香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Tian Tu Capital Co., Ltd. 深圳市天圖投資管理股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1973） 有關本公司截至2024年12月31日止年度年報的補充公告 茲提述(i)深圳市天圖投資管理股份有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱 「本集團」）日期為2023年9月25日的招股章程（「招股章程」）；及(ii)本公司截至2024 年12月31日止年度的年報（「年 報」）。除 另 有 界 定 外，本 公 告 所 用 詞 彙 與 招 股 章 程 及 年 報 所 界 定 者 具 相 同 涵 義。 下表載列截至2024年12月31日 的 所 得 款 項 淨 額 分 配 及 使 用 狀 況，以 及 使 用 未 動 用 所 得 款 項 淨 額 的 預 計 ...

Financial Performance - For the nine months ending November 30, 2025, the company reported total revenue of HKD 1,358,074,000, an increase of 4.5% compared to HKD 1,304,551,000 for the same period last year[3]. - Net interest income for the same period was HKD 1,053,714,000, up 4.5% from HKD 1,008,263,000 year-over-year[3]. - Operating income reached HKD 1,279,741,000, reflecting a growth of 5.1% compared to HKD 1,217,802,000 in the previous year[3]. - The company reported a net profit of HKD 352,703,000, representing a significant increase of 28.1% from HKD 275,307,000 in the prior year[3]. - Basic earnings per share increased to HKD 84.22, up from HKD 65.74, marking a growth of 28.0%[3]. - The total comprehensive income for the period was HKD 351,280,000, compared to HKD 267,664,000, showing a growth of 31.2%[4]. - The operating profit before tax for the period was HKD 424,473,000, compared to HKD 328,748,000 in the previous year, indicating a year-over-year increase of approximately 29.1%[16]. - The group reported a total operating income of HKD 1,358,074,000, with a total operating expense of HKD 931,173,000, resulting in a net operating profit of HKD 426,901,000[15]. - The group’s profit before tax was HKD 424.5 million, an increase of 29.1% compared to the same period last year[35]. - Net profit for the same period rose to HKD 352.7 million, reflecting a growth of 28.1% from HKD 275.3 million in the previous year[35]. Revenue Breakdown - Credit card service revenue amounted to HKD 1,082,314,000, while personal loan revenue was HKD 251,010,000, and insurance revenue was HKD 24,750,000, contributing to the overall revenue[15]. - Revenue from the Hong Kong region was HKD 1,316,705,000, while revenue from mainland China was HKD 41,369,000, highlighting the dominance of the Hong Kong market[17]. - The group’s insurance segment showed a revenue increase from HKD 22,049,000 to HKD 24,750,000, reflecting a growth of approximately 12.3% year-over-year[16]. - Credit card business accounted for 79.7% of total revenue, up from 78.1% in the same period last year[52]. - Revenue from credit card business increased by 6.3% or HKD 63,700,000 to HKD 1,082,300,000 compared to HKD 1,018,600,000 in the previous year[53]. - In mainland China, revenue increased from HKD 31,800,000 to HKD 41,400,000, but the business recorded a loss of HKD 12,900,000 due to deteriorating customer repayment performance[57]. Expenses and Cost Management - The company’s operating expenses decreased slightly to HKD 566,848,000 from HKD 569,371,000, indicating improved cost management[3]. - Total operating expenses decreased by 0.4% to HKD 566.8 million, leading to a cost-to-income ratio decline from 46.8% to 44.3%[44]. - General administrative expenses were HKD 175,425,000, up from HKD 172,213,000, reflecting an increase of about 1.3%[18]. - Marketing and promotional expenses decreased to HKD 68,060,000 from HKD 77,500,000, a reduction of approximately 12.2%[18]. - Employee costs, including director remuneration, rose to HKD 185,209,000 from HKD 178,746,000, an increase of about 3.1%[18]. - Depreciation and amortization expenses for tangible and intangible assets were HKD 39,855,000, down from HKD 44,289,000, indicating a decrease of approximately 10%[18]. Asset and Liability Management - Non-current assets increased from HKD 1,900,620 thousand to HKD 1,935,813 thousand, reflecting a growth of approximately 1.6%[5]. - Total equity increased from HKD 4,251,161 thousand to HKD 4,393,059 thousand, representing a growth of about 3.3%[6]. - The company's total liabilities decreased from HKD 5,593,986 thousand to HKD 5,344,730 thousand, indicating a reduction of approximately 4.4%[6]. - The company's total assets decreased from HKD 6,376,458 thousand to HKD 5,932,516 thousand, a decline of about 6.9%[5]. - The total current liabilities increased from HKD 226,351 thousand to HKD 303,622 thousand, indicating a rise of about 34.2%[5]. - The net debt-to-equity ratio remained stable at 0.7 as of November 30, 2025[35]. Credit Quality and Risk Management - The allowance for impairment losses on receivables was HKD 258,869,000 as of November 30, 2025, compared to HKD 264,939,000 as of February 28, 2025, indicating a slight decrease in provisions[24]. - The total expected credit loss for the current period was HKD 303,873,000, reflecting a significant increase compared to previous periods[25]. - The company recorded a write-off of uncollectible debts amounting to HKD 311,909,000 during the reporting period[26]. - The percentage of credit losses (Stage 2 and Stage 3 receivables) relative to total customer loans and receivables decreased from 4.2% on February 28, 2025, to 4.0% on November 30, 2025[31]. - The group adopted a more cautious loan portfolio management strategy, balancing customer base expansion with credit risk reduction[30]. - The effective credit risk monitoring led to significant improvements in loan quality, successfully controlling the proportion of high-risk customer loans[31]. Future Outlook and Strategic Initiatives - The company has not disclosed specific future outlook or guidance in the provided documents[3][4]. - Future guidance suggests continued revenue growth, with expectations of further expansion in both the Hong Kong and mainland China markets[17]. - The group has implemented new