（於開曼群島註冊成立之有限 公 司） （股份代 號 ： 0 6 6 0） 2024/2025 年 報 Annual Report 2021-2021 Annual Report 年 報 20 2 4 / 2 5 2024/2025 ANNUAL REPORT 目 錄 2 公司資料 3 管理層討論及分析 7 董事履歷詳情 8 董事會報告 19 企業管治報告 30 環境、社會及管治報告 60 獨立核數師報告 67 綜合損益表 68 綜合損益及其他全面收益表 69 綜合財務狀況表 71 綜合權益變動表 72 綜合現金流量表 74 綜合財務報表附註 140 五年財務概要 公司資料 董事會 執行董事 林家俊 （主席） 獨立非執行董事 黃保強 （於二零二五年五月十二日獲委任） 王子牛 （於二零二五年六月五日獲委任） 許慧齡 （於二零二五年六月五日獲委任） 萬 波 （於二零二五年六月五日辭任） 何 濤 （於二零二五年六月五日辭任） 龔映彤 （於二零二四年九月四日獲委任及 於二零二五年二月十四日辭任） 授權代表 林家俊 范德偉 （於二零二四年六月一日獲委任及 於二零二四年十月十七日辭任） 錢盈盈 （於二零二四年十月十八日獲委 ...

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份內容 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。 上海大眾公用事業（集團）股份有限公司 Shanghai Dazhong Public Utilities (Group) Co., Ltd.* 上海大眾公用事業（集團）股份有限公司 董事局主席 楊國平 中華人民共和國，上海 2025年10月30日 於本公告日期，執行董事為楊國平先生、梁嘉瑋先生及汪寶平先生；非執行董事為趙曄 青先生及金永生先生；以及獨立非執行董事為姜國芳先生、李穎琦女士、劉峰先生及楊 平先生。 * 僅供識別 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1635） 2025年第三季度報告 上海大眾公用事業（集團）股份有限公司（「本公司」或「公司」）董事（「董事」）會（「董事會」） 欣然宣佈本公司及其子公司截至2025年9月30日止9個月（「報告期」）根據《中國企業會計 準則》編製之未經審計業績。本公告乃根據香港聯合交易所有限公司證券上市規則第13.09 及13.10B條及香港法 ...

Financial Performance - The Group's overall revenue for FY2024/2025 fell short of expectations due to the decline in traditional advertising business, which has not been fully offset by the new digital business revenue[17]. - The Group recorded a revenue of approximately HK$44.5 million for the year ended 30 June 2025, representing a decrease of approximately 64.3% compared to HK$124.5 million for the year ended 30 June 2024[35]. - The decline in revenue was primarily due to structural challenges in the traditional internet advertising business, which faced a saturated market and reduced budgets from advertisers[38]. - The Group recorded a loss of approximately HK$20.3 million for the year ended 30 June 2025, compared to a profit of approximately HK$17.5 million for the year ended 30 June 2024[52][57]. - Other income, gains and losses, net, resulted in a loss of approximately HK$14.4 million for the year ended 30 June 2025, compared to net gains of approximately HK$39.1 million for the year ended 30 June 2024[43][46]. Business Strategy and Focus - The Group is focusing on internet advertising services and building a digitalization empowerment platform amidst escalating global trade frictions and fierce market competition[16]. - The Group is implementing strategic adjustments to optimize its business model and gradually shift focus towards internet-derived product promotion and the development of a digitalized ecosystem[18]. - The digitalization empowerment platform business showed strong performance with substantial year-on-year growth, gradually becoming a new driver for the Group[38]. - The Group plans to strengthen data-driven capabilities and AI technology applications to enhance advertising conversion rates and customer returns[20]. - The Group aims to accelerate its expansion into cultural tourism projects and IP content development, leveraging existing advertising customer resources[20]. Cost and Expenses - The Group's cost of sales for the year ended 30 June 2025 was approximately HK$43.1 million, a decrease of about 68.5% compared to HK$136.5 million for the year ended 30 June 2024[40][45]. - Selling and distribution expenses increased to approximately HK$1.1 million for the year ended 30 June 2025 from HK$0.9 million in the previous year, primarily due to marketing investments in the digitalization empowerment platform business[48][53]. - Administrative expenses decreased by approximately 25.9% to approximately HK$6.0 million for the year ended 30 June 2025, down from approximately HK$8.1 million for the year ended 30 June 2024[49][54]. - Finance costs decreased significantly to HK$30,000 for the year ended 30 June 2025 from HK$1.3 million for the year ended 30 June 2024[50][55]. Shareholder