Financial Performance - For the six months ending September 30, 2025, the group's revenue decreased by 5.4% to HKD 4,036.2 million, compared to HKD 4,264.8 million in the same period last year[3]. - Adjusted EBITDA for the same period fell by 29.4% to HKD 242.9 million, down from HKD 343.8 million in the previous year[4]. - Shareholders' profit decreased by 67.6% to HKD 46.7 million, compared to HKD 144.0 million in the prior year[4]. - The group's gross profit margin decreased to 8.2% from 10.3% in the previous year, primarily due to weak consumer sentiment and intense price competition[11]. - The group reported a decline in revenue across various segments, with fast food revenue down 5.9% to HKD 2,422.2 million and casual dining down 5.6% to HKD 386.2 million[10]. - Basic earnings per share fell by 67.3% to HKD 0.082 from HKD 0.250 in 2024[18]. - Total comprehensive income for the period was HKD 54,139, compared to HKD 133,917 in the previous year, reflecting a decrease of 59.6%[43]. - The group reported a net loss of HKD 18,792,000 from other income and losses for the six months ended September 30, 2025[61]. Operational Efficiency - The group is implementing measures to improve operational efficiency, including new business models and streamlining operations[5]. - The company plans to implement a new business model for its fast-food operations, leveraging successful experiences from the casual dining sector[39]. - The company aims to enhance operational efficiency by streamlining processes and optimizing the supply chain in Hong Kong and mainland China[40]. - The group integrated strategic procurement in Hong Kong and mainland China to enhance supply chain robustness and reduce procurement costs[29]. Store Network and Expansion - The group is expanding its store network in the Greater Bay Area despite challenges in the mainland China economy[5]. - The number of stores in Hong Kong decreased to 378 from 381, while stores in mainland China increased to 190 from 185[20]. - The group opened 5 new fast food outlets during the first six months of the fiscal year, ending with 173 outlets[25]. - The group opened 11 new stores in mainland China during the review period, bringing the total to 190 stores[28]. - The company is focusing on expanding its store network in high-traffic locations, particularly in the Greater Bay Area, to drive future growth[39]. Dividends and Shareholder Returns - The interim dividend declared for the six months ending September 30, 2025, is HKD 0.10 per share, down from HKD 0.15 per share in the previous year, with a payout ratio of 124.1%[3]. - The company declared an interim dividend of 10 HK cents per share for 2025, compared to 15 HK cents per share in 2024, indicating a reduction of 33.3%[74]. - The record date for the interim dividend is December 12, 2025, with the dividend to be distributed on December 23, 2025[79]. Awards and Recognition - The group received multiple industry awards, including recognition for its "Club 100" membership program and ESG achievements[8]. - The group received multiple industry awards, including the "IAI International Advertising Award 2025" and recognition as one of China's top 50 chain brands[30]. - The "Club 100" membership program surpassed 2 million registered members following targeted promotional activities[22]. Financial Position and Liabilities - The group’s cash balance as of September 30, 2025, was approximately HKD 965 million, with a current ratio of 0.8[31]. - The group reported a net current liability of HKD 414,892,000 as of September 30, 2025, an increase from HKD 303,877,000 as of March 31, 2025[47]. - The group recognized lease liabilities of HKD 681,268,000 in current liabilities and HKD 1,083,719,000 in non-current liabilities as of September 30, 2025[47]. - The group incurred a fair value loss on investment properties of HKD 11,800,000 during the six months ended September 30, 2025[61]. - The company's financial costs for the six months ended September 30, 2025, were HKD 46,072,000, down from HKD 53,942,000 in 2024, a decrease of 14.7%[64]. Compliance and Governance - The company has complied with all provisions of the Corporate Governance Code as of September 30, 2025[80]. - The Audit Committee, consisting of three independent non-executive directors and two non-executive directors, has reviewed the interim financial information for the six months ending September 30, 2025[81]. - The independent auditor has reviewed the unaudited condensed consolidated financial information for the same period according to the relevant standards[81]. Customer Engagement and Social Responsibility - The group actively supports the elderly economy, providing discounted meals to 50,000 elderly beneficiaries during the review period[37]. - The customer membership program in mainland China expanded to over 7.4 million registered members[29].

Financial Performance - Revenue decreased by 2.3% to HKD 1.517 billion compared to HKD 1.553 billion in the previous year[2] - Profit attributable to equity shareholders for the period was HKD 13.215 million, down from HKD 15.521 million in the previous year[4] - Basic earnings per share decreased to HKD 10.20 from HKD 11.98 in the previous year[4] - Total comprehensive income attributable to equity shareholders for the period was HKD 13.260 million, down from HKD 14.930 million in the previous year[6] - The group reported a pre-tax profit of HKD 15,703,000 for the six months ended September 30, 2025, compared to HKD 17,774,000 for the same period in 2024[11] - Reported segment profit before tax for the six months ended September 30, 2025, was HKD 28,909,000, down 8.0% from HKD 31,422,000 in 2024[20] - The net profit attributable to shareholders was HKD 13.2 million, down 14.9% from HKD 15.5 million in the previous year, mainly due to decreased sales[50] Revenue and Sales - Revenue for the six months ended September 30, 2025, was HKD 1,517,523,000, a decrease from HKD 1,553,451,000 for the same period in 2024[15] - Food and beverage sales amounted to HKD 1,514,329,000, down from HKD 1,550,241,000 in the previous year[15] - Total revenue for the six months ended September 30, 2025, was HKD 1,517,793,000, a decrease of 2.1% from HKD 1,553,625,000 in 2024[19] Profitability Metrics - Gross profit margin increased to 8.1% from 7.5% in the previous year[2] - Gross margin increased to 8.1% from 7.5% in the previous year, attributed to optimized employee cost management and reduced asset amortization[45] - Basic earnings per share for the six months ended September 30, 2025, were HKD 13,215,000, down from HKD 15,521,000 in 2024[26] - Diluted earnings per share for the same period were also HKD 13,215,000, consistent with the basic earnings per share[27] Cash and Assets - Cash and cash equivalents as of September 30, 2025, were HKD 552.074 million, slightly up from HKD 545.653 million as of March 31, 2025[7] - Total assets less current liabilities amounted to HKD 1.292 billion as of September 30, 2025[7] - The group’s