滙漢控股有限公司 中期報告2025 股份代號 : 214 www.asiaorient.com.hk 目錄 提名委員會 2 公司資料 3 財務摘要 4 管理層討論及分析 11 綜合損益賬報表（未經審核） 12 綜合全面收益表（未經審核） 13 綜合資產負債表（未經審核） 15 簡明綜合現金流量表（未經審核） 16 綜合權益變動報表（未經審核） 17 中期財務報表附註 46 其他資料 公司資料 董事 執行董事 馮兆滔先生 （主席） 潘政先生 （董事總經理 兼行政總裁） 潘海先生 潘澄女士 （於二零二五年九月一日 由非執行董事調任為執行董事） 潘洋先生 倫培根先生 （於二零二五年八月二十五日 退任） 關堡林先生 獨立非執行董事 張國華先生 梁偉強先生， 太平紳士 馬豪輝先生， 金紫荊星章，太平紳士 （於二零二五年七月二日獲委任） 黃之強先生 審核委員會 黃之強先生 （主席） 張國華先生 梁偉強先生， 太平紳士 薪酬委員會 黃之強先生 （主席） 馮兆滔先生 梁偉強先生， 太平紳士 馮兆滔先生 （主席） 梁偉強先生， 太平紳士 黃之強先生 法定代表 馮兆滔先生 董國磊先生 公司秘書 董國磊先生 註冊辦事處 Victo ...

Revenue and Profitability - For the six months ended September 30, 2025, the company's revenue was approximately HKD 17.0 million, an increase of about 53.7% compared to the same period in 2024[6]. - Net profit for the reporting period was approximately HKD 6.2 million, representing an increase of about 321.2% from approximately HKD 1.5 million for the six months ended September 30, 2024[16]. - The group recorded revenue of approximately HKD 17.0 million for the reporting period, an increase of about 53.7% compared to HKD 11.1 million for the six months ended September 30, 2024[14]. - The total comprehensive income for the period was HKD 6,167,000, up from HKD 1,464,000 in the previous year, reflecting a growth of approximately 320.5%[64]. - Basic earnings per share for the period were HKD 0.62, compared to HKD 0.15 for the same period in 2024, marking an increase of approximately 313.3%[64]. - The pre-tax profit for the six months ended September 30, 2025, was HKD 6,100,000, significantly higher than HKD 1,464,000 for the same period in 2024, indicating a substantial growth in profitability[79][88]. Revenue Sources - Commission income from the brokerage business increased by approximately 278.5% to about HKD 5.7 million, accounting for approximately 33.5% of total revenue[7]. - Interest income from margin financing services rose by approximately 30.6% to about HKD 11.1 million, representing approximately 65.1% of total revenue[8]. - Revenue from placement and underwriting services decreased by approximately 78.7% to about HKD 0.2 million, accounting for approximately 1.4% of total revenue[10]. - Asset management service revenue was approximately HKD 3,000, with a segment loss of about HKD 87,000 during the reporting period[11]. - The company experienced a significant increase in client subscription for initial public offerings, contributing to the rise in commission and fee income[7]. Market Performance - The average daily trading volume in the Hong Kong securities market for the first three quarters of 2025 was HKD 256.4 billion, an increase of approximately 126% compared to the same period in 2024[5]. - Total funds raised in the Hong Kong securities market for the first three quarters of 2025 amounted to HKD 444.0 billion, an increase of approximately 252.0% compared to the same period in 2024[5]. Financial Position - The group maintained a strong liquidity position with total cash and bank deposits of approximately HKD 145.1 million as of September 30, 2025, down from HKD 218.9 million as of March 31, 2025[18]. - The net asset value of the group's current assets increased by approximately HKD 6.3 million to about HKD 360.8 million as of September 30, 2025, compared to HKD 354.5 million as of March 31, 2025[18]. - The group has no bank borrowings or asset pledges as of September 30, 2025[21][22]. - The company had no outstanding loans under Financing Agreement I and II as of September 30, 2025, indicating a strong liquidity position[54][58]. - The total assets as of September 30, 2025, were HKD 2,460,000, reflecting a slight decrease from HKD 2,369,000 as of March 31, 2025[93]. Cost Management - Other operating expenses decreased by approximately 15.0% to about HKD 3.3 million, down from approximately HKD 3.8 million for the six months ended September 30, 2024[15]. - The company will continue to control operating costs and enhance its financial resources to improve cost efficiency and profitability amid uncertain economic conditions[13]. - The company’s employee costs for the period were HKD 5,630,000, slightly higher than HKD 5,510,000 in the previous year, reflecting a modest increase of approximately 2.2%[64]. Corporate Governance - The board does not recommend the distribution of an interim dividend for the reporting period[33]. - The company has established an audit committee to ensure compliance with regulatory requirements[38]. - The board confirms compliance with the corporate governance code as per the Hong Kong Stock Exchange listing rules during the reporting period[35]. - The audit committee has reviewed the unaudited condensed consolidated interim financial statements for the six months ending September 30, 2025[40]. Future Plans and Strategies - The group plans to utilize the net proceeds of approximately HKD 90.6 million from its IPO for various purposes, including expanding its placement and underwriting business and upgrading IT systems[30]. - The group intends to expand into virtual asset-related services upon obtaining necessary regulatory approvals, aligning with its strategy to offer a more diversified range of products and services[12]. Shareholder Information - Major shareholders, including Mr. Li and Ms. Yang, hold 750,000,000 shares each, representing 75% of the company's equity[48]. - There are no other interests or positions held by directors or key executives in the company's shares or related securities as of September 30, 2025[49]. Compliance and Regulatory Matters - The company has adopted a standard code for securities trading by directors, confirming full compliance by all directors during the reporting period[37]. - The financing agreements are subject to periodic review by the respective banks, ensuring compliance with specific covenants[53][57]. - The controlling shareholders have confirmed adherence to the non-competition agreement throughout the reporting period[42]. Miscellaneous - The company has not engaged in any purchase, sale, or redemption of its listed securities during the reporting period[36]. - The company has not granted any stock options under the stock option plan during the reporting period, and there are no unexercised stock options as of September 30, 2025[60]. - The company incurred financing costs of HKD 111,000 for the six months ended September 30, 2025, compared to HKD 43,000 in 2024, indicating increased borrowing costs[86]. - The company has not disclosed aging analysis for accounts payable due to the nature of the business, which the directors believe does not provide additional value[100].