and Capital Management - The Board proposed a share consolidation on September 15, 2025, consolidating every 20 existing shares into 1 consolidated share, resulting in an authorized share capital of HK$40,000,000 divided into 200,000,000 consolidated shares[82]. - The subscription agreement with Invengo Technology Pte. Ltd. involves the allotment of 8,246,400 consolidated shares at a subscription price of HK$1.60 per share, with the closing price on September 15, 2025, being HK$0.99[89]. - The company raised a total of HK$9,620,800 through the subscription of 137,440,000 ordinary shares at HK$0.07 per share[171][172]. - The net proceeds from the share issue are approximately HK$9,520,800, which will be used for repayment of borrowings and general working capital[180][181]. - The premium on the issue of shares amounted to approximately HK$8,146,400, credited to the company's share premium account[173]. Workforce and Employee Management - As of June 30, 2025, the Group had a total workforce of 12 employees, with total staff costs approximately HK$1.6 million, a decrease from HK$2.4 million for the year ended June 30, 2024[91]. - The emolument policy for employees is based on duties, responsibilities, and performance, with annual reviews conducted by the Remuneration Committee[92]. - The Group provides various training to enhance employees' technical skills and safety awareness[97]. - Monthly contributions to the Mandatory Provident Fund for Hong Kong employees are 5% of their monthly income, capped at HK$1,500[98]. - Contributions to the PRC government retirement benefit schemes are based on certain percentages of applicable payroll costs[99]. Governance and Management Changes - Mr. Zeng Jin has been appointed as an executive director and chairman of the Board effective June 4, 2024[101]. - Changes in the Board included the resignation of Ms. Liu Qin and Mr. Gan Xiaohua as executive directors in June and July 2025, respectively[159]. - Ms. Zhu Minli and Ms. Zhu Xiaolin were appointed as independent non-executive directors on January 20, 2025[158]. - The Company will hold an annual general meeting where certain Directors will offer themselves for re-election[160]. Risk Management - The Group's risk management policies aim to minimize the adverse effects of market risks, including currency and interest rate risks, on financial performance[73]. - The Group has not entered into any interest rate hedging contracts due to relatively low current interest rates but continues to monitor interest rate exposure closely[69]. - The Group's foreign exchange exposure was minimal, with no significant adverse effects from changes in foreign exchange rates during the reporting period[68]. Corporate Changes - The Company underwent a name change from "Million Stars Holdings Limited" to "Web3 Meta Limited" effective September 12, 2024[128]. - The Group's environmental, social, and governance performance is discussed in the report spanning pages 58 to 93[139]. - The Group did not engage in any material acquisitions or disposals during the year ended June 30, 2025[74]. - The Group did not have any significant capital commitments or contingent liabilities as of June 30, 2025, remaining consistent with the previous year[71][72].

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。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：00525） 一、重要內容提示： – 1 – （一）公司董事會、監事會及董事、監事、高級管理人員保證本季度報告內容的 真實、準確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個 別和連帶的法律責任。 （二）公司董事長蔣輝、總經理陳少宏、總會計師羅新鵬及財務部長鄧宇暉聲 明：保證本季度報告中財務信息的真實、準確、完整。 （三）第三季度財務報表是否經審計 □是 ✓否 海外監管公告 2025年第三季度報告 根據上海證券交易所（「上交所」）的規定，廣深鐵路股份有限公司（「本公司」） 需刊發第三季度報告。 本季度報告內所載的財務數據均未經審計，並根據中國企業會計準則而編製。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09(2)(a)及13.10B 條而作出。 本公司董事會及全體董事保證本公告內容不存在任何虛假記載、誤導性陳述 或者重大遺漏， ...

