立德教育股份有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 股份代號：1449 2025 年 報 LEADER EDUCATION LIMITED 立德教育股份有限公司 ANNUAL REPORT 2025 年 報 | 目錄 | | | --- | --- | | 2 | 公司概況 | | 4 | 主席報告 | | 6 | 財務摘要 | | 7 | 管理層討論及分析 | | 19 | 董事及高級管理層簡介 | | 24 | 董事會報告 | | 51 | 企業管治報告 | | 63 | 獨立核數師報告 | | 68 | 綜合損益及其他全面收益表 | | 70 | 綜合財務狀況表 | | 72 | 綜合權益變動表 | | 73 | 綜合現金流量表 | | 75 | 綜合財務報表附註 | 148 釋義 目錄 公司概況 董事會 執行董事 劉來祥先生 （主席兼行政總裁） 董玲女士 王雲福先生 車文閣先生 獨立非執行董事 張甦先生 曹少山先生 陳毅奮先生 授權代表 劉來祥先生 張世澤先生 公司秘書 張世澤先生 審核委員會 陳毅奮先生 （主席） 張甦先生 曹少山先生 薪酬委員會 張甦先生 （主席） ...

Financial Performance - The group's revenue for the six months ended September 30, 2025, was HKD 43,883,000, a decrease of 10.5% compared to HKD 48,980,000 in the same period of 2024[6]. - The group reported a net loss of HKD 9,287,000 for the period, an improvement from a net loss of HKD 10,889,000 in the previous year, representing a reduction of 14.7%[7]. - The company reported a net loss attributable to owners of approximately HKD 9.29 million for the six months ended September 30, 2025, compared to a loss of HKD 10.89 million in the same period last year, indicating a reduction in losses[62]. - The company reported a pre-tax loss of HKD (9,462,000) for the six months ended September 30, 2025, compared to a loss of HKD (10,855,000) in the same period of 2024[26][33]. Assets and Liabilities - The total assets less current liabilities as of September 30, 2025, amounted to HKD 17,100,000, down from HKD 27,687,000 as of March 31, 2025[10]. - Total assets as of September 30, 2025, amounted to HKD 71,209,000, a decrease from HKD 74,095,000 as of March 31, 2025[27][28]. - Total liabilities as of September 30, 2025, were HKD 62,991,000, compared to HKD 56,590,000 as of March 31, 2025, indicating an increase of approximately 11.5%[28]. - The group’s total equity attributable to owners decreased to HKD 8,251,000 as of September 30, 2025, from HKD 17,538,000 as of March 31, 2025, indicating a decline of 53%[16]. Cash Flow and Financing - The group’s cash and cash equivalents increased to HKD 8,904,000 from HKD 6,728,000, reflecting a growth of 32.4%[9]. - Cash generated from operating activities for the six months ended September 30, 2025, was HKD 11,248,000, an increase from HKD 9,745,000 in the previous year, reflecting a 15.4% growth[13]. - The company’s financing activities resulted in a net cash outflow of HKD 4,750,000 for the six months ended September 30, 2025, compared to HKD 1,261,000 in the previous year, highlighting increased financing needs[13]. - The company has secured a loan facility of HKD 20,000,000 with an independent financial institution, which is intended to support its operational needs over the next 18 months[18]. Operational Costs - The group’s employee costs decreased to HKD 7,778,000 from HKD 11,487,000, a reduction of 32.5%[6]. - The cost of materials and consumables increased by 35.36% to approximately HKD 33.84 million, up from HKD 25.00 million in the previous year, primarily due to rising operational costs in the construction business[53]. - Rental and related expenses increased by approximately 36.89% to HKD 1.67 million from HKD 1.22 million in the previous year, primarily due to an increase in short-term leases[58]. Strategic Initiatives - The company is actively considering fundraising activities, including rights issues and public offerings, to improve its cash flow situation[16]. - The board plans to implement cost control measures to reduce discretionary spending and administrative costs to enhance financial performance[17]. - The company plans to adopt a conservative approach to business operations, including reducing restaurant staff and negotiating rent discounts with landlords[49]. - The company’s operational strategy includes expanding its restaurant operations and enhancing service offerings to improve revenue streams[23]. Shareholder Information - Major shareholders Smarty Task Limited and Smarty Gain Limited each held approximately 5.76% of the company's shares as of September 30, 2025[78]. - The company has established a share option plan aimed at attracting, retaining, and motivating outstanding participants for future development and expansion[83]. - The share option plan was terminated on January 18, 2024, with 4,000,000 options granted under the previous plan remaining unexercised as of September 30, 2025[85]. Compliance and Governance - The company has complied with all applicable provisions of the corporate governance code as per GEM listing rules as of the report date[86]. - An audit committee has been established, consisting of three independent non-executive directors, to assist the board in reviewing internal audit functions and financial reporting processes[89]. - The interim financial statements have been reviewed by the audit committee and deemed compliant with applicable accounting standards and GEM listing rules[89].