泛海國際集團有限公司 2025 中期報告 股份代號 : 129 www.asiastandard.com 目錄 2 公司資料 3 財務摘要 4 管理層討論及分析 11 綜合損益賬報表（未經審核） 12 綜合全面收益表（未經審核） 13 綜合資產負債表（未經審核） 15 簡明綜合現金流量表（未經審核） 16 綜合權益變動報表（未經審核） 17 中期財務報表附註 46 其他資料 公司資料 董事 執行董事 馮兆滔先生 （主席） 潘政先生 （董事總經理 兼行政總裁） 潘海先生 潘澄女士 （於二零二五年九月一日 由非執行董事調任為執行董事） 潘洋先生 倫培根先生 （於二零二五年八月二十五日 退任） 關堡林先生 獨立非執行董事 葉志威先生 梁偉強先生， 太平紳士 馬豪輝先生， 金紫荊星章，太平紳士 （於二零二五年七月二日獲委任） 黃之強先生 審核委員會 黃之強先生 （主席） 葉志威先生 梁偉強先生， 太平紳士 薪酬委員會 黃之強先生 （主席） 馮兆滔先生 潘海先生 葉志威先生 梁偉強先生， 太平紳士 提名委員會 馮兆滔先生 （主席） 梁偉強先生， 太平紳士 黃之強先生 法定代表 馮兆滔先生 董國磊先生 公司秘書 董國磊先 ...

Financial Performance - The Group reported unaudited condensed consolidated interim results for the six-month period ended 30 September 2025, with comparative figures for the same period in 2024[15]. - The Group recorded total revenue of approximately HK$21,694,000, representing an increase of 4.6% compared to approximately HK$20,736,000 for the Corresponding Period[18]. - Revenue from property sales increased significantly to approximately HK$5,181,000, a rise of 445.9% from approximately HK$949,000 in the Corresponding Period due to increased property deliveries[18]. - Management fee income decreased by 20.0% to approximately HK$11,670,000 from approximately HK$14,583,000 in the Corresponding Period, attributed to a decrease in management fee rates[18]. - Rental income fell by 18.0% to approximately HK$3,438,000 compared to approximately HK$4,192,000 in the Corresponding Period[18]. - The loss attributable to equity holders for the Reporting Period was approximately HK$46,085,000, a slight decrease from approximately HK$48,510,000 in the Corresponding Period[24]. - The loss per share for the Reporting Period was 3.93 HK cents compared to 4.11 HK cents (restated) for the Corresponding Period[24]. - The Group reported a loss before tax of HK$45,847,000 for the six months ended 30 September 2025, compared to a loss of HK$48,009,000 for the same period in 2024, indicating a slight improvement[139]. - Total comprehensive expense for the period was HK$36,837,000, down from HK$48,886,000, reflecting a 24.7% improvement[86]. Property Development and Projects - The Group is primarily engaged in the operation and development of outlet commercial properties, high-end residential properties, and property management services[16]. - The Yinchuan Project includes a commercial portion with a gross floor area of 74,350 sq.m, fully owned by the Group, with phases 1 and 2 completed and available for lease[14]. - The Qinhuangdao Project has a total gross floor area of 672,110 sq.m, also fully owned, with phase 1 partially completed[14]. - The Group's property portfolio includes both residential and commercial developments, with significant ongoing projects in Yinchuan and Qinhuangdao[14]. - The Yinchuan Commercial Properties Project achieved an occupancy rate of approximately 89.2% and became one of the largest curtain wholesale bases in the northwest region[47][53]. - The Qinhuangdao Venice – City of Water Outlets Project covers an area of approximately 1,077 mu, with Phase 1 planned to develop approximately 163,227 sq.m. for various commercial and hospitality functions[33][34]. - The Jin Sheng Yue Jing residential project in Yinchuan has a site area of approximately 120 mu and comprises 20 mid- to high-rise buildings developed in 3 phases[39][43]. - The Yinchuan Commercial Properties Project has a total gross floor area of over 90,000 sq.m., featuring building materials and furniture stores, department stores, restaurants, and supermarkets[41][45]. - The Group has obtained various construction work planning and commencement permits for the Qinhuangdao Project, indicating progress in development[33][34]. - The Huailai Project's master plan and environmental impact assessment have been completed, with infrastructure works already in place[52]. Financial Position and Liabilities - As of September 30, 2025, the total outstanding principal amount of Related Party Loans was RMB301,800,000 (approximately HK$330,561,000)[25]. - The Group's current ratio was 0.63 times as of September 30, 2025, slightly down from 0.64 times as of March 31, 2025[61]. - The Group had capital commitments for property construction of approximately HK$63,232,000 as of September 30, 2025, compared to HK$62,556,000 as of March 31, 2025[69]. - The Group's other borrowings amounted to approximately HK$36,628,000 as of September 30, 2025, an increase from HK$35,573,000 as of March 31, 2025[61]. - The Group's property interest pledged to banks and financial institutions had a net carrying amount of approximately HK$847,579,000 as of September 30, 2025, down from HK$874,283,000 as of March 31, 2025[62]. - As of September 30, 