Financial Performance - For the eighteen months ending June 30, 2025, the company's revenue was approximately HKD 451.30 million, an increase of 41.41% or HKD 132.15 million compared to the previous fiscal year[4] - The net loss attributable to shareholders for the same period was approximately HKD 161.36 million, an increase of HKD 24.02 million from the previous year's loss of HKD 137.34 million[4] - Basic and diluted loss per share for the eighteen months was HKD 2.93, compared to HKD 2.49 for the previous fiscal year[4] - The cost of revenue for the eighteen months was approximately HKD 478.06 million, an increase of HKD 176.69 million from the previous fiscal year[15] - Other income and net gains amounted to HKD 9,115,000, reflecting an increase of HKD 6,457,000 due to higher interest income from banks and independent third parties[19] - General and administrative expenses rose to HKD 112,915,000, a significant increase of 66.33% compared to the previous fiscal year, driven by higher employee costs and foreign exchange losses[21] - Financial expenses increased by 21.61% to HKD 59,100,000, primarily due to rising interest rates on bank loans[23] Revenue Segments - Revenue from the water supply and related services was approximately HKD 415.70 million, a 39.46% increase from the previous fiscal year[9] - The property investment and development segment recorded revenue of approximately HKD 35.30 million, reflecting an increase due to improved market conditions[9] - The financial services segment generated revenue of approximately HKD 307,000, an increase of about HKD 48,000 or 18.53% due to higher consulting fees and commissions[51] Dividends and Shareholder Returns - The company did not recommend any final dividend for the eighteen months ending June 30, 2025, consistent with the previous fiscal year[4] - The company has adopted a dividend policy that allows for the declaration and distribution of dividends, contingent upon achieving post-tax profits and not affecting normal operations[134] Strategic Plans and Investments - The company plans to explore potential property projects and investment opportunities in China and overseas to enhance market competitiveness and diversify income sources[11] - The group intends to acquire retail and commercial properties in Guangzhou, with indicative costs not exceeding RMB 260 million (approximately HKD 285.71 million)[56] - The company has signed a non-binding memorandum of understanding to acquire controlling interests in properties in China for a indicative price of no less than RMB 300 million (approximately HKD 334.34 million), with a refundable earnest money of RMB 150 million (approximately HKD 167.17 million) already paid[59] Legal and Compliance Matters - The company has been ordered by the court to pay water fees totaling RMB 153,107,350, which includes amounts of RMB 35,526,147, RMB 40,561,779, and RMB 77,039,424, plus overdue interest calculated at the one-year loan market quoted rate[70] - The company is seeking legal advice regarding the reasonableness of the water fee charges, interest rates, and the calculation period for overdue interest[70] - The company has made provisions in its consolidated financial statements based on its estimated water supply costs to address ongoing disputes and litigation[69] Corporate Governance - The company emphasizes the importance of corporate governance to enhance shareholder value and protect stakeholder interests[87] - The company has adopted the corporate governance code principles and has complied with applicable code provisions, with some deviations noted[88] - The board consists of seven directors, including three executive directors and three independent non-executive directors, ensuring compliance with listing rules regarding independence[91] - The board held nine meetings during the reporting period, with all directors actively participating, demonstrating strong governance practices[98] - The company has implemented a continuous professional development program for all directors to ensure they remain updated on regulatory changes and corporate governance practices[101] Risk Management - The board is responsible for maintaining effective risk management and internal control systems, with annual reviews conducted[124] - The company has implemented a three-tier risk management approach to identify, assess, and manage significant risks[124] - The effectiveness of the company's risk management and internal control systems has been reviewed prior to the report date[125] Environmental Sustainability - The company aims to achieve a 10% reduction in greenhouse gas emissions, energy consumption, and waste generation intensity over a ten-year period[155] - The company has established a risk management framework to systematically address climate-related transition risks, with a dedicated working group overseeing climate action measures[155] - The group aims to reduce overall emission intensity by 10% over ten years, with a 2021 baseline of 1.15 tons of CO2 equivalent per hectare, achieving 0.69 in 2023[177] - The total waste generation intensity target is also a 10% reduction over ten years, with a baseline of 15.41 kg per hectare, showing a performance of 15.26 kg in 2023[177] Employee and Diversity Initiatives - The company employs 412 staff members as of June 30, 2025, and continues to provide comprehensive welfare benefits[164] - The employee gender ratio as of June 30, 2025, is 86% male to 14% female, indicating a focus on diversity in hiring practices[116] - The board currently consists of seven members, including two female directors, reflecting a commitment to gender diversity[115] Community Engagement - The company actively engages with stakeholders through regular meetings and community outreach to gather feedback and address concerns[167] - The company promotes effective communication with shareholders and encourages active engagement through its shareholder communication policy[142]

Annual Report 2025 年報 (Stock Code: 00513) (股份代號: 00513) | ANN | | U | A | L | R | E | P | O | R | T | 2 | 0 | 2 | 5 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 二 | 零 | | | 二 | 五 | | 年 | | | 度 | 年 | | | 報 | Contents ■ 目錄 | 2 | Corporate Information | | --- | --- | | | 公司資料 | | 5 | Corporate Profile | | | 公司簡介 | | 7 | Chairman's Statement | | | 主席報告 | | 27 | Biographical Details of Directors and Senior Management | | | 董事及高級管理人員之履歷概要 | | 35 | Corporate Gover ...

