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，並明確表示概不會就本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供說明用途，並不構成收購、購買或認購本公司任何證券的邀請或要約。 AESO HOLDING LIMITED 延遲寄發通函及 有關建議按於記錄日期每持有一股現有股份 獲發兩股供股股份的基準進行供股之經修訂預期時間表 茲提述艾碩控股有限公司（「本公司」）日期為二零二五年九月四日之公告，內容有 關（其中包括）建議按於記錄日期每持有一(1)股股份獲發兩(2)股供股股份的基準 進行供股（「該公告」）。除文義另有所指外，本公告所用詞彙與該公告所界定者具 有相同涵義。 延遲寄發通函 誠如該公告所披露，一份載有（其中包括）(i) 供股的進一步詳情；(ii) 獨立董事委 員會就供股致獨立股東的建議函件；(iii) 獨立財務顧問就供股致獨立董事委員會 及獨立股東的意見函件；及(iv) 召開特別股東大會通告的通函（「通函」）預期於二 零二五年九月二十二日（星期一）或之前寄發予股東。 由於本公司需要額外時間編製及落實將載 ...

Core Viewpoint - Aisuo Holdings announced a proposed rights issue, offering 2 new shares for every 1 existing share held at a subscription price of HKD 0.110 per share, aiming to raise up to HKD 17.6 million [1] Group 1 - The company plans to issue 160 million shares through this rights issue [1] - If fully subscribed, the estimated net proceeds will be approximately HKD 16.4 million [1] - The net proceeds are intended for participation in several contracting service projects that require financial resources and for general working capital of the group [1]

Core Viewpoint - Aisuo Holdings (08341) announced a rights issue, proposing to issue 160 million shares at a subscription price of HKD 0.110 per share, aiming to raise up to HKD 17.6 million [1] Group 1 - The board recommends a rights issue of 2 shares for every 1 share held on the record date [1] - The maximum net proceeds from the rights issue are estimated to be approximately HKD 16.4 million [1] - The funds raised will be used for participating in several contracting service projects requiring financial resources and for general working capital [1]

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，並明確表示概不會就本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供說明用途，並不構成收購、購買或認購本公司任何證券的邀請或要約。 AESO HOLDING LIMITED 建議按於記錄日期每持有一股現有股份 獲發兩股供股股份的基準進行供股 本公司配售代理 新確證券有限公司 建議供股 董事會建議按於記錄日期每持有一(1)股股份獲發兩(2)股供股股份的基準，以每 股供股股份0.110港元的認購價發行160,000,000股供股股份（假設於記錄日期或 之前，本公司概無進一步發行新股份，亦無購回股份），籌集最多17.6百萬港元。 供股僅供合資格股東參與，除外股東（如有）不得參與。 於供股的條件達成後，不論暫定配發的供股股份接納程度如何，供股將按非包銷 基準進行。 1 股東不可撤銷承諾 於本公告日期，陳先生於10,600,000股股份中擁有實益權益，佔本公司現有已發 行股本的約13.25%。根據股東不可撤銷承諾，陳先生已向本公司提供不可撤銷 承諾，其中包括(i) 根據供 ...

呈交日期: 2025年9月2日 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: 艾碩控股有限公司 (於開曼群島註冊成立的有限公司） 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) | 08341 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.01 USD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 2,000,000,000 | USD | | 0.01 USD | | 20,000,000 | 本月底法定/註 ...

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 呈交日期: 2025年8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) | 08341 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.01 USD | | | 20,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | | 本月底結存 | | | 2,000,000,000 | USD | | 0.01 USD | | | 20,000,000 | 本月底法定/註冊股本總額： USD 20,000,000 第 1 頁 共 ...

