Core Viewpoint - Minxin International Holdings (08456) announced the results of its rights issue, indicating that approximately 40.8% of the total available shares were successfully subscribed, while about 59.2% remained unsubscribed [1] Group 1: Rights Issue Details - The company received valid applications for a total of 43.1581 million shares, which is about 40.8% of the total shares available for subscription under the rights issue [1] - A total of 62.6042 million shares, equivalent to approximately 59.2% of the total available shares, were not subscribed [1] - The unsubscribed shares, amounting to 62.6042 million, are subject to a placement arrangement [1] Group 2: Placement Arrangement - The placement shares, which represent about 47.4% of the company's issued shares post-rights issue, were successfully placed at a price of HKD 0.29 per share, with no premium over the subscription price [1] - The net proceeds from each unsubscribed share under the compensation arrangement amount to zero, and no action will be taken by shareholders to realize any net proceeds [1] Group 3: Financial Outcomes - The total amount raised from the rights issue is approximately HKD 30.7 million, with a net amount of about HKD 29.5 million after deducting related expenses [1] - All conditions related to the rights issue and the placement of unsubscribed shares have been fulfilled, and these shares became unconditional on August 13, 2025 [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，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Mansion International Holdings Limited 民 信 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8456） 按於記錄日期 每持有一(1)股股份獲發四(4)股供股股份之基準 進行供股的結果 茲提述民信國際控股有限公司（「本公司」）日期為2025年7 月17日之供股章程（「供 股章 程」）、本 公司 日期 為2025 年2 月 14 日 之通 函、 本公 司日 期為 2024 年 12 月20 日 及2025年3月5日之公告以及本公司日期為2025年8月8日之公告（「該公告」），內容 有關按於記錄日期每持有一(1)股股份獲發四(4)股供股股份之基準按非包銷基準進 行供股。除另有界定者外，本公告所用詞彙與供股章程所界定者具有相同涵義。 供股之結果 誠如該公告所披露，已接獲合共七 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 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。 Mansion International Holdings Limited 民 信 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8456） 公告 (1)供股股份之有效申請及接納結果；及 (2)補償安排項下未獲認購供股股份及除外股東未售出供股股份之數目 茲提述民信國際控股有限公司（「本公司」）日期為2025年7 月17日之供股章程（「供 股章 程」）、本 公司 日期 為2025 年2 月 14 日 之通 函以 及本 公司 日期 為2024 年12 月20 日 及2025 年 3 月 5 日 之公 告， 內 容有 關按 於 記錄 日期 每 持有 一(1) 股 股份 獲 ...

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: 民信國際控股有限公司 （於開曼群島註冊成立的有限公司） 呈交日期: 2025年8月6日 | 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) | 08456 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 26,440,590 | | 0 | | 26,440,590 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 26,440,590 | | 0 | | 26,440,590 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 ...

Mansion International Holdings Limited 民 信 國 際 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 8456) NOTIFICATION LETTER 通 知 信 函 Dear Non-registered Shareholder(Note 1) The following document(s) of Mansion International Holdings Limited ("Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at www.mansionintl.com and The Stock Exchange of Hong Kong Limited at www.hkexnews.hk (collectively "Websi ...

NOTIFICATION LETTER 通 知 信 函 Dear Shareholder(s), 31 July 2025 Mansion International Holdings Limited 民 信 國 際 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 8456) If you have not provided us with a valid email address but now would like to receive an email notification of the publication of the Corporate Communication(s) on the Websites instead of receiving printed notification letter in future, please complete the enclosed Reply Form overleaf, and ...

Financial Performance - For the fiscal year ending March 31, 2025, the company's revenue decreased by approximately HKD 69.8 million, representing a decline of about 26.5% to approximately HKD 51.4 million compared to the previous year[11]. - The company's gross profit fell from approximately HKD 14.5 million to about HKD 8.2 million, a decrease of approximately 43.7%, with the gross margin declining from 20.8% to 15.9%[12]. - The group's pre-tax loss increased by 5.9% to approximately HKD 4.8 million, primarily due to a decrease in gross profit of about HKD 6.3 million, offset by a reduction in sales and distribution costs and administrative expenses of approximately HKD 6.2 million[15]. - The group anticipates continued pressure on business due to ongoing geopolitical tensions and global financial market volatility, with a challenging economic environment expected in the short term[17]. - The group reported that sales to the top five customers accounted for approximately 49.2% of total sales for the fiscal year 2025, with the largest customer contributing about 12.8%[117]. - The group's accumulated losses as of March 31, 2025, were HKD (172,179) thousand, compared to HKD (168,564) thousand as of March 31, 2024[112]. Cost Management - Sales and distribution costs decreased by approximately 25.8% to about HKD 5.4 million from approximately HKD 7.3 million in the previous year[13]. - Administrative and other expenses were reduced by approximately 38.0% to about HKD 7.0 million from approximately HKD 11.2 million, primarily due to cost control measures[13]. - The financing costs increased by approximately 9.2% to about HKD 556,000 due to higher lease liabilities[14]. - The company aims to enhance operational efficiency and control costs while optimizing existing resources to improve core competitiveness[40]. Strategic Initiatives - The company plans to reduce physical retail stores in Hong Kong while expanding its online business, reflecting a shift in consumer shopping behavior towards online platforms[7]. - The company aims to collaborate with other manufacturers in the Asia-Pacific region to expand its business into children's and youth clothing[7]. - The company anticipates an improvement in business performance for the fiscal year 2024/2025 due to strategic measures including product innovation and operational streamlining[10]. - The retail business has faced operational challenges, but the group has made strategic adjustments to its product mix to align with customer preferences and market trends[17]. - The group plans to maintain a sustainable and profitable retail business while gradually developing online and social media distribution channels to drive future growth[17]. Corporate Governance - The board consists of six directors, with independent non-executive directors making up 50% of the board members[54]. - The company has three independent non-executive directors, meeting the GEM listing rules requirement of at least one-third of the board[56]. - The independent non-executive directors bring extensive operational and financial expertise, contributing to the company's governance[56]. - The company has adopted the GEM listing rules as the code of conduct for