(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock code 股份代號 : 3638) HUNLICAR GROUP LIMITED 亨利加集團有限公司 INTERIM REPORT 2025 中期報告 INTERIM REPORT 中期報告 2025 CONTENTS 目 錄 Hunlicar Group Limited 亨利加集團有限公司 Interim Report 中期報告 2025 | CORPORATE INFORMATION | 2 | | --- | --- | | 公司資料 | | | CONDENSED CONSOLIDATED INCOME STATEMENT | 6 | | 簡明合併收益表 | | | CONDENSED CONSOLIDATED STATEMENT OF | | | COMPREHENSIVE INCOME | 7 | | 簡明合併綜合收益表 | | | CONDENSED CONSOLIDATED STATEMENT OF | | | FINANCIA ...

Financial Performance - For the six months ended September 30, 2025, the revenue decreased to HK$51,320,000 from HK$185,663,000 in the same period of 2024, representing a decline of approximately 72.5%[13]. - Gross profit for the period was HK$955,000, down from HK$10,365,000, indicating a decrease of about 90.8%[13]. - The loss before tax for the period was HK$8,193,000 compared to a profit of HK$2,303,000 in the previous year, marking a significant turnaround[13]. - The total comprehensive loss for the period was HK$8,231,000, compared to a comprehensive income of HK$2,036,000 in the same period last year[13]. - Basic loss per share for the period was HK$0.97, compared to earnings of HK$0.26 per share in the same period last year[13]. - The Group recorded a loss of approximately HK$8.2 million for the six months ended 30 September 2025, compared to a profit of approximately HK$2.1 million for the same period in 2024, primarily due to a significant reduction in gross income from approximately HK$10.0 million to HK$1.0 million[154]. Assets and Liabilities - As of September 30, 2025, total assets less current liabilities amounted to HK$65,468,000, a decrease from HK$57,898,000 as of March 31, 2025[14]. - Current liabilities increased to HK$226,096,000 from HK$271,081,000, reflecting a reduction of approximately 16.6%[14]. - The company's net current liabilities stood at HK$66,866,000, compared to HK$58,002,000 in the previous reporting period[14]. - Non-current assets increased to HK$1,398,000 from HK$104,000, indicating a significant growth in long-term investments[14]. - The company's total equity as of September 30, 2025, was negative HK$66,129,000, compared to negative HK$57,898,000 as of March 31, 2025[16]. - The Group's financial liabilities at amortized cost total HK$226,568,000 as of September 30, 2025, compared to HK$270,913,000 as of March 31, 2025[120]. Cash Flow and Financing - Cash generated from operations for the six months ended September 30, 2025, was HK$3,151,000, a significant decrease from HK$23,857,000 in the prior year, reflecting a decline of approximately 86.8%[20]. - The Company had cash and cash equivalents of HK$899,000 at the end of the period, down from HK$5,420,000 at the end of September 30, 2024, indicating a decrease of approximately 83.4%[20]. - The Group's outstanding borrowings decreased to approximately HK$94.4 million as of 30 September 2025, down from HK$135.0 million as of 31 March 2025, all repayable on demand or within one year[156]. - The secured bank loans decreased from HK$110,344,000 as of March 31, 2025, to HK$70,768,000 as of September 30, 2025, representing a reduction of approximately 36%[99]. - The effective interest rates for secured bank loans ranged from 3.00% to 6.83% as of September 30, 2025, compared to 6.31% to 7.43% as of March 31, 2025[106]. Revenue and Contracts - For the six months ended September 