Financial Performance - The Group's total revenue from continuing operations for FY2025 was approximately HK$68.9 million, representing a decrease of approximately 2.7% compared to FY2024's revenue of approximately HK$70.8 million[12]. - Revenue from the renewable energy segment was approximately HK$59.9 million in FY2025, down from approximately HK$62.2 million in FY2024, primarily due to increased international freight rates and geopolitical factors affecting orders from European customers[14]. - The waste construction materials and processing service segment generated revenue of approximately HK$4.5 million in FY2025, an increase from approximately HK$3.9 million in FY2024, attributed to a slight recovery in the property and construction markets[21]. - The plastic recycling/metal scrap business recorded revenue of approximately HK$2.8 million in FY2025, down from HK$2.9 million in FY2024, impacted by a weak macroeconomic environment and significant drops in demand[24]. - The money lending business generated approximately HK$0.1 million in revenue during FY2025, a decrease from HK$0.2 million in FY2024, following the disposal of its wholly-owned subsidiary that held a money lenders license[25]. - The net loss attributable to the owners of the Company for FY2025 was approximately HK$16.0 million, representing an 11.9% year-on-year increase from FY2024's loss of approximately HK$14.3 million[96]. - Total expenditures for continuing operations, excluding finance costs, amounted to approximately HK$52.8 million in FY2025, an increase from approximately HK$46.9 million in FY2024[108]. - The Group's staff costs rose to approximately HK$16.1 million in FY2025, an increase of approximately HK$1.3 million compared to FY2024[108]. Market Challenges - Global used cooking oil prices were highly volatile throughout 2024, impacting the Group's operations, with prices trending upward in 2025 due to higher demand and increased biofuel production obligations[19]. - The Group faced challenges in international trade due to fluctuating U.S.-China trade policies, leading to unpredictable costs and higher freight expenses, prompting a strategic shift towards exploring the Southeast Asian market[20]. - The return of U.S. President Donald Trump has increased political and economic uncertainties, with expectations of slower global growth during the remainder of FY2025[26]. - International container shipping rates have surged due to U.S.-China tariff changes, with ocean freight rates on Asia–Europe lanes doubling from pre-crisis levels by the end of 2024[31]. Business Strategy - The Group's strategy in FY2025 included adapting to the surge in international shipping rates and exploring new markets to mitigate the impact on revenue from European customers[20]. - The Group plans to restructure its business segments to build resilience against financial burdens from loss-making operations, including the termination of its German plastic recycling operation[32]. - The Group's renewable energy business focuses on trading recyclable oil/biodiesel, with operations accredited by the International Sustainability and Carbon Certificate (ISCC) under the Renewable Energy Directive 2018/2001/EU (RED II)[61]. - The Group has developed a local supplier network to support its renewable energy operations, enhancing its logistics capabilities[61]. - The Group's renewable energy operations involve inspecting raw material quality in accordance with ISCC requirements[62]. - The Group's operations in the renewable energy sector align with global sustainability standards, enhancing its market position[62]. Operational Changes - The Group discontinued its money lending business in November 2024 following the disposal of its equity interest in the subsidiary that operated this segment[11]. - The Group has ceased its money lending business as of November 18, 2024, reallocating resources to more profitable segments and projects with higher growth potential[88]. - The Group's workforce decreased from 37 employees as of June 30, 2024, to 35 employees as of June 30, 2025[133]. Governance and Management - Mr. Lo Kam Wing has been appointed as the executive director and chairman of the Board since December 1, 2022, bringing extensive experience in manufacturing and international trade[38]. - Mr. Luo Xian Ping has over 17 years of experience in asset restructuring and corporate finance, previously serving as CEO of China Regenerative Medicine International Limited[43]. - Mr. Ho Wai Hung has experience in accounting and finance, having worked with various money lending companies in Hong Kong[47]. - Mr. Tam Chun Wa has over 30 years of