GLOBAL DISTRIBUTION NETWORK 全球分銷網絡 | | Countries and | Main-brands/Sub-brands/ | 30 September 2025 | 31 March 2025 | | 30 September 2024 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | Regions | Product Lines | 2025年 | 2025年 | Changes | 2024年 | Y-o-Y Changes | | | 國家及地區 | 主品牌╱副品牌╱產品線 | 9月30日 | 3月31日 | 變化 | 9月30日 | 按年變化 | | | | Lukfook 六福 | 74 | 74 | 0 | 73 | +1 | | | | 3DG Jewellery 金至尊 | 124 | 99 | +25 | 79 | +45 | | | Chinese Mainland1 中國內地1 | Goldstyle | 0 | 1 | -1 | 1 | -1 | | | | Lukfook Joai ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HK$78,701,000, a decrease of 11.5% compared to HK$88,524,000 for the same period in 2024[10] - Gross profit for the same period was HK$46,029,000, down 15.7% from HK$54,580,000 in 2024[10] - Loss for the period was HK$1,597,000, an improvement from a loss of HK$2,614,000 in the previous year, indicating a reduction of 38.7%[14] - Total comprehensive income for the period was HK$3,160,000, compared to HK$4,094,000 in 2024, reflecting a decrease of 22.8%[14] - The company reported a basic and diluted loss per share of 0.6 cents, an improvement from 1.3 cents in the previous year[10] - The Group's loss from operations was reduced to HK$488,000, compared to HK$1,204,000 in the same period last year, reflecting effective cost-saving measures[126] Assets and Liabilities - Non-current assets increased to HK$348,242,000 as of September 30, 2025, from HK$343,627,000 as of March 31, 2025[19] - Current assets totaled HK$163,605,000, slightly up from HK$162,149,000 as of March 31, 2025[19] - Net current assets decreased to HK$83,185,000 from HK$99,159,000, a decline of 16.1%[19] - Total equity attributable to equity shareholders of the Company was HK$400,399,000, down from HK$413,157,000[19] - The Group's reportable segment assets as of September 30, 2025, totaled $786,690,000, a slight decrease from $789,042,000 as of March 31, 2025[50] - The reportable segment liabilities as of September 30, 2025, were $459,805,000, compared to $464,524,000 as of March 31, 2025, indicating a reduction of 1%[50] Cash Flow - For the six months ended September 30, 2025, cash generated from operations was HK$17,845,000, an increase of 46.5% compared to HK$12,189,000 for the same period in 2024[27] - The net cash generated from operating activities was HK$18,164,000, up from HK$12,214,000, reflecting a growth of 48.5% year-over-year[27] - Cash and cash equivalents at the end of the period were HK$99,176,000, a slight decrease from HK$101,985,000 at the end of the previous period[27] - The net cash used in financing activities was HK$15,573,000, a decrease from HK$18,110,000, indicating improved cash management[27] Dividends - The company declared dividends payable of HK$16,586,000 for the period, with no dividends payable in the previous year[19] - The final dividend of 10 cents per ordinary share for the year ended March 31, 2025, amounted to $16,586,000, approved on September 26, 2025[67] - No interim dividend was declared for the period ending September 30, 2025, consistent with the previous year[116] Revenue Streams - The group operates a distribution network of 34 sales points, with 29 in Hong Kong and 5 in Macau, and is cautious about expanding its store network[117] - The printing and related services segment saw a slight revenue increase to HKD 13,645,000 from HKD 13,495,000 in the previous year[117] - Royalty income increased significantly to HKD 845,000 from HKD 390,000 year-on-year[108] - Sales of garment products reached HKD 3,376,000, marking a new revenue stream for the group[108] Cost Management - The overall gross profit margin declined to 58.5% from 61.7% year-on-year, while distribution costs decreased by 17.0% and administrative expenses were reduced by 26.2%[126] - Finance costs for the six months ended September 30, 2025, decreased to $1,117,000 from $1,330,000 in 2024, representing a reduction of approximately 16%[59] - Depreciation expenses for