30, 2025, the Group's revenue from construction services for residential properties was HK$50,429,000, a decrease of 72.7% compared to HK$184,871,000 for the same period in 2024[41]. - Revenue from contracts with customers totaled HK$51,320,000, down 72.5% from HK$185,663,000 in the previous year[41]. - Major customers included Customer A, contributing HK$31,957,000 (62.2% of total revenue) and Customer B, contributing HK$18,471,000 (36.0% of total revenue) for the period[49]. - The Group had two ongoing projects with a total contract value of HK$572.9 million, with approximately HK$50.4 million recognized as revenue during the reporting period[130]. - The Group was awarded three new projects during the reporting period, with a total contract sum of approximately HK$17.8 million[130]. Expenses and Costs - The Group's cost of services for the same period was approximately HK$50.4 million, down from HK$175.3 million in the corresponding period in 2024[140]. - Total staff costs decreased significantly to HK$2,517,000 in 2025 from HK$23,386,000 in 2024, reflecting a reduction of approximately 89.3%[64]. - Directors' remuneration was HK$735,000 for the period, down from HK$3,004,000 in 2024, indicating a decrease of about 75.6%[64]. - Finance costs decreased to approximately HK$2.6 million for the six months ended 30 September 2025, down from HK$5.0 million for the same period in 2024, due to the full settlement of loans totaling HK$44.5 million[152]. Management and Governance - The Group emphasizes the importance of risk management practices to mitigate operational and financial risks effectively[181]. - The Group has not disclosed any other interests or short positions in shares, convertible notes, or debentures by Directors or chief executives as of September 30, 2025[190]. - There are no competing business interests reported among Directors and their associates for the six months ended September 30, 2025[200]. Market Outlook and Strategy - The forecast for residential building completions in Hong Kong is 20,862 new units in 2025 and 20,098 new units in 2026, indicating a slight decline in demand for façade and curtain wall works[131]. - The Company plans to diversify operations by expanding into complementary sectors, including interior decoration, electrical and drainage works, and logistics and frozen storage warehouse[136].

(於開曼群島註冊成立的有限公司) 股份代號: 1773 2025 年度報告 目錄 | 公司資料 | 2 | | --- | --- | | 公司簡介 | 4 | | 財務摘要 | 5 | | 主席報告 | 7 | | 財務總結 | 9 | | 管理層討論與分析 | 11 | | 財政回顧 | 16 | | 董事及高級管理層 | 26 | | 董事報告 | 30 | | 企業管治報告 | 71 | | 獨立核數師報告 | 85 | | 綜合財務報表 | 91 | | 環境、社會及管治報告 | 183 | | 釋義 | 217 | 天立國際控股有限公司 二零二五年年報 公司資料 董事會 執行董事 頁次 羅實先生 （主席） 王銳先生 非執行董事 潘平先生 章文藻先生 李曉梅女士 獨立非執行董事 廖啟宇先生 （主席） 程益群先生 楊東先生 薪酬委員會 廖啟宇先生 楊東先生 程益群先生 董事委員會 審核委員會 程益群先生 （主席） 王銳先生 楊東先生 提名委員會 羅實先生 （主席） 李曉梅女士 程益群先生 廖啟宇先生 楊東先生 核數師 安永會計師事務所 執業會計師 註冊公眾利益實體核數師 香港鰂魚涌 英皇道979 號 ...

中期報告 Interim Report 目錄 2 公司資料 4 管理層討論及分析 9 企業管治報告及其他資料 15 簡明綜合損益及其他全面收益表 16 簡明綜合財務狀況表 17 簡明綜合權益變動表 18 簡明綜合現金流量表 19 簡明綜合財務報表附註 公司資料 董事會 執行董事 陳龍先生 （主席） 陳紹嘉先生 （執行總裁） 獨立非執行董事 袁偉健先生 馬世欽先生 紀鈴子女士 審核委員會 袁偉健先生 （主席） 紀鈴子女士 馬世欽先生 薪酬委員會 馬世欽先生 （主席） 陳龍先生 袁偉健先生 紀鈴子女士 提名委員會 袁偉健先生 （主席） 陳龍先生 紀鈴子女士 馬世欽先生 公司秘書 王潤輝先生 授權代表 陳龍先生 王潤輝先生 註冊辦事處 Clarendon House 2 Church Street Hamilton HM 11 Bermuda 主要營業地點 香港九龍 柯士甸道西 1 號 環球貿易廣場 85 樓8502 室 主要往來銀行 招商永隆銀行有限公司 中國建設銀行（亞洲）股份有限公司 香港上海滙豐銀行有限公司 2025-2026 中期報告 2 公司資料 法律顧問 關於百慕達法律 康德明律師事務所 康樂廣場8號 ...

Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 5,183,257, a decrease of 12.9% compared to HKD 5,952,633 in 2024[9] - Gross profit for the same period was HKD 1,827,001, down 20.1% from HKD 2,286,230 in 2024[9] - Profit for the period was HKD 955,561, reflecting a decline of 22.8% from HKD 1,238,001 in 2024[9] - Operating profit for the six months was HKD 1,608,686, compared to HKD 2,019,134 in 2024, reflecting a decline of approximately 20.4%[33] - Profit attributable to the company's owners for the period was HKD 571,251, down from HKD 755,649 in 2024, a decrease of about 24.4%[35] - Basic and diluted earnings per share for the period were both HKD 35.12, compared to HKD 46.29 in 2024, a decline of approximately 24.0%[35] - Total comprehensive income for the period was HKD 1,283,533, down from HKD 1,574,104 in 2024, representing a decrease of about 18.5%[37] - The company reported a net decrease in cash and cash equivalents of HKD 757,998 for the period, with a closing balance of HKD 4,042,256[42] - The net cash flow from operating activities for the six months ended September 30, 2025, was HKD 390,607, down from HKD 715,128 in the previous year[42] Assets and Liabilities - The company’s net assets increased by 10.8% to HKD 24,226,275 from HKD 21,872,686 in the previous year[9] - The total assets rose by 2.9% to HKD 67,826,821 compared to HKD 65,891,643 as of March 31, 2025[9] - As of September 30, 2025, total liabilities amounted to HKD 43,938,423, a decrease from HKD 44,482,219 as of March 31, 2025[39] - Non-current assets as of September 30, 2025, totaled HKD 49,912,466, an increase from HKD 48,271,896 as of March 31, 2025[38] - Current assets amounted to HKD 17,914,355, slightly up from HKD 17,619,747 as of March 31, 2025[38] - The total outstanding borrowings decreased to HKD 24,456,400,000 as of September 30, 2025, from HKD 25,185,200,000 as of March 31, 2025, primarily due to debt repayments[113] Dividends and Shareholder Returns - The company maintained an interim dividend of HKD 0.13 per share, unchanged from the previous year[9] - The proposed interim dividend was HKD 212,202 thousand, reflecting the company's commitment to returning value to shareholders[44] - The board declared an interim dividend of HKD 0.13 per ordinary share for the six months ended September 30, 2025, consistent with the previous year[96] Segment Performance - Revenue from urban water supply operations was HKD 1,801,219, an increase from HKD 1,724,342, reflecting a growth of about 4.5%[55] - The environmental business, including wastewater treatment, showed a revenue increase of 8.7% to HKD 832,400 compared to HKD 765,600 in 2024[24] - Revenue from the Urban Water Supply segment was HKD 3,270,800,000, down 13.1% from HKD 3,765,200,000 in the previous year, with profit decreasing by 17.4% to HKD 941,300,000[99] - Revenue from the Direct Drinking Water Supply segment was HKD 263,200,000, a decrease of 28.3% from HKD 367,100,000, with profit declining by 55.2% to HKD 74,600,000[100] - The environmental segment reported revenue of HKD 832,400,000, an increase of 8.7% compared to HKD 765,600,000 in the previous year, with profit rising by 29.7% to HKD 366,600,000 from HKD 282,700,000[101] Financial Management and Strategy - The company continues to assess the impact of new accounting standards on its financial position and performance, with no significant effects reported so far[47] - The company is focused on enhancing its digital capabilities and financial strategies to manage foreign exchange risks effectively[117] - The company plans to leverage government-issued long-term bonds and special bonds to promote a light asset development strategy, aiming to enhance operational flexibility and cash flow generation[111] - The company aims to deepen smart water management by integrating AI, IoT, and big data technologies to improve operational efficiency and service resilience[110] Shareholder Information - The total number of issued and fully paid ordinary shares as of September 30, 2025, was 1,632,322,000, with a par value of HKD 0.01 per share[84] - The company has a total of 447,311,901 shares held by Mr. Duan Chuanliang, representing approximately 27.40% of the issued share capital[125] - Asset Full Resources Limited, wholly owned by Mr. Duan, holds 218,044,301 shares, accounting for 13.36% of the issued share capital[125] - ORIX Corporation holds 445,136,277 shares, which is about 