strategies to enhance market expansion, particularly focusing on the credit card and personal loan sectors[14]. - The company is actively exploring new product developments and technological advancements to strengthen its market position[14]. - The company plans to enhance its credit assessment procedures to stabilize asset quality and address expected increases in loan defaults[57]. - The strategy focuses on maintaining growth in local and online transaction volumes while improving credit assessment mechanisms to ensure high-quality asset portfolios[58]. - The launch of the One AEON Point project aims to create a comprehensive rewards platform to enhance credit card usage and customer loyalty[60]. - The company is implementing a fully paperless loan process and energy-efficient digital payment solutions to reduce its carbon footprint[60]. Compliance and Audit - The company’s financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[9]. - The auditor's report on the consolidated financial statements was unqualified, indicating a clean audit opinion[10]. - The company has maintained consistent accounting policies and methods compared to the previous fiscal year, ensuring comparability of financial data[11].

Financial Performance - For the six months ending September 30, 2025, the company reported revenue of HKD 2,831 million, reflecting a 9.0% increase compared to the previous period[14]. - The gross profit for the same period was HKD 611.2 million, with a gross margin of 21.6%[8]. - The profit attributable to the company's owners was HKD 336.0 million, representing a profit margin of 11.9%[10]. - Adjusted net profit for the period was HKD 342.9 million, maintaining an adjusted net profit margin of 11.9%[12]. - The company's revenue for the six months ended September 30, 2025, increased by 1.6% to HKD 2,830.5 million from HKD 2,786.2 million in the same period of 2024[29]. - Operating profit rose by 5.1% to HKD 410.3 million, while net profit for the period increased by 7.1% to HKD 335.1 million, marking a new high for the half-year[23]. - The total comprehensive income for the six months ended September 30, 2025, was HKD 288,430,000, compared to HKD 240,085,000 for the same period in 2024, reflecting an increase of approximately 20.1%[95]. - The company's profit attributable to owners for the six months ended September 30, 2025, was HKD 335,951,000, compared to a profit of HKD 298,185,000 for the same period in 2024, representing an increase of approximately 12.7%[124]. Revenue Sources - The company experienced a 9.0% increase in textile and apparel exports from Vietnam, while exports from mainland China decreased by 2.6%[19]. - Revenue from the European, North American, and Japanese markets accounted for 22.7%, 20.5%, and 17.7% of total revenue, respectively, indicating a balanced sales distribution across major markets[31]. - Revenue from Japan decreased to HKD 501,427,000 in 2025 from HKD 592,102,000 in 2024, a decline of about 15.4%[113]. - Revenue from North America increased significantly to HKD 579,414,000 in 2025, up 32% from HKD 439,339,000 in 2024[113]. - The five largest customers accounted for approximately 67.6% of total revenue in 2025, down from 69.1% in 2024[115]. Operational Strategies - The company plans to invest in new production lines in Vietnam, aiming to become the first cashmere yarn manufacturer in Southeast Asia by Q4 of the 2026 fiscal year[20]. - The company has diversified its supply chain by inviting key suppliers to establish bases near its production facilities in Vietnam, enhancing its competitive advantage[20]. - The company is adapting to the changing economic landscape by implementing risk management strategies and exploring new product categories[20]. - The company anticipates that the new production line in Vietnam will enhance its ability to serve global customers rapidly[20]. - The strategy in the cashmere yarn sector focuses on sustainability and traceability, with plans to relocate part of the cashmere yarn business to Vietnam[24]. - The company is enhancing its operational efficiency, particularly in its production facilities in Vietnam, to adapt to changing market dynamics[24]. - The management emphasizes flexibility in operations and is committed to strengthening core business while exploring new opportunities[26]. Cash Flow and Financial Position - Cash flow remains strong, supported by prudent cash management and a solid balance sheet[23]. - The net cash generated from operating activities for the six months ended September 30, 2025, was HKD 261.8 million, significantly up from HKD 106.5 million in the same period of 2024[45]. - The net cash used in investing activities for the six months ended September 30, 2025, was HKD 134.8 million, primarily due to the acquisition of property, plant, and equipment amounting to HKD 138.4 million[46]. - The net cash generated from financing activities for the six months ended September 30, 2025, was HKD 55.9 million, mainly due to a net increase in bank borrowings of HKD 151.0 million[47]. - Cash and cash equivalents increased by HKD 182.8 million, rising from HKD 430.8 million at the beginning of the period to HKD 613.6 million at the end[48]. - The group's debt-to-equity ratio decreased from 20.1% as of March 31, 2025, to 18.9% as of September 30, 2025[49]. - Total capital expenditure for the six months ended September 30, 2025, was approximately HKD 250.7 million, primarily related to machinery procurement and the construction of a new production base in Vietnam[51]. Shareholder Information - The company declared an interim dividend of HKD 0.11 per share, with a payout ratio of 75%[23]. - The interim dividend declared for the six months ending September 30, 2025, is HKD 0.11 per share, an increase from HKD 0.098 per share