Full-Year%20Performance) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's total revenue grew to HKD 71.1 million, driven by loan financing, while the annual loss narrowed to HKD 15.25 million due to reduced finance costs and impairment Key Profit or Loss Data for FY2025 | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **71,095** | **68,087** | **+4.4%** | | - Alcohol Beverage Sales | 20,817 | 21,921 | -5.0% | | - Loan Financing Services | 50,278 | 46,166 | +8.9% | | **Loss Before Tax** | (16,191) | (19,762) | -18.1% (Loss narrowed) | | **Loss for the Year** | **(15,252)** | **(17,790)** | **-14.3% (Loss narrowed)** | | Loss Attributable to Owners of the Company | (15,218) | (16,217) | -6.2% (Loss narrowed) | | **Basic Loss Per Share (HKD cents)** | **(2.44)** | **(2.60)** | **-** | - Finance costs significantly decreased from **HKD 13.48 million** in the prior year to **HKD 6.46 million** this year, a key factor in the narrowed loss[4](index=4&type=chunk) - Net impairment losses on loans and interest receivable decreased from **HKD 29.78 million** to **HKD 26.48 million**, also contributing to the improved loss position[4](index=4&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets slightly decreased to HKD 337 million, while total liabilities significantly reduced, boosting total equity to HKD 149 million and doubling net current assets to HKD 128 million Key Balance Sheet Data as of March 31, 2025 | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **336,987** | **350,808** | **-3.9%** | | - Non-current Assets | 21,703 | 51,596 | -57.9% | | - Current Assets | 315,284 | 299,212 | +5.4% | | **Total Liabilities** | **188,058** | **237,524** | **-20.8%** | | - Current Liabilities | 187,581 | 235,464 | -20.3% | | **Total Equity** | **148,929** | **113,284** | **+31.5%** | | **Net Current Assets** | **127,703** | **63,748** | **+100.3%** | - Loans and interest receivable are the Group's primary assets, with their current portion increasing from **HKD 236 million** to **HKD 275 million**[6](index=6&type=chunk) - The decrease in current liabilities was primarily due to a reduction in amounts payable to a shareholder from **HKD 107 million** to **HKD 62.4 million**[6](index=6&type=chunk) [Notes to the Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [Company Information and Basis of Preparation](index=6&type=section&id=1.%20General%20Information%20and%202.%20Basis%20of%20Preparation%20of%20Consolidated%20Financial%20Statements) The Company, an investment holding firm in alcohol sales and financial services, prepares its statements under HKFRS, with significant going concern uncertainties due to net losses and maturing borrowings - The Group is primarily engaged in **alcohol beverage sales**, **financial services**, and **loan financing services**[9](index=9&type=chunk) - The report highlights significant uncertainties that may cast substantial doubt on the Group's ability to continue as a going concern; as of March 31, 2025, the Group had approximately **HKD 22.32 million** in cash, with total shareholder loans and borrowings of approximately **HKD 157 million** maturing within the next twelve months[10](index=10&type=chunk) - The Board has considered various measures, such as shareholders agreeing not to demand repayment and managing the loan receivable portfolio, to address liquidity risks and deems the preparation of financial statements on a going concern basis appropriate[11](index=11&type=chunk)[13](index=13&type=chunk) [Revenue and Segment Information](index=9&type=section&id=4.%20Revenue%20and%20Segment%20Information) Total revenue is split between alcohol sales and loan financing; loan financing revenue grew to HKD 50.28 million with a profit, while alcohol sales declined to HKD 20.82 million with an expanded loss, with Mainland China as the main revenue source Revenue and Results by Segment | Segment | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | 2025 (Loss)/Profit (HKD thousands) | 2024 (Loss)/Profit (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Alcohol Beverage Sales | 20,817 | 21,921 | (2,742) | (2,480) | | Loan Financing Services | 50,278 | 46,166 | 6,956 | (2,290) | | Financial Services | - | - | (1,432) | (1,462) | | **Total** | **71,095** | **68,087** | **2,782** | **(6,232)** | Revenue by Geographical Region | Region | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | China | 45,065 | 39,686 | | Hong Kong | 26,030 | 28,401 | | **Total** | **71,095** | **68,087** | - The loan financing services segment is the Group's largest asset-holding segment, with total segment assets amounting to **HKD 296 million**[20](index=20&type=chunk) [Loans and Interest Receivable](index=16&type=section&id=9.