2025, the Group had net current liabilities of approximately HK$497,604,000 and total borrowings of approximately HK$625,785,000 due within the next twelve months[99]. - The total amount due to related parties and a shareholder was HK$561,434,000 as of September 30, 2025, slightly up from HK$558,339,000 as of March 31, 2025[175]. - The Group's deferred income was reported at HK$404,274,000 as of September 30, 2025, compared to HK$403,854,000 as of March 31, 2025[172]. Strategic Direction and Future Plans - The management discussion highlights the Group's commitment to expanding its commercial operations and enhancing property management capabilities[15]. - The Group aims to leverage its existing property portfolio to drive future revenue growth and market expansion[16]. - The Group plans to develop its Changchun project into an integrated project combining a theme park and a cultural tourism town[59]. - The Group is actively exploring opportunities outside of China, particularly in the Southeast Asia region, which has high growth potential[80]. - The Group aims to enhance cooperation with financing institutions and government agencies to activate various projects amid economic challenges[79]. - The Group's strategy includes building comprehensive demonstration cities for healthcare and vacation, aligning with local industrial positioning[34]. Operational Efficiency and Cost Control - The Group has focused on diversifying its product mix in the real estate market to avoid competitiveness decline due to product homogeneity[78]. - Cost control measures are being implemented, including maintaining appropriate headcounts and reducing administrative costs[110]. - The Group has implemented cost control measures, including maintaining appropriate employee numbers and reducing administrative costs, to ensure sufficient operating funds until at least September 30, 2026[113]. Employee and Management Information - The Group employed a total of 120 employees as of September 30, 2025, a decrease from 136 employees as of March 31, 2025[72]. - The group’s short-term employee benefits for key management personnel were HK$1,042,000 for the six months ended September 30, 2025[192]. - As of September 30, 2025, none of the Directors or the chief executive of the Company had any interests or short positions in the shares or underlying shares of the Company[197]. Compliance and Regulatory Matters - The company’s financial statements are prepared in accordance with Hong Kong Accounting Standards, ensuring compliance with local regulations[95].

Financial Performance - For the six months ended September 30, 2025, the Company reported revenue of HK$37,641,000, an increase of 16.9% compared to HK$32,207,000 for the same period in 2024[13][14]. - The gross profit for the same period was HK$10,324,000, down 28.1% from HK$14,348,000 in 2024[14]. - The loss from operations increased to HK$4,974,000, compared to a loss of HK$3,326,000 in the previous year, reflecting a deterioration of 49.7%[14]. - The loss before tax for the period was HK$5,109,000, up 47.3% from HK$3,470,000 in 2024[14]. - The total comprehensive loss for the period was HK$5,149,000, compared to a loss of HK$3,449,000 in the same period last year, indicating an increase of 49.2%[14]. - For the six months ended September 30, 2025, the company reported a loss attributable to owners of HK$5,046,000, compared to a loss of HK$3,470,000 for the same period in 2024, representing an increase of 45% in losses[15]. - Total comprehensive loss for the period was HK$5,149,000, up from HK$3,449,000 in the previous year, indicating a 49% increase[15]. - Basic and diluted loss per share was HK$0.63, compared to HK$0.43 in the prior year, reflecting a 47% increase in loss per share[15]. - The company recorded net cash used in operating activities of HK$2,352,000 for the six months ended September 30, 2025, compared to net cash generated of HK$1,098,000 in the prior year[18]. - The Group incurred a net loss of approximately HK$5.1 million for the six months ended 30 September 2025, compared to a net loss of approximately HK$3.5 million for the same period in 2024[99]. Revenue Breakdown - Revenue for the six months ended September 30, 2025, was HK$37,641,000, an increase of 16.4% compared to HK$32,207,000 for the same period in 2024[38]. - Revenue from sales of biometric security products and related services was HK$15,140,000, down 32.5% from HK$22,363,000 in the previous year[38]. - Revenue from the provision of digital solution services was HK$10,586,000, with no prior year comparison as this segment was newly introduced[38]. - The increase in revenue was mainly