total equity as of September 30, 2025, was HKD 644,392,000, a decrease from HKD 652,035,000 as of March 31, 2025[10] - The group's bank deposits and cash amounted to HKD 552.1 million, representing 76.6% of total current assets, with an increase of HKD 6.4 million or 1.2% compared to the previous period[52] Liabilities and Debt - Low debt ratio of 2.5%, compared to 0.8% as of March 31, 2025[2] - The group recognized lease liabilities of HKD 361,184,000 as of September 30, 2025, compared to HKD 372,430,000 as of March 31, 2025[10] - The total current liabilities were HKD 847,814,000, up from HKD 812,659,000 as of March 31, 2025, resulting in a net current liability of HKD 127,457,000[10] - The group obtained bank loans of HKD 16.4 million to expand its business in China, resulting in a debt ratio of 2.5%[52] Operational Highlights - The company opened 3 new fast-food outlets in Hong Kong, bringing the total to 150 outlets as of September 30, 2025[40] - In mainland China, the company added 4 new fast-food outlets during the review period, indicating a stable and sustainable operational model with significant growth potential[40] - The group implemented effective cost control measures in labor, rent, and food costs to enhance overall efficiency[35] Marketing and Product Development - New product offerings included the upgraded "Ah Wok Curry" series and traditional "Hong Kong Classics" menu items, aimed at attracting new customers[36] - The group collaborated with a well-established local brand to launch authentic Hong Kong-style satay dishes, enhancing menu diversity[36] - Marketing initiatives targeted younger customers, including collaborations with local influencers to rejuvenate the brand image[37] Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.05 per share[2] - The company declared an interim dividend of HKD 0.05 per share, maintaining the same level as in 2024[25] - The board declared an interim dividend of HKD 0.05 per share, representing 49% of the profit attributable to equity shareholders, up from 42% in the previous period[60] Corporate Governance - The audit committee consists of three independent non-executive directors and reports to the board of directors[65] - The company has adopted the "Standard Code" for securities trading by directors as per the listing rules, confirming compliance for the six months ending September 30, 2025[66] - The interim results announcement will be published on the company's website and the Hong Kong Stock Exchange website, with all required information to be sent to shareholders[67] Social Responsibility - The company has implemented a corporate social responsibility program, including initiatives to support the elderly and develop soft food options, serving over 640 individuals through various activities[39] Future Outlook - The company anticipates continued growth in mainland China, supported by effective marketing strategies and the opening of flagship stores[42] - The company aims to enhance cost efficiency and focus on same-store sales growth and store expansion as key growth strategies moving forward[41]

Revenue and Profitability - Revenue decreased by 5.7% to approximately HK$82.0 million[18] - Profit attributable to equity shareholders increased by 25.7% to approximately HK$38.4 million[18] - Net profit margin increased by 11.7 percentage points to 46.8%[18] - The Group's profit for FP2026 increased to approximately HK$38.4 million from approximately HK$30.5 million in FP2025, representing an increase of approximately HK$7.9 million or 25.7%[61] - Earnings per share increased to HK$2.0, up from HK$1.6, reflecting a growth of 25%[108] - Profit from operations increased to HK$46,591,000, up 22.3% from HK$38,082,000 in the previous year[108] - Profit before taxation rose to HK$44,696,000, representing a 24.3% increase compared to HK$35,962,000 in the prior period[108] Loan and Interest Income - Total amount of new pawn loans granted increased by 14.6% to approximately HK$472.7 million[18] - Interest income from the mortgage loan business was approximately HK$33.6 million, accounting for approximately 41.0% of total revenue[21] - Interest income from the pawn loan business increased by approximately 4.5% to HK$39.4 million[25] - Interest income from mortgage loan receivables was HK$33,598,000, a decrease of 23.1% compared to HK$43,684,000 in 2024[138] - Revenue from pawn loan business generated interest income of HK$33,846,000, slightly down from HK$33,985,000 in the previous year[138] Operating Expenses and Costs - Operating expenses decreased by approximately HK$1.6 million or 5.6%, from approximately HK$28.5 million in FP2025 to approximately HK$26.9 million in FP2026[43] - Staff costs slightly decreased by approximately HK$0.4 million or 2.7%, from approximately HK$14.8 million in FP2025 to approximately HK$14.4 million in FP2026[43] - Total operating expenses for the six months ended August 31, 2025, were HK$24,451,000, a decrease of 5.0% from HK$25,744,000 in 2024[151] - Finance costs decreased by approximately HK$0.2 million or 9.5% from approximately HK$2.1 million in FP2025 to approximately HK$1.9 million in FP2026, primarily due to the full settlement of debt securities issued on or before 28 February 2025[48] Asset and Liability Management - Principal of gross loan receivables decreased by 4.7% to approximately HK$829.3 million[18] - Total current assets as of August 31, 2025, were HK$1,113,843,000, compared to HK$1,082,252,000 as of February 28, 2025[111] - Cash and cash equivalents increased to HK$293,288,000 from HK$215,655,000, showing a significant rise of 36%[111] - Loan receivables decreased to HK$806,251,000 from HK$848,448,000, a decline of 5%[111] - Total liabilities increased to HK$63,028,000 from HK$59,745,000, reflecting a rise of 5.7%[111] - The total net loan receivables at amortized cost amounted to HK$670,401,000 as of August 31, 2025, down from HK$717,107,000 as of February 28, 2025[175] Impairment and Credit Losses - The charge for impairment losses on loan receivables was approximately HK$10.9 million in FP2026, measured based on the requirement under HKFRS 9[49] - Impairment losses recognized on mortgage receivables were approximately HK$11.7 million in FP2026, reflecting impairments on several first mortgage loans due to a noticeable decline in property prices[50] - Impairment losses recognized for the six months ended August 31, 2025, were approximately HK$10.9 million, a significant decrease from HK$24.5 million for the same period in 2024[176] - The Group wrote off approximately HK$5.4 million in expected credit losses as of August 31, 2025, due to borrower defaults, compared to no write-offs in the same period in 2024[177] Market Outlook and Strategic Initiatives - The Board maintains a cautiously optimistic outlook on the property market, anticipating a gradual recovery in residential property prices in Hong Kong[89][93] - The Group has partnered with PACM Group to establish a fund, entering the real estate private