the six months ended September 30, 2025, amounted to $14,112,000, a decrease from $17,673,000 in 2024[53] Intellectual Property and Licensing - The Group holds global intellectual property rights for Guy Laroche and Ashworth, with the latter operating with four licensees, indicating a strategic focus on leveraging intellectual property for growth[123] - The trademark licensing agreement allows Citimark Trading to promote and sell licensed products exclusively in the PRC, including online sales[149] - The minimum royalty fees for Citimark Trading are set to increase annually, starting from USD 250,000 (equivalent to HKD 1,950,000) for the year ending May 31, 2025, to USD 500,000 (equivalent to HKD 3,900,000) for the year ending May 31, 2029[151] Corporate Governance - The audit committee has reviewed the unaudited interim financial statements of the Group for the period ended September 30, 2025[174] - The company has adhered to corporate governance practices as outlined in Appendix 14 of the Listing Rules throughout the period ended September 30, 2025[175] - No significant contracts involving directors' material interests were in effect at the end of the period or during the review period[168]

Financial Performance - For the six months ended September 30, 2025, the revenue was HK$75,547,000, a decrease of 6.4% compared to HK$79,060,000 for the same period in 2024[18]. - Gross profit for the six months ended September 30, 2025, was HK$2,344,000, compared to a gross loss of HK$2,509,000 in the previous year[20]. - The loss for the period was HK$7,751,000, down from HK$15,547,000, indicating a significant improvement of 50.2%[20]. - The loss before taxation improved to HK$7,735,000, compared to a loss of HK$15,543,000 in the same period last year, representing a 50.3% reduction[20]. - The Group recorded a net loss of approximately HK$7.8 million for the six months ended 30 September 2025, an improvement from a net loss of approximately HK$15.5 million for the same period in 2024, reflecting a recovery in global economic conditions and increased trade activities[125]. Revenue and Income - Other income increased to HK$128,000 from HK$62,000, reflecting a growth of 106.5%[20]. - Revenue from freight forwarding and related logistics services was HK$75,547,000, while trading of fashion items generated no revenue during the period[49][56]. - The Group's revenue from Hong Kong, its place of domicile, was entirely derived from freight forwarding and related logistics services, amounting to HK$75,547,000[56]. - Total revenue decreased by approximately 4.4% from approximately HK$79.0 million in the previous period to approximately HK$75.5 million in the review period[138]. Expenses and Costs - The cost of services for the same period was HK$73,203,000, down from HK$81,569,000, indicating a reduction of 10.3%[20]. - Sales and marketing expenses decreased to HK$1,312,000, down 33.8% from HK$1,983,000 in the previous period[20]. - Administrative expenses were reduced to HK$8,045,000, a decrease of 27.3% compared to HK$11,026,000 in the previous year[20]. - Finance costs increased to HK$1,062,000 from HK$189,000, showing a significant rise attributed to increased borrowing costs[20]. - Depreciation of property, plant, and equipment decreased significantly to HK$278,000 from HK$923,000 in the previous period, reflecting a reduction of approximately 70%[62]. Assets and Liabilities - The company's net assets decreased to HK$28,825,000 as of September 30, 2025, down from HK$36,576,000 as of March 31, 2025, reflecting a decline of approximately 21%[22]. - Current assets decreased to HK$49,420,000 from HK$71,166,000, a reduction of about 30% over the six-month period[22]. - Trade and other receivables decreased to HK$39,862,000 from HK$55,655,000, a decline of about 29%[22]. - Trade payables as of September 30, 2025, were HK$12,274,000, down 45.3% from HK$22,413,000 as of March 31, 2025[87]. - Current liabilities