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Financial Performance - The company's revenue for the year ended April 30, 2025, decreased by 20.2% to approximately HKD 26.4 million, down from HKD 33.1 million in the previous year[6]. - The net loss for the year was approximately HKD 44.9 million, compared to a net loss of HKD 32.1 million in the previous year, reflecting a significant increase in losses[7]. - Revenue from LED decorative lighting products in Canada was approximately HKD 19.8 million, a decrease of 7.91% from HKD 21.5 million in the previous year[11]. - Revenue from U.S. customers decreased to approximately HKD 2.7 million, down from HKD 4.5 million in the previous year, primarily due to tightening monetary policy by the U.S. Federal Reserve[12]. - The revenue from LED decorative lights decreased by approximately HKD 6.7 million or 20.2% to about HKD 26.4 million for the year ending April 30, 2025, primarily due to reduced sales to customers in Canada and the United States[15]. - The net loss for the year ending April 30, 2025, was approximately HKD 44.9 million, an increase of about HKD 12.8 million compared to the previous year, mainly due to decreased revenue and gross profit[23]. - The sales cost decreased by approximately HKD 5.6 million or 19.8% to about HKD 22.7 million for the year ending April 30, 2025, consistent with the overall decline in total revenue[17]. - Gross profit decreased by approximately HKD 1.1 million or 22.8% to about HKD 3.7 million for the year ending April 30, 2025, with a gross margin reduction from approximately 14.6% to 14.0%[18]. - Inventory write-downs for the year ending April 30, 2025, amounted to approximately HKD 19.2 million, compared to HKD 9.0 million for the previous year[24]. Cash and Assets - Cash and bank balances as of April 30, 2025, were approximately HKD 16.1 million, up from HKD 1.9 million the previous year[27]. - The current ratio as of April 30, 2025, was approximately 1.75, down from 3.5 the previous year[27]. - The total payroll cost for the year ending April 30, 2025, was approximately HKD 6.0 million, down from HKD 9.0 million the previous year, with a reduction in the number of employees from 89 to 71[32]. Corporate Governance - The company emphasizes good corporate governance to maintain transparency and accountability[47]. - The board is responsible for leading, controlling, and managing the company, ensuring effective operations and growth[48]. - The board composition includes three independent non-executive directors, complying with GEM Listing Rules[49]. - The board members possess skills and experience relevant to the group's business needs and objectives, ensuring effective governance and independent judgment[50]. - The board's independence assessment mechanism is deemed effective for the fiscal year ending April 30, 2025, with all independent non-executive directors confirmed as independent[51]. - The company has a structured process for the appointment and re-election of directors, with a two-year term for each director and a rotation policy for one-third of the board at each annual general meeting[54]. - The attendance record for board meetings shows that the Chairman attended 9 out of 10 meetings, while the CEO attended all 10 meetings during the fiscal year[56]. - The company has adopted trading standards for directors in compliance with GEM Listing Rules, with all directors confirming adherence for the fiscal year ending April 30, 2025[59]. Risk Management - The board is responsible for evaluating and determining the nature and extent of risks acceptable to achieve strategic objectives, maintaining an effective risk management and internal control system[74]. - The risk management and internal control system is reviewed annually, covering financial reporting, internal audit functions, and employee qualifications[76]. Environmental, Social, and Governance (ESG) - The company has complied with the "comply or explain" provisions of the Environmental, Social, and Governance (ESG) reporting guidelines during the reporting period[87]. - The board is responsible for overseeing the implementation of ESG management measures and has engaged independent consultants for materiality assessments[88]. - The company has established key performance indicators (KPIs) for measuring and comparing ESG performance[89]. - The company emphasizes the importance of good ESG practices in enhancing corporate investment value and delivering long-term returns to stakeholders[88]. - The company achieved a total greenhouse gas emission of 191.4 tons during the reporting period, a decrease from 203.2 tons in the previous year, with a target of 815 tons set for 2025[106]. - The company reported a 1% reduction in its greenhouse gas emission target from 823 tons to 815 tons for the reporting period[106]. - The company utilized 227,637 MWh of electricity in the reporting period, representing a 6.44% decrease from 243,295 MWh in the previous year[113]. - The company has implemented measures to reduce emissions and promote energy-saving practices among employees[110]. Employee Management - The total employee count as of April 30, 2025, is 112, with 56% being full-time employees and 44% part-time seasonal employees[120]. - The employee turnover rate for the reporting period is 37%, with a turnover rate of 15% for part-time employees and 22% for full-time employees[128]. - All employees received training totaling 896 hours, averaging 8 hours per employee[137]. - The company has established a systematic performance evaluation system to assess employee performance based on work ability, attitude, and professional knowledge[126]. Production and Operations - The company has purchased 7 new automatic welding machines to enhance the automation level and efficiency of its LED decorative light series[36]. - A total of 54 existing machines have been upgraded to increase the production capacity of LED light beads[36]. - The company has automated production lines for LED decorative lighting products, enhancing capacity and productivity[148]. - The company plans to enhance its product development capabilities by hiring and training more design and technical professionals[102]. - The company aims to improve production efficiency by upgrading existing production facilities and investing in energy-efficient equipment[100]. Shareholder Communication - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and ensure timely and transparent disclosure of information[79]. - The company has established a shareholder communication policy to facilitate dialogue on various matters affecting the company[79]. - The board has reviewed the communication policy and believes it has been effectively implemented as of the fiscal year ending April 30, 2025[79]. Compliance and Legal Matters - The group has not recorded any significant violations of intellectual property laws during the reporting period[150]. - There were no incidents of non-compliance with data protection laws that had a significant impact on the group during the reporting period[151]. - The group has established a whistleblowing mechanism to report misconduct and corruption, with all reports handled confidentially[152]. - The company confirms compliance with the GEM Listing Rules regarding the disclosure of related party transactions[183].

