2024/25 ANNUAL REPORT 年 報 Annual Report 2024/25 年報 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given th ...

Company Overview - Kesi Holdings Limited primarily engages in interior design and execution services, focusing on private residences, corporate offices, serviced apartments, hotels, residential clubs, show flats, and sales offices [2] - The company operates in markets including Hong Kong, Japan, Macau, and the Philippines [2] Financial Performance - As of March 31, 2025, Kesi Holdings reported total revenue of 15.0467 million HKD, a year-on-year decrease of 41.7% [2] - The company recorded a net profit attributable to shareholders of -6.8926 million HKD, reflecting a year-on-year increase of 12.69% [2] - The gross profit margin stood at 47.92%, while the debt-to-asset ratio was 27.77% [2] Stock Performance - Kesi Holdings' stock price closed at 0.149 HKD per share, marking an increase of 29.57% with a trading volume of 2.3449 million shares and a turnover of 330,000 HKD [1] - Over the past month, the stock has seen a cumulative increase of 3.6%, but it has declined by 30.3% year-to-date, underperforming the Hang Seng Index, which has risen by 25.27% [2] Valuation Metrics - The company's price-to-earnings (P/E) ratio is -3.32, ranking 170th in the industry, compared to the average P/E ratio of 10.64 for the construction industry [2] - Other companies in the industry have P/E ratios such as HPC Holdings at 0.93, Pujiang International at 1.01, and others ranging from 1.09 to 2.37 [2] Market Sentiment - Currently, there are no institutional investment ratings or recommendations for Kesi Holdings [2]

Hephaestus Holdings Limited 客思控股有限公司 （「本公司」） （於開曼群島註冊成立之有限責任公司） （股份代號：8173） 提名委員會（「委員會」） 職權範圍 （由本公司於二零一二年三月三十日採納 及於二零一八年十二月三十一日及二零二五年六月三十日修訂） （如中英文版本有任何歧義，概以英文版本為準。） 1. 成立 3. 議事程序 4. 決議案 決議案可由委員會成員在會議上經舉手或經書面決議通過。 5. 替補委員會成員 委員會成員不得委任任何替補成員。 (a) 委員會的成員須由董事會委任，委員會的成員須為本公司董事及由不 少於三名成員組成並必須以獨立非執行董事佔大多數，成員中將至少 有一名不同性別的成員。 (b) 委員會主席（「主席」）須由董事會委任，並須為董事會主席或獨立 非執行董事。 (c) 委員會秘書（「秘書」）須為公司秘書或由董事會委任之任何人仕。 (d) 董事會及委員會可通過獨立決議案，撤回委員會成員之委任，或委任 新增成員加入委員會。 (a) 除非經委員會大部份成員同意，否則召開會議之通知最少須於七天前 發出。委員會各成員或秘書可於任何時候召開委員會會議。秘書須根 據公司 ...

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，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Hephaestus Holdings Limited 客思控股有限公司 （於開曼群島註冊成立之有限責任公司） （股份代號：8173） 截至二零二五年三月三十一日止年度之 年度業績公告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的特色 本公告將自刊登日期起最少連續七日載於聯交所網站www.hkexnews.hk內 之「最 新 上 市 公 司 公 告」網 頁。本 公 告 亦 將 於 本 公 司 網 站www.hephaestus.com.hk內刊登。 – 1 – 本公司董事會（「董事會」）欣然宣佈本集團截至二零二五年三月三十一日止年度（「本 年 度」）之 綜 合 年 度 業 績 連 同 上 一 個 財 政 年 度 之 比 較 數 字 如 下： 綜合損益及其他全面收益表 截至二零二五年三月三十一日止年度 | | 附 註 | 二零二五年 | 二零二四年 | | --- | --- | ...