for trade and other payables decreased from HK$25,401,000 to HK$14,353,000, a reduction of 43.5%[87]. Cash Flow - For the six months ended September 30, 2025, net cash used in operating activities was HK$1,658,000, a significant improvement from HK$12,199,000 in the same period of 2024[29]. - The Group reported a net cash outflow from investment activities of HK$1,093,000, compared to a net inflow of HK$2,066,000 in the previous year[29]. - Cash and cash equivalents at the end of the period were HK$9,558,000, up from HK$6,785,000 at the end of the same period last year[29]. Share Capital and Financing - The authorized share capital of the company is HK$100,000,000, divided into 1,000,000,000 consolidated shares of HK$0.10 each[104]. - The company issued 24,956,600 new shares at a placing price of HK$0.137 per share, representing approximately 16.67% of the issued share capital as of 31 March 2025[114]. - The share consolidation was approved by shareholders on 15 January 2025 and became effective on 17 January 2025[107]. - The Group obtained a loan of HK$3,500,000 from a local financial institution during the review period, compared to no loans as of March 31, 2024[99]. Strategic Outlook - The Company is cautiously optimistic about future business opportunities in logistics, supported by coordinated efforts from the Central Government of the PRC and the Hong Kong Government[129]. - The management acknowledges the need to rethink strategies for the fashion items trading segment due to a significant slowdown in the global luxury goods market[130]. - The Group is seeking to diversify its business areas to reduce reliance on existing logistics businesses and broaden its revenue base[130].

（於開曼群島註冊成立的有限公司） 股份代號: 2132 2025 中期報告 公司資料 LANDRICH HOLDING LIMITED 譽燊豐控股有限公司 董事會 執行董事 徐繼光先生 （主席） 徐子揚先生 （行政總裁） 徐慧揚女士 獨立非執行董事 李殷傑先生 李建基先生 鄺炳文先生 董事委員會 審核委員會 李建基先生 （主席） 李殷傑先生 鄺炳文先生 薪酬委員會 李殷傑先生 （主席） 李建基先生 鄺炳文先生 徐繼光先生 提名委員會 合規顧問 鄺炳文先生 （主席） 李殷傑先生 李建基先生 徐繼光先生 徐慧揚女士 （於二零二五年六月二十四日獲委任） 富比資本有限公司 香港 灣仔 駱克道188號 兆安中心 26樓 投資委員會 1 譽燊豐控股有限公司 二零二五年中期報告 公司資料 徐子揚先生 （主席） （於二零二五年十一月二十一日獲委任） 鄺炳文先生 （於二零二五年十一月二十一日獲委任） 李建基先生 （於二零二五年十一月二十一日獲委任） 公司秘書 吳愷盈女士 授權代表 徐繼光先生 吳愷盈女士 核數師 國衛會計師事務所有限公司 執業會計師 香港 中環 畢打街11號 置地廣場 告羅士打大廈 31樓 公司資料 香港總部及 ...

Financial Performance - The group's revenue for the six months ended September 30, 2025, was approximately HKD 83.7 million, a decrease of about 29.1% compared to HKD 118.0 million in the same period of 2024[7]. - Profit attributable to owners of the company for the period was approximately HKD 4.3 million, down from HKD 4.7 million in 2024[7]. - Basic earnings per share for the period was approximately HKD 5.05, compared to HKD 5.44 (restated) in 2024[8]. - The total comprehensive income for the period was HKD 4,341,000, a decrease from HKD 4,683,000 in the same period of 2024[11]. - The company reported a pre-tax profit of HKD 5,001,000 for the six months ended September 30, 2025, compared to HKD 4,683,000 in the previous year[19]. - For the six months ended September 30, 2025, the company reported a pre-tax profit of approximately 4,341,000 HKD, a decrease from 4,683,000 HKD in the same period of 2024, representing a decline of about 7.3%[30]. - The company's attributable profit for the six months ended September 30, 2025, was approximately HKD 4.3 million, compared to approximately HKD 4.7 million for the same period in 2024[42]. Revenue Breakdown - The revenue from renovation projects significantly declined to HKD 3,940,000, down 86.7% from HKD 29,514,000 in the previous year[17]. - The company's total revenue from clients for renovation projects in 2025 was 22,157,000 HKD, compared to 51,605,000 HKD in 2024, indicating a significant drop of approximately 57.1%[23]. - Revenue from renovation projects for the six months ended September 30, 2025, was approximately HKD 3.9 million, down about 86.7% compared to approximately HKD 29.5 million for the same period in 2024[38]. Assets and Liabilities - Total