Financial Performance - The company reported a revenue of HKD 204,253,000 for the six months ended September 30, 2025, a decrease of 14.5% compared to HKD 238,901,000 in the same period of 2024[8]. - Gross profit for the same period was HKD 96,031,000, down 9.4% from HKD 106,041,000 year-on-year[8]. - The company recorded a loss before tax of HKD 40,384,000, an improvement from a loss of HKD 48,075,000 in the previous year, indicating a 16.5% reduction in losses[8]. - Total comprehensive loss for the period was HKD 38,767,000, compared to a loss of HKD 44,784,000 in the prior year, reflecting a 13.5% improvement[8]. - The company reported a net loss of HKD 40,452,000 for the period, with current liabilities exceeding current assets by HKD 148,622,000[14]. - The basic and diluted loss per share for the period was HKD 1.607, compared to HKD 1.934 in the previous year, indicating a reduction in loss per share by 16.9%[8]. - The group reported a net loss of HKD 40,452,000 for the six months ended September 30, 2025, an improvement from a net loss of HKD 48,698,000 in 2024[48]. Revenue Breakdown - The total revenue for the six months ended September 30, 2025, was HKD 204,253,000, with HKD 150,720,000 from cosmetics and HKD 53,533,000 from fashion[20]. - Revenue from cosmetics decreased by 15.7% compared to HKD 178,701,000 in the same period of 2024, while fashion revenue decreased by 11.1% from HKD 60,200,000[22]. - The cosmetics segment generated revenue of HKD 150,720,000, a decline of 15.7% from HKD 178,701,000 in 2024, with a segment loss of HKD 13,454,000[49]. - The fashion segment's revenue was HKD 53,533,000, down 11.1% from HKD 60,200,000 in 2024, with a segment loss of HKD 12,705,000[50]. Assets and Liabilities - Non-current assets decreased to HKD 605,123,000 as of September 30, 2025, from HKD 629,042,000 as of March 31, 2025, a decline of 3.8%[9]. - Current assets also fell to HKD 166,045,000 from HKD 182,911,000, representing a decrease of 9.2%[9]. - The company's total liabilities increased to HKD 730,631,000 as of September 30, 2025, compared to HKD 732,676,000 as of March 31, 2025, showing a slight decrease of 0.3%[10]. - The net asset value dropped significantly to HKD 40,537,000 from HKD 79,277,000, a decline of 48.9%[10]. - As of September 30, 2025, the company had total bank borrowings of HKD 178,095,000, down from HKD 205,422,000 as of March 31, 2025[41]. Cash Flow - The company reported a net cash inflow from operating activities of HKD 28,646,000 for the six months ended September 30, 2025, compared to a net outflow of HKD 20,307,000 in the same period of 2024[13]. - The company reported a total cash outflow from financing activities of HKD 30,060,000 for the period, compared to an inflow of HKD 39,533,000 in the previous year[13]. - Cash and bank balances at the end of the reporting period were HKD 12,300,000, down from HKD 13,126,000 as of March 31, 2025[55]. - The cash and cash equivalents decreased by HKD 819,000 during the period, resulting in a balance of HKD 12,300,000 as of September 30, 2025[13]. Operational Measures - The company is actively negotiating the renewal of existing bank credit and considering potential external financing options to ensure sufficient working capital for at least the next 12 months[15]. - The company is implementing measures to mitigate cash outflows and enhance operational cash flow sensitivity in light of potential downside risks[17]. - The group aims to optimize its product mix and enhance product appeal to improve overall revenue and gross margin[52]. Employee and Governance - The group employed approximately 730 employees as of September 30, 2025, a decrease of 14.12% from approximately 850 employees on March 31, 2025[60]. - The group did not purchase, sell, or redeem any of its listed securities during the six months ended September 30, 2025[67]. - The board confirmed compliance with all applicable code provisions of the Corporate Governance Code during the six months ended September 30, 2025[69]. - The independent auditor did not review the group's unaudited results for the six months ended September 30, 2025, but the results were reviewed by the audit committee[71]. - The chairman expressed gratitude to all employees for their loyal service and contributions during the period[72].