in 2024[65]. - The total number of issued ordinary shares as of September 30, 2025, is 2,279,392,000 shares[72]. - The company has a significant shareholder, Mr. Wang Tingzhen, holding 1,500,000,000 shares, representing 65.81% of the issued share capital[71]. - Major shareholders include Nanxuan Investment Limited and Tinghuai Asset Limited, each holding 1,500,000,000 shares, representing 65.81% of the issued share capital[74]. - The company has a significant concentration of ownership, with Wang Kam Chu holding 1,700,000,000 shares, representing 74.58% of the issued share capital[74]. Human Resources and Governance - The company emphasizes the importance of human resource management in maintaining and enhancing its expertise in knitted product manufacturing[63]. - The remuneration policy for directors and senior management is linked to the company's performance and is regularly reviewed against market salary levels[64]. - The company has implemented training programs for new employees to ensure continuous development and skill enhancement[63]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with all mandatory provisions as of September 30, 2025[66]. - The audit committee, consisting of four independent non-executive directors, reviewed the interim financial report for the six months ending September 30, 2025[69]. Accounting and Compliance - The company has not applied any new accounting standards or interpretations that have not yet come into effect during the reporting period[101]. - The fair value of financial instruments is determined based on observable market data, with Level 1 instruments being valued at current bid prices[105]. - The group has a maximum credit risk exposure of HKD 538,417,000 related to trade receivables as of September 30, 2025, with no collateral held[130]. - The company continues to comply with the listing rules regarding connected transactions as per Chapter 14A[147].

Financial Performance - Total revenue for the fiscal year 2025 reached RMB 1,083,741,000, representing a year-on-year increase of 13.5% compared to RMB 955,107,000 in 2024[15] - The adjusted net profit for the fiscal year 2025 was RMB 71,543,000, up from RMB 69,913,000 in 2024, indicating a growth of 2.3%[15] - The gross profit for the fiscal year 2025 was RMB 338,617,000, which is an increase of 8.2% from RMB 312,806,000 in 2024[15] - The adjusted net profit for the fiscal year ending August 31, 2025, is RMB 715 million, an increase of RMB 16 million compared to the previous fiscal year[23] - Revenue for the fiscal year ending August 31, 2025, reached RMB 1,083.7 million, representing a growth of 13.5%[23] - The company's adjusted earnings per share for 2025 was RMB 0.02, consistent with the previous year[15] - Revenue from tuition fees increased by RMB 114.7 million (or 15.1%) to RMB 874.8 million for the fiscal year ending August 31, 2025[60] - The company's cost of sales for the fiscal year ending August 31, 2025, was RMB 745.1 million, an increase of RMB 102.8 million or 16.0% from the previous year[61] - Gross profit for the fiscal year ending August 31, 2025, was RMB 338.6 million, with a gross margin of 31.2%, down from 32.7% the previous year[62] - Administrative expenses increased by RMB 29.5 million or 24.9% to RMB 148.0 million for the fiscal year ending August 31, 2025, primarily due to increased expenses from a higher number of students[65] - Financing costs decreased by RMB 7.4 million or 5.9% to RMB 118.9 million for the fiscal year ending August 31, 2025, due to lower interest expenses on bank and other borrowings[69] Student Enrollment and Academic Performance - The company employed 1,736 teachers across its institutions in China, supporting a total enrollment of 34,518 students for the 2025 academic year[5] - The total number of high school students as of August 31, 2025, is 9,609, with a growth rate of 13.6%[24] - The total number of university students as of August 31, 2025, is 24,698, with a growth rate of 12.9%[25] - The flagship schools achieved a 90.1% college admission rate for the 2025 college entrance examination, up from 89.2% in 2024[6] - The flagship school had 34 students admitted to Peking University or Tsinghua University, an increase from 27 students in 2024[6] - The international programs maintained a high admission rate, with over 70% of AP/A-Level graduates accepted into top 50 QS ranked universities[7] - The flagship schools achieved a university admission rate of approximately 90.1% for the 2025 college entrance examination, an increase from 89.2% in 2024[30] - The average number of teachers increased to 1,736 in 2025, with 54.6% holding a master's degree or higher[38] - The group reported that 53 students from its schools won first prizes in provincial subject competitions in 2025, a decrease from 58 in 2024[32] Tuition and Fees - Tuition fees rose by 15.1% from RMB 760.1 million in 2024 to RMB 874.8 million in 2025, driven by an increase in student enrollment[35] - The average tuition for domestic high school programs increased to RMB 45,869 in 2025 from RMB 44,101 in 2024, while international programs saw an increase to RMB 143,484 from RMB 141,769[36] - Current tuition fees for high schools range from RMB 30,000 to RMB 59,800, while university fees range from RMB 15,000 to RMB 20,000 for associate degrees and RMB 17,000 to RMB 20,000 for bachelor's degrees[44] - Tuition fees for new undergraduate and associate degree students will increase to RMB 18,000 and RMB 15,900 respectively starting from the 2024/2025 academic year[43] Operational Strategy and Market Position - The company plans to strengthen its market position in the private education sector in China, leveraging its established reputation over 20 years[8] - The group plans to explore opportunities for establishing