directors' securities transactions, ensuring compliance[50]. - The company is committed to good corporate governance to enhance shareholder value and accountability[48]. - The management is responsible for executing the business plans and strategies adopted by the board[51]. - The company has established appropriate insurance arrangements for potential legal claims against directors[57]. - The independent non-executive directors have confirmed their independence in writing, complying with GEM listing rules[56]. - The company regularly reviews its corporate governance practices to ensure compliance with applicable codes[49]. - The board has set the necessary financial and human resources to support the company's objectives[51]. Shareholder Matters - The board has resolved not to declare any dividends for the current year (2024: none)[16]. - The company has adopted a dividend policy to allow shareholders to share in profits while retaining sufficient funds for future growth[96]. - The board will consider various factors, including capital expenditure needs and overall economic conditions, when deciding on dividend distributions[100]. - The group did not recommend any dividend payment for the fiscal year 2025[107]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to enhancing its environmental, social, and governance (ESG) performance and reporting systems[145]. - The ESG report covers the performance of the company and its subsidiaries for the fiscal year ending March 31, 2025[146]. - The company aims to improve the quality and comprehensiveness of its ESG reporting over the long term[145]. - The company has established a top-down ESG organizational structure to implement sustainable development concepts[149]. - The company has established an Environmental, Social, and Governance (ESG) Committee consisting of four members, including executive directors and management from HR, finance, and operations[151]. - The ESG Committee is responsible for assessing and determining the company's ESG-related risks and opportunities, ensuring effective risk management and internal control systems[152]. - The company has identified key ESG issues, with the top ten concerns including greenhouse gas emissions, waste management, energy consumption, and employee development and training[158]. - The company emphasizes stakeholder engagement through various communication channels to enhance its sustainable development strategy[155]. - The company has implemented an internal environmental awareness program to encourage employees and customers to improve environmental performance[160]. - The company aims to minimize its environmental impact by developing internal environmental policies tailored to different business segments[160]. Employment and Workforce - As of March 31, 2025, the company employed approximately 27 staff, a decrease from 34 in the previous year[41]. - The employer's contribution to the Mandatory Provident Fund for the fiscal year 2025 was HKD 118,000, down from HKD 288,000 in the fiscal year 2024[42]. - The group employs 27 staff members, with a focus on providing competitive compensation and a safe working environment[190]. - The group has implemented a flexible working hours plan to promote a healthy work-life balance for employees[196]. - The group has adhered to significant laws and regulations related to employment, including the Employment Ordinance and the Minimum Wage Ordinance, ensuring compliance in areas such as recruitment, promotion, and equal opportunities[200].

Group 1 - The Hang Seng Index fell by 1.09% to close at 25,388.35 points on July 25 [1] - Minxin International Holdings (08456.HK) closed at HKD 0.38 per share, up 18.75%, with a trading volume of 139,500 shares and a turnover of HKD 51,400 [1] - Over the past month, Minxin International Holdings has seen a cumulative increase of 9.84%, while year-to-date, it has risen by 7.5%, underperforming the Hang Seng Index's increase of 27.95% [1] Group 2 - As of March 31, 2025, Minxin International Holdings reported total revenue of HKD 47.3965 million, a year-on-year decrease of 26.47% [1] - The company recorded a net profit attributable to shareholders of -HKD 4.4979 million, a year-on-year decrease of 4.06% [1] - The gross profit margin was 15.87%, and the debt-to-asset ratio stood at 97.57% [1] Group 3 - Currently, there are no institutional investment ratings for Minxin International Holdings [1] - The average price-to-earnings (P/E) ratio for the textile and apparel industry (TTM) is -15.97 times, with a median of 3.61 times [1] - Minxin International Holdings has a P/E ratio of -8.68 times, ranking 86th in the industry [1] Group 4 - Minxin International Holdings specializes in manufacturing and selling fabric products, including baby clothing and accessories [2] - The company sells its fabric products through direct manufacturing for overseas brand companies and through its own retail stores and department store counters in Hong Kong [2]

[Company Information and Disclaimer](index=1&type=section&id=Company%20Information%20and%20Disclaimer) [Company Overview and GEM Features](index=1&type=section&id=Company%20Overview%20and%20GEM%20Features) Mansion International Holdings Limited is a Cayman Islands-registered company listed on GEM, a platform for SMEs with higher investment risks and market volatility - Company name: **Mansion International Holdings Limited**, stock code: **8456**[2](index=2&type=chunk) - Company registered in the Cayman Islands, shares listed on GEM of the Hong Kong Stock Exchange[2](index=2&type=chunk) - GEM market provides a listing platform for small and medium-sized companies, with **higher investment risks**, securities may be subject to **significant market volatility**, and high liquidity is not guaranteed[2](index=2&type=chunk) [Directors' Responsibility Statement](index=1&type=section&id=Directors'%20Responsibility%20Statement) Directors jointly and severally assume full responsibility for this announcement, confirming its accuracy, completeness, and absence of misleading or fraudulent elements - The company's directors jointly and severally assume full responsibility for this announcement[3](index=3&type=chunk) - Directors confirm that the information in the announcement is accurate, complete, free from misleading or fraudulent elements in all material respects, and without omissions that could lead to misrepresentation[3](index=3&type=chunk) [Annual Performance Highlights](index=2&type=section&id=Annual%20Performance%20Highlights) Group revenue decreased by **26.5%** to **HK$51.4 million**, and comprehensive loss attributable to owners increased by **4.1%** to **HK$4.9 million** Key Financial Highlights for FY2025 (HK$ thousands) | Metric | 2025 | 2024 | Change (HK$) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 51,360 | 69,849 | (18,489) | -26.5% | | Total comprehensive loss attributable to owners for the year | (4,874) | (4,684) | (190) | 4.1% | - The Board does not recommend the payment of any dividend for the years ended March 31, 2025 and 2024[5](index=5&type=chunk) [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For FY2025, Group revenue decreased by **26.5%** to **HK$51.36 million**, gross profit fell **43.7%**, and total comprehensive loss attributable to owners increased to **HK$4.87 million** Consolidated Statement of Profit or Loss and Other Comprehensive Income (HK$ thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 51,360 | 69,849 | | Cost of sales | (43,208) | (55,364) | | Gross profit | 8,152 | 14,485 | | Other income | 104 | 155 | | Other gains and losses, net | – | 144 | | Impairment loss on trade receivables | (156) | (311) | | Selling and distribution costs | (5,409) | (7,285) | | Administrative expenses | (6,969) | (11,244) | | Operating loss | (4,056) | (4,278) | | Finance costs | (556) | (509) | | Loss before tax | (4,565) | (4,834) | | Income tax expense | (40) | (119) | | Total comprehensive loss attributable to owners for the year | (4,684) | (4,874) | | Loss per share (HK$) | (0.18) | (0.18) | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's net current liabilities were **HK$1.67 million**, with total non-current assets at **HK$2.59 million**, and net assets significantly decreased to **HK$0.89 million** Consolidated Statement of Financial Position (HK$ thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 1,760 | 2,879 | | Right-of-use assets | 827 | – | | **Total non-current assets** | **2,587** | **2,879** | | **Current assets** | | | | Inventories | 482 | 878 | | Trade receivables | 32,773 | 38,847 | | Deposits, prepayments and other receivables | 482 | 1,402 | | Cash and bank balances | 322 | 4,370 | | **Total current assets** | **34,059** | **45,497** | | **Current liabilities** | | | | Trade payables | 12,836 | 20,170 | | Accruals and other payables | 10,278 | 10,432 | | Amount due to a director of a subsidiary | – | 163 | | Other borrowings | 11,637 | 11,727 | | Lease liabilities | 819 | – | | Tax payable | 159 | 119 | | **Total current liabilities** | **35,729** | **42,611** | | **Net current (liabilities) / assets** | **(1,670)** | **2,886** | | **Total assets less current liabilities** | **917** | **5,765** | | **Non-current liabilities** | | | | Lease liabilities | 26 | – | | **Net assets** | **891** | **5,765** | | **Total equity** | **891** | **5,765** | [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting policies, segment information, and financial item changes, noting significant going concern uncertainties [General Information](index=5&type=section&id=General%20Information) - The Company is an investment holding company, and its subsidiaries are principally engaged in the sale of infant and children's apparel[8](index=8&type=chunk) [Basis of Preparation and Going Concern](index=5&type=section&id=Basis%20of%20Preparation%20and%20Going%20Concern) - The Group incurred a net loss of approximately **HK$4.874 million** for the year ended March 31, 2025, with net current liabilities of approximately **HK$1.67 million**, other borrowings of approximately **HK$11.637 million**, and cash and bank balances of only approximately **HK$0.322 million**, indicating **significant uncertainty** about its ability to continue as a going concern[11](index=11&type=chunk) - To address going concern risks, the Board has taken measures, including lenders agreeing to defer loan repayments, considering fundraising activities (such as rights issue), and strengthening cost control to improve operating efficiency and cash flow[12](index=12&type=chunk)[13](index=13&type=chunk)[15](index=15&type=chunk) [Adoption of New and Revised HKFRSs](index=6&type=section&id=Adoption%20of%20New%20and%20Revised%20HKFRSs) - The Group has initially applied several new and revised Hong Kong Financial Reporting Standards for annual periods beginning on or after April 1, 2024, including HKAS 1 (Amendment) regarding classification of liabilities and non-current liabilities with covenants[14](index=14&type=chunk) - The adoption of HKAS 1 (Amendment) resulted in a change in accounting policy for the classification of borrowings but did not lead to a reclassification of the Group's borrowings, nor were retrospective adjustments made[16](index=16&type=chunk)[17](index=17&type=chunk) - HKFRS 18 "Presentation and Disclosure in Financial Statements" will replace HKAS 1, introducing significant changes to the statement of profit or loss structure, disclosure of management-defined performance measures, and requirements for aggregated classification information, expected to impact the presentation of financial statements[20](index=20&type=chunk)[21](index=21&type=chunk) [Segment Information](index=8&type=section&id=Segment%20Information) - The Group has only one operating segment, the sale of infant and children's apparel, covering "Mides" brand, third-party brand peripheral product sales (through self-operated retail stores and department store counters in Hong Kong), and wholesale business in the UK and China (including Hong Kong and Macau)[22](index=22&type=chunk)[23](index=23&type=chunk) Revenue by Customer Location (HK$ thousands) | Region | 2025 | 2024 | | :--- | :--- | :--- | | China (including Hong Kong and Macau) | 51,360 | 67,723 | | United Kingdom | – | 2,126 | | **Total** | **51,360** | **69,849** | - In 2025, all of the Group's non-current assets were located in Hong Kong[24](index=24&type=chunk) [Revenue](index=9&type=section&id=Revenue) Revenue Analysis (HK$ thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Sale of infant and children's apparel | 51,360 | 69,849 | - Revenue represents the total net amounts received and receivable during the year, primarily from the sale of infant and children's apparel, recognized at a point in time[26](index=26&type=chunk) [Other Income](index=9&type=section&id=Other%20Income) Other Income (HK$ thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Bank interest income | – | 1 | | Miscellaneous income | 104 | 154 | | **Total** | **104** | **155** | [Other Gains and Losses, Net](index=10&type=section&id=Other%20Gains%20and%20Losses,%20Net) Other Gains and Losses, Net (HK$ thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Reversal of provision for reinstatement costs | – | 164 | | Write-off of property, plant and equipment | – | (20) | | **Total** | **–** | **144** | [Finance Costs](index=10&type=section&id=Finance%20Costs) Finance Costs (HK$ thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Interest on loan from a director of a subsidiary | – | 5 | | Interest on other borrowings | 502 | 503 | | Interest on lease liabilities | 54 | 1 | | **Total** | **556** | **509** | [Loss Before