Company Overview - Haolai Global Limited was established in 2014 and owns subsidiaries including Junfeng, Haolai International, and Haolai Group, which were founded in 2010, 2008, and 2011 respectively [3] - The company transitioned from a pure trading entity to a manufacturer and exporter of decorative lighting products, acquiring Haolai Industrial in 2013 to enhance its production capabilities [3] - Haolai International primarily sells various types of LED decorative lighting products, focusing on international markets and maintaining a strong supplier relationship with clients [3] Financial Performance - As of April 30, 2025, Haolai Global reported total revenue of 24.5398 million yuan, a year-on-year decrease of 20.21% [1] - The net profit attributable to shareholders was -41.6647 million yuan, reflecting a year-on-year decline of 39.65% [1] - The gross profit margin stood at 14.01%, with a debt-to-asset ratio of 69.27% [1] Market Position and Valuation - Currently, there are no institutional investment ratings for Haolai Global [2] - The average price-to-earnings (P/E) ratio for the household appliances and goods industry is 7.21 times, with a median of 1.92 times [2] - Haolai Global's P/E ratio is -1.19 times, ranking 81st in the industry [2]

Company Overview - Ho Liang Global Limited was established in 2014 and owns subsidiaries including Junfeng, Ho Liang International, and Ho Liang Group, which were founded in 2010, 2008, and 2011 respectively [3] - The company transitioned from a pure trading entity to a manufacturer and exporter of decorative lighting products, acquiring Ho Liang Industrial in 2013 to enhance production capabilities [3] - Ho Liang Global has diversified its product offerings, including LED decorative lights and lighting solutions, and has established a customer base that includes retailers, wholesalers, real estate developers, and agricultural technology producers [3] Financial Performance - As of April 30, 2025, Ho Liang Global reported total revenue of 24.54 million, a year-on-year decrease of 20.21%, and a net profit attributable to shareholders of -41.67 million, down 39.65% year-on-year [1] - The company's gross profit margin stands at 14.01%, with a debt-to-asset ratio of 69.27% [1] Market Position - Ho Liang Global's price-to-earnings (P/E) ratio is -1.08, ranking 84th in the household appliances and goods industry, which has an average P/E ratio of 11.91 [2] - The company has not received any investment rating recommendations from institutions [2]

Group 1 - The company reported a revenue of HKD 26.44 million for the year ending April 30, 2025, representing a year-on-year decrease of 20.21% [1] - The loss attributable to equity holders increased to HKD 44.891 million, which is a year-on-year increase of 39.65% [1] - The loss per share is HKD 0.0898 [1] Group 2 - The increase in loss is primarily attributed to a decrease in revenue and gross profit, as well as losses generated from the sale of waste materials [1]

Group 1 - The company reported a revenue of HKD 26.44 million for the year ending April 30, 2025, representing a year-on-year decrease of 20.21% [1] - The loss attributable to equity holders of the company widened to HKD 44.891 million, an increase of 39.65% compared to the previous year [1] - The loss per share was reported at HKD 0.0898 [1] Group 2 - The increase in losses was primarily attributed to a decrease in revenue and gross profit, as well as losses incurred from the sale of waste materials [1]

Disclaimer and GEM Characteristics [HKEX and Stock Exchange Disclaimer](index=1&type=section&id=HKEX%20and%20Stock%20Exchange%20Disclaimer) HKEX and the Stock Exchange disclaim responsibility for this announcement's content, accuracy, completeness, and reliance-based losses - HKEX and the Stock Exchange assume no responsibility for the content of this announcement, nor do they guarantee its accuracy or completeness[1](index=1&type=chunk) [GEM Market Characteristics and Investment Risk Warning](index=1&type=section&id=GEM%20Market%20Characteristics%20and%20Investment%20Risk%20Warning) The GEM market, for SMEs, carries high investment risks; investors should understand these and invest cautiously - The GEM market is positioned to provide a listing platform for small and medium-sized companies, which typically involve **higher investment risks**[2](index=2&type=chunk) - Investors should understand potential risks, as GEM securities may face significant market volatility and liquidity cannot be guaranteed[2](index=2&type=chunk) [Directors' Responsibility Statement](index=1&type=section&id=Directors%27%20Responsibility%20Statement) Directors bear full responsibility for this announcement's accurate, complete, and non-misleading information - The company's