Financial Performance - The company's revenue for the six months ended September 30, 2025, was HKD 26,312,000, a decrease of 8.1% compared to HKD 28,626,000 for the same period in 2024[6] - Gross profit for the same period was HKD 3,356,000, down 34.1% from HKD 5,091,000 in 2024[6] - The company reported a loss before tax of HKD 4,009,000, compared to a loss of HKD 1,904,000 in the previous year, indicating a significant increase in losses[6] - Basic and diluted loss per share for the period was HKD 0.07, compared to HKD 0.06 in 2024[6] - The group reported a loss attributable to owners of the company of HKD 4,009,000 for the six months ended September 30, 2025, compared to a loss of HKD 1,904,000 in the same period of 2024[30] - The pre-tax loss increased by approximately 110.6%, from about HKD 1.9 million to about HKD 4.0 million, mainly due to a decrease in gross profit[47] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 51,098,000, an increase from HKD 34,059,000 as of March 31, 2025[8] - The company's equity attributable to owners was HKD 26,353,000 as of September 30, 2025, compared to HKD 891,000 as of March 31, 2025[8] - Trade receivables as of September 30, 2025, amounted to HKD 30,731,000, a decrease from HKD 32,773,000 as of March 31, 2025[33] - Trade payables decreased to HKD 8,454,000 from HKD 12,836,000 as of March 31, 2025, indicating improved cash flow management[35] - Other borrowings included an outstanding balance of HKD 8,367,000 from a loan of HKD 20,000,000, with an interest rate of 4%[38] Cash Flow - The company's cash and bank balances increased to HKD 19,714,000 from HKD 322,000 at the end of March 2025[8] - The net cash generated from financing activities was HKD 28,065,000, while cash used in operating activities was HKD 8,673,000[12] - The group has cash and bank balances of approximately HKD 19.7 million as of September 30, 2025, compared to about HKD 0.3 million as of March 31, 2025[51] Operational Highlights - The company has not reported any new product developments or market expansions in the current period[6] - There are no indications of mergers or acquisitions in the recent financial report[6] - The group did not declare any dividends for the current period, consistent with the previous year[29] - The company employed approximately 22 employees as of September 30, 2025, down from 27 employees as of March 31, 2025[61] Financing and Capital Structure - Financing costs decreased significantly to HKD 51,000 from HKD 284,000 in the previous year, representing an 82.0% reduction[25] - The company proposed a capital reorganization on December 20, 2024, including a share consolidation where every 8 existing shares of HKD 0.2 will be consolidated into 1 share of HKD 1.6[53] - The company plans to raise approximately HKD 30.7 million through a rights issue, offering 105,762,360 shares at a subscription price of HKD 0.29 per share[53] - As of September 30, 2025, the net proceeds from the rights issue amounted to approximately HKD 29.5 million, with only HKD 3.6 million utilized for various purposes[54] - The actual amounts utilized from the net proceeds include HKD 1.8 million for repaying other borrowings and HKD 0.4 million for employee salaries[54] Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements and confirmed compliance with applicable accounting standards and GEM listing rules[86] - The company has adopted the GEM listing rules as the code of conduct for securities trading by directors, with no known non-compliance events during the reporting period[82] - The company has established a governance framework in accordance with the GEM listing rules and regularly reviews its governance practices[80] - There are no known interests or short positions in shares or related securities held by any major shareholders or directors as of September 30, 2025[79] Share Option Scheme - The company has adopted a share option scheme to incentivize eligible participants based on their contributions to the group[66] - The total number of shares available for issuance under the share option scheme is capped at 10% of the total issued shares as of September 30, 2025, which is approximately 1,320,295 shares[69] - The share option scheme will remain effective for a period of ten years from its adoption date, expiring on December 27, 2027[71] - The minimum vesting period for share options is 12 months, with potential for shorter vesting under certain performance-based conditions[74] - The company has not issued any unexercised share options, warrants, or convertible securities as of September 30, 2025[75]

Content 目錄 C 錄 | CORPORATE INFORMATION | 公司資料 | 2 | | --- | --- | --- | | INTERIM DIVIDEND | 中期股息 | 5 | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論及分析 | 5 | | DISCLOSURE OF INTERESTS | 權益披露 | 14 | | SHARE OPTION SCHEME | 購股權計劃 | 20 | | CORPORATE GOVERNANCE AND OTHER INFORMATION | 企業管治及其他資料 | 23 | | CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR | 簡明綜合損益及 | 25 | | LOSS AND OTHER COMPREHENSIVE INCOME | 其他全面收益表 | | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合財務狀況表 | 28 | | FINANCIAL POSITION | | | | CONDENSED ...