[Company Overview](index=3&type=section&id=Company%20Overview) This section provides fundamental information about AESO HOLDING LIMITED, including its board, committees, and stock code [Company Basic Information](index=3&type=section&id=Company%20Basic%20Information) This chapter provides core information about AESO HOLDING LIMITED, including board members, committee structures, company secretary, auditor, registered office, principal bankers, and stock code - The Board of Directors comprises three executive directors and three independent non-executive directors, with Mr. Chan Siu Chung as Chairman[8](index=8&type=chunk) - The company has established an Audit and Risk Management Committee, a Remuneration Committee, and a Nomination Committee, chaired by Mr. Yeung Chun Yu, Ms. Lai Wing Sze, and Mr. Chan Siu Chung, respectively[8](index=8&type=chunk) - The company's principal place of business is in Sheung Wan, Hong Kong, with stock code **8341**, listed on GEM of the Stock Exchange[8](index=8&type=chunk)[9](index=9&type=chunk) [Chairman's Statement and Management Discussion and Analysis](index=5&type=section&id=Chairman's%20Statement%20and%20Management%20Discussion%20and%20Analysis) This section presents the Chairman's review and management's discussion and analysis of the Group's performance and outlook [Business Review](index=5&type=section&id=Business%20Review) The Group primarily engages in fitting-out and renovation projects in Hong Kong, with total revenue of approximately HK$210.2 million for the reporting period 2025 Fiscal Year Business Revenue Composition | Business Type | Revenue (HK$ Million) | 2024 Fiscal Year (HK$ Million) | | :--- | :--- | :--- | | Fitting-out Projects | 181.9 | 145.6 | | Renovation Projects | 28.3 | 94.1 | | **Total** | **210.2** | **239.7** | - During the reporting period, the company submitted tenders worth approximately **HK$1,380.5 million**, a year-on-year decrease; it was awarded **2 new projects** with a total contract value of approximately **HK$65.7 million**, a significant year-on-year reduction[13](index=13&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) The Group's total revenue decreased by 12.3% year-on-year to HK$210.2 million, primarily due to a significant 69.9% drop in renovation project revenue 2025 Fiscal Year Key Financial Indicators | Financial Indicator | 2025 Fiscal Year (HK$ Million) | 2024 Fiscal Year (HK$ Million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 210.2 | 239.7 | -12.3% | | Gross Profit | 36.8 | 37.5 | -1.9% | | Administrative Expenses | 28.1 | 26.8 | +4.9% | | Profit Attributable to Owners of the Company | 5.9 | 8.1 | -27.2% | - The Board of Directors recommended no final dividend for the reporting period, consistent with the previous year[12](index=12&type=chunk) [Prospects and Outlook](index=7&type=section&id=Prospects%20and%20Outlook) The Group will continue to focus on renovation and fitting-out projects in Hong Kong, aiming to expand into semi-governmental and public sector businesses - The Group will continue to focus on fitting-out and renovation projects in Hong Kong and plans to expand into public sector business to seize opportunities from increased land supply[24](index=24&type=chunk) - The company has begun preparing tenders to participate in large-scale landmark commercial projects in the Central core area and may consider future fundraising activities to increase human resources and construction cost budgets[25](index=25&type=chunk) [Liquidity and Financial Management](index=7&type=section&id=Liquidity%20and%20Financial%20Management) The Group's working capital is primarily derived from business operations, bank borrowings, and shareholders' contributions, with net current assets and net assets increasing Financial Position Summary (As at March 31, 2025) | Indicator | Amount (HK$ Million) | March 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | Net Current Assets | 50.2 | 43.1 | | Net Assets | 51.7 | 45.8 | | Bank Balances and Cash | 12.7 | 14.7 | - As at March 31, 2025, the Group pledged approximately **HK$0.9 million** in cash deposits, **HK$9.9 million** in trade receivables, and **HK$22.9 million** in life insurance policies to banks for general banking facilities[29](index=29&type=chunk) - As at March 31, 2025, the Group's number of employees was **37**, a decrease from **45** in the same period last year[36](index=36&type=chunk) [Biographies of Directors and Senior Management](index=10&type=section&id=Biographies%20of%20Directors%20and%20Senior%20Management) This section provides detailed biographical information for the company's executive directors, independent non-executive directors, and senior management [Details of Biographies of Directors and Senior Management](index=10&type=section&id=Details%20of%20Biographies%20of%20Directors%20and%20Senior%20Management) This chapter details the personal biographies of the company's executive directors, independent non-executive directors, and senior management, including their age, education, industry experience, and roles within the Group - Mr. Chan Siu Chung, 50, is the founder and Chairman of the Group, with over **27 years of experience** in the construction industry, responsible for the Group's overall strategic development and management[40](index=40&type=chunk) - Mr. Cheung Hiu Tung, 48, is an Executive Director with over **23 years of experience** in the construction industry[40](index=40&type=chunk) - Mr. Yeung Chun Yu, 43, is an Independent Non-executive Director with over **19 years of experience** in accounting and tax advisory, and