Tax](index=10&type=section&id=Loss%20Before%20Tax) Components of Loss Before Tax (HK$ thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Directors' emoluments | 510 | 516 | | Employee benefit expenses (excluding directors' emoluments) | 2,529 | 5,325 | | Contributions to retirement benefit schemes | 118 | 288 | | Total staff costs | 3,157 | 6,129 | | Auditor's remuneration - audit services | 550 | 550 | | Auditor's remuneration - non-audit services | 60 | – | | Cost of inventories recognized as expense | 43,208 | 55,364 | | Depreciation of property, plant and equipment | 1,119 | 1,153 | | Depreciation of right-of-use assets | 778 | 155 | | Expenses relating to short-term leases | – | 298 | | Variable lease payments | 1,022 | 1,992 | | Impairment loss on trade receivables | 156 | 311 | [Income Tax Expense](index=11&type=section&id=Income%20Tax%20Expense) Income Tax Expense (HK$ thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Current tax - provision for the year | 68 | 119 | | Current tax - over-provision in prior years | (28) | – | | **Total** | **40** | **119** | - Hong Kong profits tax is subject to a two-tiered tax rate system, with the first **HK$2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[29](index=29&type=chunk) [Loss Per Share](index=11&type=section&id=Loss%20Per%20Share) Calculation of Basic Loss Per Share (HK$ thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the year attributable to owners of the Company for basic loss per share | (4,874) | (4,684) | | Number of ordinary shares for basic loss per share | 26,440,590 | 26,440,590 | - As there were no outstanding potential ordinary shares during the reporting year, basic loss per share is the same as diluted loss per share, both at **HK$0.18**[6](index=6&type=chunk)[31](index=31&type=chunk) - For the purpose of calculating loss per share, the share consolidation effective on March 7, 2025, is deemed to have been effective throughout the period from April 1, 2023, to March 31, 2025[31](index=31&type=chunk) [Trade Receivables](index=12&type=section&id=Trade%20Receivables) Net Trade Receivables (HK$ thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Trade receivables | 33,913 | 39,831 | | Less: Provision for credit losses | (1,140) | (984) | | **Net trade receivables** | **32,773** | **38,847** | - The Group's principal transactions with wholesale customers are on credit, with credit terms generally ranging from **30 to 90 days**, and strict control is maintained over outstanding receivables[32](index=32&type=chunk) Ageing Analysis of Trade Receivables (HK$ thousands) | Ageing | 2025 | 2024 | | :--- | :--- | :--- | | Within 30 days | 9,046 | 8,832 | | 31 to 120 days | 13,093 | 20,899 | | 121 days to one year | 11,604 | 10,100 | | Over one year | 170 | – | | **Total** | **33,913** | **39,831** | [Trade Payables](index=12&type=section&id=Trade%20Payables) Trade Payables (HK$ thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Trade payables | 12,836 | 20,170 | - The average credit period for trade payables is **30 days**[34](index=34&type=chunk) Ageing Analysis of Trade Payables (HK$ thousands) | Ageing | 2025 | 2024 | | :--- | :--- | :--- | | Within 30 days | 8,665 | 6,420 | | 31 days to one year | 4,000 | 13,098 | | Over one year | 171 | 652 | | **Total** | **12,836** | **20,170** | [Accruals and Other Payables](index=13&type=section&id=Accruals%20and%20Other%20Payables) Accruals and Other Payables (HK$ thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Other payables | 1,069 | 1,078 | | Accrued expenses | 9,209 | 9,354 | | **Total** | **10,278** | **10,432** | - All accruals and other payables are denominated in HK$[35](index=35&type=chunk) [Other Borrowings](index=13&type=section&id=Other%20Borrowings) - As of March 31, 2025, the Group had two unsecured, on-demand borrowings from former directors, totaling approximately **HK$11.637 million**, with annual interest rates of **4% and 5%** respectively[36](index=36&type=chunk) - All other borrowings are denominated in HK$[37](index=37&type=chunk) [Share Capital](index=14&type=section&id=Share%20Capital) Changes in Share Capital (HK$ thousands) | Category | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Authorized ordinary shares (par value HK$0.2) | – | 100,000,000 | | Authorized ordinary shares after share consolidation (par value HK$1.6) | 100,000,000 | – | | Issued and fully paid ordinary shares (par value HK$0.2) | – | 42,304,944 | | Issued and fully paid ordinary shares after share consolidation (par value HK$1.6) | 42,304,944 | – | | Number of issued shares (shares) | 26,440,590 | 211,524,720 | - On March 5, 2025, the Company resolved at an EGM to consolidate every eight existing shares of **HK$0.2** par value into one consolidated share of **HK$1.6** par value, effective March 7, 2025[38](index=38&type=chunk) [Dividends](index=14&type=section&id=Dividends) - No dividends were declared or paid for the years ended March 31, 2025 and 2024[40](index=40&type=chunk) [Independent Auditor's Report Excerpt](index=15&type=section&id=Independent%20Auditor's%20Report%20Excerpt) The auditor confirmed the consolidated financial statements fairly reflect the Group's financial position and performance, highlighting significant going concern uncertainties without modifying their opinion - The auditor believes the consolidated financial statements truly and fairly reflect the Group's financial position, performance, and cash flows in accordance with HKFRSs, and are properly prepared in compliance with the Hong Kong Companies Ordinance[41](index=41&type=chunk) - The auditor draws attention to **significant uncertainty** regarding going concern, as the Group incurred a net loss, net current liabilities, high other borrowings, and low cash balances in FY2025, raising substantial doubt about its ability to continue as a going concern, but the auditor's opinion is not modified in respect of this matter[42](index=42&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=15&type=section&id=Business%20Review) The Group's infant and children's apparel sales faced significant challenges from a weak Hong Kong economy and changing consumer behavior, resulting in a **HK$18.5 million** revenue decrease, with strategic measures expected to improve performance - The Group is principally engaged in the sale of infant and children's apparel[43](index=43&type=chunk) - The weak Hong Kong economy, low consumer sentiment, cross-border consumption, and changing consumption patterns posed **significant challenges** to the retail market, leading to a revenue decrease of approximately **HK$18.5 million** for the year[43](index=43&type=chunk) - The Group has implemented strategic measures such as product innovation and streamlined operations, expecting improved business performance[43](index=43&type=chunk) [Financial