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，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Hephaestus Holdings Limited 客 思 控 股 有 限 公 司 客思控股有限公司（「本公司」，連同其附屬公司「本集團」）董事（「董事」）會 （「董事會」）茲通告本公司將於二零二五年六月二十四日（星期二）舉行董事會會 議，以（其中包括）考慮及批准本集團截至二零二五年三月三十一日止年度之經審核 之年度業績，及考慮建議派發末期股息（如有）。 承董事會命 客思控股有限公司 主席、行政總裁兼執行董事 黃亮 本公告之資料乃遵照香港聯合交易所有限公司GEM證券上市規則而刊載，旨在提供有 關本公司之資料；各董事願就本公告的資料共同及個別地承擔全部責任。各董事在作 出一切合理查詢後，確認就其所知及所信，本公告所載資料於各重要方面均屬準確完 備，沒有誤導或欺詐成份，且亦無遺漏任何其他事項，足以令致本公告或其所載任何 陳述產生誤導。 （於開曼群島註冊成立之有限責任公司） （股份代號：8173） 董事會 ...

Hephaestus Holdings Limited 客思控股有限公司 （於開曼群島註冊成立之有限責任公司） （股份代號：8173） 審核委員會 鄧展庭先生 （主席） 湯玉瑩女士 劉俊達先生 提名委員會 董 事 執行董事 黃亮先生 （主席，行政總裁） 葉曉瑩女士 獨立非執行董事 鄧展庭先生 湯玉瑩女士 劉俊達先生 董事會設有三個委員會，有關委員會的組成載列如下： 董事名單及其角色和職能 客 思 控 股 有 限 公 司 董 事 會（「董事會」）成 員 載 列 如 下： 劉俊達先生 （主席） 鄧展庭先生 湯玉瑩女士 薪酬委員會 湯玉瑩女士 （主席） 鄧展庭先生 劉俊達先生 香港，二零二五年一月二十七日 ...

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。 Hephaestus Holdings Limited 客思控股有限公司 （於開曼群島註冊成立之有限責任公司） （股份代號：8173） 獨立非執行董事變動 及 董事會委員會組成變動 獨立非執行董事辭任 客 思 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事（「董 事」，各 為 一 名「董 事」）會（「董事會」）謹 此 宣 佈，李 文 俊 先 生（「李先生」）因 處 理 其 他 業 務， 已 辭 任 獨 立 非 執 行 董 事，並 不 再 擔 任 本 公 司 提 名 委 員 會（「提名委員會」）主 席 以 及 本 公 司 審 核 委 員 會（「審核委員會」）及 本 公 司 薪 酬 委 員 會（「薪酬委員會」）各 自 的 成員，自二零二五年一月二十七日起生效。 李 先 生 已 確 認，彼 與 董 事 會 並 無 ...

（於開曼群島註冊成立之有限公司） (Stock code 股份代號：8173) Hephaestus Holdings Limited 客思控股有限公司 (Incorporated in the Cayman Islands with limited liability) NOTIFICATION LETTER 通 知 信 函 • Interim Report 2024/25 Please provide your email address to the Company via Hong Kong Securities Clearing Company Limited ("HKSCC") if you would like to receive an email notification of the publication of the Corporate Communication(s) (Note 2) on the Websites instead of receiving printed notification letter in future. If the Company does not ...

If you have not provided us with an email address but now would like to receive an email notification of the publication of the Corporate Communication(s) on the Websites instead of receiving printed notification letter in future or the email address is invalid, please complete the Reply Form overleaf, and then sign and return it by email to 8173-corpcomm@unionregistrars.com.hk or by post or by hand to the Company c/o the Company's share registrar and transfer office in Hong Kong, Union Registrars Limited ( ...