%20Loans%20and%20Interest%20Receivable) Total loans and interest receivable (before impairment) increased to HKD 307 million, with unsecured loans at 69% and bad debt provisions rising to HKD 30.11 million, while over 365-day receivables were the largest aging category Composition of Loans and Interest Receivable | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Secured Loans | 88,067 | 65,436 | | Unsecured Loans | 200,887 | 203,556 | | Interest Receivable | 17,964 | 18,238 | | **Total (before impairment)** | **306,918** | **287,230** | | Less: Provision | (30,113) | (22,521) | | **Net Amount** | **276,805** | **264,709** | - An aging analysis of loans and interest receivable shows that amounts over **365 days** constitute the largest portion, totaling **HKD 98.27 million**, indicating a longer recovery period for some loans[35](index=35&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Financial Performance](index=20&type=section&id=Business%20Review%20and%20Financial%20Performance) Total revenue grew 4.4% to HKD 71.1 million, driven by loan financing, while the annual loss narrowed to HKD 15.3 million due to reduced finance costs and impairment, despite a significant drop in other income - The Group's total revenue increased by **4.4%** to approximately **HKD 71.1 million**, primarily due to an **8.9%** increase in loan financing business revenue[42](index=42&type=chunk) - The annual loss narrowed to **HKD 15.3 million**, primarily driven by a **HKD 7 million** reduction in finance costs, a **HKD 3.3 million** decrease in net impairment losses on loans receivable, a **HKD 3 million** increase in revenue, and a **HKD 2.2 million** decrease in staff costs[43](index=43&type=chunk)[53](index=53&type=chunk) - Other income significantly decreased from **HKD 15 million** to **HKD 2.3 million**, mainly due to a **HKD 10.6 million** reduction in net exchange gains, negatively impacting profitability[52](index=52&type=chunk) [Segment Business Performance](index=20&type=section&id=Segment%20Business%20Performance) Loan financing business grew and turned profitable, while the wine business saw declining revenue and expanded losses due to a weak market, with no revenue from financial services [Wine Business](index=20&type=section&id=Wine%20Business) Wine business revenue declined 5.0% to HKD 20.8 million, with segment loss expanding 8.0% to HKD 2.7 million, due to an uncertain economic and weak consumer market Wine Business Performance | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 20,800 | 21,900 | -5.0% | | Segment Loss | (2,700) | (2,500) | +8.0% (Loss expanded) | [Loan Financing Business](index=21&type=section&id=Loan%20Financing%20Business) Loan financing revenue grew 8.9% to HKD 50.3 million, achieving a HKD 7 million profit due to an expanded portfolio and reduced impairment, with management focusing on collateralized quality borrowers - Loan financing business revenue increased by **8.9%** to **HKD 50.3 million**, achieving a segment profit of **HKD 7 million** (compared to a loss of HKD 2.3 million in 2024)[45](index=45&type=chunk) - The Group's loan portfolio (before impairment) increased to **HKD 307 million**; as of March 31, 2025, approximately **35.4%** of the loan portfolio was secured by collateral, while **64.6%** was unsecured[45](index=45&type=chunk)[47](index=47&type=chunk) Loan Portfolio Borrower Category Breakdown (by Face Value) | Borrower Category | 2025 | 2024 | | :--- | :--- | :--- | | Corporate | 29% | 28% | | Individual | 71% | 72% | [Impairment Losses](index=22&type=section&id=Impairment%20Losses) Net impairment losses on loans and interest receivable decreased to HKD 26.5 million, primarily due to China's economic difficulties and real estate debt crisis, which increased loan defaults - Net impairment losses on loans and interest receivable for the year amounted to **HKD 26.5 million**, comprising **HKD 17.7 million** in expected credit loss provisions and **HKD 8.8 million** in direct write-offs[49](index=49&type=chunk) - The primary causes of impairment were economic conflicts in China and the real estate debt crisis, leading to immense operational pressure for businesses, especially small enterprises, and hindering borrowers' repayment capabilities[50](index=50&type=chunk) [Liquidity and Financial Resources](index=24&type=section&id=Liquidity%20and%20Financial%20Resources) Liquidity significantly improved, with net current assets doubling to HKD 128 million, the current ratio rising to 1.7 times, and the gearing ratio decreasing to 63.6%, reflecting a more robust financial structure Key Liquidity and Financial Ratios | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net Current Assets | HKD 127.7 million | HKD 63.7 million | | Cash and Cash Equivalents | HKD 22.3 million | HKD 34.4 million | | Current Ratio | 1.7 times | 1.3 times | | Gearing Ratio | 63.6% | 88.8% | [Significant Disposal](index=26&type=section&id=Significant%20Acquisitions%20and%20Disposals) The Company disposed of a 38% equity interest in subsidiary Hackett for HKD 56.4 million, but Hackett remains consolidated due to continued board control despite a reduced 39% stake - The Company disposed of a **38%** equity interest in its subsidiary Hackett for a total consideration of **HKD 56.4 million**, aiming to repay part of its debts and reduce liability levels without cash outflow[64](index=64&type=chunk) - Following the disposal, the Company holds a **39%** equity interest in Hackett, but Hackett is still considered a subsidiary due to the Company's continued control over its board of directors[65](index=65&type=chunk) [Principal Risks and Business Outlook](index=27&type=section&id=Principal%20Risks%20and%20Business%20Outlook) Principal risks include unsaleable wine inventory and loan customer defaults; management anticipates a challenging global economy, will adopt a cautious strategy, and is open to new strategic investors - The Group identified principal risks including **unsaleable inventory**, **product liability**, and **foreign exchange fluctuations** in the wine business, and **customer default** and **talent retention risks** in the loan financing business[68](index=68&type=chunk) - Looking ahead to 2025, the Board anticipates a challenging and uncertain global economic environment, will adopt a cautious approach, adjust strategies as