Review](index=16&type=section&id=Financial%20Review) Group revenue decreased by **26.5%** to **HK$51.4 million**, gross profit fell **43.7%** to **HK$8.2 million**, and gross profit margin declined to **15.9%**, with loss before tax increasing **5.9%** to **HK$4.8 million** [Revenue](index=16&type=section&id=Revenue_FinancialReview) Revenue (HK$ millions) | Year | Amount | YoY Change (%) | | :--- | :--- | :--- | | Current Year (2025) | 51.4 | -26.5% | | Corresponding Year (2024) | 69.8 | | - The decrease in revenue was primarily due to a decline in consumer purchasing sentiment[44](index=44&type=chunk) [Cost of Sales, Gross Profit and Gross Profit Margin](index=16&type=section&id=Cost%20of%20Sales,%20Gross%20Profit%20and%20Gross%20Profit%20Margin) Cost of Sales, Gross Profit and Gross Profit Margin (HK$ millions) | Metric | Current Year (2025) | Corresponding Year (2024) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cost of sales | 43.2 | 55.4 | -22.0% | | Gross profit | 8.2 | 14.5 | -43.7% | | Gross profit margin | 15.9% | 20.8% | -4.9 percentage points | - The decrease in gross profit was due to reduced revenue and a lower gross profit margin[45](index=45&type=chunk) [Expenses](index=16&type=section&id=Expenses_FinancialReview) Key Expenses (HK$ millions) | Metric | Current Year (2025) | Corresponding Year (2024) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Selling and distribution costs | 5.4 | 7.3 | -25.8% | | Administrative and other expenses | 7.0 | 11.2 | -38.0% | - The reduction in expenses was mainly attributable to the Group's efforts to control operating costs to improve operational performance[46](index=46&type=chunk) [Finance Costs](index=16&type=section&id=Finance%20Costs_FinancialReview) Finance Costs (HK$ thousands) | Year | Amount | YoY Change (%) | | :--- | :--- | :--- | | Current Year (2025) | 556 | 9.2% | | Corresponding Year (2024) | 509 | | - The increase in finance costs was due to higher interest on lease liabilities during the year[47](index=47&type=chunk) [Loss Before Tax](index=17&type=section&id=Loss%20Before%20Tax_FinancialReview) Loss Before Tax (HK$ millions) | Year | Amount | YoY Change (%) | | :--- | :--- | :--- | | Current Year (2025) | 4.8 | 5.9% | | Corresponding Year (2024) | 4.6 | | - The increase in loss before tax was primarily due to a decrease in gross profit of approximately **HK$6.3 million**, partially offset by a reduction in selling and distribution costs and administrative expenses of approximately **HK$6.2 million**[48](index=48&type=chunk) [Dividends](index=17&type=section&id=Dividends_FinancialReview) - The Board has resolved not to declare any dividend for the current year (2024: nil)[49](index=49&type=chunk) [Outlook](index=17&type=section&id=Outlook) The Group anticipates continued pressure from global economic uncertainties, focusing on operational efficiency, cost control, online channel development, and exploring diversification opportunities - Business is expected to remain under pressure in the coming year, with a challenging economic outlook in the short term[50](index=50&type=chunk) - The Group will review its existing asset structure and business strategies, potentially making adjustments to integrate resources and respond flexibly to uncertainties[50](index=50&type=chunk) - The Group will strictly implement cost control policies and gradually develop online and social media distribution channels to drive future growth[50](index=50&type=chunk) - The Group will actively explore investment opportunities to diversify its business and strive to promote overall business development for better shareholder returns[50](index=50&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=18&type=section&id=Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) As of March 31, 2025, cash and bank balances significantly decreased to **HK$0.3 million**, while the gearing ratio surged to **14.0**, indicating increased financial leverage Key Liquidity and Capital Structure Metrics (HK$ millions) | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Cash and bank balances | 0.3 | 4.4 | | Other borrowings | 11.6 | 11.7 | | Current ratio | 1.0 | 1.1 | | Gearing ratio | 14.0 | 2.1 | | Share capital | 42.3 | 42.3 | | Equity attributable to owners of the Company | 0.9 | 5.8 | - The Group's funding sources primarily consist of cash generated from operations[51](index=51&type=chunk) - Other borrowings are unsecured, repayable on demand, denominated in HK$, and bear interest at annual rates of **4% to 5%**[51](index=51&type=chunk) [Capital Commitments](index=18&type=section&id=Capital%20Commitments) As of March 31, 2025, the Group had no significant capital commitments - As of March 31, 2025, the Group had no significant capital commitments (March 31, 2024: nil)[53](index=53&type=chunk) [Pledge of Group's Assets](index=18&type=section&id=Pledge%20of%20Group's%20Assets) As of March 31, 2025, the Group had no pledged assets - As of March 31, 2025, the Group had no pledged assets (March 31, 2024: nil)[54](index=54&type=chunk) [Acquisitions and Disposals](index=18&type=section&id=Acquisitions%20and%20Disposals) During the current year, the Group had no acquisitions or disposals of subsidiaries, associates, or joint ventures - During the current year, the Group had no acquisitions or disposals of subsidiaries, associates, or joint ventures[55](index=55&type=chunk) [Share Option Scheme](index=19&type=section&id=Share%20Option%20Scheme) [Purpose](index=19&type=section&id=Purpose_ShareOptionScheme) The Share Option Scheme aims to grant options to selected participants as an incentive or reward for their contributions to the Group - The purpose of the Share Option Scheme is to incentivize or reward selected participants for their contributions to the Group[57](index=57&type=chunk) [Eligible Participants](index=19&type=section&id=Eligible%20Participants) Eligible participants include directors (including independent non-executive directors) and employees of any member company of the Group - Eligible participants include directors (including independent non-executive directors) and employees of any member company of the Group[58](index=58&type=chunk) [Total Number of Shares Available for Issue](index=19&type=section&id=Total%20Number%20of%20Shares%20Available%20for%20Issue) The total number of shares available for issue under the scheme shall not exceed **10%** of issued shares as of April 28, 2023, with **2,644,059 shares** currently available - The total number of shares available for issue shall not exceed **10%** of the total issued shares as of April 28, 2023[59](index=59&type=chunk) - As of the date of this announcement, the total number of options available for issue is **2,644,059 shares**, representing approximately **10.0%** of the total issued shares[69](index=69&type=chunk) [Maximum Entitlement of Each