assets less current liabilities as of September 30, 2025, amounted to HKD 60.1 million, compared to HKD 56.2 million as of March 31, 2025[9]. - The company's total assets as of September 30, 2025, amounted to HKD 56,085,000, reflecting a slight increase from HKD 50,521,000 as of the same date in 2024[11]. - Current liabilities increased to HKD 134.0 million from HKD 104.9 million, indicating a rise in financial obligations[10]. - The company reported total liabilities of 60,820,000 HKD as of September 30, 2025, compared to 40,861,000 HKD as of March 31, 2025, indicating an increase of approximately 48.9%[34]. - The company's total equity as of September 30, 2025, was HKD 56.1 million, up from HKD 51.7 million[10]. - The company’s total equity attributable to owners increased to HKD 56,085,000 as of September 30, 2025, from HKD 50,521,000 in the previous year[11]. Cash Flow - The net cash outflow from operating activities for the six months ended September 30, 2025, was HKD 5,453,000, compared to HKD 731,000 in the same period of 2024[13]. - The company experienced a net cash inflow from financing activities of HKD 3,215,000, a turnaround from a net outflow of HKD 4,435,000 in the previous year[13]. - The company’s cash and cash equivalents decreased to HKD 9,010,000 from HKD 9,305,000 at the end of the previous period[13]. Costs and Expenses - The total employee costs for the six months ended September 30, 2025, were 9,659,000 HKD, down from 11,496,000 HKD in 2024, reflecting a decrease of about 15.9%[26]. - Administrative expenses for the six months ended September 30, 2025, were approximately HKD 11.4 million, down about 15.5% from approximately HKD 13.4 million for the same period in 2024[41]. - Direct costs decreased from approximately HKD 98.6 million for the six months ended September 30, 2024, to approximately HKD 65.6 million for the current period, a reduction of about 33.5%[39]. Shareholder Information - The board of directors did not recommend any dividend payment for the period[7]. - The company plans to conduct a rights issue at a subscription price of 0.110 HKD per share, with the completion expected in December 2025[35]. - The company announced a proposed rights issue on September 4, 2025, offering 160,000,000 shares at a subscription price of HKD 0.110 per share, with estimated net proceeds of approximately HKD 16.4 million[86]. - The net proceeds from the rights issue are intended to be used for HKD 13.7 million in financial resources for contracting services and approximately HKD 2.7 million for general working capital[86]. Corporate Governance - The audit and risk management committee, chaired by an independent non-executive director, has reviewed the company's financial reporting and internal controls[90]. - The company has adhered to the corporate governance code as per GEM Listing Rules, with a noted deviation regarding the roles of the chairman and CEO being held by the same individual[89]. - The financial information presented in the report has not been audited, and the directors have confirmed their responsibility for the preparation of the financial statements[85]. Future Plans - The company aims to expand its business in the public housing sector due to anticipated growth in land supply from the government[43]. - The company plans to optimize project milestone settings and simplify client acceptance processes to achieve more timely revenue recognition in the future[43].

) (Incorporated in Bermuda with limited liability 於百慕達註冊成立之有限公司 (Stock Code 股份代號: 970) 中期報告 目錄 Contents Page(s) 頁次 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Financial Highlights | 財務摘要 | 5 | | Management Discussion and Analysis | 管理層討論及分析 | 7 | | Condensed Consolidated Statement of Comprehensive Income | 簡明綜合全面收入報表 | 27 | | Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況報表 | 29 | | Condensed Consolidated Statement of Changes in Equity | 簡明綜合股本權益變動表 | 31 | | Condensed Conso ...