new high schools in different cities to strengthen its market position in Southwest China[39] - The company plans to establish new high schools and increase tuition fees to improve campus utilization rates[26] - The company is exploring opportunities to provide non-academic local living services for students, including dormitory and extracurricular care services[51] - The company is a leading private education service provider in Southwest China, focusing on high school and university education[95] Compliance and Regulatory Environment - The company faces operational risks related to the overall market conditions of the Chinese education industry and regulatory changes[54] - The company has complied with all relevant environmental laws and regulations in China, ensuring the health and safety of students[100] - There were no significant violations of applicable laws and regulations during the reporting period[101] - The company is subject to Chinese regulations that restrict foreign ownership in private education, necessitating careful compliance with local laws[185] - The implementation of the Foreign Investment Law in China, effective from January 1, 2020, has not impacted the company's operations as of the report date[191] - The interpretation and application of the amendments to the Private Education Promotion Law remain uncertain, particularly regarding the transition of private schools in Sichuan to for-profit status[195] - The 2021 Implementation Regulations for the Private Education Promotion Law provide tax benefits for non-profit private schools, aligning them with public schools[197] - The 2021 Implementation Regulations prohibit private schools from engaging in transactions with related parties, ensuring transparency and fairness in pricing[198] - The company may incur significant compliance costs due to the requirement for disclosure mechanisms related to transactions with related parties[199] Shareholder and Management Information - The board proposed a final dividend of HK$0.2 per share and a special dividend of HK$0.3 per share, subject to shareholder approval at the annual general meeting on January 23, 2026[102] - The company's distributable reserves as of August 31, 2025, were zero, consistent with the previous year[116] - The board will review the dividend policy based on financial conditions, economic environment, and expected business performance[103] - The company has established service contracts with its executive directors, ensuring continuity in management[124] - The major shareholder Virscend Holdings holds 1,320,632,045 shares, representing approximately 42.76% of the company's equity[139] - The major shareholder, China Bank Corporation, holds 458,876,100 shares, representing approximately 14.86% of the company's equity[139] - The board of directors and senior management have no significant interests in any major transactions or contracts related to the company's business as of August 31, 2025[128] - The company has adopted a share option scheme on December 28, 2015, to incentivize eligible individuals and attract senior talent[142] - The compensation committee has been established to review the remuneration policy for directors and senior management, considering the company's performance and market practices[130] Educational Innovations and Developments - The company has a strong focus on innovation in arts and sports education, with strategic support for curriculum development and business innovation across its schools[90] - The company has successfully transitioned a leading tutoring institution from subject-based education to competency-based education, gaining market recognition[91] - The company has established a digital education and management platform, enhancing its operational efficiency and service delivery[91] - The group is authorized by the U.S. Department of Homeland Security to issue I-20 forms for international students, facilitating overseas student enrollment[190] - The group plans to expand its educational services for overseas students through operations outside mainland China[190] Risk Management and Financial Controls - The company has implemented risk management and control measures to address potential financial and operational uncertainties[99] - The company has not utilized any derivative contracts to hedge against interest rate risks but may consider hedging significant risks when necessary[56] - The company's leverage ratio decreased from approximately 249.9% to 249.0% as of August 31, 2025, mainly due to a reduction in interest-bearing loans[71] - The company had no significant investments, acquisitions, or disposals during the reporting period[75] - As of August 31, 2025, the company had no significant contingent liabilities[73] Structural Contracts and Compliance - The structural contracts allow the company to control the Chinese operating entities without holding equity, ensuring compliance with local laws and regulations[167] - The economic benefits generated by the affected entities will no longer be transferred to the company since the implementation of the new regulations on September 1, 2021[167] - The business cooperation agreement requires the Chinese operating entities to comply with the responsibilities outlined, ensuring no participation in competitive businesses[169] - Tibet Huatai has agreed to provide exclusive technical services and management consulting to Chinese operating entities, retaining exclusive ownership of any developed technology and intellectual property[170] - The equity pledge agreement requires registered shareholders to unconditionally pledge all their equity in Sichuan Derui as collateral for Tibet Huatai, ensuring compliance with the structural contract[179] - Any unauthorized transfer of pledged equity is deemed