serves as a director for several listed companies[44](index=44&type=chunk) [Corporate Governance Report](index=12&type=section&id=Corporate%20Governance%20Report) This report outlines the company's corporate governance practices, compliance with codes, and the structure and activities of its board and committees [Corporate Governance Practices and the Board](index=12&type=section&id=Corporate%20Governance%20Practices%20and%20the%20Board) The company is committed to maintaining high corporate governance standards, largely complying with the code, despite some deviations like the Chairman and CEO roles not being separate - The company deviated from the Corporate Governance Code: the roles of Chairman and Chief Executive Officer are held by the same person (Mr. Chan Siu Chung); some independent non-executive directors were unable to attend the 2024 Annual General Meeting due to other commitments[50](index=50&type=chunk)[51](index=51&type=chunk) Board Meeting Attendance Record During the Reporting Period | Director Name | Board Meetings | Audit and Risk Management Committee | Remuneration Committee | Nomination Committee | General Meetings | | :--- | :--- | :--- | :--- | :--- | :--- | | Chan Siu Chung | 4/4 | N/A | 1/1 | 1/1 | 1/1 | | Cheung Hiu Tung | 4/4 | N/A | N/A | N/A | 1/1 | | Cheung Hoi Wai | 4/4 | N/A | N/A | N/A | 0/1 | | Yeung Chun Yu | 4/4 | 2/2 | 1/1 | 1/1 | 1/1 | | Lai Wing Sze | 4/4 | 2/2 | 1/1 | 1/1 | 0/1 | | Yu Wan Ki | 4/4 | 2/2 | N/A | N/A | 0/1 | [Board Committees](index=16&type=section&id=Board%20Committees) The company has established a Remuneration Committee, a Nomination Committee, and an Audit and Risk Management Committee to assist the Board in fulfilling its responsibilities - The Remuneration Committee is chaired by Ms. Lai Wing Sze, responsible for formulating remuneration policies and making recommendations to the Board[65](index=65&type=chunk) - The Nomination Committee is chaired by Mr. Chan Siu Chung, responsible for reviewing the Board's structure, size, and composition, and identifying suitable director candidates[68](index=68&type=chunk) - The Audit and Risk Management Committee is chaired by Mr. Yeung Chun Yu, responsible for overseeing financial reporting, internal control, and risk management systems; the committee held **two meetings** during the reporting period, with all members attending[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) [Risk Management and Internal Control](index=21&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board oversees the Group's risk management and internal control systems, with an independent consultant reviewing the established enterprise risk management framework - The Group appointed an independent internal control consultant to assess the risk management and internal control systems and report to the Audit and Risk Management Committee and the Board[96](index=96&type=chunk) Identified Key Risks | Risk Area | Key Risk Description | | :--- | :--- | | Strategic Risk | Increased competition in Hong Kong's fitting-out and renovation industry, with low entry barriers for new entrants, potentially leading to reduced profit margins and market share loss | | Operational Risk | Reliance on subcontractors, whose quality of work and services may be substandard, and safety risks for subcontracted workers | | Compliance Risk | Subject to various engineering, safety, construction, and environmental regulations, with subcontractor non-compliance potentially adversely affecting the Group | - The Group currently does not have an internal audit function, as the Board believes engaging external independent professionals for this function is more cost-effective, and this arrangement will be reviewed annually[101](index=101&type=chunk) [Directors' Report](index=23&type=section&id=Directors'%20Report) This report provides an overview of the Group's principal business, customer and supplier relationships, and details on the share option scheme [Principal Business and Customer and Supplier Relationships](index=23&type=section&id=Principal%20Business%20and%20Customer%20and%20Supplier%20Relationships) This report outlines the Group's principal business as fitting-out and renovation projects in Hong Kong and reiterates no dividend recommendation - The Group's business is highly dependent on major customers; during the reporting period, the **top five customers** contributed **81.5%** of total turnover, with the **largest customer accounting for 45.9%**[128](index=128&type=chunk) - The Group's **top five suppliers** accounted for **61.6%** of total purchases, with the **largest supplier accounting for 17.7%**, indicating relatively high supplier concentration[128](index=128&type=chunk) - The Board of Directors does not recommend the payment of a dividend for the reporting period[106](index=106&type=chunk) [Share Option Scheme](index=27&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on September 30, 2019, with 8,000,000 unexercised share options as of March 31, 2025 Summary of Unexercised Share Options (As at March 31, 2025) | Grantee | Number of Unexercised Share Options | Percentage of Issued Share Capital | | :--- | :--- | :--- | | Executive Director Chan Siu Chung | 800,000 | 1.00% | | Executive Director Cheung Hiu Tung | 800,000 | 1.00% | | Other Employees | 6,400,000 | 8.00% | | **Total** | **8,000,000** | **10.00%** | - During the reporting period, **2,000,000 share options** granted to Directors Chan Siu Chung, Cheung Hoi Wai, and other employees lapsed due to the expiry of their exercise period[143](index=143&type=chunk)[144](index=144&type=chunk) - As