HONG KONG ZCLOUD TECHNOLOGY CONSTRUCTION LIMITED 香港智雲科技建設有限公司 （於開曼群島註冊成立之有限公司） 股份代號：9900 中期報告 Interim Report 2025-26 2025-26 (Incorporated in the Cayman Islands with limited liability) Stock Code : 9900 HONG KONG ZCLOUD TECHNOLOGY CONSTRUCTION LIMITED 香港智雲科技建設有限公司 2025-26 INTERIM REPORT HONG KONG ZCLOUD TECHNOLOGY CONSTRUCTION LIMITED 香港智雲科技建設有限公司 目錄 中 期 報 告 3 公司資料 5 管理層討論及分析 13 簡明綜合損益及其他全面收益表 14 簡明綜合財務狀況表 16 簡明綜合權益變動表 17 簡明綜合現金流量表 18 簡明綜合中期財務報表附註 34 其他資料 簡稱 於本中報內，除文義另有所指外，下列簡稱具有以下涵義： | 「細則」 | 指 | 本公司組織章程細則 ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 17,883,000, an increase of 10.7% compared to HKD 16,150,000 for the same period in 2024[4] - Gross profit decreased to HKD 1,395,000, down 36.5% from HKD 2,203,000 year-on-year[4] - The company reported a loss before tax of HKD 761,000, an improvement from a loss of HKD 993,000 in the previous year[4] - Basic and diluted loss per share improved to HKD 0.09 from HKD 0.11 year-on-year[5] - The total loss for the period was HKD 804,000, a decrease from a loss of HKD 993,000 in the previous year, reflecting an improvement of 19.1%[30] - The lending business recorded a revenue of HKD 500,000 for the period, with a positive outlook for continued market demand and contribution to overall performance[50] Assets and Liabilities - Current assets increased to HKD 63,307,000 from HKD 55,032,000, reflecting a growth of 15.6%[6] - Cash and cash equivalents at the end of the period rose to HKD 9,005,000, up from HKD 5,877,000, marking a 53.9% increase[6] - Total liabilities increased to HKD 51,351,000 from HKD 47,772,000, a rise of 7.4%[6] - The net asset value decreased to HKD 6,456,000 from HKD 7,260,000, a decline of 11.1%[6] - As of September 30, 2025, the net asset value decreased by 11% to HKD 6,500,000 from HKD 7,300,000 as of March 31, 2025[52] - Cash and cash equivalents increased to HKD 9,000,000 from HKD 5,900,000 as of March 31, 2025[53] - The debt-to-equity ratio rose to 64.1% from 46.4% due to an increase in bonds payable[53] Operational Efficiency - Operating cash flow for the period was a net outflow of HKD 1,982,000, compared to a net inflow of HKD 403,000 in the previous year[11] - Operating expenses decreased by 30.4% to HKD 1,600,000 from HKD 2,300,000 in the previous year, mainly due to reduced operational costs[47] - The cost of inventory recognized as an expense was HKD 16,488,000, compared to HKD 13,947,000, marking an increase of 18.2%[30] - The cost of goods sold increased to HKD 16,500,000 from HKD 13,900,000, reflecting the rise in revenue[46] - The overall gross profit decreased by 36.4% to HKD 1,400,000 compared to HKD 2,200,000 in the previous year, primarily due to sales of low-margin products[46] Investments and Financing - Financing activities generated a net cash inflow of HKD 5,110,000, contrasting with a net outflow of HKD 195,000 in the same period last year[11] - The company issued unsecured bonds totaling HKD 5,500,000 with an interest rate of 6% on September 25, 2025[40] - The group achieved an unrealized net gain of HKD 2,100,000 from securities investments, up from HKD 1,200,000 in the previous year[51] - The group held financial assets at fair value of approximately HKD 13,500,000, with significant investments in New Tech Company and China Investment Group[55] Corporate Governance - The company did not recommend any dividends for the six months ended September 30, 2025, consistent with the previous year[44] - The company did not acquire any property, plant, and equipment during the six months ended September 30, 2025[32] - The company has adopted a code of conduct for securities trading by directors, which complies with GEM Listing Rules[73] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated interim financial statements for the six months ending September 30, 2025[76] - The company has complied with the Corporate Governance Code throughout the six months ending September 30, 2025, with minor exceptions regarding the notice period for board meetings[74] - The board will continue to monitor and review corporate governance principles and practices to ensure compliance[75] - No related party transactions were identified that require disclosure in this report[70] Shareholder Information - As of September 30, 2025, the total number of issued ordinary shares is 890,722,800[66] - Ms. Lin Shuo holds 2,790,000 