experience in auditing, accounting, tax, investment banking, and company secretarial work, currently serving as CFO of China Asia Valley Group Limited[49]. - Mr. Man Kwok Leung is a member of multiple professional accounting organizations and has been appointed as an independent non-executive Director since July 13, 2023[50]. Compliance and Risks - Compliance with local environment-related regulations is critical, as failure to adhere may result in fines or operational suspensions[154]. - Financial risks are present, with details outlined in the consolidated financial statements[155]. - The Group's financial risk management objectives and policies are detailed in the Management Discussion and Analysis section of the annual report[143]. - The Company is subject to compliance risks related to local environmental regulations, which could lead to fines or operational suspensions if not adhered to[159]. Share Option Scheme - The Share Option Scheme adopted on June 1, 2016, had 94,692,817 share options available for grant as of July 1, 2024, and June 30, 2025, with no options granted or exercised during FY2025[186][187]. - The purpose of the Share Option Scheme is to attract and retain high-caliber employees and valuable human resources for the Group[191]. - Eligible participants include employees, non-executive directors, suppliers, customers, and other contributors to the Group's development[192]. - The total number of shares available for issue under the Share Option Scheme is 94,692,817, representing approximately 6.98% of the issued shares (excluding treasury shares) of the Company[196].

Financial Performance - For the first three quarters of 2025, the company achieved insurance service revenue of RMB 385.92 billion, a year-on-year increase of 5.9%[4] - The net profit for the same period was RMB 40.27 billion, reflecting a significant year-on-year growth of 50.5%[4] - The original insurance premium income reached RMB 443.18 billion, with a year-on-year increase of 3.5%[5] - Operating revenue for the nine months ended September 30, 2025, reached RMB 423,005,875 thousand, a rise of 7.9% compared to RMB 392,267,034 thousand for the same period in 2024[14] - Net profit for the nine months ended September 30, 2025, was RMB 40,267,743 thousand, reflecting an increase of 50.9% from RMB 26,750,367 thousand in 2024[14] - The insurance service revenue for the nine months ended September 30, 2025, was RMB 385,921,374 thousand, an increase of 5.4% from RMB 364,306,286 thousand in 2024[14] Investment Performance - The company reported a total investment income of RMB 535.90 billion, which is a 33.0% increase compared to the previous year[9] - The unannualized total investment return rate was 5.4%, up by 0.8 percentage points year-on-year[9] - Investment income rose to RMB 17,078,000 thousand for the nine months ended September 30, 2025, compared to RMB 10,900,947 thousand in 2024, marking a growth of 56.5%[14] - Cash inflow from investment activities totaled RMB 175,744,620 thousand for the nine months ended September 30, 2025, compared to RMB 104,970,577 thousand in 2024, showing a substantial increase[15] Underwriting and Cost Management - The underwriting profit for the first three quarters was RMB 314.87 billion, showing a remarkable year-on-year growth of 130.7%[7] - The comprehensive cost ratio improved to 49.61%, a decrease of 2.1 percentage points year-on-year[7] Capital and Solvency - As of September 30, 2025, the actual capital stood at RMB 294.75 billion, an increase of 11.0% from the previous year[12] - The solvency adequacy ratio rose to 243.7%, an increase of 11.1 percentage points compared to December 31, 2024[12] Assets and Liabilities - The company's total assets increased to RMB 829,759,642 thousand as of September 30, 2025, up from RMB 773,926,554 thousand as of December 31, 2024, representing a growth of approximately 7.2%[13] - The company's total liabilities increased to RMB 539,884,947 thousand as of September 30, 2025, from RMB 515,875,306 thousand as of December 31, 2024, an increase of approximately 4.7%[13] - The total equity attributable to shareholders reached RMB 289,874,695 thousand as of September 30, 2025, up from RMB 258,051,248 thousand as of December 31, 2024, representing a growth of 12.3%[13] Cash Flow - Cash flow from operating activities generated a net amount of RMB 34,562,485 thousand for the nine months ended September 30, 2025, compared to RMB 22,479,609 thousand in 2024, indicating a significant improvement[15] - The company reported a significant increase in cash and cash equivalents, with a net increase of RMB 1,521,139 thousand for the nine months ended September 30, 2025, compared to RMB 1,290,483 thousand in 2024[15] Strategic Focus - The company continues to focus on digital transformation and enhancing operational management capabilities to drive high-quality development[4]