27.27% of the issued share capital[125] Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code, except for certain deviations regarding the roles of the Chairman and CEO[127] - The audit committee, composed of four independent non-executive directors, has reviewed the accounting principles and practices adopted by the group[133] - The interim financial statements for the six months ending September 30, 2025, have been reviewed by Ernst & Young according to the relevant Hong Kong standards[134]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 30,040,000, a decrease of 15.0% compared to HKD 35,644,000 for the same period in 2024[7]. - Gross profit for the same period was HKD 9,250,000, down 24.0% from HKD 12,188,000 in 2024[7]. - Operating loss for the six months was HKD 22,214,000, an improvement from a loss of HKD 29,904,000 in the previous year, indicating a 25.0% reduction in operating losses[8]. - The total comprehensive loss for the period was HKD 23,720,000, compared to a loss of HKD 10,309,000 in 2024, reflecting a significant increase in losses[8]. - The company reported a basic and diluted loss per share of HKD 0.57, an improvement from HKD 0.74 in the previous year[8]. - The company experienced a total comprehensive loss of HKD 23,623,000 for the period, compared to a loss of HKD 30,677,000 in the prior period[11]. - The company reported a total loss of HKD 23,623,000 for the six months ended September 30, 2025, compared to a loss of HKD 30,677,000 in 2024, indicating a decrease of approximately 23.0%[28]. - The company reported a loss attributable to shareholders of HKD 23,623,000 for the six months ended September 30, 2025, compared to a loss of HKD 30,677,000 for the same period in 2024, representing a 23.4% improvement[38]. Assets and Liabilities - Non-current assets increased to HKD 103,942,000 as of September 30, 2025, compared to HKD 91,051,000 as of March 31, 2025, representing a growth of 14.2%[9]. - Current assets decreased to HKD 557,692,000 from HKD 586,355,000, a decline of 4.9%[9]. - Total liabilities increased to HKD 45,713,000 from HKD 37,765,000, marking a rise of 21.0%[10]. - The company's equity decreased to HKD 615,921,000 from HKD 639,641,000, a reduction of 3.7%[10]. - The total assets as of September 30, 2025, amounted to HKD 661,634,000, while total liabilities were HKD 45,713,000, resulting in a net asset position[29]. - Total accounts receivable as of September 30, 2025, amounted to HKD 222,622,000, down from HKD 242,184,000 as of March 31, 2025, reflecting a decrease of 8.1%[47]. - The company’s total equity attributable to owners decreased to HKD 615,921,000 from HKD 723,785,000 as of September 30, 2024[11]. Cash Flow and Financing - The net cash used in operating activities for the six months ended September 30, 2025, was HKD 14,229,000, an improvement from HKD 23,276,000 in the previous year[13]. - The cash and cash equivalents at the end of the period were HKD 55,155,000, down from HKD 98,159,000 at the end of September 2024[13]. - The company’s financing activities used HKD 2,665,000 in cash, an improvement from HKD 5,555,000 in the prior year[13]. - Total borrowings increased to approximately HKD 14,800,000 as of September 30, 2025, compared to HKD 2,000,000 as of March 31, 2025[87]. - The debt ratio was 2.41% as of September 30, 2025, up from 0.32% as of March 31, 2025, primarily due to new lease contracts[88]. - The current ratio was 15.89 as of September 30, 2025, slightly down from 16.91 as of March 31, 2025[87]. Revenue Sources - The company’s interest income from lending, factoring, and finance leasing was HKD 8,830,000, down from HKD 10,318,000 in the previous year[22]. - The company’s trading segment in China and Hong Kong generated revenue from goods sales of HKD 20,959,000, a decline from HKD 24,513,000 in the same period last year[22]. - The company’s financial services business generated revenue of approximately HKD 1,000,000 during the period, with a loss of about HKD 14,300,000[82]. - The company is actively exploring the development of its financial services business to increase revenue sources in the capital markets[83]. - The trading business generated revenue of about HKD 21,000,000 with a loss of approximately HKD 5,600,000, compared to HKD 23,700,000 in revenue and a loss of HKD 11,700,000 in the same period last year[72]. Impairment and Provisions - The company confirmed an impairment loss of HKD 