shares, representing approximately 0.31% of the total issued shares[66] - Mr. Yuan Xiaotong holds 186,820,000 shares, representing approximately 20.97% of the total issued shares[66] - No other individuals, apart from the disclosed parties, hold any interests or positions that require disclosure under the Securities and Futures Ordinance as of September 30, 2025[67] - The company did not purchase, sell, or redeem any of its listed securities during the six months ending September 30, 2025[71] Market Outlook and Strategy - The company plans to expand its sales channels and offer flexible credit terms to attract distributors and maximize profits[49] - The group plans to continue developing its existing business through organic growth or acquisitions, aiming to diversify and enhance shareholder returns[60] - The group maintains a conservative inventory policy and actively assesses credit risk to mitigate potential losses[57] - There were no significant acquisitions or disposals during the reporting period[54] - No significant contingent liabilities or asset pledges were reported as of September 30, 2025[58]

Financial Performance - The company reported a revenue of RMB 429,763,000 for the fiscal year ending August 31, 2024, a significant increase from RMB 81,305,000 in 2023[9] - The gross profit for the fiscal year 2024 was RMB 204,899,000, compared to RMB 11,919,000 in 2023, indicating a recovery in profitability[9] - The company experienced a net loss of RMB 40,308,000 in 2024, an improvement from a profit of RMB 51,047,000 in 2023[9] - The total revenue for the fiscal year ending August 31, 2025, was approximately RMB 378.8 million, with a net loss of RMB 197.0 million, an increase in loss of RMB 156.7 million compared to the previous year[13] - Total revenue decreased by approximately RMB 51.0 million (or 11.9%) from RMB 429.8 million in the year ended August 31, 2024, to RMB 378.8 million in the year ended August 31, 2025[48] - Gross profit margin decreased from approximately 47.7% for the year ended August 31, 2024, to 38.2% for the year ended August 31, 2025, a decline of about 9.5 percentage points[51] - Net loss increased to RMB 197.0 million for the year ended August 31, 2025, from a loss of RMB 40.3 million for the year ended August 31, 2024, an increase of approximately RMB 156.7 million or 388.8%[60] Enrollment and Student Statistics - The total number of enrolled students reached 28,932 as of September 1, 2025, with 2,265 employees, including over 1,620 full-time teachers[3] - As of September 1, 2025, the total number of enrolled students reached 28,932, reflecting the company's strong reputation in the private education sector in Sichuan Province[14] - Enrollment in vocational schools decreased by 2,405 students, representing a 7.9% decline compared to 2024, while high school enrollment fell by 69 students, a 6.4% decrease[23] - The number of enrolled students decreased by 2,495 (or 7.9%) to 28,932 as of September 1, 2025, compared to 31,427 as of September 1, 2024[62] Acquisitions and Expansion - The company completed the acquisition of Wenxuan Vocational College and Zhengzhuo Vocational School on August 31, 2023, marking its entry into the private vocational education sector[4] - The company completed the acquisition of 51% of two vocational schools, gaining control and economic benefits from these entities[14] - The vocational college's campus construction is nearing completion, with plans to gradually expand enrollment in the coming years[17] - The new campus of Wenxuan Vocational College is fully operational, with plans to enroll 14,000 students in 2026 and aim for 40,000 students by 2028[37] Financial Health and Ratios - The current ratio decreased to 0.33 in 2024 from 0.40 in 2023, indicating a decline in short-term financial health[10] - The debt-to-equity ratio rose significantly to 290.6% in 2024, up from 276.4% in 2023, reflecting increased leverage[10] - The company's debt-to-equity ratio rose from approximately 290.6% as of August 31, 2024, to about 613.0% as of August 31, 2025[68] - As of August 31, 2025, the total borrowings of the company amounted to approximately RMB 1,949.4 million, an increase of about RMB 452.6 million from RMB 1,496.8 million as of August 31, 2024[63] Operational Strategies and Goals - The company aims to enhance its market position in the private