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 7,296,000, a decrease of 54.5% compared to HKD 16,068,000 for the same period in 2023[16] - Gross profit for the same period was HKD 2,185,000, down from HKD 7,066,000, reflecting a significant decline in profitability[16] - Operating loss increased to HKD 5,498,000 from HKD 2,176,000 year-on-year, indicating worsening operational performance[16] - The total comprehensive loss for the period was HKD 5,511,000, compared to HKD 2,263,000 in the previous year, highlighting increased financial strain[16] - Basic loss per share for the period was HKD 2.56, compared to HKD 1.05 in the same period last year, indicating a higher loss per share[16] - The company incurred a total comprehensive expense of HKD 5,511,000 during the six months ended September 30, 2024, compared to HKD 2,263,000 in the previous period, indicating an increase of approximately 143.5%[22] - The group recorded a loss before tax of approximately HKD 5.5 million for the six months ended September 30, 2024, primarily due to a revenue decline of approximately HKD 8.8 million and an increase in administrative expenses of approximately HKD 0.1 million[94] - For the six months ended September 30, 2024, the company reported a loss attributable to shareholders of HKD 5,503,000, compared to a loss of HKD 2,263,000 for the same period in 2023[54] Assets and Liabilities - Non-current assets as of September 30, 2024, amounted to HKD 22,133,000, an increase from HKD 11,520,000 as of March 31, 2024[18] - Current liabilities included contract liabilities of HKD 7,116,000, reflecting a significant increase in obligations[18] - Total assets less current liabilities were HKD 30,843,000, down from HKD 36,354,000, indicating a decline in net asset position[18] - The company's net asset value decreased to HKD 30,733,000 from HKD 36,244,000, reflecting a reduction in equity[20] - The company reported cash and cash equivalents of HKD 6,315,000, a significant decrease from HKD 15,621,000 as of March 31, 2024, indicating liquidity challenges[18] - Total equity decreased from HKD 44,796,000 on April 1, 2023, to HKD 42,533,000 on September 30, 2023, reflecting a decline of approximately 5.04%[22] - The company reported a net cash outflow from investing activities of HKD 11,160,000 for the six months ended September 30, 2024, compared to a net inflow of HKD 8,000 for the same period in 2023[25] - Trade receivables, net of impairment losses, amounted to HKD 5,691,000 as of September 30, 2024, compared to HKD 6,612,000 as of March 31, 2024[69] Revenue Breakdown - Revenue from interior design and execution services was HKD 7,296,000, while other services contributed no revenue during the same period[40] - The group's revenue for the six months ended September 30, 2024, was HKD 7,296,000, a decrease of 54.4% compared to HKD 15,995,000 for the same period in 2023[40] - The group’s total revenue from Hong Kong was HKD 6,800,000, down from HKD 15,981,000 in the previous year[45] - The group’s total revenue from mainland China was HKD 496,000, an increase from HKD 87,000 year-on-year[45] Employee and Administrative Expenses - Employee benefits expenses decreased to HKD 7,325,000 from HKD 10,471,000, reflecting a reduction of 30.5%[51] - Administrative expenses increased from approximately HKD 7.8 million for the six months ended September 30, 2023, to approximately HKD 7.9 million for the six months ended September 30, 2024, representing an increase of about HKD 0.1 million or approximately 1.3%[92] - The total employee cost for the six months ended September 30, 2024, is approximately HKD 7.3 million, a decrease of 30.5% compared to HKD 10.5 million for the same period in 2023[115] - The group has 40 employees as of September 30, 2024, down from 41 employees as of March 31, 2024[115] Cash Flow and Financial Position - Net cash generated from operating activities for the six months ended September 30, 2024, was HKD 2,031,000, down from HKD 5,043,000 for the same period in 2023, representing a decrease of about 59.8%[25] - Cash and cash equivalents decreased from HKD 15,621,000 at the beginning of the period to HKD 6,315,000 at the end, a reduction of about 59.6%[25] - The current ratio as of September 30, 2024, was approximately 1.7 times, down from approximately 3.5 times as of March 31, 2024[100] Governance and Compliance - The board approved the unaudited condensed consolidated financial information for the six months ended September 30, 2024, on November 22, 2024[83] - The interim financial results for the six months ended September 30, 2024, have not been audited but have been reviewed by the audit committee[137] - The company confirms compliance with all corporate governance code provisions except for the separation of the roles of chairman and CEO, which is currently held by the same individual[130] - The company maintains high standards of corporate governance as essential for its sustainable growth[129] Investments and Future Plans - The company aims to maintain and strengthen its market position in Hong Kong, enhance brand awareness, and continue talent recruitment and internal training to support future growth[86] - The investment in Yunyi is expected to be held as a long-term strategy[113] - The group has not disclosed any significant matters affecting its operations and financial performance since September 30, 2024[133] - The group has no confirmed plans for significant investments or capital assets as of September 30, 2024[114] Shareholder Information - Mr. Huang Liang holds a beneficial interest in 159,068,639 shares, representing 73.87% of the total shares issued as of September 30, 2024[117] - The total number of shares issued as of September 30, 2024, is 215,346,526[121] - The board does not recommend the payment of any interim dividend for the six months ended September 30, 2024[132]