Core Viewpoint - The company, Baofa Holdings (08532), anticipates a significant financial loss for the fiscal year ending March 31, 2025, with an expected gross loss of approximately HKD 91.2 million, contrasting with a gross profit of about HKD 24.1 million for the fiscal year ending March 31, 2024 [1] Financial Performance - The expected gross loss for the reporting year is attributed to several factors, including a substantial decline in revenue from the Hong Kong curtain wall system installation [1] - The anticipated loss attributable to equity holders of the company is projected to be no less than approximately HKD 114.7 million, compared to a profit of about HKD 1.2 million in the previous year [1] Operational Challenges - The company faces increased employee retention costs due to project delays [1] - Quality issues in construction as a subcontractor have led to high defect repair costs [1] - Several subcontractors have exited unfinished projects, resulting in the company incurring higher labor costs to complete these projects [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之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Polyfair Holdings Limited 寶發控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8532） 盈利預警 及 繼續暫停買賣 本公告由寶發控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）GEM證 券 上 市 規 則（「 GEM上市規則」）第 17.10(2)(a)條及香港法例第571章證券及期貨條例第XIVA部項下之內幕消息條文（定 義見GEM上市規則）而作出。 根據董事會可得之最新資料，本集團於報告年度預期之毛損及本公司權益持有人 應佔虧損，主要歸因於以下因素：(i)香港幕牆系統安裝收入大幅下滑；(ii)工程延 誤導致員工留任成本增加；(iii)本集團作為分包商施工品質未達標，產生高昂瑕 疵修復費用；以及(iv)多家分包商中途退出未完工項目，致使本公司需接手完成相 關工程而產生更高人力成本。 本公告所載資 ...

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之內容概不負責， 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 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Polyfair Holdings Limited 寶發控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8532） 董事會召開日期 寶發控股有限公司（「本公司」及其附屬公司「本集團」）董事（「董事」）會（「董事會」） 茲通告謹定於2025年8月22日（星期五）舉行董事會會議，其中包括(i)考慮及通過本 集團截至2025年3月31日止年度的全年業績及其刊發；(ii)考慮建議派發末期股息（如 有）；以及(iii)處理其他事項。 股份繼續停牌 應本公司要求，本公司股份已於2025年7月2日上午9時正起於聯交所暫停買賣，並 將繼續停牌，以待刊發本公司2025年全年業績。本公司將根據GEM上市規則在適 當情況下發佈進一步公告。 承董事會 寶發控股有限公司 主席 周武林先生 香港，2025年8月12日 於本公告日期，執行董事為周武林先生、余立安先生及黃偉文先生；及獨立非執 行董事為龍卓華博士、文潤兒先生 ...

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之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Polyfair Holdings Limited 寶發控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8532） 有關延遲刊發2025年全年業績的補充公告 及2025年年度報告； 及 茲提述本公司日期為2025年6月30日和2025年7月2日發佈的公告，涉及(i)延遲刊登 2025年全年業績公告，(ii)押後舉行董事會會議，以及(iii)股份停牌（統稱為（「該等 公告」）。除非另有界定，否則本公告所用的專有詞彙具有該等公告所界定的相同 涵義。 有關延遲發佈2025年年度的全年業績的進一步資訊 根據2025年6月30日的公告，2025年年度業績公告延遲的主要原因是負責本集團整 體財務運營和報告的財務人員離職。由於缺乏合適的替代人選，本公司無法完成 截至2025年3月31日年度綜合財務報表，也無法完成截至該日期的應收賬款和應付 賬款的明細。因此，預期信貸損失（ECL）估值報告無法在2025年6月 ...

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 | | | 致：香港交易及結算所有限公司 公司名稱: 寶發控股有限公司 呈交日期: 2025年8月5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) | 08532 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | 本月底法定/註冊股本總額： HKD 50,000,000 ...