目錄 | | | | | | | | | | | | | | | | | 司 明 明 明 明 明 理 業 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 損 財 權 現 中 論 及 | | | | | | | 6 7 18 24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 益 務 益 金 期 及 其 | | | | | | 及 狀 變 流 財 分 | | | | | | | | | 他 | | | | | | | | | | | | 其 況 動 量 務 析 資 | | | | | | | | | | | | | | | | | | | | | 他 表 表 表 報 料 | | | | | | | | | | | | | | | | | | | | | 全 表 | 面 附 | | 4 5 | | | | | | | | | | | | | ...

Financial Performance - For the six months ended September 30, 2025, the Group turned around from a loss of HK$7.4 million to a profit of HK$0.4 million[16]. - Total revenue decreased by approximately HK$26.2 million, or 23.6%, from approximately HK$110.8 million to approximately HK$84.6 million for the six months ended 30 September 2024[20]. - The company reported a profit for the year of HK$396,000, compared to a loss of HK$7,367,000 in the previous year[102]. - Total comprehensive income for the period was HK$6,040,000, compared to a loss of HK$4,494,000 in 2024[95]. - Basic and diluted earnings per share for the period was HK$0.06, compared to a loss of HK$1.19 per share in the previous year[95]. - The profit for the period was HK$396,000, a significant improvement from a loss of HK$7,367,000 in the same period of 2024[94]. - The company recorded a profit from operations of HK$366,000, compared to a loss of HK$9,671,000 in the previous year[94]. Revenue Breakdown - Revenue from leasing of construction machinery decreased by approximately HK$15.7 million, or 52.0%, from approximately HK$30.2 million to approximately HK$14.5 million due to a conservative approach in acquiring new business[21]. - Revenue from trading of construction machinery decreased by approximately HK$2.0 million, or 71.3%, from approximately HK$2.9 million to approximately HK$0.8 million due to slower demand in the real estate market[22]. - Revenue from property management services increased by approximately HK$1.2 million, or 2.7%, from approximately HK$44.6 million to approximately HK$45.8 million, aligning with stable market conditions[23]. - Revenue from property leasing, subletting, retail, and other businesses decreased by approximately HK$10.2 million, or 32.5%, from approximately HK$31.4 million to approximately HK$21.2 million due to intense competition[28]. - Money lending revenue rose to HK$2,295,000, an increase of 31.6% from HK$1,745,000 in the prior year[123]. Cost Management - Cost control measures contributed to the Group's ability to achieve profitability despite challenging market conditions[16]. - Administrative expenses decreased by approximately HK$7.8 million, or 23.0%, from approximately HK$34.1 million to approximately HK$26.2 million due to better cost-saving measures[38]. - Staff costs, including directors' emoluments, decreased to HK$21,089,000 in 2025 from HK$31,652,000 in 2024, a reduction of about 33.3%[137]. - Cost of inventories sold decreased to HK$33,560,000 in 2025 from HK$42,119,000 in 2024, reflecting a reduction of approximately 20.5%[137]. Balance Sheet and Cash Flow - The Group maintains a healthy balance sheet with net cash and no material debt[16]. - Cash and cash equivalents as of 30 September 2025 were approximately HK$24.0 million, down from approximately HK$28.9 million[48]. - Current ratio increased to approximately 3.1 times as of 30 September 2025, up from 2.7 times[50]. - Total liabilities decreased to HK$87,531,000 from HK$98,604,000, representing a reduction of approximately 11.3%[99]. - Net current assets increased to HK$172,337,000 from HK$154,634,000, reflecting a growth of approximately 11.0%[99]. - Net cash generated from operating activities for the six months ended September 30, 2025, was HK$29,991,000, down from HK$45,260,000 in the same period of 2024, indicating a decline of about 33.5%[104]. Strategic Initiatives - The