credit investment management sector, and will explore expansion opportunities in local and overseas markets[95][97] - The Group will continue to review strategic shop locations and consider potential acquisitions within established pawn businesses to enhance customer experience and operational profitability[96][97] - The Board remains vigilant to potential downside risks stemming from external shocks and domestic market developments[94][93] Cash Flow and Dividends - During FP2026, net cash inflow from operating activities amounted to approximately HK$96.4 million, mainly due to a decrease in loan receivables by approximately HK$36.2 million[72] - The net cash outflow from financing activities amounted to approximately HK$21.3 million for FP2026, primarily due to dividend payments of approximately HK$15.6 million and finance costs of approximately HK$1.2 million[73][77] - The company declared a final dividend of HK$15,587 for the period, compared to HK$14,649 in the previous year, reflecting an increase of about 6.4%[119] - The net increase in cash and cash equivalents for the six months ended August 31, 2025, was HK$77,633, significantly higher than HK$17,309 in 2024, indicating a growth of approximately 348.5%[119]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 252,432,000, a decrease of 37.0% compared to HKD 400,813,000 in the same period last year[4] - Gross profit for the same period was HKD 52,149,000, down 35.0% from HKD 80,278,000[4] - Operating profit decreased by 48.3% to HKD 25,055,000 from HKD 48,465,000 year-on-year[4] - Profit before tax fell by 50.8% to HKD 23,129,000 compared to HKD 46,988,000 in the previous period[4] - Net profit for the period was HKD 19,210,000, a decline of 48.8% from HKD 37,541,000[4] - Basic and diluted earnings per share were HKD 0.02, down 60.0% from HKD 0.05[4] - The adjusted profit before tax for the six months ended September 30, 2025, was HKD 52,149 thousand, down 35% from HKD 80,278 thousand in the same period of 2024[25] - Total operating expenses for the six months ended September 30, 2025, were HKD 77,702 thousand, slightly down from HKD 79,602 thousand in 2024[27] - Financial costs for the six months ended September 30, 2025, amounted to HKD 1,926 thousand, an increase from HKD 1,477 thousand in the previous year[28] - The income tax expense for the six months ended September 30, 2025, was HKD 3,919 thousand, compared to HKD 9,447 thousand in 2024[29] - The actual tax rate for the reporting period was approximately 16.9%, down from 20.1% in the previous period, primarily due to non-deductible listing expenses in the prior period[56] - The net profit for the period decreased by approximately HKD 18.3 million or 49% to about HKD 19.2 million compared to the previous period[57] Revenue Breakdown - The civil engineering segment generated revenue of HKD 139,508 thousand, down 54% from HKD 303,812 thousand year-over-year[22][23] - The electromechanical engineering segment reported revenue of HKD 95,382 thousand, an increase of 18% from HKD 80,728 thousand in the previous year[22][23] - The renewable energy segment achieved revenue of HKD 11,160 thousand, up 12.5% from HKD 9,923 thousand year-over-year[22][23] - The civil engineering business recorded revenue of approximately HKD 139.5 million, a decrease of HKD 164.3 million or 54% year-on-year, primarily due to several projects nearing completion[45] - The electromechanical engineering revenue was approximately HKD 95.4 million, an increase of HKD 14.7 million or 18%, mainly due to the activation of an 8-year main contract for cable trench excavation and laying[46] - The group's renewable energy business generated approximately HKD 11.2 million in revenue, an increase of HKD 1.2 million or 12% compared to the same period last year[44] - The overall revenue decreased by approximately HKD 148.4 million or 37% to about HKD 252.4 million, mainly due to the decline in civil engineering revenue[52] Assets and Liabilities - Non-current assets increased to HKD 167,477,000 as of September 30, 2025, from HKD 155,569,000 as of March 31, 2025[8] - Current assets totaled HKD 443,408,000, up from HKD 413,647,000 as of March 31, 2025[8] - Total liabilities increased to HKD 240,004,000 from HKD 217,623,000[9] - Net assets attributable to equity holders rose to HKD 370,881,000 from HKD 351,593,000[9] - Trade receivables increased to HKD 44,674,000 as of September 30, 2025, compared to HKD 24,545,000 as of March 31, 2025, representing an increase of 81.9%[34] - The net value of contract assets as of September 30, 2025, was HKD 331,341,000, up from HKD 270,693,000 as of March 31, 2025, indicating a growth of 22.4%[36] - The company's cash and cash equivalents were approximately HKD 38.1 million as of September 30, 2025, down from HKD 93.7 million as of March 31, 2025[59] - The current ratio as of September 30, 2025, was approximately 2.15, compared to 2.10 as of March 31, 2025[60] - The debt-to-equity ratio was approximately 24.5% as of September 30, 2025, up from 20.5% as of March 31, 2025[61] - The net current assets were HKD 237.2 million as of September 30, 2025, an increase from HKD 216.7 million as of March 31, 2025[62] Shareholder Information - The company declared an interim dividend of approximately HKD 30,000,000 for the period ending March 31, 2024, with HKD 23,637,000 settled in cash and HKD 6,363,000 offset against receivables[30] - For the six months ending September 30, 2025, the profit attributable to the company's owners was HKD 19,210,000, a decrease of 48.9% from HKD 37,541,000 in the same period of 2024[32] - The basic earnings per share for the six months ending September 30, 2025, was HKD 0.02, down from HKD 0.05 in the previous year[32] - The company has a total of 1,500,000,000 shares issued as of September 30, 2025, following a capital increase and capitalization issuance[39] - No interim dividend has been recommended by the board for the reporting period[77] Strategic Initiatives - The company aims to become a pioneer in green infrastructure in Hong Kong, actively pursuing renewable energy projects to promote sustainable development[42] - The company is focusing on the dual-driven business strategy of "new energy + green building" to leverage its competitive advantages in a changing market[42] - The group anticipates that the renewable energy business will become a growth engine, driven by government support and the establishment of the "Zero Carbon Smart Alliance" for comprehensive solutions in the renewable sector[47] - The group plans to actively participate in large-scale construction projects and bidding to achieve stable profit growth, leveraging the government's commitment to infrastructure development[49] - The group aims to enhance its competitiveness in the renewable energy sector through collaboration with industry leaders and the integration of advanced technologies[48] Capital Expenditures and Funding - Capital expenditures during the reporting period were approximately HKD 34.1 