Participant](index=19&type=section&id=Maximum%20Entitlement%20of%20Each%20Participant) The total shares issued to any participant upon option exercise in any 12-month period shall not exceed **1%** of issued shares, with specific limits for major shareholders requiring approval - The total number of shares issued to any participant upon exercise of options or awards in any 12-month period shall not exceed **1%** of the then-issued shares[60](index=60&type=chunk) - Granting options exceeding **0.1%** of issued shares or with a total value exceeding **HK$5 million** to a major shareholder or independent non-executive director and their associates requires shareholder approval[61](index=61&type=chunk) [Option Scheme Period](index=20&type=section&id=Option%20Scheme%20Period) The Share Option Scheme is effective for **10 years** from its adoption on December 28, 2017, until December 27, 2027 - The Share Option Scheme is effective for **10 years** from its adoption on December 28, 2017, until December 27, 2027[62](index=62&type=chunk) [Time for Acceptance of Offer](index=20&type=section&id=Time%20for%20Acceptance%20of%20Offer) Participants may accept the offer of options within **21 days** from the date of the offer - Participants may accept the offer of options within **21 days** from the date of the offer[63](index=63&type=chunk) [Minimum Period for which an Option Must be Held](index=20&type=section&id=Minimum%20Period%20for%20which%20an%20Option%20Must%20be%20Held) The vesting period for options shall not be less than **12 months**, though shorter periods may apply under specific performance-based, accelerated, or extended vesting/holding conditions - The vesting period for options shall not be less than **12 months**[64](index=64&type=chunk) - Shorter vesting periods may apply under specific circumstances, such as performance-based vesting conditions, mixed or accelerated vesting schedules, or where the total vesting and holding period exceeds **12 months**[65](index=65&type=chunk) [Consideration for Options](index=20&type=section&id=Consideration%20for%20Options) A nominal consideration of **HK$1** shall be paid upon acceptance of the granted options - A nominal consideration of **HK$1** shall be paid upon acceptance of the granted options[64](index=64&type=chunk) [Subscription Price of Shares](index=21&type=section&id=Subscription%20Price%20of%20Shares) The subscription price shall be determined by the directors, not less than the highest of the closing price on the offer date, the average closing price for the five preceding business days, and the par value per share - The subscription price shall not be less than the highest of the closing price on the offer date, the average closing price for the five business days immediately preceding the offer date, and the par value per share[66](index=66&type=chunk) [Transferability](index=21&type=section&id=Transferability) Options are personal to the grantee and non-transferable, except for estate and/or tax planning purposes to family member beneficiaries with Stock Exchange exemption - Options are personal to the grantee and shall not be transferable or assignable[67](index=67&type=chunk) - With a waiver from the Stock Exchange, grantees may transfer options for estate and/or tax planning purposes to an entity whose beneficiaries are their family members[67](index=67&type=chunk) [Termination of Share Option Scheme](index=21&type=section&id=Termination%20of%20Share%20Option%20Scheme) The Company may terminate the scheme by shareholder resolution, but unexercised options granted before termination remain valid; no options were granted, exercised, cancelled, or lapsed this year, and none are outstanding - The Company may terminate the Share Option Scheme at any time by a resolution of shareholders, but unexercised options granted before termination remain valid[68](index=68&type=chunk) - No options were granted, exercised, cancelled, or lapsed during the current year[68](index=68&type=chunk) - As of the date of this announcement, the Company has no outstanding share options, warrants, derivatives, or convertible securities that are convertible into or exchangeable for shares[68](index=68&type=chunk) [Other Important Information](index=22&type=section&id=Other%20Important%20Information) [Post-Reporting Period Events](index=22&type=section&id=Post-Reporting%20Period%20Events) As of the announcement date, the Group had no significant post-reporting period events requiring disclosure after the year ended March 31, 2025 - The Group had no significant events after the year ended March 31, 2025[70](index=70&type=chunk) - As of the date of this announcement, the Group had no significant post-reporting period events requiring disclosure[84](index=84&type=chunk) [Foreign Exchange Risk](index=22&type=section&id=Foreign%20Exchange%20Risk) The Group's operations are primarily in Hong Kong, with transactions and monetary assets/liabilities denominated in HKD and USD, and no significant foreign exchange or derivative risks as of March 31, 2025 - The Group's business operations are conducted in Hong Kong, with transactions, monetary assets, and liabilities denominated in HKD and USD[71](index=71&type=chunk) - As of March 31, 2025, the Group had no significant risks from foreign exchange contracts, interest, currency swaps, or other financial derivatives[71](index=71&type=chunk) [Contingent Liabilities](index=22&type=section&id=Contingent%20Liabilities) As of March 31, 2025, the Group had no significant contingent liabilities - As of March 31, 2025, the Group had no significant contingent liabilities (March 31, 2024: nil)[72](index=72&type=chunk) [Capital Reorganisation and Rights Issue](index=22&type=section&id=Capital%20Reorganisation%20and%20Rights%20Issue) The Board proposed a capital reorganisation and rights issue to raise approximately **HK$30.7 million**, approved by shareholders on March 5, 2025, with proceeds allocated for debt repayment, rent, staff salaries, and working capital - The Board proposed a capital reorganisation (including share consolidation, capital reduction, and subdivision) and a rights issue to raise a total of approximately **HK$30.7 million**[73](index=73&type=chunk) - The capital reorganisation and rights issue were approved by shareholders on March 5, 2025, with the share consolidation effective March 7, 2025, but the capital reduction, subdivision, and rights issue are yet to be completed[74](index=74&type=chunk) - The net proceeds from the rights issue will be used to repay other borrowings, pay rent and management fees for existing lease commitments, pay staff salaries, and for working capital of existing businesses[74](index=74&type=chunk) [Future Plans](index=23&type=section&id=Future%20Plans) The Group will continue to enhance operational efficiency, implement cost control measures, and