at the end of the reporting period, the total number of shares available for issue under the share option scheme was **8,000,000 shares**, representing **10%** of the issued share capital[144](index=144&type=chunk) [Independent Auditor's Report](index=31&type=section&id=Independent%20Auditor's%20Report) This section presents the independent auditor's opinion on the consolidated financial statements and highlights key audit matters [Opinion](index=31&type=section&id=Opinion) The auditor, Evergreen (Hong Kong) CPA Limited, issued an unmodified opinion, stating that the consolidated financial statements fairly present the Group's financial position and performance - The auditor issued an **unmodified opinion** on the Group's consolidated financial statements, deeming them to fairly and truly reflect the company's financial position and operating results[157](index=157&type=chunk) [Key Audit Matters](index=33&type=section&id=Key%20Audit%20Matters) The auditor identified two key audit matters that were most significant to the audit of the current period's consolidated financial statements, involving significant management judgment and estimates - Key Audit Matter One: Expected Credit Loss (ECL) provision for trade receivables and contract assets; the auditor focused on this due to its significant balance and management's substantial judgment in the ECL model[161](index=161&type=chunk)[165](index=165&type=chunk) - Key Audit Matter Two: Revenue recognition for construction contracts; the auditor focused on this due to the materiality of revenue to the financial statements and the significant estimates and judgments involved in its recognition, particularly when using the input method to measure progress towards completion[168](index=168&type=chunk) [Consolidated Financial Statements](index=39&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated financial statements, including the statement of profit or loss, financial position, and cash flows [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=39&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Revenue for the reporting period was HK$210.2 million, a decrease from HK$239.7 million last year, with profit for the year declining to HK$5.9 million Consolidated Statement of Profit or Loss Summary | Item (HK$ Thousand) | 2025 Fiscal Year | 2024 Fiscal Year | | :--- | :--- | :--- | | Revenue | 210,218 | 239,688 | | Gross Profit | 36,764 | 37,499 | | Operating Profit | 10,307 | 11,077 | | Profit Before Tax | 6,290 | 8,110 | | **Profit for the Year** | **5,906** | **8,110** | | Basic Earnings Per Share (HK cents) | 7.38 | 10.14 | [Consolidated Statement of Financial Position](index=40&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As at March 31, 2025, the Group's total assets were HK$161.2 million, total liabilities were HK$109.4 million, and net assets increased to HK$51.7 million Consolidated Statement of Financial Position Summary | Item (HK$ Thousand) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 6,021 | 3,304 | | Current Assets | 155,162 | 169,648 | | **Total Assets** | **161,183** | **172,952** | | **Liabilities and Equity** | | | | Current Liabilities | 104,939 | 126,574 | | Non-current Liabilities | 4,500 | 540 | | **Total Liabilities** | **109,439** | **127,114** | | **Net Assets** | **51,744** | **45,838** | [Consolidated Statement of Cash Flows](index=43&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) During the reporting period, net cash used in operating activities was HK$0.4 million, net cash used in investing activities was HK$0.2 million, and net cash used in financing activities was HK$1.4 million Consolidated Statement of Cash Flows Summary | Item (HK$ Thousand) | 2025 Fiscal Year | 2024 Fiscal Year | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (358) | (278) | | Net Cash Used in Investing Activities | (197) | (11,610) | | Net Cash (Used in)/From Financing Activities | (1,383) | 15,306 | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | **(1,938)** | **3,418** | | Cash and Cash Equivalents at Beginning of Period | 14,667 | 11,249 | | **Cash and Cash Equivalents at End of Period** | **12,729** | **14,667** | [Notes to the Consolidated Financial Statements](index=45&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed explanations and supplementary information for items in the consolidated financial statements, crucial for understanding underlying details - Note 9 (Revenue and Segment Information) indicates fitting-out project revenue was **HK$181.9 million** and renovation project revenue was **HK$28.3 million**, with fitting-out projects being the primary source of revenue and profit[310](index=310&type=chunk)[312](index=312&type=chunk) - Note 20 (Trade Receivables) shows the net carrying amount of trade receivables was **HK$11.9 million**, with an expected credit loss provision of **HK$4.7 million**, reflecting the company's assessment of collection risk[338](index=338&type=chunk) - Note 31 (Pledge of Assets) discloses that the Group pledged assets totaling **HK$33.8 million** (including life insurance policies, trade receivables, and bank deposits) to secure banking facilities[377](index=377&type=chunk) [Financial Summary](index=104&type=section&id=Financial%20Summary) This section provides a five-year financial data review, summarizing key performance and financial position trends from 2021 to 2025 [Five-Year Financial Data Review](index=104&type=section&id=Five-Year%20Financial%20Data%20Review) This chapter presents a summary of the Group's key performance and financial position over the past five fiscal years (2021-2025), showing trends in revenue, profit/loss before tax, and net assets Five-Year Financial Summary (As at March 31) | Item (HK$ Thousand) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Consolidated Results** | | | | | | | Revenue | 210,218 | 239,688 | 262,616 | 218,014 | 125,049 | | Profit/(Loss) Before Tax | 6,290 | 8,110 | 8,261 | 8,162 | (5,654) | | **Consolidated Assets and Liabilities** | | | | | | | Total Assets | 161,183 | 172,952 | 120,027 | 115,609 | 88,290 | | Total Liabilities | (109,439) | (127,114) | (82,299) | (87,501) | (68,865) | | Net Assets | 51,744 | 45,838 | 37,728 | 28,108 | 19,425 |

