香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） 香港，2025年10月6日 於本公告日期，執行董事為江覺亮醫生、徐勤女士、江聰慧女士及冼翠碧女士；及獨立非 執行董事為陳昌達先生、梁兆祥先生及呂思安先生。 本公告資料乃遵照聯交所GEM證券上巿規則的規定而刊載，旨在提供有關本公司的資料； 各董事願就本公告資料共同及個別承擔全部責任。各董事在作出一切合理查詢後，確認就 其深知及確信，本公告所載資料在各重要方面均屬準確完備，其無誤導或欺詐成分，亦無 遺漏任何事項，足以令致本公告或其所載任何陳述產生誤導。 董事會召開日期 密迪斯肌控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈， 本公司將於2025年11月24日（星期一）舉行董事會會議（「董事會會議」），藉以（其中 包括）考慮及批准本公司及其附屬公司截至2025年9月30日止六個月之未經審核業績，考慮 建議派發中期股息（如有），以及處理任何其他 ...

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: 密迪斯肌控股有限公司 | 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) | 08307 | 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 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,000,000 FF301 ...

Summary of Key Points Group 1: Stock Performance - As of September 22, 105 stocks reached their 52-week highs, with notable performers including Yunzhihui Technology (01037) at 96.97%, Kaisa Capital (00936) at 50.00%, and Xincheng Power (01148) at 48.33% [1] - The closing prices and peak prices for these stocks were as follows: Yunzhihui Technology at 0.620 with a peak of 0.650, Kaisa Capital at 0.850 with a peak of 1.350, and Xincheng Power at 0.445 with a peak of 0.445 [1] - Other significant stocks that reached new highs include Global Printing (08448) at 32.65% and New Fengtai Group (01771) at 28.57% [1] Group 2: Stock Price Changes - The report includes a detailed list of stocks that achieved new highs, with varying rates of increase, such as YG Trade (00375) at 12.00% and Zhaobangji Life (01660) at 10.87% [1] - The data also highlights stocks with lower performance, such as the lowest performers like Midis (08307) with a decline of 75.73% and China Information Technology Equity at -23.14% [3] - The report provides a comprehensive overview of stock performance, including both highs and lows, indicating market volatility and investor sentiment [3][4]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） (股份代號：8307) 股東週年大會投票結果 董事會欣然宣佈，所有決議案已於2025年9月15日舉行之股東週年大會上由股東以投票表決方 式正式通過。 由於超過50%的總有效票數投票贊成各上述普通決議案，故所有擬提呈之決議案已於股東週年 大會上獲正式通過為本公司的決議案。 本公司之香港股份過戶登記分處卓佳證券登記有限公司獲委任為股東週年大會之監票員，負 責點票事宜。 有關董事出席股東週年大會之情況如下： - 執行董事江覺亮醫生、冼翠碧女士，以及獨立非執行董事陳昌達先生、梁兆祥先生及呂思安 先生親身出席股東週年大會；及 茲提述密迪斯肌控股有限公司（「本公司」）日期為2025年6月30日之股東週年大會（「股東 週年大會」）通告（「股東週年大會通告」）及日期為2025年6月30日之通函（「該通函」）。 除另有界定者外，本公告所用詞彙與該通函所界定者具有相同涵義。 董 ...

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 致：香港交易及結算所有限公司 公司名稱: 密迪斯肌控股有限公司 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) | 08307 | 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 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,000 ...

| 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) | 08307 | 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 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,000,000 FF301 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: 密迪斯肌控股有限公司 ...

[Company Information](index=3&type=section&id=Company%20Information) This report details the company's core information, including board members, committee structures, legal advisors, principal bankers, registered office, and share registrar [Chairman's Statement](index=5&type=section&id=Chairman%27s%20Statement) The Chairman's Statement outlines the company's strategic response to a challenging market, focusing on cost-saving, favorable leasing, and future AI integration for precise skincare - Facing challenges from slow Hong Kong economic recovery, rising interest rates, and changing consumer habits (e.g., increased cross-border spending), the company implemented cost-saving measures and optimized operational processes[8](index=8&type=chunk) - The company capitalized on the downturn in the real estate market to secure more favorable leasing terms for its medical skincare centers and office spaces, aiming to reduce future costs[8](index=8&type=chunk) - Future strategic priorities include deepening market penetration, focusing on anti-aging and preventive care, and evaluating the integration of Artificial Intelligence (AI) technology into services to provide data-driven skincare solutions[10](index=10&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the Group's performance in a challenging macroeconomic environment, detailing financial results, strategic responses, liquidity, identified risks, and future outlook [Business Review](index=6&type=section&id=Business%20Review) This section reviews the Group's business as a Hong Kong medical skincare provider, detailing its performance amidst macroeconomic challenges and competitive pressures, and highlighting strategic responses like new technology introduction 2025 Key Performance Indicators | Metric | FY2025 (million HKD) | FY2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 45.1 | 49.1 | -8.2% | | Loss Attributable to Owners of the Company | 3.4 | 3.0 | +10.8% | | Basic Loss Per Share (HK cents) | 0.85 | 0.77 | +10.4% | - The Group's revenue primarily derives from three segments: treatment services accounting for **78.7%**, prescription and dispensing services for **19.0%**, and medical consultation services for **2.3%**[16](index=16&type=chunk) - To maintain competitiveness, the Group introduced the popular "Titanium Lift" laser treatment technology from Korea during the review year, which uses three laser wavelengths to stimulate deep collagen regeneration and improve skin firmness[14](index=14&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Review) For the current fiscal year, the Group's revenue decreased by **8.2%** to **HKD 45.1 million** due to cautious consumer spending and increased industry competition, with net other income rising by **78.9%** to **HKD 1.8 million** from reversal of restoration cost provisions and increased bank interest income, ultimately expanding loss attributable to owners to **HKD 3.4 million** 2025 Financial Performance Summary (Year-on-Year Change) | Financial Item | FY2025 (million HKD) | FY2024 (million HKD) | Reason for Change | | :--- | :--- | :--- | :--- | | Revenue | 45.1 | 49.1 | Decrease in customer numbers and visits | | Other Income, Gains and Losses | 1.8 | 1.0 | Reversal of restoration cost provisions and increase