Summary of Key Points Core Viewpoint - As of April 24, a total of 38 stocks reached their 52-week highs, with notable performances from companies such as Ka Ming Investment, Yingde Holdings, and Guangdong-Hong Kong Bay Holdings, which had high rates of increase in their stock prices [1]. 52-Week Highs - Ka Ming Investment (00768) achieved a closing price of 0.065 with a peak of 0.100, marking a 63.93% increase [1]. - Yingde Holdings (08535) closed at 0.084, reaching a high of 0.084, reflecting a 21.74% increase [1]. - Guangdong-Hong Kong Bay Holdings (01396) had a closing price of 2.760, also reaching 2.760, with an 18.45% increase [1]. - Other notable stocks include Kambo Medical-B (02216) with a 15.48% increase and Jian Shi Technology-B (09877) with a 14.76% increase [1]. 52-Week Lows - Jinsheng Group (00794) recorded a closing price of 0.155, with a low of 0.140, resulting in a decrease of 16.17% [2]. - Baofa Holdings (08532) closed at 0.019, reaching a low of 0.018, reflecting a 14.29% decrease [2]. - China Health Group (00673) had a closing price of 0.145, with a low of 0.145, indicating a 13.17% decrease [2]. - Other companies experiencing declines include Shenglong Jinxiu International (08481) with a 12.00% decrease and New New Technology (09600) with an 11.11% decrease [2].

Group 1 - The stock price of Baofa Holdings (08532.HK) closed at HKD 0.022 on April 18, remaining flat compared to the previous trading day, with an intraday low of HKD 0.021, marking a new low for the past year [1] - The net capital flow for the day showed an inflow of HKD 13.517 million and an outflow of HKD 11.913 million, resulting in a net inflow of HKD 1.60 million [1] Group 2 - Baofa Holdings Limited, established in 2006, is a one-stop contractor for external wall and curtain wall engineering solutions, providing design and project management services [2] - The company has completed over 20 external wall and curtain wall projects, covering both commercial and residential buildings, including large residential projects in the Kai Tak area [2] - The company's competitive advantages include a strong track record in the industry, stable relationships with key suppliers and clients, the ability to provide one-stop solutions, and a management team with rich experience and proprietary technical knowledge [2] - Future prospects are positive due to favorable government policies that are expected to increase the number of residential, commercial, and public infrastructure projects, as well as the evolution of the external wall and curtain wall industry into an independent branch of the construction sector [2] - The company aims to enhance its competitiveness by strengthening its financial position and expanding its operational team to improve project acquisition capabilities [2]

Financial Performance - Revenue for the six months ended September 30, 2024, was HK$185,663,000, a decrease of 0.43% compared to HK$186,471,000 for the same period in 2023[12] - Gross profit for the reporting period was HK$10,365,000, down from HK$11,066,000, reflecting a gross margin of approximately 5.58%[12] - Profit for the period increased to HK$2,070,000, compared to HK$765,000 in the previous year, representing a growth of 171.76%[12] - Total comprehensive income for the period was HK$2,036,000, significantly higher than HK$780,000 in the same period last year[12] - Basic earnings per share for the period was HK$0.26, up from HK$0.10 in the previous year, indicating a 160% increase[12] - For the six months ended September 30, 2024, the profit before taxation increased to HK$2,303,000, compared to HK$1,087,000 for the same period in 2023, representing a growth of approximately 112%[24] - The Group's profit for the period increased to HK$1,661,000 for the six months ended 30 September 2024, compared to HK$765,000 in the same period of 2023, reflecting a growth of approximately 117.0%[63] - Profit for the period increased from approximately HK$0.8 million for the six months ended 30 September 2023 to approximately HK$2.1 million for the six months ended 30 September 2024, mainly due to an increase in other income of approximately HK$1.0 million and a decrease in administrative expenses and finance costs of approximately HK$0.5 million each[115] Revenue Breakdown - For the six months ended September 30, 2024, revenue from construction services for residential properties was HK$184,871,000, an increase of 25.9% compared to HK$146,796,000 for the same period in 2023[41] - Revenue from construction services for commercial properties was HK$792,000, significantly up from HK$39,675,000 in the previous year, indicating a substantial growth[41] - Total revenue