directors jointly and individually bear **full responsibility** for the information in this announcement[3](index=3&type=chunk) - Directors confirm the announcement's information is accurate, complete, free from misleading or fraudulent content, and without omissions[3](index=3&type=chunk) Consolidated Financial Results [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended April 30, 2025, revenue decreased by **20.2%** to **HKD 26.44 million**, and loss for the year significantly widened to **HKD 44.91 million** Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the year ended April 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 26,440 | 33,137 | -20.2% | | Cost of sales | (22,737) | (28,294) | -19.6% | | Gross profit | 3,703 | 4,843 | -23.5% | | Other income, (losses) / gains, net | (25,319) | 94 | -27035.1% | | Net provision for / (reversal of) expected credit losses | 2,856 | (5,550) | -151.5% | | Loss on write-down of inventories | (19,198) | (9,011) | 113.0% | | Selling and distribution expenses | (853) | (1,019) | -16.3% | | Administrative expenses | (5,409) | (9,819) | -44.9% | | Finance costs | (685) | (1,027) | -33.3% | | Loss before tax | (44,905) | (32,146) | 39.7% | | Loss for the year | (44,905) | (32,146) | 39.7% | | Loss for the year attributable to owners of the Company | (44,891) | (32,146) | 39.6% | | Basic and diluted loss per share (HK cents) | (8.98) | (6.43) | 39.7% | - The increase in loss for the year is primarily due to decreased revenue and gross profit, along with losses from the sale of scrap materials[45](index=45&type=chunk) [Consolidated Statement of Financial Position](index=5&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Net assets decreased by **75%** to **HKD 15.96 million**, with net current assets falling, while cash and bank balances significantly increased Key Data from Consolidated Statement of Financial Position (As of April 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current assets | 820 | – | N/A | | Current assets | 51,106 | 99,047 | -48.4% | | - Inventories | 12,122 | 54,851 | -77.9% | | - Trade receivables | 619 | 4,867 | -87.3% | | - Deposits, prepayments and other receivables | 22,259 | 37,414 | -40.5% | | - Cash and bank balances | 16,106 | 1,915 | 740.9% | | **Liabilities** | | | | | Current liabilities | 29,207 | 28,261 | 3.3% | | Non-current liabilities | 6,762 | 7,087 | -4.6% | | **Equity** | | | | | Net assets | 15,957 | 63,699 | -75.0% | | Total equity | 15,957 | 63,699 | -75.0% | - Net current assets significantly decreased, but **cash and bank balances substantially increased**[7](index=7&type=chunk)[47](index=47&type=chunk) Notes to the Consolidated Financial Statements [General Information](index=6&type=section&id=General%20Information) Bortex Global Limited, incorporated in Cayman Islands in 2014 and listed on GEM in 2017, primarily trades and manufactures LED lighting - The company was incorporated in the Cayman Islands in **2014**, with Mr. Shao Guoliang as its ultimate controlling party[8](index=8&type=chunk) - The company was listed on the GEM of the Stock Exchange of Hong Kong on **November 16, 2017**[9](index=9&type=chunk) - The Group primarily engages in the trading and manufacturing of **LED lighting products**[10](index=10&type=chunk) [Application of Amendments to Hong Kong Financial Reporting Standards](index=6&type=section&id=Application%20of%20Amendments%20to%20Hong%20Kong%20Financial%20Reporting%20Standards) HKFRS amendments effective May 1, 2024, were first applied this year, with no significant impact on financial position or performance - The amendments to Hong Kong Financial Reporting Standards were first applied this year, but had **no significant impact** on the financial position and performance[11](index=11&type=chunk) - The Group has not early adopted new standards and amendments issued but not yet effective, and anticipates no significant future impact[12](index=12&type=chunk)[13](index=13&type=chunk) [Segment Reporting](index=7&type=section&id=Segment%20Reporting) The Group operates a single segment of LED lighting product design, manufacturing, and trading, with revenue primarily from Canada, the US, and China - The Group engages solely in the design, manufacturing, and trading of LED lighting products, thus having **only one single business segment**[14](index=14&type=chunk) Revenue from External Customers by Geographical Location | Region | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Canada | 21,511 | 19,790 | | United States | 4,527 | 2,671 | | China (excluding Hong Kong) | 1,161 | 3,979 | | Hong Kong | 1,840 | – | | Others | 4,098 | – | | **Total** | **33,137** | **26,440** | Non-current Assets by Geographical Location | Region | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | China (excluding Hong Kong) | 820 | – | Revenue from Major Customers (Over 10% of Total Revenue) | Customer | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Customer A | 19,790 | 21,511 | | Customer B | – | 4,098 | [Revenue](index=8&type=section&id=Revenue) The Group's revenue from LED decorative lighting product trading and manufacturing, recognized at a point in time, totaled **HKD 26.44 million**, a **20.2%** decrease - Revenue is derived from the trading and manufacturing of LED decorative lighting products, with all revenue recognized at a point in time[19](index=19&type=chunk) Revenue from LED Decorative Lighting | Product | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | LED decorative lighting | 26,440 | 33,137 | [Other Income, (Losses) / Gains, Net](index=9&type=section&id=Other%20Income%2C%20%28Losses%29%20%2F%20Gains%2C%20Net) Other income and losses, net, shifted from a **HKD 94 thousand** gain to a **HKD 25.32 million** loss, primarily due to significant losses from scrap sales Other Income, (Losses) / Gains, Net | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Sale of scrap materials | (27,989) | 86 | | Interest income | 11 | 8 | | Gain on lease modification | 2,611 | – | | Miscellaneous income | 48 | – | | **Total** | **(25,319)** | **94** | - Other income and losses, net, shifted from a gain to a **significant loss**, primarily due to losses from the sale of scrap materials[21](index=21&type=chunk)[41](index=41&type=chunk) [Finance Costs](index=9&type=section&id=Finance%20Costs) Finance costs decreased by **33.3%** to **HKD 0.69 million**, mainly due to reduced interest expenses on lease liabilities Finance Costs | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Interest expense on bank borrowings | 631 | 749 | | Interest expense on lease liabilities | 54 | 278 | | **Total** | **685** | **1,027** | - Finance costs decreased primarily due to **reduced interest expenses on lease liabilities**[44](index=44&type=chunk) [Loss Before Tax](index=9&type=section&id=Loss%20Before%20Tax) Loss before tax expanded to **HKD 44.91 million**, a **39.7%** increase, influenced by inventory costs, right-of-use asset depreciation, and employee benefits Components of Loss Before Tax | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Auditor's remuneration — audit services | 600 | 700 | | Cost of inventories | 20,116 | 25,282 | | Depreciation of property, plant and equipment | – | 2,312 | | Depreciation of right-of-use assets | 709 | – | | Employee benefit expenses | 5,978 | 8,983 | | Short-term lease related expenses | 223 | 144 | | Net exchange gain | (689) | (288) | - Loss before tax increased by **39.7% year-on-year**, reaching **HKD 44.91 million**[5](index=5&type=chunk) [Taxation](index=10&type=section&id=Taxation) No current or deferred tax for both years; Hong Kong profits tax uses a two-tiered system, and Chinese subsidiaries face a **25%** corporate income tax rate Taxation | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Current tax — China | – | – | | Current tax — Hong Kong | – | – | | Deferred tax | – | – | - Hong Kong profits tax operates under a **two-tiered system**, and Chinese subsidiaries are subject to a **25% corporate income tax rate**[23](index=23&type=chunk)[24](index=24&type=chunk) [Dividends](index=10&type=section&id=Dividends) The Board does not recommend paying any dividends for the year ended April 30, 2025, consistent with the prior year - The Board does not recommend paying any dividends for the current year (2024: nil)[25](index=25&type=chunk) [Loss Per Share Attributable to Owners of the Company](index=11&type=section&id=Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) Basic loss per share widened to **8.98 HK cents**, and diluted loss per share was the same due to no potential ordinary shares Loss Per Share Data | Indicator | 2025 (thousand HKD/thousand shares) | 2024 (thousand HKD/thousand shares) | | :--- | :--- | :--- | | Loss for the purpose of calculating basic loss per share | (44,891) | (32,146) | | Number of ordinary shares for the purpose of calculating basic loss per share | 500,000 | 500,000 | | **Basic and diluted loss per share (HK cents)** | **(8.98)** | **(6.43)** | - Diluted loss per share is the same as basic loss per share, as there were no potential ordinary shares outstanding for both years[26](index=26&type=chunk) [Trade Receivables](index=11&type=section&id=Trade%20Receivables) Net trade receivables decreased by **87.3%** to **HKD 0.62 million**, with most outstanding balances aged over 365 days Trade Receivables | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Trade receivables | 32,999 | 40,184 | | Less: Net provision for expected credit losses | (32,380) | (35,317) | | **Net amount** | **619** | **4,867** | Ageing