Financial Performance - For the year ended June 30, 2025, the Group recorded revenue of approximately HK$68.04 million, a decrease of approximately 44.38% compared to HK$122.32 million in 2024[12] - Loss attributable to owners of the Company for the Year amounted to approximately HK$51.65 million, compared to a loss of approximately HK$27.56 million in 2024[12] - Revenue from private educational services was approximately HK$29.86 million, slightly down from approximately HK$30.52 million in 2024[15] - Revenue from directly-owned education centres and non-profit making organisations was approximately HK$24.82 million, representing an increase of approximately 4.37% compared to HK$23.78 million in 2024[17] - Revenue contributed from franchised centres was approximately HK$4.28 million, an increase of approximately 9.74% compared to approximately HK$3.90 million in 2024[17] - Revenue from STEAM education services decreased by approximately 69.68% to about HK$0.57 million, down from approximately HK$1.88 million in the last financial year[20] - Revenue from VR product sales and related services was approximately HK$0.49 million, while gaming product sales generated approximately HK$34.16 million, compared to about HK$2.26 million and HK$87.10 million in 2024, respectively[21] - Revenue from secondary tutoring services decreased to approximately HK$0.18 million, a decline of approximately 81.25% from approximately HK$0.96 million in the previous year[66] - Revenue from primary tutoring services, skill courses, and test preparation courses increased to approximately HK$29.11 million, an increase of approximately 5.17% from approximately HK$27.68 million in the last financial year[66] Impairment and Losses - Impairment loss on trade receivables and contract assets was approximately HK$22.52 million, compared to a reversal of approximately HK$4.82 million in 2024[12] - The impairment loss on goodwill was approximately HK$13.15 million, compared to HK$Nil in 2024[12] - Impairment losses recognized for the year amounted to approximately HK$9.71 million, a significant increase from HK$998,000 in 2024, reflecting a deterioration in asset quality[43] - The Group's other income, gains, and losses recorded a net loss of approximately HK$39.61 million, primarily due to impairment losses totaling approximately HK$43.75 million[69] - Loss attributable to owners of the Company amounted to approximately HK$51.65 million, primarily due to fair value losses on financial assets and impairment losses on trade receivables and goodwill[84] Operational Changes and Strategies - The Group launched online classes and other online learning modes to adapt to changing educational needs[15] - The "Modern Education" Learning Centre was relocated and underwent refinement initiatives to enhance operational efficiency[16] - The Group is strategically repositioning for growth by integrating technologies into its products and expanding into new business divisions, reflecting a shift beyond traditional education services[85] - The Group's strategic realignment will enhance resource allocation towards STEAM education to meet significant demand in this field[20] Employee and Cost Management - Staff costs decreased by approximately HK$2.65 million or 8.67% to approximately HK$27.93 million, attributed to improved cost efficiency[70] - Tutor contractor fees increased by approximately HK$1.06 million or 42.74% to approximately HK$3.54 million, due to changes in workforce structure[71] - Employee costs decreased by approximately HK$2.65 million or 8.67% to approximately HK$27.93 million, attributed to improved cost efficiency from business optimization[75] - Marketing expenses decreased significantly by approximately HK$1.53 million or 56.46% to approximately HK$1.18 million, due to a shift to more cost-efficient advertising media[77] - Other operating expenses decreased by approximately HK$0.83 million or 9.76% to approximately HK$7.67 million, as a result of ongoing cost control measures[81] Financial Position and Ratios - The Group's total cash and cash equivalents as of June 30, 2025, amounted to approximately HK$1.54 million, a decrease from approximately HK$8.65 million in 2024[94] - The current ratio as of June 30, 2025, was approximately 1.61 times, down from approximately 6.04 times in 2024[94] - The gearing ratio increased to approximately 45.71% as of June 30, 2025, compared to approximately 