million, compared to HKD 20.3 million in the previous period[65] - The company successfully raised approximately HKD 150,000,000 from the public offering of 250,000,000 shares at HKD 0.73 per share, after deducting underwriting fees and related expenses[41] - The net proceeds from the listing are planned to be used as follows: 45% for purchasing more machinery and equipment (HKD 67.5 million), 35% for pre-project costs (HKD 52.5 million), and 10% for general working capital (HKD 15 million) by September 30, 2025[74] - The planned use of net proceeds includes HKD 48.4 million remaining for machinery and equipment purchases, with a timeline for full utilization by June 2026[74] - The procurement of 4S and enterprise planning systems has utilized HKD 6.5 million, with HKD 1 million remaining, expected to be fully used by March 2026[74] Employee Information - As of September 30, 2025, the total employee cost (including director remuneration) was approximately HKD 77.7 million, a decrease from HKD 79.6 million in the previous period[75] - The company has 417 employees as of September 30, 2025, an increase from 411 employees as of March 31, 2025[75] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial information and confirmed compliance with applicable accounting standards and regulations[78] - The company did not purchase, sell, or redeem any of its listed securities during the six months ending September 30, 2025[76] - The company’s headquarters and main business location changed to TML Plaza, Room C, 30th Floor, 3 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong, effective October 27, 2025[79] - The company has not issued, exercised, canceled, or expired any share options or shares under the share incentive plan since its adoption[75]

Financial Performance - The revenue for the year ending August 31, 2025, was approximately HKD 195,049,000, a decrease of about 2.60% compared to HKD 200,265,000 in the previous year[11][15] - The gross profit for the same period was approximately HKD 49,968,000, slightly up from HKD 49,811,000 in the previous year[11] - The net profit for the year was approximately HKD 2,638,000, a significant decrease from HKD 8,948,000 in the previous year[12][15] - The company's revenue decreased by approximately 2.60% from HKD 200,265,000 for the year ended August 31, 2024, to HKD 195,049,000 for the year ended August 31, 2025[24] - The sales cost reduced by about 3.57% from HKD 150,454,000 for the year ended August 31, 2024, to HKD 145,081,000 for the year ended August 31, 2025[25] - The administrative expenses increased by approximately 18.34% from HKD 41,089,000 for the year ended August 31, 2024, to HKD 48,623,000 for the year ended August 31, 2025[26] - The net profit for the year ended August 31, 2025, was approximately HKD 2,638,000, a decrease from HKD 8,948,000 for the year ended August 31, 2024[27] - As of August 31, 2025, the company had cash and bank balances of approximately HKD 17,413,000, a decrease of about HKD 14,519,000 compared to HKD 31,932,000 on August 31, 2024[32] - The company has a debt-to-equity ratio of 0.08 as of August 31, 2025, down from 0.10 in 2024[38] - As of August 31, 2025, the company has approximately HKD 10,753,000 available for distribution to shareholders[89] Dividend Policy - The company does not recommend the payment of a final dividend for the year ending August 31, 2025, consistent with the previous year[13] - The board does not recommend a final dividend for the year ending August 31, 2025, consistent with the previous year[82] Business Operations and Projects - The company is expanding its maintenance services, including a significant new maintenance contract for security alarm systems with the Hong Kong Police Force starting in March 2025[15] - Major ongoing projects include the installation of electronic systems at the Hong Kong International Airport and CCTV systems for the Drainage Services Department[15] - Completed projects during the review period include the installation of CCTV at Shun Fung Industrial Centre and upgrades to existing access control systems[15] - The company is currently providing security services at HKD 1,500,000 per month at the site in Discovery Bay[20] - The company aims to expand its electric vehicle charging stations, currently operating at Langham Place and Swiss Re Centre[21] - The company plans to enhance its ELV maintenance service contracts to strengthen customer relationships and increase market share[21] - The company is actively seeking opportunities to expand its security guard services in other regions[21] - The company has completed significant projects, including CCTV installations and upgrades to access control systems for various clients[19] - The company continues to invest in developing internal capabilities and collaborating with business partners for integrated security solutions[22] Corporate Governance - The company is committed to ensuring compliance with GEM listing rules and relevant regulations through its governance structure[57] - The company has a focus on environmental, social, and governance (ESG) compliance as part of its corporate development strategy[57] - The board consists of independent non-executive directors who provide independent opinions and oversight, enhancing corporate governance[59] - The company has a focus on attracting venture capital to invest in local innovation and technology startups through the HKD 2 billion Innovation and Technology Venture Fund established by the Hong Kong government[63] - The company is committed to enhancing its corporate governance through the independent opinions provided by its board members[68] - The company has a diverse board with members possessing backgrounds in law, finance, and healthcare management, which may contribute to a well-rounded strategic direction[65][68] - The company is involved in community work and has members who have received recognition for their contributions, enhancing its corporate social responsibility profile[70] - The company is actively engaged in the development of new strategies and governance practices to ensure compliance with regulatory standards[66] Risk Management - The company emphasizes the importance of risk management, with a commitment to evaluate the effectiveness of its risk management framework at least annually[49] - Major risks identified include strategic risks from changing competitive landscapes and market saturation, operational risks from subcontractor performance, and financial risks such as liquidity and credit risks[50] - The company plans to continue hiring external independent professionals to review its internal controls and risk management systems annually[49] - The board will review the need for internal audit functions at least once a year, considering the scale and complexity of the business[49] - The company has no internal audit function currently, opting for external professionals for cost-effectiveness[49] - The audit committee reviews the effectiveness of the risk