Analysis of Trade Receivables (Based on invoice date) | Ageing | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 60 days | – | 3,606 | | 61 to 90 days | – | – | | 91 to 180 days | 530 | – | | 181 to 365 days | 958 | 2,833 | | Over 365 days | 32,041 | 33,215 | | **Total** | **32,999** | **40,184** | - Net trade receivables significantly decreased, and most balances are aged **over 365 days**[27](index=27&type=chunk)[28](index=28&type=chunk) [Trade Payables](index=12&type=section&id=Trade%20Payables) Trade payables increased by **95.4%** to **HKD 3.50 million**, with most balances aged within 60 days, indicating a fast payment cycle Ageing Analysis of Trade Payables (Based on invoice date) | Ageing | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 60 days | 1,882 | – | | 61 to 90 days | – | – | | 91 to 180 days | 12 | 141 | | 181 to 365 days | 386 | 328 | | Over 365 days | 1,224 | 1,324 | | **Total** | **3,504** | **1,793** | - Trade payables increased by **95.4% year-on-year**, with the majority of balances aged **within 60 days**[31](index=31&type=chunk) Management Discussion and Analysis [Business Review](index=13&type=section&id=Business%20Review) Revenue decreased by **20.2%** to **HKD 26.4 million** due to market instability and reduced consumer demand, with net loss increasing to **HKD 28.6 million** - Revenue decreased by **20.2% year-on-year** to **HKD 26.4 million**, primarily due to increased consumer environmental awareness, market instability, and weakened consumer demand[32](index=32&type=chunk) - Revenue from LED decorative lighting products in Canada decreased by **7.91%**, as relaxed social distancing measures reduced demand for indoor Christmas decorations[33](index=33&type=chunk) - Revenue from US customers decreased to **HKD 2.7 million** (2024: HKD 4.5 million), mainly affected by the Federal Reserve's tightening monetary policy and lower customer sales expectations[34](index=34&type=chunk) - Net loss for the year (excluding provision for expected credit losses and loss on write-down of inventories) was approximately **HKD 28.6 million**, a **308.6% year-on-year increase**[35](index=35&type=chunk) [Outlook](index=14&type=section&id=Outlook) Management anticipates accelerated growth in China's manufacturing and infrastructure investment, but warns of potential stock market volatility from US Fed rate hikes - Management expects China's manufacturing and infrastructure investment to accelerate in 2025, supported by monetary policy, becoming a pillar of the economy[36](index=36&type=chunk) - Continued interest rate hikes by the US Federal Reserve and rising funding costs may lead to stock market volatility, posing challenges for corporate operations[36](index=36&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) LED decorative lighting revenue decreased by **20.2%**, gross margin fell to **14.0%**, and loss for the year widened to **HKD 44.9 million** due to reduced revenue and scrap sales losses - Revenue from LED decorative lighting decreased by **20.2% year-on-year** to **HKD 26.4 million**, mainly due to reduced sales to Canadian and US customers[37](index=37&type=chunk) - There was **no revenue from LED lighting products** this year, due to reduced sales to Chinese customers in the construction industry[38](index=38&type=chunk) - Cost of sales decreased by **19.8% year-on-year** to **HKD 22.7 million**, consistent with the decrease in total revenue[39](index=39&type=chunk) - Gross profit decreased by **22.8% year-on-year** to **HKD 3.7 million**, with gross margin falling from 14.6% to **14.0%**[40](index=40&type=chunk) - Other income and losses, net, shifted from a gain of HKD 94 thousand to a loss of **HKD 25.3 million**, primarily due to losses from the sale of obsolete and damaged scrap materials[41](index=41&type=chunk) - Selling and distribution expenses decreased by **10.0% year-on-year** to **HKD 0.9 million**, mainly due to reduced transportation and staff costs[42](index=42&type=chunk) - Administrative expenses decreased by **44.9% year-on-year** to **HKD 5.4 million**, primarily due to reduced staff costs, legal, and professional fees[43](index=43&type=chunk) - Finance costs decreased by **33.3% year-on-year** to **HKD 0.7 million**, mainly due to reduced interest expenses on lease liabilities[44](index=44&type=chunk) - Loss for the year expanded to **HKD 44.9 million**, an increase of **HKD 12.8 million** from the previous year, primarily affected by reduced revenue, gross profit, and losses from scrap sales[45](index=45&type=chunk) [Gearing Ratio](index=15&type=section&id=Gearing%20Ratio) The gearing ratio was not applicable for the year ended April 30, 2025, consistent with the prior year - The gearing ratio was **not applicable** for