attributed to the rise in the provision of digital solution services compared to the corresponding period in 2024[84]. - The Group's digital solution services generated revenue of approximately HK$10.6 million as at 30 September 2025, marking a new strategic initiative in response to market demand for sophisticated digital solutions[90]. Expenses and Costs - Selling and distribution costs increased to HK$4,832,000, up 25.8% from HK$3,842,000 in 2024[14]. - Administrative and other operating expenses decreased to HK$11,447,000 from HK$13,951,000, a reduction of 18.0%[14]. - Staff costs, including directors' emoluments, rose to HK$15,084,000 in 2025 from HK$14,774,000 in 2024, reflecting an increase of approximately 2.1%[52]. - The cost of inventories sold decreased to HK$8,981,000 in 2025 from HK$11,709,000 in 2024, representing a reduction of about 23.4%[52]. - The Group's gross profit margin decreased from approximately 44.5% for the six months ended 30 September 2024 to approximately 27.4% for the same period in 2025, with gross profit dropping from approximately HK$14.3 million to approximately HK$10.3 million[93]. Assets and Liabilities - Current assets increased to HK$51,182,000 as of September 30, 2025, from HK$46,673,000 as of March 31, 2025, marking an increase of 10.8%[16]. - Net current assets decreased to HK$20,181,000 from HK$24,187,000, a decline of 16.5%[16]. - Total liabilities rose to HK$36,342,000 as of September 30, 2025, compared to HK$26,676,000 as of March 31, 2025[32]. - The Group's total equity decreased to HK$15,117,000 as of September 30, 2025, down from HK$20,266,000 as of March 31, 2025, a decline of 25.4%[16]. - The Group's gearing ratio increased from 21.1% as at 31 March 2025 to approximately 43.5% as at 30 September 2025, primarily due to promissory notes and lease liabilities[103]. Strategic Focus - The company is focused on expanding its sales of biometric identification devices and related services, indicating a strategic emphasis on growth in this sector[20]. - The Group plans to focus on research and development of touchless biometric identification devices and AIoT applications to capture new market opportunities[89]. Corporate Governance - The company has established an Audit Committee to oversee financial reporting and internal control systems, comprising three independent non-executive Directors[149]. - The company has adopted a code of conduct for securities trading by Directors, in compliance with GEM Listing Rules[136]. - The Board believes the current structure of having the Chairman and CEO roles combined is effective, but will review it as necessary in the future[135]. - The company is committed to maintaining compliance with the GEM Listing Rules and the Securities and Futures Ordinance[146]. - The unaudited condensed consolidated financial statements for the six months ended September 30, 2025, have been reviewed by the Audit Committee, confirming compliance with applicable accounting standards and GEM Listing Rules[150]. Shareholder Information - As of September 30, 2025, Mr. Wang Yicheng holds 136,230,000 shares, representing 17.03% of the company's issued share capital[139]. - Mr. Yao Han and Ms. Jian Yanmei each hold 131,785,000 shares, accounting for 16.47% of the company's issued share capital[145]. - Super Arena Limited, beneficially owned by Mr. Wu Rong, holds 204,770,000 shares, which is 25.60% of the company's issued share capital[145]. - The Group's share capital as of September 30, 2025, included 800,000,000 issued and fully paid ordinary shares[70]. Miscellaneous - No dividends were declared or paid during the six months ended 30 September 2025, consistent with the previous year[53]. - The Group had no significant investments or material acquisitions and disposals of subsidiaries during the six months ended September 30, 2025[114]. - The group does not have a foreign currency hedging policy and did not engage in any derivatives agreements during the six months ended September 30, 2025[113]. - The company did not purchase, sell, or redeem any of its listed securities during the six months ended September 30, 2025[147].

獨立非執行董事 徐珮文女士 羅子璘先生 張宏業先生 中期報告 2025 * 僅 供 識 別 目錄 2 公司資料 4 管理層討論及分析 12 其他資料 16 綜合損益及其他全面收入報表（未經審核） 17 綜合財務狀況報表（未經審核） 18 簡明綜合權益變動表（未經審核） 19 簡明綜合現金流量報表（未經審核） 20 未經審核綜合財務報表附註 公司資料 執行董事 莊金洲先生 （主席） 莊華彬先生 （行政總裁兼總裁） 莊華清先生 本公司法律顧問 有關香港法律： 何韋律師行 香港 中環 遮打道18號 歷山大廈27樓 有關開曼群島法律： Appleby 香港 鰂魚涌 英皇道979號 太古坊二座 35樓3505-06室 有關中國法律： 廣東寶源律師事務所 中國深圳市 寶安區寶城三區 中糧大廈7樓0710室 核數師 天健國際會計師事務所有限公司 根據財務匯報局條例註冊之 公眾利益實體核數師 香港 灣仔 莊士敦道181號 大有大廈 15樓1501-8室 估值師 羅馬國際評估有限公司 香港 灣仔 告士打道39號 夏愨大廈11樓1101-04室 註冊辦事處 Windward 3 Regatta Office Park P.O. ...