[Supplementary Announcement to the 2024 Annual Report](index=1&type=section&id=Supplementary%20Announcement%20to%20the%202024%20Annual%20Report) This document provides supplementary information to the 2024 Annual Report, with all other original report details remaining unchanged [Purpose and Background of the Announcement](index=1&type=section&id=announcement_purpose_and_background) This announcement supplements the Company's 2024 Annual Report, with all other original report information remaining unchanged - This document is a supplementary announcement to the Company's annual report (the "2024 Annual Report") for the year ended March 31, 2024[3](index=3&type=chunk) - Except for the supplementary information disclosed in this announcement, all other information in the 2024 Annual Report remains unchanged[5](index=5&type=chunk) [Supplementary Information on Share Option Scheme](index=1&type=section&id=supplementary_information_on_share_option_scheme) The announcement provides required supplementary details on the share option scheme, including the board-determined exercise period not exceeding ten years - In accordance with Rule 23.09(5) of the GEM Listing Rules, the Company provides supplementary information regarding its share option scheme[4](index=4&type=chunk) - The exercise period of the share options is determined by the Board, commencing from the date of grant, but shall not exceed **ten years** from the date of grant[4](index=4&type=chunk) [Other Information and Directors' Statement](index=1&type=section&id=other_information_and_directors_statement) This section details the board composition and includes the directors' collective and individual responsibility statement for the announcement's accuracy - The Board collectively and individually accepts full responsibility for the accuracy and completeness of the information contained in this announcement, confirming no misleading or fraudulent content[7](index=7&type=chunk) Board of Directors | Director Type | Name | | :--------------- | :----------- | | **Executive Directors** | Mr. Chan Siu Chung | | | Mr. Zhang Xiaodong | | | Mr. Zhang Haiwei | | **Independent Non-executive Directors** | Mr. Yeung Chun Yu | | | Ms. Lai Wing Sze | | | Ms. Yu Wan Ki | - The announcement was issued in Hong Kong on July 7, 2025, by Chairman Chan Siu Chung on behalf of the Board[6](index=6&type=chunk)

[Financial Performance](index=2&type=section&id=Financial%20Performance) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, the company reported total revenue of approximately **HKD 210 million**, a 12.3% decrease from the prior year, with profit for the year at **HKD 5.906 million**, down 27.2%, and basic earnings per share at **7.38 HK cents** Key Consolidated Statement of Profit or Loss Data for FY2025 | Metric | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 210,218 | 239,688 | -12.3% | | Gross Profit | 36,764 | 37,499 | -2.0% | | Operating Profit | 10,307 | 11,077 | -6.9% | | Profit Before Tax | 6,290 | 8,110 | -22.4% | | Profit for the Year | 5,906 | 8,110 | -27.2% | | Basic Earnings Per Share (HK cents) | 7.38 | 10.14 | -27.2% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HKD 161 million** and total liabilities were **HKD 109 million**, with net assets increasing by **12.9%** from **HKD 45.838 million** to **HKD 51.744 million**, and net current assets also rising from **HKD 43.074 million** to **HKD 50.223 million** Key Financial Position Data as of March 31, 2025 | Metric | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Total Assets | 161,183 | 172,952 | -6.8% | | Total Liabilities | 109,439 | 127,114 | -13.9% | | Net Assets | 51,744 | 45,838 | +12.9% | | Net Current Assets | 50,223 | 43,074 | +16.6% | | Bank and Cash Balances | 12,729 | 14,667 | -13.2% | | Bank Borrowings | 46,973 | 55,356 | -15.1% | [Notes to Financial Statements](index=4&type=section&id=Notes%20to%20Financial%20Statements) This section details the company's accounting policies, revenue composition, customer concentration, and dividends, highlighting that the primary business is housing improvement solutions in Hong Kong, with current year revenue mainly from fitting-out projects while renovation project revenue significantly declined, and no annual dividend proposed [Company Information and Accounting Policies](index=4&type=section&id=Company%20Information%20and%20Accounting%20Policies) The company is an investment holding company incorporated in the Cayman Islands with shares listed on GEM in Hong Kong, whose subsidiaries primarily provide housing improvement solutions in Hong Kong, including fitting-out and renovation works, with financial statements prepared under Hong Kong Financial Reporting Standards - The company is an investment holding company whose subsidiaries primarily engage in housing improvement solution services in Hong Kong, including (i) fitting-out works for new commercial and residential