management and internal control systems annually, ensuring resources and training are adequate[162] Shareholder Information - Sales to the top five customers accounted for 59.81% of total annual sales, with the largest customer contributing 32.28%[90] - Purchases from the top five suppliers represented 15.23% of total annual purchases, with the largest supplier accounting for 4.16%[90] - The company has adopted a share option scheme to incentivize directors and eligible employees, effective for 10 years from March 10, 2017[104][105] - The total number of share options that may be issued under the share option scheme cannot exceed 10% of the total shares issued at the time of listing, which is 160,000,000 shares[106] - As of August 31, 2025, there are no outstanding share options, warrants, or convertible instruments[108] - The company has confirmed compliance with the non-competition agreement established on February 17, 2017, by its controlling shareholders[117] - The company has maintained adherence to all relevant laws and regulations without any significant violations during the review period[121] - At least 25% of the company's total issued share capital is held by the public as of the report date[126] Employee and Management Information - The company has a total of 453 employees as of August 31, 2025, an increase from 383 employees in 2024[34] - The management team includes experienced individuals with backgrounds in technology, finance, and project management, enhancing the company's operational capabilities[51][57][59] - The company has a total of three senior management members earning below HKD 1,000,000 for the year ending August 31, 2025[144] - The company emphasizes the importance of continuous professional development for its directors, providing training and support[136] Sustainability and ESG Initiatives - The company has achieved ISO 9001:2015 QMS certification, demonstrating its commitment to quality management systems[191] - The company is focused on enhancing employee health and safety, implementing a framework that complies with ISO 45001 standards[191] - The company has established an efficient environmental management system certified by ISO 14001:2015, ensuring compliance with relevant laws and regulations[191] - The company is advancing its sustainability strategy by developing electric vehicle charging stations at key projects, reinforcing its long-term sustainability goals[191] - The group emphasizes the importance of integrating environmental, social, and governance (ESG) principles into its risk management system to pursue a sustainable business model[187] - The group has established a whistleblowing policy to responsibly handle reports of misconduct, ensuring fair treatment of whistleblowers[170] - The anti-bribery and anti-corruption policy is part of the corporate governance framework, demonstrating the group's commitment to ethical business practices[171] - The environmental, social, and governance report outlines the group's initiatives and performance in these areas, showcasing its commitment to sustainable development[180] - The group encourages stakeholders to provide feedback on its ESG report and sustainable development performance[186] Audit and Compliance - The company has appointed a new auditor, RSM Hong Kong, effective July 25, 2024, replacing the previous auditor[128] - The external auditor, RSM Hong Kong, received a total fee of HKD 650,000 for audit services for the year ending August 31, 2025[160] - The audit committee held two meetings during the year to discuss financial reporting and compliance procedures, and confirmed that the annual report complies with applicable standards and regulations[141] - The remuneration committee reviewed the compensation packages for directors and senior management, deeming them fair and reasonable for the year ending August 31, 2025[142] - The company has established a nomination policy to ensure board members possess the necessary skills and experience for future development[146] - The board consists of independent non-executive directors who oversee specific aspects of governance, including audit, remuneration, and nominations[139] - The audit committee is chaired by Mr. Xu Junhao and includes four independent non-executive directors[140] Board Diversity and Structure - The board of directors consists of seven members, with six male and one female, and approximately 77.92% of the entire employee team is male[135] - The company has adopted a diversity policy to enhance the board's composition and effectiveness[146] - The board diversity policy aims to enhance performance quality, considering factors such as gender, age, culture, education background, race, professional experience, skills, knowledge, and tenure[150] - The board's composition will be disclosed annually in the corporate governance report, adhering to GEM listing rules[152]

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 16,694,000, a decrease of 58.6% compared to HKD 40,206,000 for the same period in 2024[4] - The gross profit for the same period was HKD 1,337,000, down 74.8% from HKD 5,308,000 in 2024[4] - The company incurred a loss before tax of HKD 19,281,000, compared to a loss of HKD 10,193,000 in the previous year, representing an increase in loss of 89.5%[5] - The net loss for the period was HKD 19,310,000, compared to HKD 10,194,000 in 2024, indicating an increase in loss of 89.8%[5] - Basic and diluted loss per share was HKD 10.0, compared to HKD 21.3 in the previous year, reflecting a decrease in loss per share[5] - The group recorded a loss of approximately HKD 19,300,000 for the six months ended September 30, 2025, an increase in loss of about 89.2% compared to HKD 10,200,000 for the same period in 2024[46] Revenue Breakdown - Total revenue for the six months ended September 30, 2025, was HKD 16,694,000, a decrease of 58.6% compared to HKD 40,206,000 for the same period in 2024[14] - Sales of bridesmaid dresses amounted to HKD 3,324,000, down 87.1% from HKD 25,758,000 in the previous year[14] - Revenue from the United States market decreased to HKD 3,096,000 from HKD 26,466,000, representing an 88.3% decline[15] - Revenue from the sale of bridesmaid dresses dropped from approximately HKD 25.8 million to HKD 3.3 million, a decrease of about 87.2%, due to a reduction in sales volume from 121,900 units to 13,500 units[51] - Revenue from special occasion dresses increased from approximately HKD 5 million to HKD 7.4 million, an increase of about 48.0%, driven by an increase in sales volume from 10,600 units to 62,200 units[52] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 57,089,000, down from HKD 61,996,000 as of March 31, 2025[7] - Current liabilities increased to HKD 63,353,000 from HKD 46,783,000, indicating a rise in financial obligations[8] - The company reported cash and cash equivalents of HKD 5,463,000, down from HKD 6,759,000 in the previous period[7] - Trade receivables from third parties amounted to HKD 6,590,000 as of September 