Financial Performance - Revenue for the six months ended September 30, 2025, was RMB 1,115,871,000, a decrease of 20.6% compared to RMB 1,405,550,000 for the same period in 2024[7] - Gross profit for the same period was RMB 198,486,000, down 42.5% from RMB 344,727,000 year-over-year[7] - The company reported a profit attributable to equity shareholders of RMB 44,619,000, compared to a loss of RMB 26,234,000 in the previous year[7] - Basic and diluted earnings per share for the period were RMB 0.5, a recovery from a loss of RMB 0.3 per share in the prior year[7] - For the six months ending September 30, 2025, the company reported a net loss of RMB 26,234,000, compared to a loss of RMB 642,437,000 in the previous period[13] - The company reported a profit of RMB 44,619,000 for the six months ending September 30, 2025, compared to a profit of RMB 61,924,000 for the previous six months[14] - The group recorded a net profit of approximately RMB 44.6 million, compared to a net loss of approximately RMB 26.2 million in the same period last year, primarily due to a decrease in investment property valuation losses from RMB 203.8 million to RMB 0.6 million and a reduction in impairment losses on financial and contract assets from RMB 73.7 million to RMB 43.7 million[80] Assets and Liabilities - Total assets as of September 30, 2025, were RMB 2,695,635,000, a decrease from RMB 2,814,958,000 as of March 31, 2025[11] - The company’s non-current assets totaled RMB 1,343,159,000, slightly down from RMB 1,383,336,000[11] - The company’s total liabilities decreased to RMB 2,562,000,000 as of September 30, 2025, from RMB 2,482,188,000 at the end of the previous reporting period[14] - The company’s total liabilities measured at amortized cost were RMB 619,347,000 as of September 30, 2025, down from RMB 763,910,000 as of March 31, 2025[51] - The total assets of the group are approximately RMB 4,038,800,000 as of September 30, 2025, down from RMB 4,198,300,000 as of March 31, 2025[65] Cash Flow and Financing - Cash generated from operating activities for the six months ending September 30, 2025, was RMB 221,948,000, down from RMB 404,255,000 in the same period last year[16] - The company incurred a net cash outflow from financing activities of RMB 109,972,000 for the six months ending September 30, 2025, compared to a net inflow of RMB 33,967,000 in the previous year[18] - The company’s cash and cash equivalents increased to RMB 1,072,312,000 as of September 30, 2025, from RMB 976,157,000 at the beginning of the period[18] - The total bank financing utilized as of September 30, 2025, was RMB 480,458,000, down from RMB 553,118,000 as of March 31, 2025[54] Revenue Breakdown - Revenue from product sales was RMB 1,015,400 for the six months ended September 30, 2025, down 19.1% from RMB 1,256,062 in 2024[23] - Revenue from services increased to RMB 118,624, up 8.3% from RMB 109,124 in 2024[23] - The manufacturing and trading segment generated revenue of approximately RMB 531 million, down 30.9% from RMB 768.7 million in the previous year, significantly impacted by increased export costs due to U.S. tariffs and a shift of customers from China to Southeast Asia[82] - Retail business revenue decreased by 4.6% to approximately RMB 110.8 million, down from RMB 116.2 million in the same period last year, primarily due to a shift towards online shopping and e-commerce[83] - Wholesale business revenue increased by 2.2% to approximately RMB 511 million, compared to RMB 500.2 million in the previous year, driven by improved customer service and sales efforts in the liquor and beverage sector[84] Investment and Valuation - The company experienced a net loss on investment property valuation of RMB 623,000, significantly lower than the loss of RMB 203,831,000 in the previous year[7] - The group recorded a valuation loss of approximately RMB 600,000 on investment properties during the reporting period, influenced by high vacancy rates and a downward market trend[73] - The significant unobservable input used in the fair value measurement of financial assets is the discount rate, which ranged from 4.45% to 13.61% during the six months ending September 30, 2025[62] Corporate Governance and Future Outlook - The company has adopted and complied with all provisions of the Corporate Governance Code, except for the deviation from section C.2 regarding the separation of roles between the Chairman and the CEO[96] - The Audit Committee, consisting of independent non-executive directors, has reviewed the unaudited condensed consolidated interim financial statements for the six months ended September 30, 2025[98] - The company will continue to monitor the U.S.-China trade war, global financial market fluctuations, and industry risks to ensure effective communication with customers and timely adjustments to sales and procurement strategies[87] - The group aims to develop and introduce innovative products that meet the evolving needs of different customer segments, targeting sustained growth and improved overall performance[86]