the year ended April 30, 2025 (2024: not applicable)[46](index=46&type=chunk) [Liquidity and Financial Resources](index=16&type=section&id=Liquidity%20and%20Financial%20Resources) Cash and bank balances significantly increased to **HKD 16.1 million**, while the current ratio decreased to **1.75 times**, with the Board confident in sufficient resources - Cash and bank balances significantly increased to **HKD 16.1 million** (2024: HKD 1.9 million)[47](index=47&type=chunk) - The current ratio decreased to **1.75 times** (2024: 3.5 times)[47](index=47&type=chunk) - The Board is confident that the Group will have **sufficient resources** to meet its financial needs in operations[47](index=47&type=chunk) [Treasury Policy](index=16&type=section&id=Treasury%20Policy) The Group maintains a prudent treasury policy, monitoring overdue debts, reviewing trade receivables for impairment, and observing liquidity to manage funding - The Group adopts a **prudent treasury policy**, recovering overdue debts through monitoring procedures[48](index=48&type=chunk) - Management regularly reviews the recoverable amount of trade receivables to ensure **adequate impairment provisions** are made[48](index=48&type=chunk) - The Board closely monitors the liquidity position to ensure it can meet funding requirements[48](index=48&type=chunk) [Capital Structure](index=16&type=section&id=Capital%20Structure) The Group's capital structure, consisting solely of ordinary shares, is unchanged since its 2017 GEM listing, with **500,000,000** shares issued - The Group's capital structure has remained **unchanged** since its listing on GEM on November 16, 2017[49](index=49&type=chunk) - As of April 30, 2025, there were **500,000,000 issued shares**[49](index=49&type=chunk) [Material Investments, Acquisitions and Disposals of Subsidiaries and Capital Assets](index=16&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Capital%20Assets) The Group had no material investments, acquisitions, or disposals of subsidiaries and capital assets for the year, nor any related plans - There were **no material investments, acquisitions, or disposals** of subsidiaries and capital assets during the year, nor any related plans[50](index=50&type=chunk) [Capital Commitments and Contingent Liabilities](index=16&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of April 30, 2025, the Group had no material capital commitments or contingent liabilities, consistent with the prior year - As of April 30, 2025, the Group had **no material capital commitments or contingent liabilities**[51](index=51&type=chunk) [Employees and Remuneration Policy](index=17&type=section&id=Employees%20and%20Remuneration%20Policy) The Group had **71** employees with **HKD 6.0 million** in remuneration costs, using annual reviews and share option schemes to attract and retain talent - As of April 30, 2025, the number of employees was **71** (2024: 89), with total remuneration costs of approximately **HKD 6.0 million** (2024: HKD 9.0 million)[52](index=52&type=chunk) - The company attracts and retains valuable employees through annual salary reviews, promotion assessments, and a share option scheme[52](index=52&type=chunk) [Pledge of Assets](index=17&type=section&id=Pledge%20of%20Assets) As of April 30, 2024 and 2025, the Group had no pledge of assets - As of April 30, 2024 and 2025, the Group had **no pledge of assets**[53](index=53&type=chunk) [Foreign Currency Risk](index=17&type=section&id=Foreign%20Currency%20Risk) The Group faces exchange rate risk as most revenue is USD-denominated, while costs are in RMB and HKD, resulting in an increased exchange gain of **HKD 0.7 million** - The Group faces exchange rate risk as most of its turnover is denominated in USD, while cost of sales and operating expenses are primarily settled in RMB and HKD[54](index=54&type=chunk) - Net exchange gain for the year was approximately **HKD 0.7 million** (2024: HKD 0.3 million)[54](index=54&type=chunk) [Dividends](index=17&type=section&id=Dividends) The Board does not recommend paying any dividends for the year ended April 30, 2025 - The Board does not recommend paying any dividends for the current year[55](index=55&type=chunk) [Events After Reporting Period](index=17&type=section&id=Events%20After%20Reporting%20Period) Directors are unaware of any significant events after the reporting period related to the Group's business or financial performance - As of the announcement date, the directors are unaware of any **significant events after the reporting period** related to the Group's business or financial performance[56](index=56&type=chunk) Other Information [Use of Proceeds](index=18&type=section&id=Use%20of%20Proceeds) The **HKD 30.1 million** net proceeds from the IPO have been fully utilized