buildings, and (ii) renovation and alteration works for existing commercial buildings[7](index=7&type=chunk) - The Group has adopted several amendments to Hong Kong Financial Reporting Standards effective on or after April 1, 2024, with no significant impact on its consolidated financial position and performance[9](index=9&type=chunk) [Revenue and Segment Information](index=6&type=section&id=Revenue%20and%20Segment%20Information) Total revenue for the fiscal year was **HKD 210 million**, entirely from Hong Kong operations, with fitting-out projects contributing **HKD 182 million**, a **25%** increase and primary revenue source, while renovation project revenue sharply declined by **70%** from **HKD 94.1 million** to **HKD 28.27 million**, leading to significant growth in fitting-out segment profit and a substantial decrease in renovation segment profit Revenue by Business Segment | Business Segment | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Fitting-out Projects | 181,949 | 145,584 | +25.0% | | Renovation Projects | 28,269 | 94,104 | -70.0% | | **Total** | **210,218** | **239,688** | **-12.3%** | Profit by Business Segment | Business Segment | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Fitting-out Projects | 30,243 | 12,994 | +132.7% | | Renovation Projects | 6,344 | 24,057 | -73.6% | | **Total Segment Profit** | **36,587** | **37,051** | **-1.3%** | - As of March 31, 2025, the total transaction price allocated to remaining performance obligations was approximately **HKD 208 million**, a significant decrease from **HKD 389 million** in the prior year, indicating a reduction in secured future revenue in the short term[15](index=15&type=chunk) [Major Customer Analysis](index=8&type=section&id=Major%20Customer%20Analysis) Customer concentration was high this year, with revenue from the largest customer (Customer 1) at **HKD 96.39 million**, accounting for **45.9%** of total revenue, a significant increase from the prior year, and two other customers contributing over **10%** of total revenue - Revenue from Customer 1 was **HKD 96.393 million**, representing approximately **45.9%** of total revenue, compared to **HKD 43.509 million** in the prior year[18](index=18&type=chunk) - Revenue from Customer 2 was **HKD 26.688 million**, representing approximately **12.7%** of total revenue[18](index=18&type=chunk) [Dividend Policy](index=9&type=section&id=Dividend%20Policy) The Board does not recommend the payment of any dividend for the year ended March 31, 2025, consistent with the prior year's policy - The Board does not recommend the payment of any dividend for the year ended March 31, 2025 (2024: **HKD nil**)[21](index=21&type=chunk) [Earnings Per Share](index=11&type=section&id=Earnings%20Per%20Share) Basic earnings per share for the year was **7.38 HK cents**, calculated based on profit attributable to owners of the company of approximately **HKD 5.906 million** and **80,000,000** issued ordinary shares, with diluted earnings per share being the same as basic earnings per share due to no dilutive effect from unexercised share options Earnings Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (HKD) | 5,906,000 | 8,110,000 | | Number of Issued Ordinary Shares | 80,000,000 | 80,000,000 | | Basic Earnings Per Share (HK cents) | 7.38 | 10.14 | [Key Asset and Liability Items](index=10&type=section&id=Key%20Asset%20and%20Liability%20Items) At the end of the reporting period, net trade receivables significantly decreased from **HKD 39.784 million** to **HKD 11.851 million**, and trade payables also fell from **HKD 15.408 million** to **HKD 9.311 million**, reflecting changes in business scale - Net trade receivables decreased from **HKD 39.784 million** in 2024 to **HKD 11.851 million** in 2025[25](index=25&type=chunk) - Trade payables decreased from **HKD 15.408 million** in 2024 to **HKD 9.311 million** in 2025[25](index=25&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) [Business and Financial Review](index=12&type=section&id=Business%20and%20Financial%20Review) During the reporting period, the Group's total revenue decreased by **12.3%** to **HKD 210 million**, primarily due to a **69.9%** significant reduction in renovation project revenue, which was not fully offset by a **24.9%** increase in fitting-out project revenue, while administrative expenses rose by **4.9%**, leading to a decline in profit attributable to owners of the company to **HKD 5.9 million** - Total revenue decreased by **12.3%** from **HKD 239.7 million** to **HKD 210.2 million**, primarily due to reduced renovation project revenue[30](index=30&type=chunk) - Fitting-out project revenue increased by **24.9%** to **HKD 181.9 million**, while renovation project revenue decreased by **69.9%** to **HKD 28.3 million**[30](index=30&type=chunk) - Profit attributable to owners of the company decreased from **HKD 8.1 million** to **HKD 5.9 million**, mainly due to increased administrative expenses[34](index=34&type=chunk) - During the reporting period, the company submitted tenders totaling approximately **HKD 1.38 billion** and successfully secured two projects with contract values of approximately **HKD 65.7 million**[29](index=29&type=chunk) [Prospects and Outlook](index=13&type=section&id=Prospects%20and%20Outlook) Management remains optimistic about the Hong Kong construction industry outlook, especially public sector opportunities, with the Group continuing to focus on renovation and fitting-out projects in Hong Kong and planning to expand into quasi-government sector business, having begun tendering for a large