appropriate, and remains open to introducing new investors[72](index=72&type=chunk) [Corporate Governance and Other Information](index=29&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Dividends and Staff Policy](index=26&type=section&id=Dividends%20and%20Staff%20Policy) The Board does not recommend a final dividend; the Group employed 103 staff, a decrease from last year, with remuneration based on qualifications, responsibilities, and contributions, supported by a share option scheme - The Board does not recommend the payment of a final dividend for the current year[63](index=63&type=chunk) - As of March 31, 2025, the Group employed **103 staff**, a decrease from **113** in 2024[69](index=69&type=chunk) [Share Option Scheme](index=29&type=section&id=Share%20Option%20Scheme) The Company's share option scheme, adopted in 2015, is valid until September 20, 2025, with no options granted this year, and the Company will comply with GEM Listing Rules amendments - No share options were granted under the share option scheme during the year[73](index=73&type=chunk) - The remaining validity period of the share option scheme is until **September 20, 2025**[74](index=74&type=chunk) [Compliance and Audit](index=31&type=section&id=Compliance%20and%20Audit) The Company maintains high corporate governance standards, complying with GEM Listing Rules, and the Audit Committee has reviewed and approved the audited consolidated financial statements - The Board confirms that the Company has complied with the code provisions of the **Corporate Governance Code** throughout the year[82](index=82&type=chunk) - The Audit Committee comprises four members, with Mr. Chu Kin Hung as Chairman, and has reviewed the audited consolidated financial statements for the year[85](index=85&type=chunk)

Group 1 - As of May 14, 78 stocks reached a 52-week high, with Chang'an Renheng (08139), Hengchang Group International (01421), and Lehua Entertainment (02306) leading the high rate at 65.38%, 42.59%, and 38.52% respectively [1] - The closing price of Chang'an Renheng was 1.370, with a peak price of 2.580, indicating a significant increase [1] - Hengchang Group International closed at 0.690, reaching a high of 0.770, reflecting a 42.59% increase [1] Group 2 - Lehua Entertainment's closing price was 1.510, with a maximum price of 1.690, showing a 38.52% rise [1] - XL Ernan CO (07711) and XL Ernan CO-U had increases of 27.75% and 26.89% respectively, with closing prices of 125.000 and 15.960 [1] - Other notable stocks include Madison Holdings (08057) with a 25.00% increase and Du Fu Wine Group (00986) with a 17.48% increase [1] Group 3 - The report also highlights stocks that reached 52-week lows, with XI Ernan CO (07311) dropping by 36.46% to a closing price of 26.500 [3] - XI Ernan CO-U saw a decrease of 35.53%, closing at 3.386 [3] - Other stocks with significant declines include Touyun Biotechnology (01332) at -22.46% and Aoweiholdings (01370) at -16.67% [3]

Group 1 - The stock price of Madison Holdings (08057.HK) closed at HKD 0.053 on May 6, down 29.33% from the previous trading day, reaching a new low of HKD 0.050 during the day [1] - On the same day, the main capital flow showed an inflow of HKD 0.712 million and an outflow of HKD 7.055 million, resulting in a net outflow of HKD 6.34 million [1] Group 2 - Madison Holdings Group Limited is based in Hong Kong and aims for global reach, analyzing and planning for business and economic development to capture future trends and opportunities [2] - The company started with a high-end wine business upon its listing in 2015 and expanded into financial services and financial innovation in 2017, establishing a full-license financial platform, CVP Financial Group [2] - Madison has attracted significant attention from major financial institutions such as Fidelity Investments, Blackstone Group, and ICBC, indicating its substantial influence in the capital markets [2] - In 2018, Madison invested in and acquired the cryptocurrency mining company Diginex and established a strategic partnership with Oxford University's Blockhouse, focusing on blockchain investment and services [2] - The company plans to continue its strategic layout in the blockchain fintech service industry to accelerate its transformation from traditional finance to financial innovation [2]

Summary of Key Points Core Viewpoint - As of May 6, a total of 55 stocks reached their 52-week highs, with notable performers including Shandong Molong (00568), Tokyo Central Auction (01939), and Andeli Juice (02218) showing significant increases in their high rates [1]. 52-Week Highs - Shandong Molong (00568) achieved a closing price of 5.020 with a peak of 5.250, marking a high rate of 185.33% - Tokyo Central Auction (01939) closed at 0.980, reaching a high of 3.180, resulting in a high rate of 112.00% - Andeli Juice (02218) closed at 16.000 with a peak of 23.950, reflecting a high rate of 87.11% - Other notable stocks include: - Crown Holdings (01872) with a high rate of 32.00% - Wutong International (00613) at 30.00% - Yao Cai Securities Financial (01428) at 10.47% [1]. 52-Week Lows - Madison Holdings (08057) recorded a closing price of 0.053, with a low of 0.050, reflecting a decline of 26.47% - China Classic Group (08281) closed at 0.060, reaching a low of 0.051, indicating a drop of 15.00% - Other companies experiencing significant declines include: - Zhongsheng United (03332) with a decline of 6.02% - Dingyi Group Investment (00508) at -5.88% - Derivative Group (06893) at -4.62% [2].