education sector in Sichuan Province, driven by increasing demand for quality private education[5] - The company aims to enhance its market position as a quality private education operator in Southwest China, focusing on high school and vocational education expansion[16] - The company plans to optimize its curriculum and professional training programs to align with regional industry needs, thereby improving student quality and increasing revenue from vocational schools[17] - The company aims to innovate talent cultivation models and enhance vocational education to meet market demands, focusing on quality as a lifeline[29] Tuition and Fees - Tuition fees for vocational schools increased slightly for the 2024/2025 academic year, ranging from RMB 13,500 to 14,800, while boarding fees range from RMB 1,400 to 3,300[26] - High school tuition remains at RMB 42,000 per student per year, with boarding fees unchanged at RMB 1,200[26] - The kindergarten tuition for the 2024/2025 academic year is adjusted to range from RMB 45,360 to 46,560, compared to RMB 44,160 to 46,560 in the previous year[26] Compliance and Regulatory Matters - The company is committed to complying with Chinese laws and regulations while actively developing new business opportunities in independent high schools and private vocational education institutions[16] - The company has completed adjustments to its control structure in compliance with the latest regulations and has terminated the consolidation of affected businesses[45] - The company will continue to monitor policy developments to ensure compliance and assess potential impacts on its operations[45] - The company has completed classification registration for its kindergartens and high schools, while other schools are still pending[47] Employee and Management Information - The company has 2,265 employees as of August 31, 2025, compared to 2,240 employees in the previous year[85] - The employee cost for the year ended August 31, 2025, was approximately RMB 142.0 million, an increase from RMB 132.1 million in 2024[85] - The company has established a remuneration committee to review the compensation policies for directors and senior management, considering the company's performance and market practices[117] Related Party Transactions and Governance - The company has disclosed related party transactions involving significant shareholders, including Mr. Wang Jinglei, who holds over 30% of Chengdu Junxian[191] - The independent non-executive directors confirmed that transactions conducted under the contractual arrangements for the year ending August 31, 2025, resulted in most profits remaining within the group[197] - The independent auditor found no issues regarding the structural contracts and ongoing related party transactions for the year ending August 31, 2025[198] Strategic Partnerships and Collaborations - The company has established partnerships with over 1,000 medium and large enterprises to improve its vocational education offerings and student employability[17] - The group has initiated collaborations to export its educational management services, including partnerships with schools to enhance their educational systems and teacher training[41] Educational Quality and Infrastructure - The group is focused on improving educational quality through modern teaching methods, optimizing classroom efficiency, and enhancing infrastructure[39] - The group aims to create a vocational education ecosystem that integrates secondary and higher education, deepens industry-education integration, and promotes regional collaborative development[38] Structural Contracts and Compliance - The structural contracts are in place due to the prohibition of foreign ownership in primary and junior high schools in China, with control exercised through these contracts[180] - The board will review the compliance of structural contracts at least annually to ensure adherence to regulations and address any significant issues[184] - The group has established structural contracts with Sichuan Higher Education and Sichuan Zhengzhuo to gain control over their respective subsidiaries following acquisition events[188]