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$252,230,000, an increase of 44.5% compared to HK$174,448,000 for the same period in 2024[14] - Gross loss for the period was HK$149,910,000, compared to a gross profit of HK$32,096,000 in the previous year[14] - Loss before tax amounted to HK$467,586,000, a significant decline from a profit of HK$41,111,000 in the prior year[14] - Loss attributable to the owners of the Company was HK$485,343,000, compared to a profit of HK$27,289,000 in the same period last year[14] - Basic and diluted loss per share was HK$57.05, compared to earnings of HK$3.54 per share in the previous year[14] - Total comprehensive expenses for the period were HK$456,468,000, compared to total comprehensive income of HK$41,601,000 in the prior year[16] Expenses and Costs - Selling and distribution costs increased to HK$29,942,000 from HK$20,700,000, reflecting a rise of 44.5%[14] - General and administrative expenses rose to HK$25,410,000, up from HK$9,479,000, indicating a significant increase in operational costs[14] - The Company reported an allowance for impairment on loan and interest receivables of HK$20,318,000, compared to HK$12,483,000 in the previous year[14] Assets and Liabilities - As of September 30, 2025, total assets less current liabilities increased to HK$1,850,826, up from HK$1,092,829 as of March 31, 2025, representing a growth of approximately 69.4%[17] - Net current assets rose significantly to HK$1,724,524 from HK$957,644, indicating an increase of about 80.3%[17] - The company’s total equity decreased to HK$1,017,365 from HK$1,063,909, a reduction of approximately 4.4%[19] - Total liabilities decreased from HK$1,344,370,000 to HK$1,269,268,000, representing a reduction of approximately 5.6%[50] Revenue Segmentation - For the six months ended September 30, 2025, the Group reported total external revenue of HK$252,230,000, with contributions from loan financing (HK$30,048,000), properties development (HK$191,794,000), and food and beverage catering (HK$30,388,000) [43] - Segment profit from securities trading was HK$28,377,000, while the loan financing segment reported a profit of HK$9,240,000, contrasting with a significant loss of HK$252,264,000 in the properties development segment [43] - The loan financing segment generated revenue of approximately HK$30 million, slightly up from HK$29 million in 2024, with a segment profit of approximately HK$9 million, down from HK$16 million in the previous year[135] Financial Instruments and Guarantees - The Group issued new convertible bonds with a principal amount of HK$980,000,000, convertible at an initial price of HK$0.328 per share, completed on September 29, 2025[101][102] - Financial guarantees provided by the Group to banks for mortgage facilities increased to approximately HK$10.2 million as of September 30, 2025, up from HK$9.8 million as of March 31, 2025[106] - The total liabilities from convertible bonds amounted to HK$809,015,000 as of September 30, 2025, reflecting the conversion of previous bonds and their reclassification as other loans[99] Market Conditions and Strategic Direction - The property market remained under severe pressure, with sluggish homebuyer demand and declining transaction prices, leading to a gross loss for the Group[171] - Management does not anticipate a significant rebound in the property sector in the short to medium term, prompting a review of strategic direction[172] - The Group plans to explore investment opportunities in resources and energy projects, property development, financial technology, pharmaceuticals, and the ocean industry to enhance shareholder value[189] Risk Management - The Group has developed a credit risk management system to effectively identify, manage, and minimize credit risk associated with each loan granted[153] - The Group conducts regular reviews of its credit exposure on a quarterly basis or as necessary, ensuring timely monitoring of loan repayment statuses[155] - No loan receivables were identified as credit impaired or written off during the reporting period, indicating effective risk management[167] Cash and Treasury Management - The Group's treasury policies are conservative, focusing on cash and financial management to minimize the cost of funds[200] - Cash is primarily placed in short-term deposits, mostly denominated in HKD, USD, RMB, or AUD[200] - Liquidity and financing requirements are frequently reviewed, with new financing channels considered for anticipated investments[200]

Financial Performance - Total revenue for the six months ended September 30, 2025, was HK$72,090,000, a decrease of 10.1% from HK$80,713,000 in the same period of 2024[9]. - Gross profit for the period was HK$21,775,000, down from HK$23,700,000, reflecting a gross margin of 30.2%[9]. - Profit for the period increased to HK$5,058,000, compared to HK$4,644,000 in the previous year, representing an increase of 8.9%[9]. - Earnings per share for the period was HK$0.59, up from HK$0.54, indicating a growth of 9.3%[9]. - The total comprehensive income for the period was HK$4,416,000, down from HK$4,947,000 in the same period of 2024, reflecting a decrease of approximately 10.7%[13]. - For the six months ended September 30, 2025, the Group recorded a net profit of approximately HK$5.1 million, an increase from approximately HK$4.6 million for the same period in 2024[102]. - The Group's overall gross profit decreased by approximately 8.1% from approximately HK$23.7 million for 1H2025 to approximately HK$21.8 million for 1H2026, while the gross profit margin increased to approximately 30.2% for 1H2026 (1H2025: approximately 29.4%) due to a decrease in cost of sales and services[146][149]. Assets and Liabilities - Non-current assets as of September 30, 2025, totaled HK$167,850,000, slightly up from HK$166,525,000 as of March 