30, 2025, compared to HKD 4,732,000 as of March 31, 2025, reflecting an increase of approximately 39%[30] - Trade payables totaled HKD 7,993,000 as of September 30, 2025, compared to HKD 5,392,000 as of March 31, 2025, indicating a rise of approximately 48%[34] Equity and Financing - The company’s total equity as of September 30, 2025, was HKD 49,593,000, compared to HKD 27,277,000 in the previous year, showing a significant increase[8] - The group has total borrowings of HKD 6,498,000 as of September 30, 2025, down from HKD 15,346,000 as of March 31, 2025[37] - The effective interest rate on floating bank overdrafts was 6.79% as of September 30, 2025, slightly down from 6.98% as of March 31, 2025[39] - The group has issued bonds totaling HKD 10,000,000, which are unsecured and bear an annual interest rate of 30%[36] - The group has a total of HKD 3,677,000 in secured and guaranteed loans as of September 30, 2025, down from HKD 9,066,000 as of March 31, 2025[37] Operational Challenges - The group is facing challenges due to ongoing US-China trade disputes and global economic uncertainties, impacting overall business performance[47] - The group is experiencing a challenging business environment due to the impact of post-pandemic economic disruptions[47] Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with all applicable provisions except for C.2.1, which states that the roles of Chairman and CEO should be separate[80] - The Board believes that having the same individual serve as both Chairman and CEO, Mr. Zhuang, provides strong and effective leadership for the company's strategic planning and business development[81] - The Audit Committee, established on January 31, 2019, consists of three independent non-executive directors and has reviewed the unaudited consolidated financial results for the six months ended September 30, 2025[84][85] Employee and Administrative Costs - The total employee cost for the six months ending September 30, 2025, was approximately HKD 15,800,000, an increase from HKD 13,600,000 for the same period last year[71] - Administrative expenses rose from approximately HKD 9.6 million to HKD 16.8 million, an increase of about 75.0%, primarily due to compensation payments related to a voluntary resignation plan[58] Future Plans - The group plans to issue up to 202,183,720 rights shares at a subscription price of HKD 0.20 per share, aiming to raise approximately HKD 40,400,000[44] - The group plans to allocate approximately HKD 15,000,000 for debt repayment and general working capital from the rights issue proceeds[75]

Financial Performance - Total revenue for the period was HKD 335.6 million, a decrease of 17.7% from HKD 407.9 million in 2024[4] - Gaming revenue decreased to HKD 177.9 million, down 29.5% from HKD 253.0 million in 2024[4] - Net loss narrowed significantly to HKD 73.1 million, compared to a net loss of HKD 225.7 million in 2024[4] - Basic loss per share improved to HKD 0.05 from HKD 0.15 in 2024[4] - The group reported a loss before tax of HKD 77,192,000 for the six months ended September 30, 2025, compared to a loss of HKD 221,596,000 in 2024, indicating an improvement in performance[20] - The gross profit for the six months ended September 30, 2025, was HKD 105,777,000, down from HKD 159,839,000 in 2024, representing a decline of 33.8%[20] - The group reported a pre-tax loss of HKD 77,192,000 for the six months ended September 30, 2025, compared to a pre-tax profit of HKD 221,596,000 for the same period in 2024[34][37] Revenue Breakdown - Hotel and rental apartment revenue slightly increased to HKD 157.7 million, representing 47.0% of total revenue, compared to 38.0% in 2024[12] - Rental income for the six months ended September 30, 2025, was HKD 25,224,000, slightly down from HKD 25,775,000 in 2024[29] - Macau business generated gaming revenue of HKD 177,890,000, while hotel revenue was HKD 79,958,000 and rental income was HKD 8,870,000, totaling HKD 266,718,000 for the six months ended September 30, 2025[33] - Hong Kong business contributed hotel revenue of HKD 52,527,000 and rental income of HKD 16,354,000, resulting in total revenue of HKD 68,881,000 for the same period[33] - Adjusted EBITDA for Macau business was HKD 36,882,000 and for Hong Kong business was HKD 8,359,000, leading to a combined adjusted EBITDA of HKD 45,241,000 for the six months ended September 30, 2025[33] Visitor Statistics - The number of visitors to Hong Kong increased by 13.5% to 24.2 million, benefiting the group's operations[13] - Macau visitor numbers rose by 16.2% to 19.8 million, indicating a positive trend for the group's future prospects[13] Employee and Cost Management - The group had 439 employees as of September 30, 2025, down from 670 employees in 2024, reflecting a reduction in workforce[18] - The total employee costs for the period amounted to HKD 153,100,000, a decrease of 5.4% from HKD 162,300,000 in 2024[18] - Employee costs accrued increased to HKD 32,670,000 as of September 30, 2025, up 14.3% from HKD 28,506,000 as of March 31, 2025[43] Financial Position - The group's cash and bank deposits totaled HKD 565.0 million as of September 30, 2025, slightly down from HKD 572.9 million on March 31, 2025[14] - Total borrowings remained stable at HKD 39.5 million, with a capital debt ratio of zero[15] - The group's total assets as of September 30, 2025, were HKD 4,323,363,000, a decrease from HKD 4,425,650,000 as of March 31, 2025[22] - Trade receivables as of September 30, 2025, amounted to HKD 30,655,000, with a provision for impairment of HKD 12,370,000, resulting in a net receivable of HKD 18,285,000[42] - Trade payables as of September 30, 2025, amounted to HKD 10,886,000, a decrease of 7.6% from HKD 11,776,000 as of March 31, 2025[43] - Other payables and accrued expenses totaled HKD 48,964,000 as of September 30, 2025, down 15.6% from HKD 58,073,000 as of March 31, 2025[43] Corporate Governance - The company has complied with all provisions of the corporate governance code as set out in Appendix C1 of the Listing Rules during the period[46] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[50] Operational Changes - The group is actively planning to enhance entertainment and leisure facilities at its hotels to broaden its revenue base following the termination of gaming operations[10] - The company entered into a termination agreement with 澳娛 on October 27, 2025, ending its service agreement effective October 31, 2025, which includes the cessation of gaming operations at the 英皇娛樂酒店[44] Interim Results - The interim financial statements for the period have not been reviewed or audited by the company's auditor, but were reviewed by the audit committee[45] - The interim results announcement was published on the Hong Kong Stock Exchange website and the company's website[49] - The company did not declare any interim dividend for the period, consistent with the previous year[19][41] - No repurchase, sale, or redemption of the company's listed securities occurred during the period[48]