in interest income | | Inventories Used | 8.5 | 9.7 | Decreased in line with revenue | | Staff Costs | 23.9 | 24.6 | Decrease in directors' emoluments and performance bonuses | | Other Expenses | 8.2 | 9.0 | Consistent with revenue decrease | | Loss for the Year | 3.4 | 3.0 | Impact of revenue decrease outweighed benefits of cost control | - The Board did not recommend the payment of a final dividend for the year ended March 31, 2025[28](index=28&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=9&type=section&id=Capital%20Structure%2C%20Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group's total equity was **HKD 4.2 million**, with bank balances and cash at **HKD 17.3 million**, and despite a net current liability of **HKD 6.2 million**, the Group possesses sufficient financial resources, including **HKD 9 million** in bank borrowings and **HKD 18 million** in undrawn bank facilities, to support future operations, while the gearing ratio significantly increased from **14.4%** to **39.7%** Capital and Liquidity Position (as of March 31, 2025) | Metric | 2025 (million HKD) | 2024 (million HKD) | | :--- | :--- | :--- | | Total Equity | 4.2 | 7.6 | | Bank Balances and Cash | 17.3 | 6.9 | | Pledged Bank Deposits | 13.9 | 13.9 | | Net Current Liabilities | (6.2) | (2.1) | | Bank Borrowings | 9.0 | 0 | | Undrawn Bank Facilities | 18.0 | 18.0 | | Gearing Ratio | 39.7% | 14.4% | - The Group's net current liabilities primarily stem from contract liabilities (prepaid treatment packages), which ultimately do not result in cash outflows[46](index=46&type=chunk) [Key Risks and Uncertainties](index=10&type=section&id=Key%20Risks%20and%20Uncertainties) The Group faces key risks across business, industry, regulatory, economic, reputational, and financial dimensions, including reliance on key registered medical practitioners, intense industry competition, potential regulatory changes, economic fluctuations impacting consumer spending, and service quality-related reputational risks, alongside managing credit, liquidity, foreign exchange, and interest rate risks - Business Risk: High reliance on attracting and retaining skilled registered medical practitioners, with limited suitable talent and intense competition in the market[39](index=39&type=chunk) - Industry and Economic Risks: The medical skincare industry is sensitive to negative publicity, with volatile market trends and fierce competition, and an economic downturn could lead to reduced customer spending on medical aesthetic services[40](index=40&type=chunk)[42](index=42&type=chunk) - Financial Risks: Primarily include customer credit risk, liquidity risk due to high contract liabilities, foreign exchange risk related to USD and RMB, and interest rate risk associated with floating-rate bank deposits and borrowings[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) [Employees and Remuneration Policy](index=12&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group employed **43** staff members (**27** full-time, **16** part-time), with annual staff costs of **HKD 23.9 million**, and remuneration is determined based on market levels, individual performance, and responsibilities, with a new share option scheme adopted on September 27, 2024, to incentivize and retain talent Staff Profile | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Full-time Employees | 27 | 29 | | Part-time Employees | 16 | 14 | | Total Employees | 43 | 43 | | Staff Costs (million HKD) | 23.9 | 24.6 | - The company adopted a new share option scheme on September 27, 2024, to incentivize and retain eligible employees[49](index=49&type=chunk) [Directors' Report](index=13&type=section&id=Directors%27%20Report) This report outlines the Group's business operations, financial position, and corporate governance matters for the year ended March 31, 2025, with the Group primarily engaged in investment holding and its subsidiaries in medical skincare services, confirming compliance with relevant laws, no purchases, sales, or redemptions of listed securities, and sufficient public float, while detailing directors' and substantial shareholders' interests, including Chairman Dr. Kong Kwok Leung's **69.28%** stake, and explaining the new share option scheme adopted in September 2024, with the Audit Committee having reviewed the annual financial statements [Principal Business and Compliance](index=13&type=section&id=Principal%20Business%20and%20Compliance) The Company is an investment holding company, with its subsidiaries primarily engaged in medical skincare services, and during the reporting period, the Group complied in all material respects with laws and regulations significantly affecting its business, while committing to environmental protection and maintaining good relationships with stakeholders - The Company is an investment holding company, with details of its subsidiaries' principal businesses provided in Note 34 to the consolidated financial statements[51](index=51&type=chunk) - During the review year, the Group complied in all material respects with relevant laws and regulations significantly affecting its business and operations, with no serious violations occurring[53](index=53&type=chunk) [Disclosure of Interests](index=17&type=section&id=Disclosure%20of%20Interests) As of March 31, 2025, Chairman Dr. Kong Kwok Leung beneficially held **274,865,400** shares, representing **69.28%** of the issued share capital, through his wholly-owned company Topline Worldwide Limited, with no other directors, chief executives, or substantial shareholders holding disclosable interests or short positions Major Shareholder Interests (as of March 31, 2025) | Shareholder Name | Capacity/Nature of Interest | Number of Shares Held | % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Dr. Kong Kwok Leung | Interest of controlled corporation | 274,865,400 | 69.28% | | Topline Worldwide Limited | Beneficial owner | 274,865,400 | 69.28% | [Share Option Scheme](index=18&type=section&id=Share%20Option%20Scheme) The company terminated its old share option scheme and adopted a new 10-year scheme on September 27, 2024, aimed at attracting