as planned, though the timeline for some uses was delayed - The net proceeds of approximately **HKD 30.1 million** from the initial public offering have been fully utilized[57](index=57&type=chunk) Intended and Actual Use of Net Proceeds | Use | Approximate Percentage of Total | Net Proceeds (million HKD) | Amount Utilized (million HKD) | Unutilized Amount (million HKD) | | :--- | :--- | :--- | :--- | :--- | | Upgrading production facilities | 55% | 16.6 | 16.6 | – | | Repaying short-term bank borrowings and finance leases | 25% | 7.5 | 7.5 | – | | Expanding product portfolio and strengthening product development capabilities | 5% | 1.5 | 1.5 | – | | Increasing sales headcount and expanding sales channels | 5% | 1.5 | 1.5 | – | | General working capital | 10% | 3.0 | 3.0 | – | | **Total** | **100%** | **30.1** | **30.1** | **–** | - The timeline for the use of net proceeds was delayed due to factors such as the US-China trade dispute, social unrest in Hong Kong, and the COVID-19 pandemic[58](index=58&type=chunk) [Competition and Conflicts of Interest](index=19&type=section&id=Competition%20and%20Conflicts%20of%20Interest) No directors, controlling shareholders, or their close associates were aware of any competing businesses or other conflicts of interest - No directors, controlling shareholders, or their close associates have any businesses or interests that compete with the company's business[59](index=59&type=chunk) - No other persons have any existing or potential conflicts of interest with the Group[59](index=59&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=19&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the company held no treasury shares - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the year[60](index=60&type=chunk) - As of April 30, 2025, the company held **no treasury shares**[60](index=60&type=chunk) [Corporate Governance Practices](index=19&type=section&id=Corporate%20Governance%20Practices) The company is committed to high corporate governance standards, and the Board believes it complied with the Corporate Governance Code for the year - The company is committed to maintaining **high corporate governance standards**[61](index=61&type=chunk) - The Board believes the company has complied with the Corporate Governance Code in Appendix C1 of the GEM Listing Rules for the year[61](index=61&type=chunk) [Directors' Securities Transactions](index=19&type=section&id=Directors%27%20Securities%20Transactions) The company adopted the required standard of dealings for directors' securities transactions, and all directors confirmed compliance - The company has adopted the **required standard of dealings** under the GEM Listing Rules as the code of conduct for directors' securities transactions[62](index=62&type=chunk) - All directors confirmed compliance with the required standard of dealings throughout the year, with no non-compliance incidents[62](index=62&type=chunk) [Scope of Work of National Alliance CPA Limited](index=20&type=section&id=Scope%20of%20Work%20of%20National%20Alliance%20CPA%20Limited) The Group's consolidated financial statement figures were agreed upon by auditor National Alliance CPA Limited, whose work is not an assurance engagement - The figures in the Group's financial statements have been **agreed upon by the auditor, National Alliance CPA Limited**[63](index=63&type=chunk) - National Alliance's work does not constitute an assurance engagement, and thus no assurance has been provided on the announcement[63](index=63&type=chunk) [Share Option Scheme](index=20&type=section&id=Share%20Option%20Scheme) A share option scheme, effective in 2017 for 10 years to reward contributors, has not had any options granted since its adoption - The share option scheme became effective on **November 16, 2017**, for a 10-year period, aiming to grant share options to individuals who have contributed to the Group[64](index=64&type=chunk) - No share options have been granted under the scheme since its adoption[65](index=65&type=chunk) [Audit Committee](index=20&type=section&id=Audit%20Committee) The Audit Committee, established in 2017 with three independent non-executive directors, reviewed the Group's audited consolidated financial statements - The Audit Committee was established on **October 24, 2017**, and consists of **three independent non-executive directors**[66](index=66&type=chunk) - Its primary responsibilities include reviewing financial information, risk management, and internal control systems[66](index=66&type=chunk) - The Audit Committee has reviewed the Group's audited consolidated financial statements for the year ended April 30, 2025[67](index=67&type=chunk) [By Order of the Board](index=21&type=section&id=By%20Order%20of%20the%20Board) This announcement was issued by Mr. Shao Guoliang, Chairman, on July 31, 2025, with the Board comprising four executive and three independent non-executive directors - This announcement was issued by Mr. Shao Guoliang, Chairman of the Board, on **July 31, 2025**[68](index=68&type=chunk)[69](index=69&type=chunk) - As of the announcement date, the Board of Directors includes **four executive directors** and **three independent non-executive directors**[69](index=69&type=chunk)