Revenue Performance - The Group's revenue for the six months ended September 30, 2025, was approximately HK$607.5 million, representing a 37.5% increase from approximately HK$441.7 million for the same period in 2024[17]. - Revenue from property sales increased by approximately 38.1%, rising from approximately HK$427.9 million in the previous year to approximately HK$590.9 million[19]. - Revenue from asset management services rose by approximately 23.1%, increasing from approximately HK$13.0 million to approximately HK$16.0 million[20]. - The increase in revenue was primarily attributed to higher sales and successful delivery of completed residential projects during the Reporting Period[18]. - The successful delivery of the residential project Larchwood and the sale of two houses at MOUNT POKFULAM contributed significantly to the revenue increase[23]. - Contracted sales for residential projects increased by approximately 31.3% to about HK$1,637.2 million, with a saleable area increase of approximately 29.0%[44]. - The Group recorded total contracted sales of approximately HK$1,637.2 million during the reporting period, representing a year-on-year increase of about 31.3% compared to HK$1,247.0 million for the same period last year[47]. Financial Losses - The Group incurred a gross loss of approximately HK$16.6 million for the Reporting Period, compared to a gross profit of approximately HK$92.7 million for the same period in 2024[22]. - The average selling prices of delivered properties fell below the respective cost of sales, leading to the recorded gross loss[22]. - The Group recorded a loss attributable to owners of the parent of approximately HK$384.2 million, compared to a profit of approximately HK$96.9 million in the same period last year[43]. - The property development segment reported a loss of HK$180,727,000, compared to a profit of HK$74,681,000 in 2024[197]. - The property investment segment experienced a loss of HK$133,708,000, down from a profit of HK$169,164,000 in the prior year[197]. - The company reported a loss before tax of HK$465,488,000, compared to a profit of HK$94,884,000 in the same period last year[197]. Expenses and Costs - Selling and distribution expenses increased by approximately 29.3% to about HK$113.0 million, driven by higher property sales and associated commissions[30]. - Administrative expenses decreased by about 5.3% to approximately HK$53.5 million, reflecting the Group's strict cost control policy[31]. - Other income and gains decreased from approximately HK$24.3 million to about HK$14.0 million, primarily due to a drop in customer deposit forfeitures and interest income[28]. - Write-downs of properties under development and held for sale amounted to approximately HK$32.4 million, significantly higher than the previous HK$7.3 million, due to declining expected selling prices[37]. Asset Management and Investments - The Group's asset management fees growth was driven by increased construction activities on joint venture projects managed by the Group[20]. - The Group's investment properties portfolio includes a wholly-owned commercial property and five projects in partnership with global private equity funds, with holding stakes ranging from 15% to 50%[73]. - The Group's asset management activities generate fee incomes, including asset management fees, acquisition fees, development fees, and leasing fees[75]. - The Group is actively seeking opportunities to expand its land bank through old building acquisitions while maintaining a prudent approach to capital management[67]. Financial Position and Ratios - As of September 30, 2025, the Group's total assets less current liabilities were approximately HK$5,632.1 million, with a current ratio of approximately 3.1 times[88]. - Aggregate bank borrowings as of September 30, 2025, amounted to approximately HK$2,707.3 million, with a gearing ratio of approximately 76.2%[92]. - The Group's cash and bank balances as of September 30, 2025, were approximately HK$351.3 million[88]. - The Group's total equity attributable to owners of the parent decreased to HK$2,955,651,000 as of September 30, 2025, from HK$3,422,985,000 as of March 31, 2025, representing a decline of approximately 13.7%[177]. Corporate Governance - The company has complied with the Corporate Governance Code, except for the vacancy of the non-executive chairman position since February 8, 2021[144]. - The Board currently consists of five members, including three executive Directors and two independent non-executive Directors, which does not meet the minimum requirements for independent directors[146]. - The company confirmed that all directors complied with the Model Code for Securities Transactions throughout the review period, with no incidents of non-compliance noted[151]. - The company has maintained a high standard of corporate governance, emphasizing transparency, accountability, integrity, and independence to enhance competitiveness and operating efficiency[150]. Sustainability and Environmental Initiatives - The Group received a 3-stars rating in the 2025 Global Real Estate Sustainability Benchmark (GRESB) assessment, reflecting its commitment to sustainable growth and responsible stewardship of natural resources[122]. - The Group promotes the adoption of green lease practices among its tenants, reinforcing its commitment to sustainability across its operations[124]. - As of September 30, 2025, the Group had approximately HK$3.8 billion in sustainability-linked loans and approximately HK$1.6 billion in green loans, supporting projects that advance net-zero objectives and environmental protection[123]. Market Conditions - The property market in Hong Kong showed signs of recovery in the second half of 2025, supported by reduced interest rates and improving buyer confidence[111]. - The commercial property market remains subdued, with citywide vacancy rates high, but the Group's refinancing of Lakesilver and The Parkside joint ventures has strengthened its capital structure and provided financial flexibility[117].