commercial project in Central and considering fundraising activities to scale up for new project demands - The Group will continue to focus on renovation and fitting-out projects in Hong Kong, particularly for commercial buildings and shopping malls[35](index=35&type=chunk) - Management anticipates growth in public sector land supply, presenting business potential, and aims to expand operations in this sector[35](index=35&type=chunk) - The company has begun preparing tenders for a large commercial project in a landmark area of Central and is considering fundraising activities to increase human resources and construction cost budgets for expansion[36](index=36&type=chunk) [Liquidity and Financial Resources](index=14&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's financial position is robust, with net current assets increasing to **HKD 50.2 million**, and working capital primarily sourced from operations, bank borrowings, and shareholder contributions, with bank and cash balances at approximately **HKD 12.7 million** at period-end, and certain cash deposits, trade receivables, and life insurance policies pledged as collateral for bank financing Liquidity Metrics | Metric | As of March 31, 2025 (HKD Million) | As of March 31, 2024 (HKD Million) | | :--- | :--- | :--- | | Net Current Assets | 50.2 | 43.1 | | Net Assets | 51.7 | 45.8 | | Bank and Cash Balances | 12.7 | 14.7 | - As of March 31, 2025, approximately **HKD 0.9 million** in cash deposits, **HKD 9.9 million** in trade receivables, and **HKD 22.9 million** in life insurance policies were pledged to banks as collateral for general banking facilities[39](index=39&type=chunk) [Employees and Share Option Scheme](index=15&type=section&id=Employees%20and%20Share%20Option%20Scheme) As of the reporting period end, the Group employed **37** staff, a decrease of **8** from the prior year, with a share option scheme in place for employee incentives, during which **2,000,000** share options lapsed and none were exercised, and currently, a total of **8,000,000** shares, representing **10%** of issued share capital, are available for issue under the scheme - As of March 31, 2025, the Group employed **37** staff, a decrease from **45** in the prior year[45](index=45&type=chunk) - During the reporting period, **2,000,000** share options granted in 2021 lapsed, and no share options were exercised[58](index=58&type=chunk) - As of March 31, 2025, a total of **8,000,000** shares, representing approximately **10%** of the issued share capital, are available for issue under the share option scheme[59](index=59&type=chunk) [Corporate Governance & Other Information](index=18&type=section&id=Corporate%20Governance%20%26%20Other%20Information) [Corporate Governance Practices](index=18&type=section&id=Corporate%20Governance%20Practices) During the reporting period, the company complied with the GEM Listing Rules' Corporate Governance Code, with two deviations: the roles of Chairman and Chief Executive Officer were not separated, with Chairman Mr. Chan Siu Chung and other executive directors jointly performing CEO functions; and two independent non-executive directors were unable to attend the 2024 Annual General Meeting due to other commitments - The company deviated from Corporate Governance Code Provision C.2.1, where the roles of Chairman and Chief Executive Officer were not performed by different individuals, with Chairman Mr. Chan Siu Chung and other executive directors jointly performing the Chief Executive Officer functions[63](index=63&type=chunk) - The company deviated from Corporate Governance Code Provision C.1.6 of Part 2, as Independent Non-executive Directors Ms. Lai Wing Sze and Ms. Yu Wan Ki were unable to attend the Annual General Meeting held on September 30, 2024, due to other business commitments[64](index=64&type=chunk) [Audit and Risk Management Committee](index=19&type=section&id=Audit%20and%20Risk%20Management%20Committee) The Audit and Risk Management Committee, comprising three independent non-executive directors with Mr. Yeung Chun Yu as Chairman, has reviewed the Group's accounting principles, financial reporting matters, and consolidated financial statements for the reporting period, holding two meetings with full attendance - The Audit and Risk Management Committee is composed of three independent non-executive directors and is responsible for reviewing financial statements, financial control systems, and other related matters[65](index=65&type=chunk)[66](index=66&type=chunk) - The Committee has reviewed the consolidated financial statements for the reporting period and held two meetings during the period, with all members in attendance[66](index=66&type=chunk)[67](index=67&type=chunk) [Share-related Information](index=18&type=section&id=Share-related%20Information) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and to determine eligibility for shareholders to attend the Annual General Meeting scheduled for September 30, 2025, the company will suspend share registration from September 25 to September 30, 2025 - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[60](index=60&type=chunk) - To determine eligibility for attending the Annual General Meeting, the company will suspend share registration from September 25 to September 30, 2025[70](index=70&type=chunk)