and incentivizing talent, with a maximum of **39,673,600** shares (representing **10%** of issued shares at adoption date) available for grant, and detailed provisions for eligible participants, grant limits, exercise price, and vesting periods, while no share options were granted, exercised, or cancelled under either scheme as of March 31, 2025, with no outstanding options - The company adopted a new share option scheme on September 27, 2024, replacing the old scheme terminated on the same day[83](index=83&type=chunk) - The maximum number of share options that may be granted under the new scheme is **39,673,600** shares, equivalent to **10%** of the issued shares on the adoption date[86](index=86&type=chunk) - For the year ended March 31, 2025, no share options were granted, exercised, vested, lapsed, or cancelled by the company, and there were no outstanding share options[94](index=94&type=chunk) [Corporate Governance Report](index=23&type=section&id=Corporate%20Governance%20Report) This report details the company's corporate governance practices for the year ended March 31, 2025, confirming compliance with most GEM Listing Rules' Corporate Governance Code provisions, with one deviation noted where the Chairman and CEO roles are held by the same individual, Dr. Kong Kwok Leung, which the Board believes enhances strategy execution and efficiency, while also outlining the Board's composition, responsibilities, meeting attendance, and the operations of its Audit, Remuneration, and Nomination Committees, alongside governance measures for director training, financial reporting, internal control, risk management, and shareholder communication [Board of Directors](index=23&type=section&id=Board%20of%20Directors) The Board of Directors, comprising four executive and three independent non-executive directors, is responsible for leading and overseeing Group affairs, held four meetings during the reporting period with full attendance by all directors, and despite the Chairman and CEO roles being combined in Dr. Kong Kwok Leung, a deviation from the Corporate Governance Code, the Board believes this structure does not undermine power balance and enhances operational efficiency, with the Board collectively responsible for corporate governance functions - The roles of Chairman and Chief Executive Officer are held by Dr. Kong Kwok Leung, a deviation from Code Provision C.2.1 of the Corporate Governance Code, which the Board believes facilitates strategy implementation and enhances operational efficiency[117](index=117&type=chunk) - During the review year, the Board held **4** meetings, with all directors attending all meetings[113](index=113&type=chunk) - The Board is collectively responsible for corporate governance duties, including formulating and reviewing corporate governance policies, monitoring director training, and legal compliance[116](index=116&type=chunk) [Board Committees](index=28&type=section&id=Board%20Committees) The Board has three committees: Audit, Remuneration, and Nomination, with the Audit Committee, composed of three independent non-executive directors, overseeing financial reporting and internal controls; the Remuneration Committee reviewing compensation policies; and the Nomination Committee handling director nominations and evaluations, all operating under written terms of reference and holding meetings during the year, while the company has also adopted a Board Diversity Policy, with three female directors currently comprising **43%** of the Board - The Audit Committee, composed of three independent non-executive directors, held three meetings during the year, reviewing annual/interim results, risk assessment reports, and evaluating the effectiveness of internal control systems[126](index=126&type=chunk) - The Remuneration Committee, composed of two executive directors and three independent non-executive directors, held one meeting during the year, providing recommendations to the Board on remuneration policies for directors and senior management[128](index=128&type=chunk) - The Nomination Committee, composed of two executive directors and three independent non-executive directors, held one meeting during the year, reviewing the Board structure, assessing the independence of independent non-executive directors, and making recommendations for director re-election[129](index=129&type=chunk)[130](index=130&type=chunk) - The company has adopted a Board Diversity Policy, with three female members currently comprising **43%** of the seven-member Board[135](index=135&type=chunk) [Accountability and Audit](index=31&type=section&id=Accountability%20and%20Audit) The Board is responsible for overseeing the preparation of financial statements to ensure their true and fair presentation, and the Group has appointed Shinewing Risk Management Limited as its internal auditor to conduct annual reviews of risk management and internal control systems, which the Audit Committee deems adequate and effective, with total audit and non-audit service fees paid to external auditor Grant Thornton Hong Kong Limited amounting to **HKD 420,000** during the reporting period - The Board is responsible for maintaining sound and effective internal control systems, and external internal auditor Shinewing Risk Management has reviewed the Group's risk management and internal control systems, deeming them adequate and effective[139](index=139&type=chunk)[141](index=141&type=chunk) Auditor's Remuneration (For the Year Ended March 31, 2025) | Service Type | Amount (thousand HKD) | | :--- | :--- | | Audit Services | 410 | | Non-audit Services (Review of preliminary results announcement) | 10 | | **Total** | **420** | [Shareholder Rights and Communication](index=34&type=section&id=Shareholder%20Rights%20and%20Communication) The company has established a shareholder communication policy, maintaining engagement through various channels including annual reports, announcements, general meetings, and the company website, clearly outlining shareholders' rights and procedures for convening extraordinary general meetings, submitting inquiries to the Board, proposing