目錄 2 公司資料 3 管理層討論及分析 8 其他資料 12 未經審核簡明綜合損益及其他全面收益表 13 未經審核簡明綜合財務狀況表 14 未經審核簡明綜合權益變動表 15 未經審核簡明綜合現金流量表 16 未經審核簡明綜合中期財務報表附註 2 優越集團控股有限公司 二零二五╱二六年中期報告 公司資料 董事會 執行董事 林劍雲先生 （主席） 方永光先生 （行政總裁） 獨立非執行董事 施得安女士 郭榮豐先生 余銘維先生 （於2025年8月29日獲委任） 梁兆康先生 （於2025年8月29日退任） 授權代表 林劍雲先生 方永光先生 公司秘書 溫駿偉先生 (CPA) 董事委員會 審核委員會 施得安女士 （主席） 郭榮豐先生 余銘維先生 （於2025年8月29日獲委任） 梁兆康先生 （於2025年8月29日退任） 薪酬委員會 余銘維先生 （主席） （於2025年8月29日獲委任） 施得安女士 林劍雲先生 郭榮豐先生 梁兆康先生 （於2025年8月29日退任） 提名委員會 林劍雲先生 （主席） 施得安女士 郭榮豐先生 余銘維先生 （於2025年8月29日獲委任） 梁兆康先生 （於2025年8月29日退任） 核數師 總辦 ...

Financial Performance - For the six months ended September 30, 2025, the Group's revenue was approximately HK$1,208.1 million, a decrease of about 1.8% compared to HK$1,230.0 million for the same period in 2024[12][13]. - The loss attributable to owners of the parent for the Period was approximately HK$354.5 million, compared to a profit of approximately HK$85.8 million for the six months ended September 30, 2024[12][14]. - The decrease in revenue was primarily due to reduced property sales in the People's Republic of China, despite an increase in sales and delivery of completed residential projects in Hong Kong[13][17]. - The loss was mainly attributed to a disposal loss from selling a 20% interest in joint venture companies for a hospitality project, decreased share of profits from joint ventures, and realized losses from the disposal of debt investments[14][17]. - The Group recorded a gross profit of approximately HK$299.9 million and a gross profit margin of approximately 24.8% for the Period, compared to HK$427.9 million and 34.8% for the six months ended 30 September 2024[19]. - Other income and gains, net, amounted to approximately HK$41.4 million for the Period, a decrease from approximately HK$78.9 million for the six months ended 30 September 2024, primarily due to reduced gains on the disposal of subsidiaries[20]. Expenses and Costs - Selling and distribution expenses increased to approximately HK$249.0 million for the Period, up from approximately HK$232.1 million for the six months ended 30 September 2024, mainly due to higher commission expenses related to residential unit deliveries[21]. - Administrative expenses decreased to approximately HK$221.8 million for the Period, down from approximately HK$254.7 million for the six months ended 30 September 2024, reflecting the Group's commitment to cost savings[22]. - Finance costs declined to approximately HK$148.9 million for the Period, compared to approximately HK$172.8 million for the six months ended 30 September 2024, due to repayment of borrowings and a reduction in the average Hong Kong Interbank Offered Rate[23]. - Impairment losses on financial assets, net, were approximately HK$10.3 million for the Period, compared to a reversal of impairment losses of approximately HK$0.7 million for the six months ended 30 September 2024[24]. - Other expenses, net, amounted to approximately HK$245.0 million for the Period, significantly higher than approximately HK$6.6 million for the six months ended 30 September 2024, primarily due to losses from the disposal of partial interest in joint ventures[27]. Market Conditions - The commercial real estate market continued to experience a downturn, impacting the Group's overall profitability[14][17]. - The Group's financial position reflects challenges in the current market environment, necessitating strategic adjustments moving forward[12][14]. - The fresh market and agricultural produce exchange market segment recorded a revenue decrease of approximately 19.3% to approximately HK$266.7 million for the period, down from approximately HK$330.6 million for the six months ended 30 September 2024[53]. - Revenue from the operation of agricultural produce exchange markets in the PRC contributed approximately HK$183.7 million, while fresh markets in Hong Kong contributed approximately HK$50.8 million, and butchery and other retail operations in Hong Kong contributed approximately HK$32.2 million[53]. Strategic Initiatives - The management is focused on enhancing operational efficiency and exploring new market opportunities to mitigate losses[12][14]. - Future strategies may include potential market expansions and new product developments to drive revenue growth[12][14]. - The Group aims to effectively manage credit risks to ensure the long-term stability and sustainability of its money lending business[92]. - The Group is considering various financing alternatives to meet its capital expenditure and funding needs, including equity fundraising and bond issuance[141]. Investments and Assets - The Group's net assets as of 30 September 2025 were approximately HK$6,181.4 million, down from approximately HK$6,780.3 million as of 31 March 