Company plans to diversify its business into financial services in the second half of the year[17]. - On November 13, 2025, the Company signed a sale and purchase agreement to conditionally acquire a securities company, pending regulatory approval[17]. - The Group is conducting due diligence on an asset management company and an insurance brokerage company, with total investment costs expected to not exceed HK$6 million[17]. - The Board expects the acquisitions to enable the Group to become a diversified financial platform offering differentiated products[17]. Market Conditions - Overall market conditions in Hong Kong and the PRC were challenging due to higher interest rates and a stagnant real estate market[16]. - The Group aims to maintain a stable business scale and higher profitability for its existing operations[17]. Shareholder Information - The Group did not recommend the payment of any interim dividend to shareholders for the period[69]. - The company has not granted any share options under its Share Option Scheme since its adoption on January 23, 2017, with 120,000,000 options available for grant[90][91]. - As of September 30, 2025, Boardwin Resources Limited holds 2,328,960,000 shares, representing 37.60% of the company's issued share capital of 6,195,000,000 shares[86][89]. Financial Risks - The Group's financial risk management policies have not undergone significant changes during the reporting period[117]. - The Group's activities expose it to various financial risks, including foreign currency risk, credit risk, liquidity risk, and interest rate risk[116].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 9,271,000, a decrease of 87.8% compared to HKD 76,124,000 for the same period in 2024[5] - Gross profit for the same period was HKD 3,967,000, down 35.8% from HKD 6,182,000 in 2024[5] - Operating loss increased to HKD 14,904,000, compared to HKD 13,759,000 in the previous year, reflecting a 8.3% increase in losses[5] - The company reported a net loss of HKD 14,947,000 for the period, slightly improved from HKD 14,948,000 in 2024[6] - The total comprehensive loss for the period was HKD 14,910,000, which includes a loss attributable to owners of the company of HKD 12,374,000[9] - The company reported a pre-tax consolidated loss of HKD 14,940,000 for the six months ending September 30, 2025, compared to a loss of HKD 14,948,000 in the same period of 2024[22] - The company reported a net loss of HKD 12,374,000 for the six months ended September 30, 2025, compared to a net loss of HKD 13,319,000 for the same period in 2024, indicating a slight improvement in financial performance[37] Cash Flow and Liquidity - The company reported a net cash outflow from operating activities of HKD 9,369,000 for the six months ended September 30, 2025, compared to HKD 25,617,000 for the same period in 2024, indicating an improvement[10] - Cash and cash equivalents dropped to HKD 3,669,000 from HKD 11,030,000, a decrease of 66.7%[7] - The cash and cash equivalents decreased by HKD 7,431,000 during the period, with an ending balance of HKD 3,669,000[12] - The financing activities resulted in a net cash outflow of HKD 538,000, compared to HKD 3,394,000 in the prior year, reflecting reduced financing costs[10] Assets and Liabilities - Total assets decreased to HKD 125,828,000 from HKD 147,341,000, representing a decline of 14.5%[7] - Current liabilities increased to HKD 73,222,000 from HKD 113,728,000, indicating a significant reduction of 35.6%[7] - The company’s equity attributable to owners decreased to HKD 102,191,000 from HKD 107,992,000, a decline of 5.4%[8] - Total assets for the group as of September 30, 2025, amounted to HKD 174,192,000, down from HKD 221,444,000 as of March 31, 2025[24] - The total liabilities for the group as of September 30, 2025, were HKD 73,370,000, compared to HKD 