from contracts with customers was HK$185,663,000, slightly down from HK$186,471,000 in the prior year, reflecting a decrease of 0.4%[41] Assets and Liabilities - Non-current assets decreased to HK$13,002,000 from HK$13,788,000 as of March 31, 2024[14] - Trade receivables significantly decreased to HK$32,128,000 from HK$84,630,000, indicating a reduction of 62%[14] - Contract assets increased to HK$235,181,000 from HK$198,382,000, reflecting a growth of 18.52%[14] - Current liabilities decreased slightly to HK$144,408,000 from HK$148,508,000, showing a reduction of 2.35%[14] - Net current assets improved to HK$62,827,000 from HK$60,605,000, indicating a positive trend in liquidity[14] - Total equity as of September 30, 2024, reached HK$75,297,000, an increase from HK$73,261,000 as of September 30, 2023, reflecting a growth of approximately 2.8%[21] Cash Flow and Financing - The net cash generated from operating activities for the six months ended September 30, 2024, was HK$23,857,000, up from HK$16,730,000 in the previous year, indicating a year-on-year increase of about 42%[24] - Cash and cash equivalents at the end of the period were HK$5,420,000, down from HK$12,724,000 at the end of September 2023, representing a decrease of approximately 57%[24] - The company incurred finance costs of HK$5,042,000 for the six months ended September 30, 2024, compared to HK$5,522,000 in the same period of 2023, indicating a reduction of about 9%[24] - The company’s total borrowings as of September 30, 2024, included new bank borrowings raised amounting to HK$153,009,000, while repayments of borrowings totaled HK$173,371,000[24] - The total carrying amount of bank and other borrowings as of September 30, 2024, was HK$129,583, down from HK$149,492, a decrease of 13.3%[93] Employee and Operational Costs - Total staff costs decreased to HK$23,386,000 in the six months ended September 30, 2024 from HK$27,572,000 in 2023, a reduction of about 15.3%[56] - The Group had 102 employees as of 30 September 2024, with total staff costs of approximately HK$23.4 million, down from approximately HK$27.6 million for the same period in 2023[137] - The Group's total salaries and other benefits decreased to HK$19,034,000 for the six months ended September 30, 2024 from HK$23,214,000 in 2023, a decrease of about 18.0%[56] Corporate Governance and Compliance - The Company has complied with all applicable code provisions of the Corporate Governance Code as of September 30, 2024[166] - The Directors confirmed compliance with the Required Standard for securities transactions for the six months ended September 30, 2024[166] - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the six months ended 30 September 2024, ensuring compliance with applicable accounting standards and GEM Listing Rules[168] Market Outlook and Strategy - The demand for façade and curtain wall works is expected to be driven by the completion of 22,267 new residential units in 2024 and 25,531 units in 2025[105] - The Group remains optimistic about its core business despite the economic slowdown, aiming to expand its customer base and achieve sustainable growth[108] - Future strategies may include further optimization of the capital structure to enhance financial stability[93]

Financial Performance - The company reported total revenue of HKD 185,663,000 for the six months ended September 30, 2024, compared to HKD 186,471,000 for the same period in 2023, reflecting a slight decrease of 0.43%[5] - The net profit for the period was HKD 2,070,000, a significant increase from HKD 765,000 in the previous year, representing a growth of 171.76%[5] - Basic and diluted earnings per share increased to HKD 0.26 from HKD 0.10, marking a rise of 160%[5] - The total comprehensive income for the period was HKD 2,036,000, compared to HKD 780,000 in the same period last year, indicating a growth of 160.51%[5] - The group's profit for the six months ended September 30, 2024, was HKD 1,661,000, compared to HKD 765,000 for the same period in 2023, representing a significant increase[41] - The net profit for the six months ended September 30, 2024, increased to approximately HKD 2.1 million from HKD 0.8 million in the same period of 2023[81] Revenue Breakdown - Revenue from residential construction services increased to HKD 184,871,000, up from HKD 146,796,000, representing a growth of 25.9%[26] - Revenue from commercial property construction services decreased significantly to HKD 792,000 from HKD 39,675,000, a decline of 98%[26] - Total revenue from customer contracts was HKD 185,663,000, slightly down from HKD 186,471,000, a decrease of 0.4%[26] Assets and Liabilities - The company's total