invalid, and proceeds must first be used to repay secured liabilities[179] - The equity pledge was registered with the relevant Chinese administrative authorities on September 18, 2015, and became effective on the same day[179] - The agreements include provisions that ensure the rights and authorizations remain valid despite any changes in the status of the registered shareholders[176] - The spouse commitment ensures that spouses of registered shareholders are aware of and agree to the structural contracts regarding equity restrictions and management[177] Employee and Workforce Information - The group had a total of 2,365 employees as of August 31, 2025, compared to 2,000 employees in 2024, reflecting a growth in workforce[77] - Total salary expenses for the year ending August 31, 2025, amounted to approximately RMB 375.3 million, an increase from RMB 335.1 million in 2024, indicating a rise of about 12%[77]

INTERIM REPORT 2025/26 中期報告 CONTENTS 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Condensed Consolidated Income Statement | 簡明綜合收益表 | 4 | | Condensed Consolidated Statement of Comprehensive Income | 簡明綜合全面收入表 | 5 | | Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況表 | 6 | | Condensed Consolidated Statement of Changes in Equity | 簡明綜合權益變動表 | 8 | | Condensed Consolidated Statement of Cash Flows | 簡明綜合現金流量表 | 9 | | Notes to the Condensed Consolidated Financial Statements | 簡明綜 ...

| A | | --- | CONTENTS 目錄 CORPORATE INFORMATION 公司資料 COMPANY DIRECTORS Executive Directors Ms. Li Kai Lai Miranda Ms. Woo Lan Ying Independent Non-executive Directors | 2 | Corporate Information | 公司資料 | | --- | --- | --- | | 4 | Condensed Consolidated Statement of | 簡明綜合損益及其他全面收益表 | | | Profit or Loss and Other Comprehensive Income | | | 6 | Condensed Consolidated Statement of | 簡明綜合財務狀況表 | | | Financial Position | | | 8 | Condensed Consolidated Statement of | 簡明綜合權益變動表 | | | Changes in Equity | | | 10 | C ...

Financial Performance - Total revenue for the six months ended September 30, 2025, was approximately RMB 1,028.0 million, a decrease of approximately 3.4% compared to RMB 1,064.4 million for the same period in 2024[11]. - Profit for the six months ended September 30, 2025, was approximately RMB 133.2 million, an increase of approximately 15.3% compared to RMB 115.5 million for the same period in 2024[11]. - Basic earnings per share for the six months ended September 30, 2025, were approximately RMB 11.3 cents, a decrease of approximately 1.7% compared to RMB 11.5 cents for the same period in 2024[11]. - For the six months ended September 30, 2025, the Group's operating profit increased to approximately RMB 164.4 million, representing a 21.2% year-on-year growth from RMB 135.6 million[18]. - The Group's profit for the same period rose to approximately RMB 133.2 million, reflecting a 15.3% increase compared to RMB 115.5 million in the previous year[18]. - Adjusted profit for the period for the six months ended September 30, 2025 was RMB 114,673,000, compared to RMB 108,834,000 for the same period in 2024, reflecting an increase of approximately 5.1%[83]. - Profit for the period for the six months ended September 30, 2025 was RMB 133,236,000, up from RMB 115,457,000 in 2024, representing a growth of about 15.4%[83]. Dividends - The Board declared an interim dividend of HK 4.6 cents per share and a special dividend of HK 3.4 cents per share for the six months ended September 30, 2025, compared to no dividends for the same period in 2024[11]. - The company paid dividends totaling RMB 120,000,000, an increase from RMB 64,444,000 in the previous period[161]. Market and Industry Insights - The market size of perfumes in China is expected to reach approximately RMB 44.0 billion by 2028, indicating stable growth in the industry[12]. - Increased competition has led to aggressive promotions and pricing strategies among competitors, resulting in price wars that compress profit margins across the industry[13]. - The growing popularity of niche perfume houses is driving rapid growth in adjacent segments such as home fragrance, appealing to consumers who value individuality and quality[12]. Operational Highlights - The Group operates over 8,000 online and offline self-operated and retailer points of sale across more than 400 cities in mainland China, Hong Kong, and Macau[14]. - The Group's product portfolio includes not only perfumes but also color cosmetics, skincare products, personal care products, eyewear, and home fragrances, primarily sourced from Europe, Japan, and the United States[14]. - The Group's brand portfolio consisted of 74 brands as of September 30, 2025, with 53 brands offering perfumes, 22 brands in home fragrances, and 17 brands in skincare products[31]. - The Group launched five upgraded perfumes and two scented candles under its own brand, Santa Monica, in 2025, marking its entry into the home fragrance market[32]. - The Group organized the second International Perfume Festival in Hong Kong in July 2025, enhancing its industry influence and market presence[19]. - The Group's omni-channel sales strategy includes direct sales through e-commerce and social media platforms, as well as offline retail channels[40]. - The Group had a total of 1,115 employees as of September 30, 2025, a decrease from 1,133 employees as of March 31, 2025[123]. Financial Position - The Group's available banking facilities amounted to approximately RMB 227.1 million as of September 30, 2025[84]. - Total assets increased to RMB 1,954,510,000 from RMB 1,211,111,000 as of March 31, 2025, representing a growth of approximately 61.5%[154]. - Current assets rose to RMB 1,861,268,000, up from RMB 1,071,240,000, indicating a 73.5% increase[154]. - Total equity reached RMB 1,543,504,000, significantly up from RMB 690,990,000, marking a 