resolutions at general meetings, and nominating directors, while also adopting a dividend policy where dividend declaration will be at the Board's discretion based on earnings, financial position, and other factors - Shareholders holding not less than one-tenth of the company's paid-up share capital have the right to request the Board to convene an extraordinary general meeting[150](index=150&type=chunk) - The company has adopted a dividend policy, where the declaration and amount of dividends are at the Board's discretion, considering factors such as the Group's earnings, financial position, and funding needs[156](index=156&type=chunk) [Environmental, Social and Governance Report](index=37&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This report details the Group's Environmental, Social, and Governance (ESG) performance and strategies, highlighting a year-on-year decrease in total greenhouse gas emissions with new reduction targets set, an emphasis on employee well-being, health and safety, and professional development with **279** hours of staff training and low turnover, strict adherence to product quality and client data privacy in operations, implementation of a stringent anti-corruption policy with training for nearly **70%** of employees, and active community investment supporting charities, all overseen by the Board as a crucial component of long-term development [Environmental Aspects](index=41&type=section&id=Environmental%20Aspects) The Group is committed to environmental protection, focusing on emissions, resource consumption, and waste management, with total greenhouse gas emissions decreasing from **50,636 kg CO2e** to **48,045 kg CO2e** during the reporting period, achieving its non-hazardous waste reduction target but missing its energy consumption density target, leading to new three-year reduction goals to cumulatively decrease Scope 1 and 2 emissions by **1%** between 2026 and 2028, while medical waste management strictly complies with regulations and remains stable Greenhouse Gas Emissions (kg CO2e) | GHG Emission Source | 2025 | 2024 | | :--- | :--- | :--- | | Scope 1 (Direct Emissions) | 7,060 | 6,807 | | Scope 2 (Indirect Emissions) | 40,256 | 43,181 | | Scope 3 (Other Indirect Emissions) | 729 | 648 | | **Total** | **48,045** | **50,636** | Energy Consumption (kWh) | Energy Type | 2025 (kWh) | 2024 (kWh) | | :--- | :--- | :--- | | Petrol | 28,992 | 27,954 | | Purchased Electricity | 64,127 | 66,663 | | **Total** | **93,119** | **94,617** | - During the reporting period, the Group generated approximately **43 kg** of medical waste and **4.7 tonnes** of non-hazardous waste[181](index=181&type=chunk)[184](index=184&type=chunk) - The Group set new targets to cumulatively reduce Scope 1 and 2 emissions by **1%** and non-hazardous waste density by **3%** between 2026 and 2028, both using 2023 as the base year[180](index=180&type=chunk)[186](index=186&type=chunk) [Social Aspects](index=50&type=section&id=Social%20Aspects) On the social front, the Group prioritizes employee development and well-being, health and safety, supply chain management, product responsibility, anti-corruption, and community investment, with **43** employees and an overall turnover rate of **14%** at the end of the reporting period, providing **279** hours of staff training during the year, strictly adhering to labor standards by prohibiting child and forced labor, ensuring the safety and quality of pharmaceuticals and services with a customer complaint handling mechanism, maintaining a zero-tolerance stance on corruption with anti-corruption training for nearly **70%** of employees, and actively participating in community charitable activities Employee Data (FY2025) | Metric | Data | | :--- | :--- | | Total Employees | 43 people | | Employee Turnover Rate | 14% | | Total Training Hours | 279.0 hours | | Lost Days Due to Work Injury | 2 days | - The Group offers competitive remuneration and benefits to employees and has established a new share option scheme to incentivize staff[202](index=202&type=chunk) - The Group maintains a zero-tolerance stance on corruption, providing anti-corruption training to nearly **70%** of its employees during the year[232](index=232&type=chunk) - The Group actively engages in community investment, supporting organizations such as the Children's Cancer Foundation, Jing Yuan Charitable Foundation, and The Society of Rehabilitation and Crime Prevention of Hong Kong through donations and in-kind sponsorships totaling over **HKD 38,000**[237](index=237&type=chunk)[238](index=238&type=chunk) [Biographical Details of Directors and Senior Management](index=59&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) This section provides detailed biographical information for the company's executive directors, independent non-executive directors, company secretary, and senior management, including their age, position, professional qualifications, industry experience, and roles in other listed companies, with Dr. Kong Kwok Leung, the Group's founder, Chairman, and CEO, possessing over **29** years of experience in the medical skincare industry - Dr. Kong Kwok Leung, **71** years old, is the Group's founder, Chairman, and Chief Executive Officer, with over **29** years of medical practice experience in the medical skincare services industry[239](index=239&type=chunk) - Familial relationships exist among Board members: Executive Director Ms. Tsui Kan is Dr. Kong Kwok Leung's cohabiting partner, and Executive Director Ms. Kong Chung Wai is Dr. Kong's niece[239](index=239&type=chunk)[240](index=240&type=chunk) - Several directors and senior executives possess professional backgrounds in accounting and law, and hold directorships in other listed companies, demonstrating extensive professional knowledge and management experience[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk) [Independent Auditor's Report](index=62&type=section&id=Independent%20Auditor%27s%20Report) Independent Auditor Grant Thornton Hong Kong Limited issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, affirming that the statements present a true