assets as of September 30, 2024, were HKD 13,002,000, a decrease from HKD 13,788,000 as of March 31, 2024, reflecting a decline of 5.69%[7] - Current liabilities decreased to HKD 337,999,000 from HKD 362,825,000, showing a reduction of 6.83%[7] - Cash and cash equivalents decreased to HKD 5,420,000 from HKD 12,724,000, a decline of 57.4%[doc id='14'] - The company reported a net cash outflow from financing activities of HKD 26,165,000, compared to HKD 18,410,000 in the previous period, an increase of 42.5%[doc id='14'] - Trade receivables as of September 30, 2024, amounted to HKD 32,128,000, a decrease from HKD 84,630,000 as of March 31, 2024, reflecting a decline of about 62%[48] - Trade payables as of September 30, 2024, were HKD 98,166,000, a decrease from HKD 103,084,000 as of March 31, 2024, indicating a reduction of about 4.5%[51] Cash Flow and Financing - The net cash generated from operating activities was HKD 23,857,000, an increase from HKD 16,730,000 in the previous year, representing a growth of 42.67%[12] - As of September 30, 2024, the total bank loans and overdrafts amounted to HKD 129,583,000, a decrease from HKD 149,492,000 as of March 31, 2024, representing a reduction of approximately 13.3%[54] - Secured bank loans were reported at HKD 105,732,000 on September 30, 2024, down from HKD 120,437,000 on March 31, 2024, indicating a decline of about 12.2%[57] - Unsecured bank loans decreased to HKD 15,901,000 as of September 30, 2024, compared to HKD 20,038,000 on March 31, 2024, reflecting a drop of approximately 20.5%[54] - The repayment schedule indicates that HKD 121,300,000 is due within one year as of September 30, 2024, compared to HKD 136,577,000 on March 31, 2024, a decrease of about 11.2%[54] Employee Costs - Total employee costs for the period were HKD 23,386,000, down from HKD 27,572,000 in the previous year, indicating a reduction of approximately 15.9%[37] - The total employee costs were allocated as HKD 21,353,000 in direct costs and HKD 2,033,000 in administrative expenses for the period[37] - As of September 30, 2024, the company employed 102 staff members, down from 117 in the previous year[92] Future Outlook and Strategy - The company has announced plans for future market expansion and product development, although specific details were not disclosed in the report[4] - The company expects to recognize revenue from unfulfilled construction service contracts between September 30, 2025, and September 30, 2027[43] - The group remains optimistic about its core business despite global economic slowdowns, aiming to enhance sales efforts and expand its customer base[71] Risk Management - The company emphasizes risk management, highlighting potential cost overruns due to fluctuations in construction materials and labor costs, which could significantly impact financial performance[94] - The company relies on subcontractors for project completion, and any underperformance or inability to find subcontractors could adversely affect operations and profitability[94] Corporate Governance - The company has adhered to the principles and code provisions of the corporate governance code as of September 30, 2024[111] - The audit committee, established on January 25, 2018, consists of three independent non-executive directors and is responsible for reviewing financial statements and internal control procedures[113] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2024, ensuring compliance with applicable accounting standards and GEM listing rules[113] Shareholder Information - Major shareholders include Yongmeng Holdings Limited, which holds 600,000,000 shares, representing 75% of the company's equity[96] - The company has not engaged in the purchase, sale, or redemption of any listed securities during the reporting period[108] - The board of directors confirmed compliance with the GEM Listing Rules regarding securities transactions for the six months ended September 30, 2024[109]

Financial Performance - For the fiscal year ending March 31, 2024, the total comprehensive income was HKD 1,227,000, compared to HKD 3,009,000 for the previous year[8]. - For the year ending March 31, 2024, the company reported total revenue of HKD 427,341 thousand, an increase from HKD 330,715 thousand in 2023, representing a growth of approximately 29.2%[32]. - The gross profit for the same period was HKD 24,127 thousand, up from HKD 16,936 thousand in 2023, indicating a growth of about 42.0%[32]. - Operating profit before tax was HKD 12,752 thousand, compared to HKD 10,460 thousand in the previous year, reflecting an increase of approximately 22.0%[32]. - The net profit for the year was HKD 1,237 thousand, down