Financial Performance - The company reported a profit attributable to owners of approximately HKD 4.7 million for the six months ended September 30, 2024, compared to HKD 4.3 million for the same period in 2023, representing an increase of about 9.3%[4]. - Total revenue for the group was approximately HKD 118.0 million, reflecting an increase of approximately 0.9% compared to HKD 117.0 million in the same period last year[10]. - Basic earnings per share were approximately HKD 5.85, up from HKD 5.34 in the previous year, indicating a growth of about 9.5%[11]. - The operating profit for the period was HKD 6.5 million, an increase from HKD 5.6 million in the previous year, representing a growth of approximately 15.4%[12]. - The company achieved a pre-tax profit of HKD 4,683,000 for the six months ended September 30, 2024, compared to HKD 4,275,000 in the same period of 2023, indicating a growth of about 9.5%[44]. - The net profit attributable to the owners of the company increased from approximately HKD 4.3 million to about HKD 4.7 million, primarily due to an increase in gross profit[62]. Revenue Breakdown - Revenue from renovation projects decreased to HKD 29,514,000 in 2024 from HKD 49,339,000 in 2023, a decline of about 40.2%[25]. - Revenue from decoration projects increased significantly to HKD 88,528,000 in 2024, up from HKD 67,690,000 in 2023, marking an increase of approximately 30.7%[25]. - The total segment profit for decoration projects was HKD 18,587,000, while for renovation projects it was HKD 859,000, leading to a total segment profit of HKD 19,446,000[31]. - The company's gross profit increased from approximately HKD 18.2 million to about HKD 19.4 million, representing an increase of approximately 6.6%[66]. - The company's overall revenue increased from approximately HKD 117.0 million to about HKD 118.0 million, representing a growth of approximately 0.9%[59]. Cash and Assets - The net cash and cash equivalents at the end of the period were HKD 9.3 million, a decrease from HKD 9.8 million at the end of the previous year[20]. - The total assets less current liabilities amounted to HKD 50.6 million, compared to HKD 46.4 million as of March 31, 2024, indicating an increase of approximately 8.0%[14]. - Non-current assets, including property, plant, and equipment, increased to HKD 2.2 million from HKD 1.7 million, reflecting a growth of about 29.4%[14]. - The company has cash and bank balances of approximately HKD 9.3 million as of September 30, 2024, down from approximately HKD 14.7 million as of March 31, 2024[71]. Expenses and Costs - The company's administrative expenses increased by approximately 8.9%, from about HKD 12.3 million to approximately HKD 13.4 million, mainly due to increased employee costs[67]. - Financing costs increased to HKD 1,790,000 in 2024 from HKD 1,332,000 in 2023, representing a rise of about 34.4%[42]. Dividends and Tax - The company did not recommend any dividend payment for the period[5]. - The company did not declare any dividends for the period, consistent with the previous year[47]. - The company has sufficient tax losses to offset taxable profits, resulting in no provision for Hong Kong profits tax for both periods[46]. Contracts and Commitments - The company has unrecognized contract revenue of approximately HKD 287.2 million as of September 30, 2024, mainly from major listed property developers in Hong Kong and large developers from China[63]. - The company submitted tenders amounting to approximately HKD 824.8 million during the period, compared to HKD 925.3 million in the same period last year[57]. - As of September 30, 2024, the group has no significant capital commitments[75]. - The group has no major investments as of September 30, 2024[77]. Corporate Governance - The company has established a remuneration committee to review the compensation policies for directors and senior management[83]. - The audit and risk management committee is responsible for ensuring the accuracy and fairness of the company's financial statements and has been provided with sufficient resources to fulfill its duties[114]. - The company has complied with the corporate governance code, except for the deviation regarding the roles of the chairman and CEO being held by the same individual[130]. - No significant changes in director information have been reported during the period[89]. Stock Options - A total of 8,000,000 share options are available for issuance, representing 10% of the issued shares as of the report date[102]. - The stock option plan will remain effective for a period of 10 years from the adoption date, which is September 30, 2019, until September 29, 2029[106]. - A total of 8,000,000 stock options were granted on August 15, 2022, with an exercise price of HKD 0.447 per share, and the closing price on the grant date was HKD 0.41[122]. - The fair value of the stock options granted to executive directors on August 15, 2022, was HKD 191,789 each, while the total fair value for other employees was HKD 975,382[122]. - As of April 1, 2024, there are 8,000,000 stock options that remain unexercised from the total granted[124]. - There are no specified minimum holding periods for stock options before they can be exercised, unless otherwise determined by the board[107]. Employment and Risks - The group employed 41 employees as of September 30, 2024, with a compensation policy based on experience and qualifications[80]. - There are no significant foreign exchange risks as of September 30, 2024, with transactions primarily in HKD and USD[79]. - The group has not acquired or sold any subsidiaries during the reporting period[78]. - No significant events have occurred after the reporting period that would impact the company's operations[128]. - The company has not purchased, sold, or redeemed any of its listed securities during the period[112].