Revenue Performance - Revenue for the six months ended September 30, 2024, was HKD 34,437,000, a slight decrease of 0.7% compared to HKD 34,677,000 for the same period in 2023[3]. - Alcoholic beverage sales decreased to HKD 9,701,000, down 23.5% from HKD 12,620,000 year-over-year[3]. - Loan financing services revenue increased to HKD 24,736,000, up 12.1% from HKD 22,057,000 in the previous year[3]. - Revenue from external customers in China increased to HKD 22,122,000, up 17.3% from HKD 18,808,000 in the previous year[25]. - Revenue from the wine business decreased by approximately 23.0% to about HKD 9,700,000, while the loan financing business revenue increased by approximately 11.8% to about HKD 24,700,000[75][78]. Financial Losses and Earnings - The company reported a net loss of HKD 5,298,000 for the period, compared to a profit of HKD 1,905,000 in the same period last year[4]. - Basic and diluted loss per share was HKD 1.10, compared to HKD 0.22 in the prior year[4]. - The company reported a net loss of HKD 6.885 million during the period, contributing to a total comprehensive loss of HKD 6.686 million[8]. - The group reported a loss of approximately HKD 5,300,000 for the period, a decline of about HKD 7,200,000 compared to a profit of HKD 1,900,000 in 2023[76]. - Other income decreased significantly from approximately HKD 12,900,000 in the six months ending September 30, 2023, to about HKD 2,100,000, primarily due to a reduction in foreign exchange gains of about HKD 9,500,000[92]. Assets and Liabilities - Non-current assets decreased to HKD 37,701,000 from HKD 51,596,000 as of March 31, 2024[5]. - Current assets increased to HKD 322,839,000 from HKD 299,212,000 as of March 31, 2024[5]. - Total liabilities decreased to HKD 187,271,000 from HKD 235,464,000[6]. - Total equity increased to HKD 172,846,000 from HKD 113,284,000 as of March 31, 2024[7]. - Total assets as of September 30, 2024, amounted to HKD 360,540,000, an increase from HKD 350,808,000 as of March 31, 2024[22]. Employee and Operational Costs - The total employee costs for the six months ended September 30, 2024, amounted to HKD 15,480,000, up from HKD 14,917,000 in 2023, reflecting an increase of approximately 3.8%[32]. - Short-term employee benefits for the six months ended September 30, 2024, amounted to HKD 3,132,000, compared to HKD 2,607,000 for the same period in 2023[65]. Share Capital and Options - The company has issued a total of 623,127,227 shares with a par value of HKD 0.01 as of September 30, 2024[61]. - The company has a share option plan established to incentivize and retain qualified personnel, with 18,100,000 options granted initially[66]. - The company granted 85,922,330 stock options to SRA Holdings at an exercise price of HKD 1.03 per share on December 5, 2023[70]. - The maximum number of stock options that can be granted under the revised plan as of August 9, 2022, is 62,312,722 shares, which is 10.0% of the total issued shares[69]. Corporate Governance and Compliance - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value, adhering to the GEM Listing Rules[111]. - The company has established an audit committee to review financial systems, accounting policies, and internal controls, consisting of four members with appropriate professional qualifications[113]. - The audit committee has reviewed the unaudited condensed consolidated financial statements for the period and agreed with the accounting principles and practices adopted by the company[113]. Future Outlook and Strategy - The group plans to actively seek investment opportunities in other areas to diversify its revenue sources amid a challenging global economic environment[104]. - The group has not established specific plans for significant investments or capital assets as of September 30, 2024[102].