and fair view of the Group's financial position, performance, and cash flows in compliance with Hong Kong Financial Reporting Standards and the Companies Ordinance's disclosure requirements, with "Revenue Recognition from Provision of Treatment Services" highlighted as a key audit matter due to the inherent risk of management manipulation to achieve specific targets - The auditor issued an unmodified opinion on the consolidated financial statements, deeming them to present a true and fair view of the Group's financial position and operating results[245](index=245&type=chunk) - "Revenue recognition from provision of treatment services" was identified as a key audit matter because revenue is a critical performance indicator for the Group, and there is an inherent risk of management manipulating the timing of revenue recognition to achieve targets[248](index=248&type=chunk) - For the key audit matter, the auditor performed various procedures, including understanding and evaluating relevant internal controls, sampling to verify revenue accuracy, and assessing the appropriateness of revenue recognition for expired unused prepaid treatment packages[249](index=249&type=chunk) [Consolidated Financial Statements](index=66&type=section&id=Consolidated%20Financial%20Statements) This section contains the Group's core financial statements for the year ended March 31, 2025, with the Consolidated Statement of Profit or Loss showing annual revenue of **HKD 45.1 million** and a loss for the year of **HKD 3.38 million**, the Consolidated Statement of Financial Position indicating total assets of **HKD 57.44 million**, total liabilities of **HKD 53.25 million**, net assets of **HKD 4.20 million**, and net current liabilities of **HKD 6.17 million**, and the Consolidated Statement of Cash Flows reporting net cash generated from operating activities of **HKD 9.13 million**, net cash inflow from financing activities of **HKD 1.48 million**, and an increase in cash and cash equivalents to **HKD 17.34 million** at year-end [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=66&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 45.108 million**, a decrease from **HKD 49.135 million** in the prior year, with the loss for the year expanding to **HKD 3.382 million** from **HKD 3.102 million**, and basic loss per share at **HKD 0.85 cents** Consolidated Statement of Profit or Loss Summary | Metric (thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 45,108 | 49,135 | | Loss Before Tax | (3,463) | (3,124) | | Loss for the Year | (3,382) | (3,102) | | Loss Attributable to Owners of the Company | (3,377) | (3,048) | | Basic Loss Per Share (HK cents) | (0.85) | (0.77) | [Consolidated Statement of Financial Position](index=67&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HKD 57.443 million**, with non-current assets accounting for **HKD 20.298 million**, total liabilities at **HKD 53.248 million**, resulting in net assets of **HKD 4.195 million**, and notably, the Group had net current liabilities of **HKD 6.168 million**, primarily composed of **HKD 25.359 million** in contract liabilities (prepayments) Consolidated Statement of Financial Position Summary | Metric (thousand HKD) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 20,298 | 10,411 | | Current Assets | 37,145 | 29,649 | | **Total Assets** | **57,443** | **40,060** | | **Liabilities and Equity** | | | | Current Liabilities | 43,313 | 31,740 | | Non-current Liabilities | 9,935 | 739 | | **Total Liabilities** | **53,248** | **32,479** | | **Net Assets** | **4,195** | **7,581** | [Consolidated Statement of Changes in Equity](index=69&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) As of March 31, 2025, equity attributable to owners of the company decreased from **HKD 10.95 million** at the beginning of the year to **HKD 4.195 million**, primarily due to a loss for the year of **HKD 3.377 million** and an equity adjustment of **HKD 3.374 million** from the acquisition of additional equity interest in a non-wholly owned subsidiary, which also resulted in non-controlling interests being eliminated - Equity attributable to owners of the company decreased from **HKD 10,950 thousand** at the beginning of the year to **HKD 4,195 thousand** at year-end[261](index=261&type=chunk) - The decrease in equity is primarily attributed to a loss for the year of **HKD 3,377 thousand** and the accounting treatment for the acquisition of additional equity interest in a non-wholly owned subsidiary[261](index=261&type=chunk) [Consolidated Statement of Cash Flows](index=70&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the year ended March 31, 2025, the Group generated net cash of **HKD 9.132 million** from operating activities, with net cash outflow from investing activities of **HKD 0.191 million** primarily for property, plant, and equipment purchases, and net cash inflow from financing activities of **HKD 1.478 million**, mainly from new bank borrowings of **HKD 9 million** partially offset by lease liability repayments, resulting in a significant increase in cash and cash equivalents to **HKD 17.344 million** at year-end from **HKD 6.927 million** at the beginning of the year Consolidated Statement of Cash Flows Summary | Metric (thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 9,132 | 10,516 | | Net Cash Used in Investing Activities | (191) | (1,397) | | Net Cash Generated from (Used in) Financing Activities | 1,478 | (7,210) | | Net Increase in Cash and Cash Equivalents | 10,419 | 1,909 | | Cash and Cash Equivalents at Year-End | 17,344 | 6,927 | [Notes to the Consolidated Financial Statements](index=72&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed explanations and supplementary information for the financial statements, disclosing the Group's significant accounting policies, including revenue recognition, leases, and financial instruments, with key information points such as revenue primarily from treatment services recognized over time, new bank borrowings of **HKD 9 million** during the year, an increase in contract liabilities (prepaid treatment packages) to **HKD 25.36 