113,728,000 as of March 31, 2025, indicating a reduction in liabilities[24] Revenue Breakdown - The revenue breakdown for the six months ending September 30, 2025, included HKD 841,000 from smart building solutions, HKD 8,385,000 from control systems, and HKD 45,000 from smartphone distribution[25] - The smart building segment's revenue from external customers decreased from HKD 861,000 in 2024 to HKD 841,000 in 2025, reflecting a decline of approximately 2.3%[25] - Control systems revenue saw a significant drop from HKD 15,560,000 in 2024 to HKD 8,385,000 in 2025, a decrease of about 46.1%[25] - The smartphone distribution business recorded revenue of HKD 45 million with a segment loss of HKD 3.9 million, a significant decline from HKD 59.7 million in revenue in the previous period[64] Expenses and Cost Management - Research and development expenses were HKD 1,090,000, a decrease of 25.2% from HKD 1,459,000 in the previous year[5] - Employee costs, including directors' remuneration, totaled HKD 7,836,000 for the six months ended September 30, 2025, down from HKD 9,536,000 in 2024, a decrease of about 17.8%[30] - Administrative and other operating expenses decreased by approximately 3.1 million HKD or 21.4% to about 11.4 million HKD, mainly due to reduced employee costs and legal fees[78] - Selling and distribution expenses increased by approximately 37,000 HKD or 25.9% to about 180,000 HKD, attributed to increased marketing expenses[77] - Financing costs for the six months ended September 30, 2025, were HKD 36,000, significantly lower than HKD 1,188,000 in 2024, reflecting a reduction of approximately 96%[29] Shareholder Information - The company proposed a rights issue to issue up to 897,482,880 shares at a subscription price of HKD 0.135 per share, with a special shareholders' meeting scheduled for December 15, 2025, to approve the resolution[61] - As of September 30, 2025, the company’s major shareholder, Han Wei Ning, holds 43,414,331 shares, representing approximately 9.67% of the equity[96] - Infinity Holding and Nan Yu hold 16.53% of the issued shares, totaling 74,176,000 shares each[101] - Lin Shao Xin holds 7.67% of the issued shares, totaling 34,409,280 shares[101] Corporate Governance - The chairman position has been vacant since January 3, 2020, and the CEO position has been vacant since March 18, 2025[110] - The company is actively seeking suitable candidates to fill the vacancies of chairman and CEO[110] - The company has adopted the Corporate Governance Code and believes it has complied with all applicable code provisions, except for certain provisions due to the vacant positions[108] - The audit committee, consisting of three independent non-executive directors, is responsible for reviewing the financial reporting system, risk management, and internal control systems[118] Future Outlook - The company plans to relocate its production facility to Australia to serve the Australian and Western markets, aiming to revitalize its building intelligence business[70] - The market environment remains challenging, with persistent inflation and high interest rates suppressing consumer demand and business investment in China[70] - The company will maintain a cautious approach with strict cost control while leveraging its expertise in fintech and artificial intelligence to seize opportunities[70]

Contents 目 錄 | 2 | Corporate Information | 公司資料 | | --- | --- | --- | | 4 | Report on Review of Interim Financial Statements | 中期財務報表審閱報告 | | 6 | Condensed Consolidated Statement of Profi t or Loss | 簡明綜合損益表 | | 8 | Condensed Consolidated Statement of Comprehensive Income | 簡明綜合全面收入報表 | | 9 | Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況報表 | | 11 | Condensed Consolidated Statement of Changes in Equity | 簡明綜合權益變動表 | | 13 | Condensed Consolidated Statement of Cash Flows | 簡明綜合現金流量表 | | 14 ...