31, 2025[10]. - Current assets decreased to HK$169,173,000 from HK$172,600,000, a decline of 2.5%[10]. - Current liabilities decreased to HK$74,130,000 from HK$80,301,000, a reduction of 7.7%[10]. - Net current assets increased to HK$95,043,000 from HK$92,299,000, showing a growth of 3.0%[10]. - As of September 30, 2025, the company's net assets decreased to HK$232,427,000 from HK$234,059,000 as of March 31, 2025, reflecting a decline of approximately 0.7%[11]. - The total equity as of September 30, 2025, was HK$232,427,000, which includes issued capital of HK$864,000 and reserves of HK$231,563,000[13]. - As of September 30, 2025, the Group's total borrowings amounted to HK$32,154,000, a decrease from HK$41,860,000 as of March 31, 2025[95]. - The Group's secured borrowings as of September 30, 2025, were HK$36,343,000, down from HK$41,860,000 as of March 31, 2025[94]. - The Group's borrowings and lease liabilities amounted to approximately HK$47.5 million as of 30 September 2025, down from approximately HK$49.8 million as of 31 March 2025[172]. Cash Flow - The net cash from operating activities for the six months ended September 30, 2025, was HK$19,059,000, slightly down from HK$19,484,000 in 2024[16]. - The company reported a net cash used in investing activities of HK$1,829,000 for the six months ended September 30, 2025, compared to HK$23,424,000 in the previous year, indicating a significant reduction in cash outflow[16]. - Cash and cash equivalents at the end of the period were HK$109,975,000, up from HK$91,100,000 at the end of September 2024, marking an increase of approximately 20.6%[16]. - As of 30 September 2025, the Group had cash balances of approximately HK$110.0 million and borrowings of approximately HK$47.5 million[167]. - The Group had banking facilities of approximately HK$118.3 million as of 30 September 2025, with approximately HK$77.1 million drawn down[168]. Revenue Segmentation - For the six months ended September 30, 2025, the Group's total revenue was HK$72,090,000, with leasing revenue contributing HK$67,867,000 and trading revenue contributing HK$4,223,000[36]. - The leasing segment generated a profit of HK$21,083,000, while the trading segment reported a profit of HK$582,000, leading to a total segment profit of HK$21,665,000[36]. - Revenue from external customers in the leasing segment increased compared to the previous year, with leasing income of HK$52,422,000 for the six months ended September 30, 2025, compared to HK$60,265,000 for the same period in 2024[28][33]. - The geographical breakdown of leasing revenue shows that Hong Kong contributed HK$60,444,000, Macau contributed HK$1,449,000, and Singapore contributed HK$5,972,000 for the six months ended September 30, 2025[28]. - Leasing income from equipment decreased from approximately HK$60.3 million in 1H2025 to approximately HK$52.4 million in 1H2026, while operating services income fell from approximately HK$12.4 million to approximately HK$10.7 million in the same period[110]. Expenses and Costs - Total staff costs for the period were HK$29,861,000, a decrease of 6.1% compared to HK$31,786,000 in the previous year[66]. - Administrative expenses increased by approximately 1.7% to approximately HK$20.6 million in 1H2026 (1H2025: approximately HK$20.2 million) due to increased staff costs[153][157]. - The Group's cost of sales and services decreased to approximately HK$50.3 million in 1H2026, down approximately 11.7% from HK$57.0 million in 1H2025[141]. - Depreciation costs under cost of sales and services decreased to approximately HK$18.3 million in 1H2026, compared to approximately HK$21.5 million in 1H2025[145]. Impairment and Losses - The company recognized impairment losses of HK$1,162,000 on lease receivables and trade receivables, compared to HK$929,000 in the previous period[9]. - The share of loss from a joint venture for the six months ended September 30, 2025, was HK$18,000, compared to HK$14,000 in 2024[45]. - Impairment losses recognized under the expected credit loss model for lease and trade receivables amounted to HK$1,162,000 in 2025, compared to HK$929,000 in 2024[45]. - The Group faced challenges in collecting account receivables in Hong Kong, leading to more impairment losses recognized under the expected credit loss model in 1H2026[109]. Dividends - The company paid dividends totaling HK$6,048,000 during the period, compared to HK$5,184,000 in the previous year, reflecting an increase of approximately 16.7%[16]. - The Company declared a final dividend of HK$0.70 per ordinary share, totaling HK$6,048,000, compared to HK$0.60 per share and HK$5,184,000 in the previous year[71]. - An interim dividend of HK$0.23 per ordinary share was declared, amounting to approximately HK$1,987,000, up from HK$0.16 per share and approximately HK$1,382,000 in the prior period[72]. Shareholding and Governance - As of September 30, 2025, Mr. Lau Pong Sing holds 363,528,000 shares, representing approximately 42.08% of the company's ordinary shares[194]. - Ms. Chan Kit Mui, Lina also holds 284,471,352 shares, which is about 32.92% of the company's ordinary shares[194]. - Mr. Lau is deemed to be interested in the shares held by Ms. Chan due to their spousal relationship, reflecting a combined interest in the company's shares[196]. - The company has no other directors or chief executives with interests or short positions in shares that need to be disclosed as of September 30, 2025[200].