24.16% in 2024[97] - Total interest-bearing borrowings as of June 30, 2025, were approximately HK$18,870,000, compared to HK$17,000,000 as of June 30, 2024[98] - The capital debt ratio as of June 30, 2025, was approximately 45.71%, an increase from 24.16% as of June 30, 2024[99] Risk Management and Compliance - The Group faces sourcing risk due to reliance on tutors for quality tutoring services, which may impact revenue if contracts are not renewed[145] - Business interruption risk is present as the Group rents education centers, and failure to renew leases could adversely affect operations[150] - The private tutoring industry is highly competitive, with a decrease in student numbers and an increase in small tutoring centers intensifying market competition[151] - Compliance with regulatory requirements is prioritized, with measures in place to minimize non-compliance risks[160] - The Group has adhered to the Listing Rules of The Stock Exchange of Hong Kong, ensuring proper disclosure and corporate governance[161] Corporate Governance and Social Responsibility - The Group is committed to environmental sustainability, promoting energy conservation and recycling practices in its operations[158] - The Group has complied with all relevant laws and regulations that have a significant impact on its business and operations during the Year[167] - The Group is committed to providing competitive remuneration packages and training for employees to enhance their career paths[171] - The Group regularly reviews its teaching materials to meet student demand and market trends, aiming for corporate sustainability[172] - The Group has established long-standing relationships with suppliers to ensure business sustainability and shared commitment to quality[173] Shareholder and Investment Information - The Board does not recommend the payment of a final dividend for the Year (2024: nil)[175] - The Group did not purchase, sell, or redeem any of its listed securities during the year[125] - As of June 30, 2025, the Group did not hold any treasury shares[125] - Significant investments under FVOCI included assets valued at 5% or more of the group's audited total assets, indicating a focus on maintaining substantial equity positions[55] - The Group's investment strategy for Convoy focuses on long-term holding to manage market fluctuations and potential volatility[60]

Financial Performance - The total revenue for the group was approximately HKD 140,350,000, an increase of 26.2% compared to HKD 111,160,000 in the previous year[7]. - The group recorded a profit of approximately HKD 39,027,000, a significant turnaround from a loss of HKD 270,792,000 in the previous year[7]. - The group recorded total revenue of approximately HKD 140,350,000 for the year ended June 30, 2025, representing a 26.2% increase from HKD 111,160,000 in 2024[29]. - The group achieved a profit of approximately HKD 39,027,000 for the year ended June 30, 2025, compared to a loss of HKD 270,792,000 in 2024[29]. - Other income and losses amounted to approximately HKD 100,765,000 for the year ending June 30, 2025, an increase from HKD 54,951,000 in 2024, driven by one-time transaction gains[45]. - The group generated a profit of approximately HKD 39,027,000 for the year ending June 30, 2025, compared to a loss of HKD 270,792,000 in 2024, resulting in a profit margin of approximately 48.0%[44]. - The termination of the air cargo charter business resulted in annual revenue of approximately HKD 59,110,000 and a loss of HKD 5,973,000[43]. Property Management and Operations - The group has expanded its property management business through full ownership of subsidiaries providing property services, enhancing revenue potential[12]. - The group is focusing on property operations to become a light asset and service-oriented operator, exploring related market opportunities[8]. - The group aims to enhance customer traffic and tenant quality through effective management of its shopping centers and industrial parks[12]. - The group plans to adjust rental levels to improve occupancy rates and enhance property operation revenue[41]. - The group is awaiting a court decision regarding objections raised by the owners of Jiachao Shopping Center and Shopping Center C, which may impact future operations[32]. - The group has entered into a sublease agreement for the remaining area of Jiachao Shopping Center, ensuring fixed rental income without operational and maintenance costs[31]. - The group has expanded its property management business through Zhengzhou Yingrui Property Services, promoting and subleasing to approximately 83 tenants in Zhiyun City[36]. - The