actively optimize existing resources to strengthen its core competitiveness - The Group will continue to enhance operational efficiency and implement cost control measures[75](index=75&type=chunk) - The Group will actively optimize existing resources to strengthen its core competitiveness[75](index=75&type=chunk) [Employees and Remuneration Policy](index=23&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group employed approximately **11 staff** in Hong Kong, offering competitive remuneration, MPF, medical insurance, statutory holidays, performance bonuses, and training Number of Employees | Year | Number of Employees (Hong Kong) | | :--- | :--- | | March 31, 2025 | 11 | | March 31, 2024 | 34 | - The Group offers competitive remuneration, including salaries, allowances, and performance bonuses, treating employees fairly based on qualifications, experience, duties, and performance[76](index=76&type=chunk)[77](index=77&type=chunk) - Employees enjoy Mandatory Provident Fund schemes, medical insurance, and statutory holidays, with opportunities for rewards through the Share Option Scheme and internal training[77](index=77&type=chunk) [Retirement Benefit Scheme](index=24&type=section&id=Retirement%20Benefit%20Scheme) The Group participates in the MPF Scheme in Hong Kong, with employer and employee contributions at statutory rates; employer contributions for FY2025 were **HK$118,000**, a decrease from **HK$288,000** in FY2024 - The Group participates in the Mandatory Provident Fund Scheme in accordance with the Mandatory Provident Fund Schemes Ordinance in Hong Kong[78](index=78&type=chunk) Employer's Defined Contributions (HK$ thousands) | Fiscal Year | Amount | | :--- | :--- | | 2025 | 118 | | 2024 | 288 | [Stakeholder Engagement](index=24&type=section&id=Stakeholder%20Engagement) The Group regularly engages with stakeholders to gather feedback, understand their needs, and determine the best ways to contribute resources and expertise to future business and community development - The Group regularly listens to and understands stakeholders' opinions to obtain valuable feedback, understand their needs, and assess the best ways to utilize resources and expertise to contribute to future business and community development[79](index=79&type=chunk) [Competing Interests](index=24&type=section&id=Competing%20Interests) During FY2025 and up to the announcement date, no directors, controlling shareholders, or their associates held interests in any business directly or indirectly competing with the Group's business - During FY2025 and up to the date of this announcement, no directors or controlling shareholders or their respective close associates held interests in any business, other than the Group's business, that directly or indirectly competes or may compete with the Group's business[80](index=80&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=24&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During FY2025, the Company did not redeem any of its listed securities, nor did the Company or any of its subsidiaries purchase or sell such securities - During FY2025, the Company did not redeem any of its listed securities, nor did the Company or any of its subsidiaries purchase or sell such securities[81](index=81&type=chunk) [Compliance with Corporate Governance Code](index=24&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company has complied with all code provisions of the Corporate Governance Code in Appendix C1 Part 2 of the GEM Listing Rules, recognizing the importance of good corporate governance for effective accountability - The Company has complied with all code provisions contained in the Corporate Governance Code in Appendix C1 Part 2 of the GEM Listing Rules[82](index=82&type=chunk) - The directors recognize the importance of good corporate governance for management and internal procedures to achieve effective accountability[82](index=82&type=chunk) [Sufficiency of Public Float](index=25&type=section&id=Sufficiency%20of%20Public%20Float) As of the announcement date, the Company maintained a sufficient public float of not less than **25%** of its issued shares, complying with GEM Listing Rules - As of the date of this announcement, the Company's issued shares maintained a sufficient public float of not less than **25%**, complying with the requirements of the GEM Listing Rules[83](index=83&type=chunk) [Directors' Securities Transaction Standard](index=25&type=section&id=Directors'%20Securities%20Transaction%20Standard) The Company adopted GEM Listing Rules 5.48 to 5.67 as the code for directors' securities dealings; all directors complied with the required standards in FY2025, with no non-compliance found - The Company has adopted Rules 5.48 to 5.67 of the GEM Listing Rules as the code of conduct for directors' dealings in the Company's securities[85](index=85&type=chunk) - Upon inquiry by the Company, all directors complied with the required standards for dealings during FY2025, and no non-compliance was found by the Company[85](index=85&type=chunk) [Audit Committee](index=25&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviews and oversees the Group's financial reporting and internal control systems, confirming compliance with accounting standards and legal requirements - The Company has established an Audit Committee, whose terms of reference comply with the GEM Listing Rules and the Corporate Governance Code[86](index=86&type=chunk) - The Audit Committee comprises three independent non-executive directors, with primary responsibilities to review and supervise the Group's financial reporting process and internal control systems[86](index=86&type=chunk) - The Committee has reviewed the annual consolidated financial statements and believes they comply with applicable accounting standards, GEM Listing Rules, and other legal requirements, with adequate disclosures made[86](index=86&type=chunk) [Financial Information Confirmation](index=26&type=section&id=Financial%20Information%20Confirmation) The financial information in this announcement, extracted from the Group's annual consolidated financial statements, has been reviewed by the Audit Committee, approved by the Board, and reconciled with the consolidated financial statements - The financial information contained in this announcement is extracted from the Group's annual consolidated financial statements, reviewed by the Audit Committee, approved by the Board, and reconciled with the amounts in the consolidated financial statements[87](index=87&type=chunk) [Scope of Work of Evergreen (Hong Kong) CPA Limited](index=26&type=section&id=Scope%20of%20Work%20of%20Evergreen%20(Hong%20Kong)%20CPA%20Limited) The Group's auditor, Evergreen (Hong Kong) CPA Limited, compared the financial figures in the preliminary announcement with the draft consolidated financial statements, confirming consistency, but this work does not constitute an assurance engagement - The Group's auditor has compared the financial figures in the preliminary announcement with the amounts in the draft consolidated financial statements for the current year and found them to be consistent[88](index=88&type=chunk) - The work performed by the auditor does not constitute an assurance engagement, and therefore, the auditor will not express an opinion or assurance conclusion on the preliminary announcement[88](index=88&type=chunk)