21,000,000 on intangible assets as of September 30, 2025, consistent with the previous period[45]. - The impairment provision for accounts receivable increased to HKD 72,957 as of September 30, 2025, from HKD 63,097 as of March 31, 2025[53]. - The company made an impairment provision of approximately HKD 2,200,000 for loans and interest during the period, reflecting a cautious approach to credit risk[76]. - The impairment provision for loans and interest increased to HKD 29,383 as of September 30, 2025, from HKD 27,221 as of March 31, 2025[61]. Corporate Governance and Shareholder Information - The audit committee consists of four independent non-executive directors, ensuring compliance with accounting principles and internal controls[119]. - The company has fully complied with the corporate governance code as of September 30, 2025[115]. - The company does not recommend the distribution of an interim dividend for the six months ending September 30, 2025[90]. - As of September 30, 2025, the total number of shares issued by the company is 4,120,600,000[91]. - Major shareholder Zheng Juhua holds 834,767,140 shares, representing 20.26% of the voting rights[104]. - Director Zheng Juhua holds 834,767,140 shares, representing 20.26% of the company[101]. - Director Liu Haijie holds 194,872,000 shares, representing 4.73% of the company[101]. - The stock option plan allows for a maximum of 412,060,000 shares to be issued, which is 10% of the total shares issued as of September 28, 2023[109]. Employee and Training Information - The group employed 52 employees as of September 30, 2025, and continues to provide suitable and regular training[99].

Financial Performance - For the fiscal year ending September 30, 2025, the total revenue was HKD 78,222,000, a decrease of 8.3% from HKD 85,475,000 in the previous year[4]. - The net loss from continuing operations for the year was HKD 48,723,000, compared to a loss of HKD 73,104,000 in the prior year, representing a 33.3% improvement[4]. - The total comprehensive loss for the year was HKD 46,104,000, down from HKD 77,156,000, indicating a 40.3% reduction in losses[5]. - The company reported a basic and diluted loss per share from continuing operations of HKD 50.04, compared to HKD 186.84 in the previous year, showing an improvement of 73.3%[5]. - The group incurred a pre-tax loss of HKD 47,806,000, with allocated corporate income of HKD 2,492,000 and unallocated corporate expenses of HKD 43,601,000[20]. - The group incurred a pre-tax loss of HKD 8,633,000 in 2025, compared to a loss of HKD 19,824,000 in 2024, indicating an improvement in financial performance[28]. - The company reported a pre-tax loss of HKD 77,898 thousand, compared to a loss of HKD 9,455 thousand in the previous year, indicating a significant increase in losses[21]. - The group recorded a loss from continuing operations of approximately HKD 48,700,000, an improvement from a loss of approximately HKD 73,100,000 in the previous year[86]. Revenue Breakdown - The group reported total segment revenue of HKD 100,426,000 for the year ended September 30, 2025, with licensed business contributing HKD 12,587,000 and non-licensed business contributing HKD 84,592,000[20]. - Revenue from licensed business was HKD 78,222 thousand, down from HKD 85,475 thousand, indicating a decrease of about 8.8% year-over-year[24]. - Revenue from non-licensed business was HKD 65,635 thousand, an increase from HKD 61,380 thousand, reflecting a growth of approximately 7.4%[26]. - Revenue from major client A increased to HKD 15,823 thousand from HKD 14,740 thousand, showing a growth of approximately 7.3%[25]. - Revenue from non-licensed businesses increased by approximately HKD 4,200,000 or 6.8% to about HKD 65,600,000, driven mainly by increases in business consulting and human resources services[80]. Asset and Liability Management - The company's cash and cash equivalents increased to HKD 63,530,000 from HKD 36,766,000, marking a growth of 72.6%[6]. - Non-current assets decreased to HKD 44,600,000 from HKD 75,815,000, a decline of 41.2%[6]. - The net asset value decreased to HKD 118,189,000 from HKD 132,180,000, a reduction of 10.6%[7]. - The group has clarified that liabilities must be classified based on rights existing at the end of the reporting period, regardless of future compliance with covenants[11]. - The total liabilities classified as current liabilities included bank borrowings with repayment