123.5% increase[156]. - Cash and cash equivalents surged to RMB 1,005,463,000, compared to RMB 255,998,000, representing a 292.5% increase[154]. Cost Management - The cost of sales decreased by approximately 3.3% from approximately RMB 532.2 million for the six months ended 30 September 2024 to approximately RMB 514.4 million for the six months ended 30 September 2025[54]. - Selling and marketing expenses decreased from approximately RMB 299.9 million for the six months ended 30 September 2024 to approximately RMB 288.1 million for the six months ended 30 September 2025[59]. - Selling and marketing expenses accounted for 28.0% of total revenue for the six months ended 30 September 2025, a decrease of 0.2 percentage points from 28.2% for the six months ended 30 September 2024[60]. - Administrative expenses rose from approximately RMB 102.7 million for the six months ended 30 September 2024 to approximately RMB 107.3 million for the six months ended 30 September 2025, mainly due to an increase of approximately RMB 7.7 million in listing expenses[65]. Risk Management - The Group's overall risk management program focuses on minimizing potential adverse effects on financial performance due to various financial risks, including foreign exchange risk and liquidity risk[179]. - The Group employs projected cash flow analysis to manage liquidity risk, ensuring all liabilities due can be met[182]. - The Group's liquidity risk is primarily due to mismatches in the amount and maturity of assets and liabilities[181]. Shareholder Information - Mr. Lau Kui Wing holds a significant interest in the company with 1,000,000,000 shares, representing approximately 73.72% of the total shareholding[127]. - The total number of issued shares as of September 30, 2025, was 1,356,508,000[140]. - The company issued 23,108,000 new shares at an offer price of HK$0.1 per share during the six months ended September 30, 2025, due to the exercise of options under the Pre-IPO Share Option Scheme[139]. Future Plans - The Group plans to expand its network of directly-operated stores, including adding more PERFUME BOX stores to enhance brand awareness and consumer experience[47]. - The Group aims to optimize its brand portfolio by introducing more leading premium home fragrance and niche perfume brands while developing a systematic self-owned brand incubation platform[46]. - The expected timeline for the utilization of net proceeds is based on the Directors' best estimation and may change according to future market conditions[122].

Revenue Performance - The group's revenue for the six months ended September 30, 2025, decreased by 0.7% to HKD 222,674,000 compared to HKD 224,248,000 in the same period last year[11]. - Revenue from beauty and facial care services decreased by 5.2% to HKD 149,697,000, while body services revenue slightly decreased by 0.3% to HKD 43,469,000[12][13]. - Revenue from spa and massage services increased by 28.6% to HKD 9,502,000, and product sales revenue rose by 30.0% to HKD 20,006,000[13]. - Revenue from external customers for the six months ended September 30, 2025, was HKD 222,674,000, a slight decrease of 0.3% compared to HKD 224,248,000 for the same period in 2024[70]. - Revenue from beauty and wellness services was HKD 202,668,000 for the six months ended September 30, 2025, compared to HKD 208,862,000 for the same period in 2024[75]. - Revenue from the sale of skincare and wellness products increased to HKD 20,006,000 for the six months ended September 30, 2025, up from HKD 15,386,000 in the same period of 2024[75]. - The geographical breakdown shows that revenue from Hong Kong was HKD 198,477,000 for the six months ended September 30, 2025, compared to HKD 199,375,000 in 2024[74]. Financial Performance - The net profit for the six months ending September 30, 2025, is approximately HKD 6,946,000, compared to a net loss of HKD 16,125,000 in the same period last year[18]. - Earnings per share for the review period is HKD 0.72, while the loss per share in the previous year was HKD 1.80[18]. - Operating profit for the period was HKD 8,594,000, compared to an operating loss of HKD 10,068,000 in the previous year, indicating a significant turnaround[57]. - Total comprehensive income for the period was HKD 8,547,000, compared to a total comprehensive loss of HKD 14,060,000 in the same period last year[58]. - The company reported a net cash outflow from investing activities of HKD 8,252,000 for the six months ended September 30, 2025, compared to HKD 4,722,000 in the previous year, reflecting a 74% increase in cash used for investments[62]. - The company incurred a loss of HKD 16,302,000 during the six months ended September 30, 2024, which was a significant factor in the overall comprehensive income decline[61]. Cost Management - Employee benefits expenses decreased by approximately 11.3% to HKD 131,325,000, with total employees reduced to 791 from 850, a decrease of 6.9%[14]. - Bank charges decreased by 4.6% to HKD 11,947,000, while advertising expenses decreased to HKD 839,000 from HKD 1,031,000 in the previous year[16]. - The company aims to significantly reduce rental costs, which are one of its main operating expenses, thereby directly enhancing profitability and future financial stability[30]. - The company reported a significant reduction in employee benefits expenses from HKD 148,071,000 in the previous year to HKD 131,325,000[57]. Corporate Governance - The company has adopted corporate governance principles to enhance shareholder value and ensure transparency and accountability[43]. - The company has established various committees, including the Remuneration Committee, Nomination Committee, and Audit Committee, to strengthen governance[47]. - The Remuneration Committee is responsible for reviewing and determining the