Financial Performance - The group's revenue for the six months ended September 30, 2025, was approximately HKD 12.8 million, an increase of about 2.2% compared to the same period in 2024[11] - The loss attributable to the owners of the company for the six months ended September 30, 2025, was approximately HKD 1.9 million, a decrease of about 45.5% compared to the same period in 2024[11] - The basic and diluted loss per share for the six months ended September 30, 2025, was HKD 0.98, compared to HKD 1.80 for the same period in 2024[12] - For the six months ended September 30, 2025, the company reported a net loss of approximately HKD 1,886,000, compared to a net loss of HKD 3,456,000 for the same period in 2024, indicating an improvement in performance[26] - The company recorded a total comprehensive expense of HKD 1,876,000 for the six months ended September 30, 2025, compared to HKD 3,522,000 for the same period in 2024[26] - The group reported a pre-tax loss of HKD 2,942,000 for the six months ended September 30, 2025, compared to a loss of HKD 4,654,000 in 2024, showing an improvement of about 36.7%[37] Assets and Liabilities - Total assets less current liabilities as of September 30, 2025, amounted to HKD 14.9 million, compared to HKD 14.3 million as of March 31, 2025[15] - The company's net assets as of September 30, 2025, were HKD 12.1 million, down from HKD 14.0 million as of March 31, 2025[15] - The total liabilities as of September 30, 2025, were HKD 17.7 million, compared to HKD 15.0 million as of March 31, 2025[15] - The company has a net current liability of approximately HKD 1,121,000 as of September 30, 2025, raising concerns about its ability to continue as a going concern[26] - The company’s total equity attributable to owners decreased to HKD 14,261,000 as of September 30, 2025, down from HKD 22,212,000 as of April 1, 2024[26] Cash Flow - The company's cash and cash equivalents as of September 30, 2025, were HKD 8.99 million, an increase from HKD 6.80 million as of March 31, 2025[15] - The cash and cash equivalents increased by HKD 2,184,000 during the reporting period, rising from HKD 6,804,000 at the beginning to HKD 8,990,000 at the end[20] - Operating activities generated a net cash inflow of HKD 1,393,000, a significant recovery from a cash outflow of HKD 4,773,000 in the previous year[20] - The company’s financing activities generated a net cash inflow of HKD 753,000, a recovery from a net cash outflow of HKD 2,010,000 in the previous year[20] Operational Efficiency - The company reported a decrease in employee costs to HKD 2.94 million for the six months ended September 30, 2025, from HKD 4.65 million in the same period in 2024[12] - Employee costs decreased by approximately 36.8%, from HKD 4.7 million for the six months ended September 30, 2024, to HKD 2.9 million for the same period in 2025, representing a reduction in employee costs as a percentage of revenue from 37.2% to 23.0%[54] - Other operating expenses decreased by approximately HKD 1.0 million or 21.9% to about HKD 3.5 million for the six months ended September 30, 2025, primarily due to cost control measures implemented by the company[57] - The group plans to enhance cost control measures on inventory and operational expenses to improve operational efficiency and cash flow generation[28] Shareholder Information - The board of directors did not recommend the payment of any dividends for the six months ended September 30, 2025 (2024: none)[11] - The major shareholder, Jinshi No. 1 Limited Partnership Fund, holds 21,155,000 shares, representing 10.99% of the company's equity[77] - Jinshi Wealth Management Limited and Lin Yuzuo also hold 21,155,000 shares each, equivalent to 10.99% of the equity, as they are deemed to have interests in the shares held by Jinshi No. 1 Limited Partnership Fund[77] - No major or significant shareholders, other than those disclosed, hold or are deemed to hold interests that require disclosure under the Securities and Futures Ordinance as of September 30, 2025[78] Compliance and Governance - The company has adhered to the corporate governance code as stipulated in the GEM Listing Rules during the six months ending September 30, 2025[82] - An audit committee has been established to review financial data, internal controls, and risk management systems, ensuring compliance with applicable accounting standards and regulations[84] - All directors confirmed compliance with the trading standards and code of conduct for securities transactions during the six months ending September 30, 2025[81]