terms due within one year amounting to HKD 1,087,000 in 2025[50]. - The non-current liabilities increased significantly to HKD 1,296,000 in 2025 from HKD 150,000 in 2024, reflecting a growth of 764%[46]. - The group's bank borrowings decreased to HKD 10,480,000 in 2025 from HKD 16,322,000 in 2024, representing a reduction of 35.3%[47]. Goodwill and Impairment - The impairment loss on goodwill decreased to HKD 26,241,000 from HKD 37,943,000, reflecting a reduction of 30.9%[4]. - The company recognized an impairment loss of HKD 37,943,000 for goodwill related to ongoing operations during the year[42]. - The group recognized goodwill impairment losses of approximately HKD 26,200,000, attributed mainly to the Greater Bay Area business cash-generating unit, due to unforeseen factors in the business environment[81]. Employee and Operational Costs - Employee costs for continuing operations rose to HKD 69,396,000 in 2025, up from HKD 59,942,000 in 2024, reflecting increased employee welfare expenses[31]. - The group employed a total of 105 employees as of September 30, 2025, down from 144 in 2024, with employee benefits costs approximately HKD 70.6 million compared to HKD 62.4 million in 2024[104]. - The group's administrative and other operating expenses slightly decreased by about HKD 1,300,000 to approximately HKD 95,600,000[83]. Strategic Initiatives and Future Plans - The company plans to continue focusing on investment holding and providing various financial services, including corporate finance advisory and asset management[8]. - The company plans to expand its market presence in Hong Kong, China, and Canada, focusing on enhancing service offerings and client engagement strategies[24]. - The group plans to invest in the gaming and entertainment industry and explore acquisition opportunities in the Greater Bay Area to enhance shareholder returns[99]. - The company entered a strategic partnership with Esperanza Fintech, gaining exclusive rights to market digital gold-backed instruments and securities tokens in Hong Kong[62]. - The partnership with Esperanza aims to expand the company's presence in the growing digital asset market, leveraging its expertise in financial services[63]. Shareholder Actions - The company issued 128,452,080 shares through a rights issue at a price of HKD 0.25 per share, raising approximately HKD 32,113,000[53]. - The total amount raised from the share subscription was approximately HKD 11,376,000, with a net estimated amount of about HKD 11,276,000, resulting in a net price per new share of approximately HKD 1.19[67]. - The company successfully placed 18,000,000 shares at a price of HKD 1.65 per share, raising a total of approximately HKD 29,700,000[73]. - The board believes that the share sale and subscription will enhance the company's shareholder and capital base, promoting future growth and development[67]. Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the financial reporting process and confirmed compliance with applicable accounting principles and regulations[113]. - The financial statements for the year have been agreed upon by the auditor, but no formal verification was conducted according to the relevant auditing standards[114]. - The annual performance announcement is available on the Hong Kong Stock Exchange website and the company's website[115].

香港交易及結算所有限公司、香港聯合交易所有限公司及新加坡證券交易所有限 公司對本公告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何 損失承擔任何責任。 星謙發展控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司 及其附屬公司（統稱「本集團」）截至二零二五年九月三十日止年度之經審核綜合 年度業績，連同截至二零二四年九月三十日止年度之比較數字。本公司審核委員 會（「審核委員會」）已審閱本集團截至二零二五年九月三十日止年度之年度業績。 1 綜合損益及其他全面收益表 INFINITY DEVELOPMENT HOLDINGS COMPANY LIMITED 星 謙 發 展 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （香港股份代號：640） （ 公司註冊編號：234794 ） （新加坡股份代號：ZBA） 截至二零二五年九月三十日止年度之年度業績公告 截至二零二五年九月三十日止年度 | | | | | 增加╱ | | --- | --- | --- | --- | --- ...

2025/26 INTERIM REPORT 中期報告 Contents 目錄 | GLOSSARY | 詞 彙 | 2 | | --- | --- | --- | | CORPORATE INFORMATION | 公司資料 | 5 | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論與分析 | 7 | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合全面收益表 | 16 | | COMPREHENSIVE INCOME | | | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合財務狀況表 | 18 | | FINANCIAL POSITION | | | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合權益變動表 | 20 | | CHANGES IN EQUITY | | | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合現金流量表 | 22 | | CASH FLOWS | | | | NOTES T ...