remuneration of directors and senior management based on established policies[49]. - The company has complied with the standards of the Listing Rules regarding directors' securities trading during the review period[46]. Strategic Initiatives - The group aims to expand its product sales business through the promotion of various skincare brands and its own brands[8]. - A strategic plan is in place to integrate artificial intelligence into operations, automating daily administrative and inventory management tasks to improve accuracy and free up human resources for value-added activities[31]. - The introduction of AI tools, such as intelligent chatbots and personalized recommendation systems, is expected to enhance customer experience by providing instant support and tailored product suggestions[31]. - The company is focused on creating a robust framework for sustainable growth and increased competitiveness in the active beauty service market by reducing fixed costs and improving operational efficiency through AI[32]. Shareholder Information - The founder of the trust holds 677,247,942 shares, representing 74.88% of the company's issued share capital, indicating strong insider ownership[35]. - As of September 30, 2025, the total number of issued shares of the company is 904,483,942[37]. - The company did not declare or pay any dividends for the six-month period ending September 30, 2025[91]. Asset and Liability Management - Total equity as of September 30, 2025, is HKD 199,746,000, with cash and bank balances amounting to HKD 248,509,000[20]. - Non-current assets decreased from HKD 198,393,000 as of March 31, 2025, to HKD 190,027,000 as of September 30, 2025[59]. - Current liabilities decreased from HKD 352,290,000 as of March 31, 2025, to HKD 328,130,000 as of September 30, 2025, indicating improved liquidity[59]. - Total liabilities as of September 30, 2025, were HKD 362,051,000, down from HKD 373,260,000 as of March 31, 2025[72]. Operational Insights - The company operates 29 beauty and health service centers in Hong Kong, with a total floor area of approximately 153,970 square feet, a decrease of 1.4% from 156,090 square feet as of September 30, 2024[7][15]. - In Singapore, the group operates 8 beauty and health service centers, maintaining the same number as last year, with revenue recorded at HKD 23,524,000[10]. - The company has a proactive strategy to renegotiate existing leases and secure better terms for new store locations, enhancing its bargaining power in the current market[30]. - The company emphasizes environmental protection by implementing policies to minimize the use of air conditioning and reduce water consumption in service centers[30].

Financial Performance - The company reported a net loss attributable to shareholders of approximately HKD 215.7 million for the fiscal year ending September 30, 2025, compared to a loss of HKD 597.1 million in 2024[8]. - Excluding significant fair value revaluations and other non-cash adjustments, the company's attributable profit for the fiscal year was approximately HKD 58 million, a slight increase from HKD 57.4 million in 2024[8]. - The company recorded an investment property revaluation loss of approximately HKD 263.6 million, down from HKD 626.5 million in 2024[10]. - The overall rental income decreased by 2.6% compared to the previous year, highlighting the challenges faced in the leasing market[11]. - Total financial costs for the year decreased to approximately HKD 17.2 million from HKD 22.4 million in the previous year[21]. - Shareholders' equity per share decreased to HKD 47.6 in 2025 from HKD 49.8 in 2024[31]. - Earnings per share for 2025 were reported at $0.54, with dividends per share remaining at $0.38[32]. Rental Income and Property Management - Rental income from residential properties increased by 1.7%, while rental income from commercial and industrial properties decreased by 11.4%, reflecting ongoing pressure in the property leasing market in Hong Kong and mainland China[11]. - Rental income from the residential units in Beijing's Chaoyang District decreased by 13.7% compared to the previous year[20]. - The company reported stable occupancy rates and rental income across office, retail, and residential properties, indicating signs of recovery[25]. - The company reported that approximately 95% of total revenue during the reporting period from October 1, 2024, to September 30, 2025, came from property investment and management, as well as commodity trading[47]. - The company is actively involved in the leasing and management of commercial, industrial, and residential properties[53]. Investment Strategy - The company continues to focus on maintaining a balanced and flexible investment strategy to create long-term value for stakeholders[13]. - The company invested HKD 34.9 million in the TKO Fund, with an investment valuation of HKD 34.8 million, indicating stable prospects and mid-term capital appreciation potential[15]. - The Adams Street Private Income Fund LP investment amounted to USD 7.5 million, with an investment valuation of USD 5.3 million, providing stable income and downside protection[15]. - The group committed to invest $5 million in the ALPS Private Credit Feeder Fund, with an investment valuation of $4.5 million as of September 30, 2025[16]. - The group invested $2 million in the Hundreds SH Fund LP, with a current investment valuation of $1 million as of September 30, 2025[17]. Sustainability and ESG Initiatives - The company has a strong focus on sustainable development, as evidenced by its environmental, social, and governance (ESG) report[46]. - The company emphasizes the importance of stakeholder engagement and materiality assessment in identifying significant sustainability issues[49]. - The company aims to provide quantifiable