Company Overview - Haolai Global Limited was established in 2014 and owns subsidiaries including Junfeng, Haolai International, and Haolai Group, which were founded in 2010, 2008, and 2011 respectively [3] - The company transitioned from a pure trading entity to a manufacturer and exporter of decorative lighting products, acquiring Haolai Industrial in 2013 to enhance production capabilities [3] - Haolai Global has diversified its product offerings, including LED decorative lights and lighting solutions, and has established a strong international customer base [3] Financial Performance - As of October 31, 2024, Haolai Global reported total revenue of 18.72 million yuan, a decrease of 22.97% year-on-year [1] - The net profit attributable to shareholders was 557,400 yuan, down 28.89% year-on-year [1] - The gross profit margin stood at 23.93%, with a debt-to-asset ratio of 32.87% [1] Market Position and Valuation - Currently, there are no institutional investment ratings for Haolai Global [2] - The average price-to-earnings (P/E) ratio for the household appliances and goods industry is 14.33 times, while Haolai Global's P/E ratio is -1.48 times, ranking 78th in the industry [2] - Comparatively, other companies in the industry have P/E ratios ranging from 1.61 to 4.06 times [2]

Group 1 - The core viewpoint of the news highlights the recent performance of the Hang Seng Index and the stock price movement of Ho Liang Global, which saw a significant increase in its share price [1] - Ho Liang Global's stock has experienced a cumulative increase of 32.31% over the past month, but it has a year-to-date decline of 11.34%, underperforming the Hang Seng Index by 19.78% [2] - Financial data shows that as of October 31, 2024, Ho Liang Global reported total revenue of 18.72 million, a year-on-year decrease of 22.97%, and a net profit attributable to shareholders of 557,400, down 28.89% [2] Group 2 - Currently, there are no institutional investment ratings for Ho Liang Global [3] - The average price-to-earnings (P/E) ratio for the household appliances and goods industry is 12.09 times, with a median of 2.49 times, while Ho Liang Global's P/E ratio is -1.33 times, ranking 78th in the industry [3] - Ho Liang Global was established in 2014 and owns several subsidiaries, focusing on the trade and production of LED decorative lighting products [4] Group 3 - Ho Liang Global has diversified its product offerings and customer base, transitioning from a pure trading company to a manufacturer and exporter of decorative lighting products [4] - The company has invested in high-efficiency machinery and equipment to enhance production quality and efficiency, thereby improving competitiveness and profitability [4] - Ho Liang Global employs over 150 staff, including a research and development team, to ensure effective product design and cost control [4]

Company Overview - Haolai Global Limited was established in 2014 and owns subsidiaries including Junfeng, Haolai International, and Haolai Group, which were founded in 2010, 2008, and 2011 respectively [3] - The company initially focused on trading LED Christmas lighting products and has since evolved into a combined trading and manufacturing entity [3] - Haolai Global has developed a diverse range of products, including holiday-themed and other types of decorative lights, supported by a research and development team [3] Financial Performance - As of October 31, 2024, Haolai Global reported total revenue of 18.72 million yuan, a year-on-year decrease of 22.97% [1] - The net profit attributable to shareholders was 557,400 yuan, down 28.89% year-on-year [1] - The gross profit margin stood at 23.93%, with a debt-to-asset ratio of 32.87% [1] Market Position - Haolai Global's price-to-earnings (P/E) ratio is -1.03, ranking 83rd in the household appliances and goods industry, which has an average P/E ratio of 13.07 [2] - The company has not received any investment rating recommendations from institutions [2] Industry Context - The household appliances and goods industry has a median P/E ratio of 3.61, indicating a relatively low valuation compared to Haolai Global's negative P/E ratio [2] - Competitors in the industry include companies like Kaifushan Group Holdings with a P/E of 1.58 and Lianian International with a P/E of 1.73 [2]