Financial Performance - For the six months ended September 30, 2025, the revenue from continuing operations was approximately HKD 47.0 million, a decrease of 15.3% compared to HKD 55.5 million for the same period in 2024[8]. - The gross profit from continuing operations for the same period was approximately HKD 1.1 million, down from HKD 3.9 million in 2024[8]. - The loss attributable to owners of the company from continuing operations was approximately HKD 18.9 million, an improvement from a loss of HKD 34.4 million in the previous year[8]. - The company reported a total segment loss (LBITDA) of HKD 13,928,000 for the six months ending September 30, 2025, compared to a loss of HKD 28,895,000 for the same period in 2024[72]. - The total comprehensive loss attributable to the company's owners for the period was HKD 184,000, compared to a loss of HKD 33,326,000 in the same period last year[55]. - The company incurred a loss before tax of HKD 18,911,000, an improvement from a loss of HKD 34,350,000 in the prior year[55]. Revenue Breakdown - The revenue breakdown for the six months ended September 30, 2025, included HKD 401,000 from building construction services, HKD 39.1 million from renovation and building services, and HKD 6.9 million from maintenance of historical buildings[10]. - Revenue from the construction and engineering business slightly decreased from approximately HKD 49.9 million to approximately HKD 46.4 million[20]. - The construction and engineering services segment generated revenue of HKD 46,434,000, while the sales of consumer products segment contributed HKD 571,000 for the six months ending September 30, 2025[72]. - Revenue related to the consumer products business significantly dropped from approximately HKD 5.7 million to approximately HKD 0.6 million, primarily due to reduced advertising[20]. Expenses and Cost Management - Administrative expenses for the six months ended September 30, 2025, were approximately HKD 15.0 million, slightly reduced from HKD 15.7 million in 2024[8]. - Sales and marketing expenses for the six months ended September 30, 2025, were approximately HKD 0.4 million, a significant decrease from HKD 16.0 million for the same period in 2024, primarily due to reduced online advertising spending[23]. - The pre-tax loss from continuing operations for the six months ended September 30, 2025, included construction costs recognized in cost of sales amounting to HKD 45,138,000, down from HKD 47,934,000 in 2024, a decrease of 5.8%[85]. Dividends and Shareholder Returns - The company decided not to declare any interim dividend for the six months ended September 30, 2025[8]. - The company did not recommend any dividend for the six months ended September 30, 2025, consistent with the previous year[95]. Asset and Liability Management - Total borrowings as of September 30, 2025, amounted to approximately HKD 103.3 million, down from HKD 154.1 million as of March 31, 2025[26]. - The current ratio as of September 30, 2025, was 2.2, down from 2.4 as of March 31, 2025, while the debt-to-capital ratio was 85%, down from 91%[28]. - The group had cash and bank balances of approximately HKD 7.1 million as of September 30, 2025, compared to HKD 7.5 million as of March 31, 2025[28]. - Trade receivables as of September 30, 2025, amounted to HKD 15,053,000, with a provision for impairment of HKD 2,501,000, resulting in a net trade receivables of HKD 12,552,000[106]. - Trade payables increased to HKD 52,683,000 as of September 30, 2025, from HKD 49,417,000 as of March 31, 2025[107]. Strategic Decisions and Business Focus - The company completed the sale of its 100% equity interest in Top Table Investment Limited and its subsidiary, marking the termination of its property development and investment business in Japan[9]. - The company is reallocating resources to markets and business segments where it has a stronger competitive advantage and local expertise[9]. - The company aims to focus on markets and business segments where it has a competitive advantage and local expertise[19]. - The company plans to continue focusing on property development and investment in Japan, as well as expanding its smart consumer