million**, and the acquisition of the remaining **49%** equity interest in non-wholly owned subsidiary Rightway Honour on October 1, 2024, making it a wholly-owned subsidiary, with directors affirming the Group's ability to continue as a going concern despite net current liabilities [Note 3 Summary of Significant Accounting Policies](index=73&type=section&id=Note%203%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the principal accounting policies used in preparing the consolidated financial statements, where despite net current liabilities of **HKD 6.168 million** as of March 31, 2025, directors consider the Group to have sufficient financial resources, including undrawn bank facilities, to continue as a going concern, with revenue from treatment services recognized over time using the output method, and revenue from prescription and dispensing services recognized at the point control of goods transfers to the customer, while lease accounting follows HKFRS 16, recognizing right-of-use assets and lease liabilities, and financial instruments are classified and measured under HKFRS 9, with impairment assessed using the expected credit loss model - Despite net current liabilities, considering operating cash flows and undrawn bank facilities, directors deem it appropriate to prepare financial statements on a going concern basis[270](index=270&type=chunk)[273](index=273&type=chunk) - Revenue from treatment services is recognized over time using the output method, while revenue from prescription and dispensing services is recognized at the point control of goods transfers to the customer[285](index=285&type=chunk) - The Group applies the simplified approach to trade receivables, measuring loss allowances at an amount equal to lifetime expected credit losses[326](index=326&type=chunk) [Note 5 Revenue](index=92&type=section&id=Note%205%20Revenue) For the current year, the Group's total revenue was **HKD 45.108 million**, with treatment services contributing the largest portion at **HKD 35.52 million**, followed by prescription and dispensing services at **HKD 8.553 million**, and medical consultation services at **HKD 1.035 million**, while future revenue expected to be recognized from contracts signed but unfulfilled (primarily prepaid treatments) amounted to **HKD 25.359 million** at the end of the reporting period Revenue Composition (thousand HKD) | Service Type | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Medical Consultation Services | 1,035 | 1,121 | | Prescription and Dispensing Services | 8,553 | 9,439 | | Treatment Services | 35,520 | 38,575 | | **Total** | **45,108** | **49,135** | [Note 23 Bank Borrowings](index=105&type=section&id=Note%2023%20Bank%20Borrowings) As of March 31, 2025, the Group had **HKD 9 million** in unsecured bank borrowings, obtained under the SME Financing Guarantee Scheme and personally guaranteed by Chairman Dr. Kong and the Mortgage Corporation, with a 10-year repayment period and a floating interest rate, and despite the loan agreement containing a repayment on demand clause, directors believe the likelihood of the bank exercising this right is low - As of March 31, 2025, the Group had **HKD 9,000,000** in bank borrowings, compared to zero in the prior year[382](index=382&type=chunk) - This borrowing is unsecured, obtained under the SME Financing Guarantee Scheme, and guaranteed by the controlling shareholder Dr. Kong and the Mortgage Corporation[383](index=383&type=chunk) [Note 35 Acquisition of Additional Equity Interest in a Non-wholly Owned Subsidiary](index=118&type=section&id=Note%2035%20Acquisition%20of%20Additional%20Equity%20Interest%20in%20a%20Non-wholly%20Owned%20Subsidiary) On October 1, 2024, the Group acquired the remaining **49%** equity interest in its non-wholly owned subsidiary Rightway Honour for a total consideration of **USD 2**, making it a wholly-owned subsidiary, with this transaction accounted for as an equity transaction, resulting in a decrease of **HKD 3.374 million** in equity attributable to owners of the company and the elimination of non-controlling interests - On October 1, 2024, the Group acquired the remaining **49%** equity interest in Rightway Honour and its subsidiaries, making it an indirectly wholly-owned subsidiary[427](index=427&type=chunk) - This acquisition was accounted for as an equity transaction, resulting in a decrease of **HKD 3,374 thousand** in equity attributable to owners of the company[427](index=427&type=chunk) [Financial Summary](index=123&type=section&id=Financial%20Summary) This section provides a summary of the Group's results, assets, and liabilities for the past five fiscal years, indicating fluctuating revenue and losses recorded in the most recent three fiscal years, with total assets and total equity showing a continuous downward trend over the past five years Five-Year Financial Summary (thousand HKD) | For the Year Ended March 31 | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Results** | | | | | | | Revenue | 45,108 | 49,135 | 45,541 | 49,147 | 41,713 | | (Loss) Profit for the Year | (3,382) | (3,102) | (3,590) | 4,145 | 1,362 | | **Assets and Liabilities** | | | | | | | Total Assets | 57,443 | 40,060 | 46,484 | 56,669 | 58,838 | | Total Liabilities | (53,248) | (32,479) | (35,885) | (42,490) | (38,847) | | Total Equity | 4,195 | 7,581 | 10,599 | 14,179 | 19,991 |