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 19,036,000, a significant increase of 161.5% compared to HKD 7,296,000 for the same period in 2024[5] - The gross profit for the same period was HKD 5,745,000, representing a gross margin of approximately 30.2%, compared to HKD 2,185,000 in 2024[5] - The operating loss decreased to HKD 3,412,000 from HKD 5,498,000 year-over-year, indicating an improvement in operational efficiency[5] - The net loss for the period was HKD 3,433,000, a reduction from HKD 5,503,000 in the previous year, reflecting a 37.5% improvement[5] - Revenue from interior design and execution services was HKD 18,930,000 for the six months ended September 30, 2025, up from HKD 7,296,000 in 2024, indicating a growth of 159%[14] - The group reported a net loss attributable to shareholders of HKD 3,433,000 for the six months ended September 30, 2025, compared to a net loss of HKD 5,503,000 in 2024, showing an improvement of 38%[24] - Interest income increased to HKD 267,000 for the six months ended September 30, 2025, compared to HKD 205,000 in 2024, marking an increase of 32%[19] - The pre-tax loss for the six months ending September 30, 2025, is approximately HKD 3.4 million, a reduction of HKD 2.1 million or 37.6% from the previous period's loss of approximately HKD 5.5 million, driven by revenue growth in the Chinese market[55] Assets and Liabilities - The company's total assets as of September 30, 2025, were HKD 44,591,000, compared to HKD 39,845,000 as of March 31, 2025, showing a growth of 12%[6] - Cash and cash equivalents increased to HKD 6,369,000 from HKD 3,161,000, representing a 101.5% increase in liquidity[6] - The company's current liabilities rose to HKD 19,097,000 from HKD 10,855,000, indicating a 75.5% increase, which may impact short-term financial stability[6] - The net asset value decreased to HKD 25,347,000 from HKD 28,781,000, reflecting a decline of 11.3%[6] - Trade receivables increased to HKD 7,247,000 as of September 30, 2025, from HKD 4,841,000 as of March 31, 2025, with a provision for impairment loss of HKD 452,000[35] - The total amount of loans receivable remained stable at HKD 7,700,000 as of September 30, 2025, with accrued interest of approximately HKD 193,000[30] - The group's total liabilities increased from HKD 2,756,000 as of March 31, 2025, to HKD 3,133,000 as of September 30, 2025[29] - The group's non-current assets increased to HKD 20,617,000 as of September 30, 2025, from HKD 20,257,000 as of March 31, 2025[29] Revenue Sources - The group generated HKD 12,901,000 in revenue from mainland China for the six months ended September 30, 2025, compared to HKD 496,000 in the same period of 2024, reflecting a substantial increase of 2,596%[18] - Revenue from the Hong Kong business was approximately HKD 6.1 million, a slight decrease of about HKD 0.7 million or 9.8% compared to HKD 6.8 million in the same period last year[47] - Revenue from the China market surged from approximately HKD 0.5 million in the previous year to HKD 12.9 million for the six months ended September 30, 2025, accounting for about 67.8% of total revenue[47] Operational Efficiency - The group’s employee benefit expenses decreased to HKD 5,833,000 for the six months ended September 30, 2025, down from HKD 7,325,000 in 2024, a reduction of 20%[22] - Service costs for the six months ending September 30, 2025, are approximately HKD 13.3 million, an increase of about HKD 8.2 million or 160.0% compared to the previous period[49] - Administrative expenses increased from approximately HKD 7.9 million to approximately HKD 9.2 million, a rise of about HKD 1.3 million or 16.4% due to new project-related administrative costs[53] - Financial costs surged from approximately HKD 1,000 to approximately HKD 6,000, a significant increase of about HKD 5,000 or 500.0% attributed to rising lease liabilities[54] - Trade and other payables increased significantly to approximately HKD 14.6 million from HKD 6.4 million, an increase of about HKD 8.2 million or 127.3% due to business expansion in the Chinese market[58] Corporate Governance and Compliance - The financial data is prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance and transparency in reporting[9] - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from April 1, 2025, but these did not have a significant impact on the unaudited condensed consolidated financial information for the six months ended September 30, 2025[10] - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2025, confirming compliance with applicable accounting standards and regulations[88] - The company has adopted corporate governance practices based on GEM Listing Rules Appendix C1, ensuring compliance with all applicable regulations[86] Future Outlook and Strategy - The company continues to focus on providing interior design and execution services, with plans for market expansion and potential new product offerings in the future[8] - The company aims to maintain and strengthen its market position in Hong Kong while cautiously exploring opportunities in mainland China[45] - The company plans to enhance brand awareness and marketing efforts as part of its growth strategy[45] - The company continues to invest in business development in both Hong Kong and mainland China to further increase revenue contributions[48] Shareholder Information - Major shareholder Jun Tai Ting Investment holds 159,068,639 shares, representing 73.87% of total equity as of September 30, 2025[77] - The group has no significant contingent liabilities as of September 30, 2025[40] - The group did not declare any dividends for the six months ended September 30, 2025, consistent with the previous year[23] - The company did not recommend any dividend payment for the six months ending September 30, 2025[80] Employment and Workforce - The group had 25 employees as of September 30, 2025, down from 37 employees as of March 31, 2025[74] - The total employee cost for the six months ending September 30, 2025, was approximately HKD 5.8 million, down from HKD 7.3 million for the same period in 2024[74] Miscellaneous - The board approved the unaudited condensed consolidated financial information for the six months ended September 30, 2025, on November 26, 2025[42] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ending September 30, 2025[66] - The company has not purchased, sold, or redeemed any listed securities during the six months ending September 30, 2025[83] - The company is currently seeking suitable candidates to fill the vacancies left by the resignation of Ms. Tang Yuying as an independent non-executive director and chair of the remuneration committee, which has resulted in non-compliance with GEM listing rules[89] - The mid-term report for the fiscal year 2025/2026 will be published in accordance with GEM listing rules and will be available on the Hong Kong Stock Exchange website and the company's website[90]