products in mainland China[64]. Future Outlook and Challenges - The board anticipates challenges due to global political and economic factors but believes the group can leverage future opportunities through strategies such as low-risk bidding and strict cost control[30]. - The company is assessing its future cash flow needs and operational performance to ensure sufficient working capital for the next twelve months[65]. Discontinued Operations - The company completed the sale of its entire 100% equity in Top Table Investment Limited for a total consideration of HKD 48,230,000 and HKD 21,995,000 for the land in Japan[91]. - The profit from discontinued operations for the six months ended September 30, 2025, was HKD 17,987,000, compared to a loss of HKD 609,000 in the same period of 2024[92]. - The total revenue from discontinued operations for the six months ended September 30, 2025, was HKD 3,127,000, an increase from HKD 3,007,000 in 2024, representing a growth of 4.0%[92]. - The company has reclassified the performance of its Japanese subsidiary's hotel holdings to discontinued operations, with no impact on the group's assets and liabilities as of March 31, 2025[69].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 48,172,000, a decrease of 4.1% from HKD 50,571,000 in the same period of 2024[6] - Gross profit for the same period was HKD 36,260,000, down 12.5% from HKD 41,572,000 year-over-year[6] - Operating loss for the six months was HKD 16,760,000, an improvement from a loss of HKD 21,101,000 in the previous year, indicating a 20.8% reduction in losses[6] - The net loss for the period was HKD 18,583,000, compared to a net loss of HKD 23,610,000 in the prior year, reflecting a 21.4% decrease in losses[6] - Basic loss per share was HKD 0.06, an improvement from HKD 0.08 in the same period last year[8] - The group reported a loss before tax of HKD 18,824,000 for the six months ended September 30, 2025, compared to a loss of HKD 23,943,000 in 2024, reflecting a reduction in losses[20] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 443,324,000, a decrease from HKD 460,285,000 as of March 31, 2025[9] - Current liabilities amounted to HKD 119,628,000, slightly up from HKD 116,260,000 at the end of the previous fiscal year[11] - The total equity attributable to shareholders was HKD 298,423,000, down from HKD 318,736,000 as of March 31, 2025[11] - The group’s total liabilities included new borrowings of HKD 74,521,000, an increase from HKD 54,471,000 in the previous year[14] - The group’s accounts receivable as of September 30, 2025, totaled HKD 4,782,000, down from HKD 5,584,000 as of March 31, 2025[26] - The group’s accounts payable increased to HKD 4,336,000 as of September 30, 2025, compared to HKD 3,705,000 as of March 31, 2025[27] Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 8,789,000 from HKD 4,724,000, indicating improved liquidity[9] - Operating cash flow for the six months ended September 30, 2025, was HKD 5,428,000, compared to HKD 2,879,000 for the same period in 2024, representing an increase of 88.5%[14] - Net cash generated from operating activities increased to HKD 5,261,000 from HKD 1,361,000, marking a significant improvement[14] - The group’s cash and cash equivalents increased to HKD 8,789,000 at the end of the reporting period, up from HKD 11,336,000 at the end of March 2024[14] - As of September 30, 2025, the group's cash and bank deposits totaled approximately HKD 9,000,000, an increase from HKD 5,000,000 on March 31, 2025[50] - The group secured a total of HKD 89,000,000 in comprehensive bank financing as of September 30, 2025, up from HKD 86,000,000 on March 31, 2025[50] Operational Developments - The group engaged in more frequent short-term promotions in Hong Kong and Macau, successfully increasing sales despite a decline in local retail[35] - The group launched new seasonal fashion collections under the MOISELLE brand, featuring themes inspired by European fashion, such as "Love Letters to Paris" and "Trip to Romanticism"[36] - The group is restructuring its retail network in mainland China, closing underperforming stores while opening new ones in promising locations[37] - The group