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$38,396,000, a decrease of 64% compared to HK$106,862,000 for the same period in 2024[15]. - Gross profit for the period was HK$3,065,000, down 78% from HK$13,773,000 in the previous year[15]. - Loss before taxation increased to HK$113,364,000, compared to a loss of HK$54,427,000 in the same period last year, representing a 108% increase in losses[15]. - Loss for the period was HK$112,268,000, compared to HK$65,429,000 in the prior year, indicating a 71% increase in losses[15]. - The company reported a loss attributable to owners of the Company of HK$72,913,000, compared to a loss of HK$47,750,000 for the same period in 2024, representing a 52.7% increase in loss[16]. - Total comprehensive expense for the period was HK$116,246,000, up from HK$69,084,000 in the previous year, indicating a 68.3% increase[16]. - The company reported a basic and diluted loss per share of HK$0.36 for the six months ended September 30, 2025, compared to HK$0.24 for the same period in 2024[16]. - The loss for the period attributable to owners of the Company was HK$72,913,000 for the six months ended September 30, 2025, compared to a loss of HK$47,750,000 in 2024, indicating a deterioration in performance[86]. - The gross profit margin for the current period is 7.98%, down from 12.89% in 2024, primarily due to a shift in revenue composition towards lower-margin property management services[196]. - The loss per share for the reporting period is approximately 0.36 HK cents, compared to 0.24 HK cents in 2024[198]. Expenses and Costs - Administrative and other expenses rose significantly to HK$59,420,000, up from HK$11,264,000, marking a 429% increase[15]. - Total staff costs for the six months ended September 30, 2025, were HK$22,082,000, significantly higher than HK$7,088,000 in 2024, indicating increased investment in human resources[82]. - The cost of inventories recognized as expenses was HK$10,529,000, down from HK$29,602,000 in the previous year, suggesting improved inventory management[82]. Income and Gains - Other income, gains, and losses increased to HK$7,955,000 from HK$5,179,000, reflecting a 54% growth[15]. - Total other income, gains, and losses for the six months ended September 30, 2025, amounted to HK$7,955,000, compared to HK$5,179,000 in 2024, reflecting an increase of approximately 53.5%[72]. Assets and Liabilities - The company's net current assets improved to HK$150,119,000 as of September 30, 2025, compared to net current liabilities of HK$208,178,000 as of March 31, 2025[18]. - Total assets less current liabilities increased significantly to HK$554,057,000 from HK$169,881,000, reflecting a substantial improvement in financial position[18]. - The total carrying amount of loan receivables as of September 30, 2025, was HK$126,848,000, up from HK$124,633,000 as of March 31, 2025, reflecting an increase of 1.8%[93]. - The total completed properties held for sale as of 30 September 2025 was HK$790,818,000 (unaudited), compared to HK$809,717,000 (audited) as of 31 March 2025[112]. - Trade receivables as of 30 September 2025 were HK$143,668,000 (unaudited), a decrease from HK$146,611,000 (audited) as of 31 March 2025[115]. - The Group's digital assets held in its own wallets amounted to HK$16,220,000 (unaudited) as of 30 September 2025, with Bitcoin representing the entire amount[108]. Cash Flow - For the six months ended September 30, 2025, the operating cash flows before movements in working capital were HK$ (19,862,000), a decrease from HK$ 53,830,000 in the same period of 2024[23]. - The net cash used in operating activities for the six months was HK$ (25,942,000), compared to a net cash inflow of HK$ 8,457,000 in the previous year[23]. - Cash flows from investing activities resulted in a net cash outflow of HK$ (80,299,000), compared to HK$ (14,726,000) in the prior period[24]. - Financing activities generated a net cash inflow of HK$ 518,292,000, a significant increase from a net cash outflow of HK$ (6,627,000) in the same period last year[24]. - The total cash and cash equivalents at the end of the period were HK$ 727,609,000, up from HK$ 326,080,000 at the end of the previous period[24]. Segment Information - For the six months ended September 30, 2025, total segment revenue was HK$38,396,000, with property development contributing HK$10,861,000 and property management contributing HK$26,882,000[59]. - The cryptocurrency-related business generated revenue of HK$653,000, marking its first contribution since the segment was established[59]. - The total segment loss for the same period was HK$101,034,000, with the property development segment reporting a loss of HK$59,027,000[59]. - As of September 30, 2025, total segment assets amounted to HK$1,120,926,000, with property development assets at HK$857,821,000 and cryptocurrency-related business assets at HK$105,270,000[64]. Share Capital and Equity - The company issued shares resulting in an increase in equity attributable to owners of the Company to HK$727,964,000 as of September 30, 2025, compared to HK$302,978,000 as of April 1, 2025[19]. - The company's share capital rose to HK$23,101,000 as of September 30, 2025, up from HK$20,319,000 as of March 31, 2025, marking an increase of 8.8%[18]. - The Group issued 2,782,330,000 new ordinary shares at a subscription price of HK$0.18 per share on 30 September 2025, raising approximately HK$498,037,000 in share premium[155]. Future Outlook and Strategy - The company is focusing on expanding its cryptocurrency-related services, which are expected to grow as the market develops[56]. - The Group's management assesses that the possibility of default in mortgage loans by home buyers is remote, indicating a low risk of financial impact from guarantees provided[162]. - The Group's management reported that all loan receivables were secured by collaterals as of both September 30, 2025, and March 31, 2025[94].