Economic Environment - The company reported a challenging economic environment with slow recovery in Hong Kong, leading to cautious consumer spending and reduced local consumption[10] - The overall economic conditions have pressured the retail and service sectors in Hong Kong, impacting the company's operations[10] - The medical skin care industry remains competitive, facing rising operational costs and suppressed local demand[10] Financial Performance - The group’s revenue for the year ended March 31, 2025, decreased by HKD 4.0 million or 8.2% to HKD 45.1 million from HKD 49.1 million for the year ended March 31, 2024[18] - The total sales revenue, including prepaid treatment plan receipts, recorded a slight decline of HKD 1.4 million or 2.9%, from HKD 50.9 million to HKD 49.5 million[18] - The group reported a loss attributable to equity holders of HKD 3.4 million for the year ended March 31, 2025, an increase of HKD 0.4 million or 10.8% compared to HKD 3.0 million for the year ended March 31, 2024[19] - Basic loss per share for the period was HKD 0.85, an increase of 10.4% from HKD 0.77 in the previous year[19] - Other income increased by HKD 0.8 million or 78.9% to HKD 1.8 million for the year ending March 31, 2025, primarily due to a reversal of provisions and increased bank interest income[22] Operational Strategies - Cost-saving measures and operational optimizations have been implemented to enhance long-term business sustainability and performance[10] - The group is actively exploring deeper market penetration and offering a wider range of services, particularly focusing on anti-aging and preventive care[15] - The group is implementing cost-saving measures and improving operational efficiency to address rising operational costs and intense industry competition[18] - The group plans to continue seeking strategic growth opportunities to strengthen its competitive advantage and create long-term value for shareholders[15] Technological Advancements - The company is focused on technological advancements, continuously introducing advanced solutions to improve service quality and competitiveness[11] - The introduction of the "Titan Lift" laser treatment technology, which utilizes three laser wavelengths, aims to enhance skin firmness and elasticity[16] - The group is assessing how to integrate artificial intelligence into its services for more precise and data-driven skincare solutions[15] Human Resources - The medical team consists of experienced professionals, with most doctors having nearly or over 20 years of clinical experience, reinforcing the company's reputation as a trusted provider[11] - Employee costs decreased by HKD 0.7 million or 3.0% to HKD 23.9 million for the year ending March 31, 2025, due to reduced bonuses and salaries[24] - The group employed 27 full-time and 16 part-time employees as of March 31, 2025, compared to 29 full-time and 14 part-time employees in 2024[51] Corporate Governance - The company has established a remuneration committee to review and recommend compensation policies for directors and senior management, considering company and individual performance[78] - The independent non-executive directors have confirmed their independence, and their re-election was approved at the 2024 annual general meeting[75] - The company has established three committees: the audit committee, the remuneration committee, and the nomination committee, to oversee specific aspects of the company's affairs[126] - The board consists of four executive directors and three independent non-executive directors as of March 31, 2025[108] Environmental, Social, and Governance (ESG) Initiatives - The company is committed to fulfilling its corporate social responsibility and being accountable to individuals, communities, and the environment[164] - The company’s environmental, social, and governance report covers its performance in these areas during the operational period from April 1, 2024, to March 31, 2025[160] - The company has established key performance indicators for measurable comparisons in its environmental and social performance[162] - Total greenhouse gas emissions for 2025 were 48,045 kg CO2 equivalent, a decrease of 5.1% from 50,636 kg in 2024[179] Risk Management - The group faces foreign currency risk primarily from purchases denominated in currencies other than its operating currency, mainly USD[49] - The group has not implemented any interest rate hedging policies but will monitor interest rate risks closely[50] - The company has established a shareholder communication policy to provide timely and comprehensive information to shareholders and investors, which is reviewed at least annually[147] Shareholder Information - The company has not proposed a final dividend for the year ending March 31, 2025, consistent with 2024[58] - The company aims to ensure that the new share option plan aligns with the long-term growth interests of the group[87] - The company has no knowledge of any direct or indirect competition from its directors or major shareholders as of March 31, 2025[81]

Company Overview - Medicskin Holdings Limited is a Hong Kong investment holding company primarily providing medical skin care services, founded by Dr. Jiang in 2000 [2] - The company operates two Medicskin centers in Hong Kong, focusing on treating skin diseases and improving appearance [2] - Services offered include treatment for acne, pigmentation, rosacea, eczema, warts, and aesthetic procedures such as skin rejuvenation and contouring [2] Financial Performance - As of September 30, 2024, Medicskin reported total revenue of 20.14 million HKD, a year-on-year decrease of 9.05% [1] - The company recorded a net profit attributable to shareholders of -1.83 million HKD, an increase of 4.24% year-on-year [1] - The gross profit margin stands at 82.16%, with a debt-to-asset ratio of 88.7% [1] Market Position and Valuation - Medicskin's price-to-earnings (P/E) ratio is -20.39, ranking 68th in the healthcare equipment and services industry, which has an average P/E ratio of -20.99 [1] - Other companies in the industry include Giant Medical Holdings (0.33), Kingjoy Health (0.38), Yongsheng Medical (4.39), Global Medical (4.51), and Ruici Medical (5.15) [1] Upcoming Events - The company is scheduled to disclose its annual report for the fiscal year 2024 on June 23, 2025 [3]