Stock Option Plan - The total number of shares that can be issued under the stock option plan is capped at 10% of the total issued shares as of April 28, 2023, which amounts to 21,152,472 shares[1]. - Each participant in the stock option plan can receive a maximum of 1% of the total issued shares within any 12-month period[2]. - The stock option plan will remain effective for a period of ten years from December 28, 2017, until December 27, 2027[6]. - The exercise price for shares under the stock option plan will not be lower than the highest of the closing price on the grant date, the average closing price over the preceding five trading days, or the par value of the shares[10]. Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 28,626,000, a decrease of 24% compared to HKD 37,630,000 for the same period in 2023[53]. - The gross profit for the period was HKD 5,091,000, down from HKD 12,980,000 in the previous year, indicating a significant decline in profitability[53]. - The total comprehensive loss for the period was HKD 1,904,000, compared to a loss of HKD 1,238,000 in the same period last year, reflecting a worsening financial position[53]. - Basic and diluted loss per share was HKD 0.90, compared to HKD 0.59 for the same period in 2023, indicating increased losses per share[53]. - The company incurred administrative and other expenses of HKD 3,748,000, down from HKD 7,110,000 in the previous year, showing a reduction in operational costs[53]. - Financing costs increased to HKD 284,000 from HKD 173,000, indicating higher borrowing costs[53]. - The company's total assets amounted to HKD 44,409,000, a slight decrease from HKD 45,497,000 as of March 31, 2024[57]. - The company's total liabilities increased to HKD 44,087,000 from HKD 42,611,000, reflecting a rise of 3.5%[57]. - The company's equity attributable to owners decreased to HKD 3,861,000 from HKD 5,765,000, a decline of 33%[57]. - The company's revenue for the six months ended September 30, 2024, decreased by approximately HKD 9,000,000 compared to the corresponding period in 2023[131]. - The overall comprehensive loss for the period was HKD 1,238,000, indicating ongoing financial challenges[67]. - The group’s revenue decreased by approximately 23.9%, from about HKD 37,600,000 in the corresponding period to about HKD 28,600,000 in the current period[137]. - The group’s gross profit decreased by approximately 60.8%, from about HKD 13,000,000 to about HKD 5,100,000, resulting in a gross margin decline from 34.5% to 17.8% due to higher material and indirect costs[137]. - The group’s pre-tax loss increased by approximately 53.8%, from about HKD 1,200,000 to about HKD 1,900,000, primarily due to a decrease in gross profit[141]. Corporate Governance - The company has maintained compliance with the corporate governance code as per GEM listing rules throughout the reporting period[23]. - The company has established an audit committee to oversee financial reporting and risk management, enhancing corporate governance[31]. - The audit committee consists of three independent non-executive directors, ensuring oversight and compliance with applicable accounting standards[31]. Shareholder Information - As of September 30, 2024, the beneficial owner Mr. Yao Ruhe holds 400,000 shares, representing approximately 0.19% of the issued share capital[18]. - The company has confirmed that it has at least 25% of its shares held by the public, in compliance with GEM listing rules[30]. - There are no known interests or short positions in shares or related securities held by any individuals other than directors as of September 30, 2024[22]. - The company has not redeemed any of its listed securities during the reporting period[26]. - The company has not declared any dividends for the current period, consistent with the previous year[101]. - No dividends will be declared for the current period, consistent with the previous year[142]. Cash Flow and Assets - The company's cash and bank balances increased significantly to HKD 15,610,000 from HKD 4,370,000, representing a growth of 257%[82]. - The company reported a net cash inflow from operating activities of HKD 11,240,000 for the six months ended September 30, 2024[82]. - Trade receivables as of September 30, 2024, amounted to HKD 26,903,000, a decrease from HKD 39,831,000 as of March 31, 2024[113]. - The company reported accrued expenses and other payables of HKD 13,145,000 as of September 30, 2024, compared to HKD 10,432,000 as of March 31, 2024[122]. - The total trade payables as of September 30, 2024, were HKD 17,688,000, down from HKD 20,170,000 as of March 31, 2024[118]. - The company has a loan balance of approximately HKD 8,367,000 as of September 30, 2024, which remains unchanged from March 31, 2024[123]. - The current ratio as of September 30, 2024, was 1.0, down from 1.1 as of March 31, 2024[151]. - The group had cash and bank balances of approximately HKD 15,600,000 as of September 30, 2024, compared to approximately HKD 4,400,000 as of March 31, 2024[151]. Future Outlook - The company plans to continue its market expansion efforts, although specific strategies were not detailed in the report[52]. - The company anticipates improved business performance for the fiscal year 2024/2025 despite facing various uncertainties and challenges[131]. - The group plans to maintain a sustainable and profitable retail business while gradually developing online and social media distribution channels to drive future growth[146]. - The board anticipates that business performance will remain under pressure in the coming year due to ongoing economic uncertainties and geopolitical tensions[146]. - The group is reviewing its existing asset structure and business strategy to better respond to future uncertainties[146]. Operational Activities - The company has not reported any new product launches or technological advancements during this period[88]. - The company continues to focus on its core business of selling baby and children's clothing, with no indication of market expansion or acquisitions mentioned[88]. - The company has not engaged in any property, plant, and equipment acquisitions or disposals during the reporting period[108]. - The company has incurred a depreciation expense of approximately HKD 569,000 for the current period[108].