Financial Performance - For the six months ended September 30, 2025, the group recorded revenue of approximately HKD 815.5 million, an increase of approximately HKD 567.3 million or 228.6% compared to HKD 248.2 million for the same period in 2024[3] - Gross profit for the same period was approximately HKD 84.2 million, up by approximately HKD 39.8 million or 89.6% from HKD 44.4 million in 2024, with a gross margin of approximately 10.3%[3] - The profit attributable to owners of the company was approximately HKD 15.1 million, a turnaround from a loss of approximately HKD 26.6 million in the same period of 2024[3] - Adjusted EBITDA increased from approximately HKD 15.9 million for the six months ended September 30, 2024, to approximately HKD 36.1 million for the same period in 2025[3] - Basic and diluted earnings per share for the six months ended September 30, 2025, were approximately HKD 0.55, compared to a loss of approximately HKD 1.06 per share in 2024[3] - Total comprehensive income for the period was approximately HKD 15.5 million, compared to a loss of approximately HKD 25.6 million in the same period of 2024[5] Revenue Breakdown - For the six months ended September 30, 2025, total revenue from external customers reached HKD 815,529,000, a significant increase from HKD 248,176,000 for the same period in 2024, representing a growth of approximately 228%[21] - Revenue from Hong Kong increased to HKD 310,846,000 in 2025, up from HKD 232,342,000 in 2024, reflecting a growth of about 34%[21] - Revenue from the People's Republic of China surged to HKD 427,496,000 in 2025, compared to HKD 15,834,000 in 2024, indicating an increase of over 2600%[21] - The construction and renovation segment generated external revenue of HKD 25,728,000, while the reverse supply chain management and environmental services segment contributed HKD 789,801,000, totaling HKD 815,529,000 for the period[18] - Revenue from reverse supply chain management and environmental services reached HKD 789,801,000 for the six months ended September 30, 2025, compared to HKD 157,443,000 in 2024, marking an increase of 401%[23] Assets and Equity - Non-current assets increased to approximately HKD 483.6 million as of September 30, 2025, from HKD 341.6 million as of March 31, 2025[6] - Current assets totaled approximately HKD 519.8 million as of September 30, 2025, compared to HKD 537.7 million as of March 31, 2025[6] - The company's total equity attributable to owners increased to approximately HKD 624.9 million as of September 30, 2025, from HKD 467.1 million as of March 31, 2025[7] Dividends and Share Issuance - The board has resolved not to declare any interim dividend for the six months ended September 30, 2025, consistent with the previous year[3] - The company issued a total of 86,940,000 reward shares under its share incentive plan, representing 6.93% of the existing issued share capital as of October 12, 2023[52] - The company raised approximately HKD 129.3 million from the placement of 21,553,000 new shares at a price of HKD 6.0 per share on December 24, 2024, with a net amount of approximately HKD 129.2 million after expenses[53] Expenses and Costs - Total interest expenses for the six months ended September 30, 2025, amounted to HKD 2,056,000, an increase from HKD 1,784,000 in 2024[26] - Operating expenses decreased by approximately HKD 10.1 million or 13.7% to about HKD 63.8 million for the six months ended September 30, 2025, compared to HKD 73.9 million in 2024[65] - Total salary and related costs for the six months ended September 30, 2025, amounted to approximately HKD 23.4 million, compared to HKD 54.7 million for the six months ended September 30, 2024[77] Acquisitions and Investments - The company completed the acquisition of 100% equity in Green Jade on May 13, 2025, with a total consideration of approximately HKD 39.3 million, paid through the issuance of 4,545,455 new shares at a price of HKD 8.65 per share[55] - The company agreed to acquire 100% of Green Jade Reverse Logistics Limited for HKD 35,000,000, issuing 4,545,455 new shares at HKD 7.7 per share[87] - The acquisition was completed on May 13, 2025, with a total value of approximately HKD 39,318,000 based on the closing price on that date[87] Loans and Financing - Interest income from loans to independent third parties was HKD 1,125,000 for the six months ended September 30, 2025, down from HKD 2,846,000 in 2024[25] - The company provided a loan of USD 7,000,000 (approximately HKD 54,411,000) to the borrower at a 5% annual interest rate, with a three-year maturity[91] - The loan amount was increased by USD 3,000,000 (approximately HKD 23,319,000) under an appendix to the financing agreement[91] Corporate Governance and Compliance - The company has adopted and complied with the corporate governance code as per the listing rules[105] - The audit committee, established on July 25, 2018, is responsible for reviewing financial statements and overseeing external auditors[107] - The interim financial statements for the six months ended September 30, 2025, were reviewed and approved by the audit committee, ensuring compliance with applicable accounting standards[108] Future Outlook - The company plans to continue expanding its reverse supply chain management and environmental services, leveraging self-developed technology for battery recycling and energy storage systems[58] - The company anticipates continued growth in the reverse supply chain management and environmental services sector, which aligns with global green business trends[61]

Share Incentive Plans - As of December 31, 2024, a total of 49,730,386 shares are available under the post-IPO share option plan, representing 10.16% of the issued shares[5] - Under the first share incentive plan, the number of shares as of January 1, 2024, December 31, 2024, and the report date are 17,203,009, 17,483,009, and 17,483,009 respectively, accounting for 3.51%, 3.57%, and 3.57% of the issued shares[6] - A total of 330,000 shares vested during the year, with a weighted average closing price of HKD 2.30 prior to the vesting dates[8] - No rewards were cancelled under the first share incentive plan during the year[9] - As of December 31, 2024, a total of 49,305,718 shares are available under the second share incentive plan, representing 10.07% of the issued shares[10] - The company has not granted any rewards under the second share incentive plan since its adoption[10] - The company has not issued any new shares for the rewards under the first share incentive plan, as they are fulfilled through shares purchased on the market[6] Corporate Governance - The board of directors includes Mr. Ma Ting-hsiung as chairman and executive director, with a total of four executive directors and three independent non-executive directors[13] Reporting and Announcements - The company plans to publish its annual report for the year ending December 31, 2024, on April 24, 2025[3] - The announcement serves as supplementary information to the annual report and does not affect other information contained in the annual report[11]