disclosures of key performance indicators (KPIs) related to environmental and social impacts[49]. - The company has established a governance framework to ensure balanced and consistent reporting of its sustainability performance[51]. - The company encourages feedback from stakeholders regarding its sustainability performance and disclosure details[52]. - The company has identified 23 environmental, social, and governance (ESG) related issues relevant to its operations and development during the reporting period[68]. - A total of 12 significant ESG issues were prioritized based on stakeholder feedback and assessed for their importance to the company's sustainability and development[69]. - The company is committed to sustainable development through four pillars: smart technology, healthy development, green solutions, and community orientation[59]. - The company has been recognized by several institutions for its efforts and achievements in sustainable development[55]. - The company is actively participating in ESG initiatives to enhance sustainability in both the business and public sectors[58]. Employee and Workplace Policies - The company has a dedicated management team with extensive experience in property management and investment[44]. - The company has implemented various employee benefits, including flexible work locations and hours, family insurance plans, and retirement plans[96]. - The company has a zero-tolerance policy towards child labor and forced labor, ensuring compliance with labor laws during the recruitment process[111]. - The company emphasizes diversity, inclusion, and equal opportunities in the workplace, prohibiting any form of harassment or discrimination[105]. - The company organized various employee activities, such as company lunches and mental health courses, to enhance employee well-being[100]. - The company provided a total of 88.5 hours of training for employees during the reporting period, covering areas such as occupational health and safety and professional knowledge[109]. - The company received the "Good Employer" award from the Mandatory Provident Fund Schemes Authority, recognizing its efforts in supporting employee retirement benefits[101]. - There were zero reported days lost due to work-related injuries during the reporting period, indicating a strong commitment to employee health and safety[108]. - The company has established comprehensive occupational health and safety training programs to prevent industrial accidents and ensure employee safety[108]. Corporate Governance - The company has adopted all corporate governance codes as per the Hong Kong Stock Exchange's listing rules, ensuring compliance with all relevant regulations[156]. - The board consists of seven members, including four executive directors and three independent non-executive directors, exceeding the requirement of one-third independent directors[160]. - The company emphasizes the importance of good corporate governance practices to enhance shareholder value and investor confidence[156]. - The board is responsible for overseeing the company's business, strategic decisions, and performance, with a focus on risk management and internal controls[157]. - The company has established a whistleblowing mechanism and provides anti-corruption training to its directors and employees[153]. - The company has implemented policies to prevent bribery, extortion, fraud, and money laundering, ensuring compliance with significant laws and regulations[153]. - The company regularly reviews its organizational structure to align with good corporate governance practices[156]. - The company has a written delegation of authority that is regularly reviewed by the board, ensuring accountability in major transactions[157]. - The company ensures that all directors have timely access to relevant information and can seek independent professional advice at the company's expense[159]. Environmental Impact and Energy Management - The company achieved a total renewable energy consumption of 10,762 kWh from solar energy and purchased 10,822 kWh of renewable energy certificates[58]. - The company has installed solar photovoltaic panels at its property on Harlan Road, generating approximately 10,822 kWh of renewable energy during the reporting period, an increase from 9,822 kWh in the previous year[126]. - The company is committed to reducing greenhouse gas emissions through energy efficiency measures and automation technology, with progress on waste reduction and water efficiency initiatives[121]. - The company has implemented various measures to promote sustainable development and transition to green buildings, including the use of renewable energy and energy-efficient technologies[125]. - The company has not reported any serious violations of environmental laws and regulations related to emissions, wastewater discharge, or waste generation during the reporting period[120]. - The company has installed real-time sensors to monitor and adjust indoor air quality, contributing to energy efficiency[128]. - The company has committed to reducing greenhouse gas emissions and energy consumption through various measures, including waste management and the use of energy-efficient appliances[129]. - The company maintained an indoor temperature of 25.5 degrees Celsius to optimize energy efficiency[130].

INTERIM REPORT 2025 26 中期業績報告 INTERIM REPORT 2025/26 中期業績報告 Contents 目錄 2 Corporate Information 公司資料 5 Management Discussion and Analysis 管理層討論及分析 30 Disclosure of Interests 權益披露 35 Share Option Scheme 購股權計劃 38 Corporate Governance and Other Information 企業管治及其他資料 42 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收益表 45 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 47 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 49 Condensed ...