Financial Performance - Total revenue for the six months ended September 30, 2025, was HK$320,296,000, representing an increase of 8.9% compared to HK$294,175,000 for the same period in 2024[16]. - Profit attributable to shareholders increased by 7.9% to HK$45,739,000 compared to HK$42,393,000 in the prior year[16]. - Revenue for the Group increased by 8.9% to HKD 320.3 million for the reporting period[24]. - Net profit for the Group rose by 7.9% to HKD 45.7 million[24]. - Profit before tax rose to HK$53,813,000, an increase of 7.4% from HK$49,992,000 in the previous year[183]. - Profit for the period increased by HK$3.3 million (7.9%) to HK$45.7 million, with a net profit margin of 14.3%[60]. - Total comprehensive income for the period was HK$45,935,000, up from HK$43,506,000 in the previous year, reflecting a growth of 5.6%[191]. Revenue Breakdown - Media Content Distribution Business revenue decreased by 6.7% to HK$165,197,000, while Brand Licensing Business revenue increased by 32.3% to HK$155,099,000[16]. - Media Content Distribution Business generated revenue of HKD 165.2 million, reflecting a growth of 6.7%[24]. - Revenue from the Brand Licensing Business surged by 32.3% to HK$155.1 million, driven by a HK$35.2 million (55.2%) increase in sub-licensing revenue[46]. Profitability Metrics - Gross profit margin for the period was 47.6%, down from 50.2% in the previous year[16]. - Gross profit rose by HK$4.7 million (3.1%) to HK$152.4 million, but the gross profit margin contracted from 50.2% to 47.6%[48]. - Basic and diluted earnings per share increased to HK$2.4 cents, compared to HK$2.2 cents in the same period last year[183]. Dividends and Shareholder Returns - The interim dividend per share was declared at HK$1.20 cent, up from HK$1.09 cent in the previous year[16]. - Total comprehensive income attributable to shareholders was HK$45,935,000, compared to HK$43,506,000 in 2024[184]. Assets and Liabilities - The company reported total equity of HK$615,000,000 as of March 31, 2025, compared to HK$655,000,000 as of September 30, 2025[19]. - Cash and cash equivalents as of September 30, 2025, amounted to HK$360,374,000, an increase from HK$326,393,000 as of March 31, 2025[186]. - Trade receivables rose by 8.8% during the reporting period, indicating expanded business activity and sales growth[70]. - The company did not have any interest-bearing bank and other borrowings, making the debt to equity ratio not applicable[16]. Operational Highlights - The number of active media content titles increased by 5.2% to 791 as of September 30, 2025, from 752 as of March 31, 2025[18]. - The number of active brand licensing titles rose by 4.5% to 444 as of September 30, 2025, compared to 425 as of March 31, 2025[18]. - Total subscriptions for Ani-One® YouTube channels in Asia exceeded 9.3 million, with cumulative views surpassing 2.1 billion[27]. Strategic Initiatives - The Group plans to expand its regional presence and monetization efforts to strengthen revenue streams[44]. - Ani-One® will establish more localized channels in different regions to enhance audience engagement[44]. - The Group aims to explore strategic investment opportunities in anime and movie production to add value for shareholders[44]. - The Linku® business will be expanded to other territories to capture new market opportunities[44]. Corporate Governance - The company has complied with the Corporate Governance Code provisions, except for code provision C.2.1[144]. - The company has adopted the Model Code for Securities Transactions by Directors and confirmed compliance by all directors for the six months ended September 30, 2025[157]. - The company has established written guidelines for employee securities transactions that are at least as stringent as the Model Code[158]. Share Award Scheme - The share incentive plan was adopted by the Board on February 6, 2020, and was amended on September 25, 2024, to be funded solely by existing shares[100]. - No award shares were granted under the plan during the reporting period[100]. - A total of 62,561,000 Shares have been awarded under the Share Award Scheme, representing approximately 3.1% of the total number of issued Shares as of the adoption date[139]. - The remaining life of the Share Award Scheme is approximately 4 years[139]. Audit and Compliance - The company's Audit Committee has reviewed the unaudited consolidated interim results for the six months ended September 30, 2025[166]. - Ernst & Young has conducted a review of the unaudited interim financial information for the same period in accordance with relevant standards[167]. - The company has complied with all relevant laws and regulations that significantly impact its business and operations[164].