from HKD 3,018 thousand in 2023, showing a decrease of about 59.0%[32]. - The company incurred a tax expense of HKD 1,987 thousand, significantly higher than HKD 750 thousand in the previous year, marking an increase of approximately 165.6%[32]. - The company reported an increase in accounts receivable to HKD 84,630 thousand in 2024 from HKD 28,795 thousand in 2023, representing a significant rise of approximately 194.5%[55]. - The expected credit loss recorded for the year was approximately HKD 4.1 million, compared to a reversal of about HKD 31,000 in the previous year[97]. - The net profit for the year decreased from approximately HKD 3.0 million to about HKD 1.2 million[93]. Employee Costs - Total employee costs amounted to HKD 56,762,000 in 2024, an increase of 5.3% from HKD 53,884,000 in 2023[3]. - Employee costs totaled approximately HKD 56.8 million for the year ended March 31, 2024, compared to HKD 53.9 million in 2023, with 153 employees as of March 31, 2024[132]. Assets and Liabilities - The net assets as of March 31, 2024, were HKD 73,261,000, compared to HKD 72,034,000 in 2023, reflecting a slight increase of 1.7%[9]. - The company’s total liabilities increased to HKD 302,220,000 in 2024 from HKD 244,471,000 in 2023, representing a growth of 23.5%[9]. - The group’s trade and other payables totaled HKD 149,040,000 in 2024, up from HKD 52,462,000 in 2023, showing a significant increase[76]. - The outstanding borrowings due within one year were approximately HKD 148.9 million as of March 31, 2024, down from HKD 164.4 million in 2023[100]. - The current ratio remained stable at approximately 1.2 times for both March 31, 2023, and March 31, 2024[100]. - The debt-to-equity ratio decreased from approximately 62.3% on March 31, 2023, to about 57.8% on March 31, 2024[100]. Revenue Sources - The group reported revenue from residential construction services of HKD 373,819,000 for the year ending March 31, 2024, compared to HKD 234,797,000 in 2023, representing a growth of 58.9%[65]. - Revenue from commercial construction services decreased to HKD 53,522,000 in 2024 from HKD 95,918,000 in 2023, a decline of 44.3%[65]. - The total revenue for the year ended March 31, 2024, increased by approximately HKD 96.6 million or 29.2% to about HKD 427.3 million, primarily due to the completion of two large residential projects[94]. - The company generated approximately HKD 373.8 million from residential projects, accounting for about 87.5% of total revenue, while commercial projects contributed approximately HKD 53.5 million or 12.5%[94]. Financing Costs - Financing costs rose to HKD 10,765,000 in 2024, up from HKD 6,972,000 in 2023, indicating a 54.5% increase[22]. - Financing costs increased from approximately HKD 7.0 million to about HKD 10.8 million, mainly due to rising average interest rates on bank loans[98]. Dividends - The company reported no dividends paid or proposed for the fiscal year ending March 31, 2024, consistent with 2023[4]. - The company did not recommend any final dividend for the year ended March 31, 2024, consistent with 2023[128]. Compliance and Regulations - The company has not applied for any temporary exemptions related to accounting standards, indicating compliance with new regulations[14]. - The company has applied new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the consolidated financial statements for the year ending March 31, 2023[152]. - The company’s financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and relevant disclosure requirements[143]. - The company is subject to the GEM listing rules, which indicate a higher investment risk compared to other listed companies[146]. Future Outlook - The company continues to operate under the going concern basis, expecting to have sufficient resources for the foreseeable future[50]. - The company remains optimistic about its core business despite global economic slowdowns, aiming to enhance sales efforts and expand its customer base[86]. Miscellaneous - The company has not reported any significant impact on its financial position due to changes in accounting policies related to long-term service obligations[157]. - The company’s shares were suspended from trading on July 2, 2024, pending the release of the full-year results for 2024[140]. - The company has submitted an application to resume trading of its shares on August 1, 2024[140]. - The audit committee, consisting of three independent non-executive directors, oversees the appointment and dismissal of external auditors and reviews financial statements[146]. - The company has not held any significant investments, acquisitions, or disposals during the reporting period[119].