is collaborating with American Express to expand its customer base and enhance sales through targeted promotions[35] - The group aims to enhance the shopping experience by integrating environmental awareness and artistic elements into store designs[37] - The group is adapting to changing consumer preferences by focusing on modern, minimalist designs appealing to younger consumers and active middle-aged individuals[30] Revenue Breakdown - Revenue from the Hong Kong business increased by 9% year-on-year to approximately HKD 32.2 million, while revenue from mainland China decreased by 26% to approximately HKD 9.7 million[31] - Overall revenue decreased by 5% year-on-year to approximately HKD 48.2 million, with Hong Kong contributing about 67% of total revenue[32] - Revenue from the mainland China business decreased by 26% year-on-year to HKD 9,672,000[43] - Revenue in Macau dropped by 17% year-on-year to approximately HKD 3,834,000[46] - Revenue in Taiwan fell by 28% year-on-year to approximately HKD 2,497,000, accounting for about 5% of the group's total revenue[47] Store Operations - The group operates 32 retail stores as of September 30, 2025, up from 31 stores on March 31, 2025[39] - The group closed three underperforming stores in mainland China but opened four new stores, maintaining a strategy of a small and efficient store network[43] - The group plans to continue cautiously developing its store network in mainland China, focusing on locations with business potential and reasonable rent, aiming for a sales-based rent model[49] Corporate Governance - The group did not declare an interim dividend for the year ending March 31, 2026, consistent with the previous year[25] - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules for the six-month period ending September 30, 2025[60] - The roles of the Chairman and CEO are currently held by the same individual, Mr. Chen, which the board believes ensures effective leadership and operational efficiency[61] - An audit committee has been established to oversee the financial reporting process and risk management, consisting of three independent non-executive directors[62] Employee and Asset Management - The group employed 222 staff members as of September 30, 2025, down from 271 on March 31, 2025[52] - The group has pledged assets valued at approximately HKD 129,000,000 as collateral for bank loans as of September 30, 2025, up from HKD 116,000,000 on March 31, 2025[51] - The capital-to-debt ratio was approximately 35.3% as of September 30, 2025, an increase from 31.1% on March 31, 2025[50] Future Plans - The group is focusing on cost reduction measures and further developing its e-commerce business as a cost-effective sales and marketing approach[48] - The group plans to enhance its e-commerce operations by appointing a management team dedicated to this area[48] - The group aims to introduce new eco-friendly leisure sportswear to tap into the growing market potential of the sports trend[49] - The group entered into a financing agreement with an existing bank for a maximum amount of HKD 65,000,000, which was later revised to HKD 50,000,000 as of November 2025[59]

INTERIM REPORT 中國置業投資控股有限公司 CHINA PROPERTIES INVESTMENT HOLDINGS LIMITED 中 期 報 告 中期報告 INTERIM REPORT 2025 中國置業投資控股有限公司 公司資料 董事會 執行董事 韓衛 （主席） 區達安 王林博 獨立非執行董事 鄧耀基 曹潔敏 梁國杰* 公司秘書 許辛穎 授權代表 區達安 許辛穎 網址 736.com.hk 核數師 中職信（香港）會計師事務所有限公司 （前稱長盈（香港）會計師事務所有限公司） 法律顧問 梁浩然律師事務所有限法律責任合夥 註冊辦事處 Clarendon House 2 Church Street Hamilton HM11 Bermuda 總辦事處及主要營業地點 香港 灣仔港灣道26號 華潤大廈 43樓4303室 香港股份過戶登記處 卓佳秘書商務有限公司 香港 夏愨道16號 遠東金融中心17樓 股份代號 736 主要往來銀行 中國工商銀行（亞洲） 招商永隆銀行 * 僅供識別 1 二零二五年中期報告 中國置業投資控股有限公司 獨立審閱報告書 Jon Gepsom CPA Limited 1003- ...

Financial Position 未經審核簡明綜合財務狀況表 | Unaudited Condensed Consolidated Statement of | 29 | | --- | --- | | Changes in Equity | | | 未經審核簡明綜合權益變動表 | | | Unaudited Condensed Consolidated Statement of | 30 | | Cash Flows | | | 未經審核簡明綜合現金流量表 | | | Notes to the Unaudited Condensed Consolidated | 31 | | Interim Financial Statements | | | 未經審核簡明綜合中期財務報表附註 | | | Glossary | 59 | 詞彙 Corporate Information 公司資料 BOARD OF DIRECTORS Executive Directors: Mr. Wang Bin (Chairman) Mr. Zhang Yi (Vice Chairman) Ms. Chu Wei Ning (Ch ...