Financial Performance - The company reported a revenue of HKD 22,334 thousand for the six months ended September 30, 2024, a decrease of 9.0% compared to HKD 24,555 thousand in the same period last year[8]. - The pre-tax loss for the period was HKD 2,038 thousand, slightly improved from a loss of HKD 2,145 thousand in the previous year, indicating a reduction in losses[8]. - The basic loss per share was HKD 0.51, compared to HKD 0.54 in the same period last year, reflecting a 5.6% improvement in per-share performance[11]. - The company has reported a total comprehensive loss of HKD 2,048 thousand for the period, compared to HKD 2,123 thousand in the previous year, showing a slight improvement[10]. - The company recorded a pre-tax loss of HKD 12,188,000 for the six months ended September 30, 2024, compared to a pre-tax loss of HKD 12,511,000 in the same period of 2023, showing a slight improvement of about 2.6%[29]. - The loss attributable to the company's owners for the six months ended September 30, 2024, was HKD 2.0 million, a decrease of HKD 0.1 million or 4.2% from HKD 2.1 million in the same period of 2023[50]. - The company recorded a loss attributable to owners of HKD 2.0 million for the six months ending September 30, 2024, a decrease of HKD 0.1 million or 4.2% from a loss of HKD 2.1 million in the previous year[62]. Revenue Breakdown - Revenue from medical consultation services decreased to HKD 535,000 from HKD 589,000, a decline of approximately 9.2% year-over-year[22]. - Revenue from prescription and dispensing services fell to HKD 4,112,000 from HKD 4,749,000, representing a decrease of about 13.4%[22]. - Revenue from treatment services decreased to HKD 17,687,000 from HKD 19,217,000, a decline of approximately 7.9%[22]. - The revenue breakdown includes medical consultation services at HKD 0.5 million (2.4%), prescription and dispensing services at HKD 4.1 million (18.4%), and treatment services at HKD 17.7 million (79.2%) of total revenue[50]. Assets and Liabilities - Total assets as of September 30, 2024, amounted to HKD 45,972 thousand, an increase from HKD 40,060 thousand as of March 31, 2024[13]. - The company's net asset value decreased to HKD 5,533 thousand from HKD 7,581 thousand as of March 31, 2024, representing a decline of 27.0%[13]. - Inventory levels increased to HKD 4,799 thousand from HKD 4,315 thousand, indicating a rise of 11.2% in stock held[13]. - The company has a total current liability of HKD 37,461 thousand, up from HKD 31,740 thousand, reflecting a 17.5% increase in obligations[13]. - Non-current liabilities include long service payment obligations of HKD 799 thousand, which increased from HKD 739 thousand[13]. - The company's current liabilities net value was HKD 3.1 million, primarily arising from contract liabilities of HKD 20.3 million, which are expected to be fulfilled without cash outflow[19]. - The total equity as of September 30, 2024, was HKD 5.5 million, down from HKD 7.6 million as of March 31, 2024[65]. - The debt-to-equity ratio as of September 30, 2024, was 162.7%, indicating a significant increase in leverage compared to the previous period[65]. Cash Flow - The company reported a net cash inflow from operating activities of HKD 982,000 for the six months ended September 30, 2024, compared to HKD 2,831,000 in the same period of 2023, indicating a decrease of approximately 65.3%[16]. - The company’s cash and cash equivalents increased to HKD 12,938,000 as of September 30, 2024, compared to HKD 3,351,000 at the end of the same period in 2023, indicating a significant increase of approximately 286.5%[16]. - The company’s financing activities generated a net cash inflow of HKD 5,134,000 for the six months ended September 30, 2024, compared to a net cash outflow of HKD 3,850,000 in the same period of 2023[16]. Operational Efficiency - The company continues to focus on enhancing its operational efficiency and exploring new market opportunities to drive future growth[8]. - The group has implemented cost-saving measures and enhanced operational efficiency to improve performance amid challenges in the market[48]. Staffing and Governance - The company employed 29 full-time and 14 part-time employees as of September 30, 2024, maintaining the same staffing levels as of March 31, 2024[76]. - The board of directors is led by Dr. Jiang, who serves as both the chairman and CEO, ensuring alignment with the company's business strategy[86]. - The audit committee has been established in accordance with GEM listing rules and consists of three independent non-executive directors[96]. - The audit committee reviewed the unaudited interim financial statements for the six months ending September 30, 2024, and confirmed compliance with applicable accounting standards and GEM listing rules[96]. - The interim financial statements have been adequately disclosed as per regulatory requirements[96]. Shareholder Information - As of September 30, 2024, Dr. Jiang holds a controlling interest in 274,865,400 shares, representing 69.28% of the issued share capital of the company[78]. - Topline Worldwide Limited, wholly owned by Dr. Jiang, is the registered holder of the 274,865,400 shares, which are considered beneficially owned by Dr. Jiang[81]. - No other directors or key executives hold any interests or short positions in the company's shares or related securities as of September 30, 2024[80]. Dividends and Share Options - The board did not recommend an interim dividend for the six months ended September 30, 2024, consistent with the previous year[32]. - The old share option scheme, adopted on December 3, 2014, will expire on December 3, 2024, with no unexercised options remaining as of March 31, 2024[91]. - A new share option scheme was adopted on September 27, 2024, to attract and retain talent, with a total of 39,673,600 options available under the new plan[93]. - No share options were granted, exercised, vested, lapsed, or cancelled during the six months ending September 30, 2024[94]. Other Information - There were no significant events occurring after the reporting period[44]. - The company has not purchased, sold, or redeemed any of its listed securities during the six months ending September 30, 2024[89]. - The company has no significant investments or capital asset plans as of September 30, 2024[68][69]. - The company does not have any major contingent liabilities as of September 30, 2024[74]. - There are no known direct or indirect competitive businesses or interests held by directors or controlling shareholders as of September 30, 2024[84]. - The company has complied with the corporate governance code as of September 30, 2024, with no known deviations[85].