group plans to continue investing in property operations, including hiring experienced personnel and potentially acquiring light-asset property operations in China to expand its management portfolio[62]. Leasing and Occupancy - As of June 30, 2025, approximately 89.6% of the leasable area in Shopping Center C, totaling around 80,118 square meters, was leased out to about 95 tenants[9]. - The rental area of the Jiachao Shopping Center decreased from 74,655.84 square meters to 27,749.09 square meters due to ongoing litigation, impacting revenue generation[10]. - In the Zhiyun City industrial park, approximately 69.7% of the leasable area of 130,873 square meters was leased out to 83 tenants for production and sales purposes[13]. - The group has leased 42 units in Zhiyun City, with a total floor area of approximately 130,873 square meters, achieving about 69.7% occupancy as of June 30, 2025[36]. - Zhengzhou Yinghao has leased 9 units with a total area of approximately 40,142 square meters, achieving about 53.0% occupancy as of June 30, 2025[37]. - Zhengzhou Yinghan has leased 7 units with a total area of approximately 41,385 square meters, achieving about 48.2% occupancy as of June 30, 2025[37]. Financial Management and Strategy - The company aims to enhance profit margins through strict cost control policies and financial planning, expecting to achieve more robust performance in the future[16]. - The company continues to implement prudent cost management policies to enhance operational efficiency and maintain a reasonable financial condition[23]. - The company expects stable future business development while seeking suitable property operation projects to broaden revenue sources and improve profitability[24]. - The company has been generating stable and continuous cash flow from its managed rental properties, benefiting both the company and its shareholders[22]. - The company is adjusting its future operational plans to provide leasing for more popular brands and expand tenant types to meet diverse customer needs[22]. Corporate Governance - The company has committed to best corporate governance practices, adhering to the principles outlined in the corporate governance code[144]. - The independent non-executive directors have confirmed their independence from the company, ensuring compliance with governance standards[149]. - The company has established a risk management and internal control system to safeguard shareholder investments and assets[158]. - The company has a policy to review the effectiveness of its risk management and internal control systems annually[158]. - The board consists of 4 executive directors and 3 independent non-executive directors, with a gender distribution of 5 males and 2 females[166]. Shareholder Information - No final dividend is recommended for the year ending June 30, 2025, consistent with the previous year[57]. - The company has established a dividend policy aimed at maximizing shareholder value, with decisions on dividends being at the board's discretion[199]. - Factors considered in the dividend decision include operating performance, cash flow, business conditions, and shareholder interests[200]. - As of June 30, 2025, the company has issued a total of 2,688,000,000 shares, with the largest shareholder, Mr. Chen Jin Yan, holding 597,280,000 shares, representing 22.21% of the issued share capital[97]. Risk Management - The company has identified several key risks that may impact its strategic objectives due to changes in business and external environments[160]. - The audit committee is satisfied with the adequacy of resources, qualifications, and training budgets for the accounting and financial reporting department[162]. - The company has a whistleblowing policy encouraging employees to report concerns regarding financial reporting and misconduct confidentially[161]. - The company has implemented strict guidelines for employees regarding securities trading to prevent violations of insider trading rules[145]. Employee and Management Changes - The company appointed Mr. Su Peixin as Executive Director and Chairman in August 2024, bringing over 15 years of experience in property development[78]. - Dr. Huang Haoxian was appointed as Executive Director and CEO in November 2024, with over 14 years of experience in investment and capital markets[78]. - Mr. Yao Linying joined as Executive Director in June 2024, focusing on external investment project selection and management, with over 11 years of experience in the investment field[79]. - The group employs a total of 104 employees in China and Hong Kong, providing competitive compensation and benefits[73].