2025[35]. - Total borrowings as of 30 September 2025 were approximately HK$4,387.0 million, resulting in a net debt position of approximately HK$3,696.8 million[35]. - The Group's investment properties in Hong Kong and the PRC had a total carrying value of approximately HK$2,783.4 million as of 30 September 2025, up from approximately HK$2,741.5 million as of 31 March 2025[60]. - The Group's total assets were approximately HK$12,708.7 million as of September 30, 2025, down from approximately HK$13,729.0 million[123][125]. Employee and Operational Metrics - The Group's employee count decreased to 1,739 as of September 30, 2025, from 1,900 as of March 31, 2025, with approximately 50% located in Hong Kong and Macau[161]. - The Group's proactive inventory management and project delivery support strong cash collections, reinforcing its capacity for future investments[174]. - The Group's cash management system optimizes cash flow and minimizes idle cash, ensuring efficient operations[133]. Future Outlook - The Group is preparing to address challenges posed by global economic uncertainties expected in 2025, focusing on proactive management of risks and assets[192]. - The company is confident in its ability to achieve sustainable growth and create long-term value for stakeholders due to its strategic investment decisions[192]. - The Group's diversified business portfolio and healthy financial position are expected to contribute to ongoing growth and resilience against economic fluctuations[191].

Financial Performance - For the six months ended September 30, 2025, the company reported total revenue of HKD 102,096,000, a slight decrease of approximately 0.9% compared to HKD 102,996,000 for the same period last year[6]. - The gross profit for the same period was HKD 77,277,000, resulting in a gross margin of 75.7%, down from 77.3% in the previous year[6]. - The company recorded a loss attributable to shareholders of HKD 12,567,000, compared to a loss of HKD 4,261,000 in the prior year[6]. - Adjusted net loss for the period was HKD 6,267,000, a significant decline from an adjusted net profit of HKD 2,739,000 in the same period last year[7]. - Total comprehensive loss for the period was HKD 12,530,000, compared to HKD 4,206,000 in 2024, reflecting a worsening financial position[48]. - Basic and diluted loss per share for the six months was HKD 0.40, compared to HKD 0.14 in the previous year, indicating a decline in shareholder value[48]. - The company reported a loss before tax of HKD 11,627,000, compared to a loss of HKD 2,893,000 in the previous year, indicating a significant increase in losses[46]. - The company incurred a loss of HKD 12,567,000 during the period, compared to a loss of HKD 4,261,000 in the previous year, indicating a significant increase in losses[51]. Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 10,975,000 as of September 30, 2025, compared to HKD 5,532,000 as of March 31, 2025[6]. - Operating cash flow before changes in working capital was HKD 3,031,000, a decrease of 76.24% from HKD 12,767,000 in the prior year[52]. - The net cash generated from operating activities was HKD 5,400,000, down from HKD 16,927,000, reflecting a decline of 68.16%[52]. - The company's net current liabilities improved to HKD (51,389,000) from HKD (75,441,000), indicating better short-term financial health[50]. - Current assets increased to HKD 101,525,000 from HKD 70,116,000, indicating improved liquidity[50]. Market Conditions - The Hong Kong retail market showed a moderate improvement with a 2.1% increase in overall retail sales compared to the previous year, although demand for non-essential goods, including health and beauty supplements, remained weak[11]. - The property market in Hong Kong remained stable, with declining interest rates positively impacting the residential sector, while commercial and industrial properties faced significant challenges[12]. - The group anticipates challenges in the operating environment due to economic uncertainty, changing consumer behavior, and increased competition, and will maintain strict cost management policies[35]. Expenses and Costs - Sales costs increased by approximately 6.4% to about HKD 24,800,000, attributed to higher raw material costs for new and upgraded products[18]. - Sales and distribution expenses rose by approximately 29.6% to about HKD 29,300,000, driven by increased advertising and promotional activities for new product launches[19]. - Administrative expenses increased by approximately 4.0% to about HKD 51,800,000, mainly due to higher rent for designated counters and amortization of new software[20]. - Employee costs for the reporting period amounted to approximately HKD 38.7 million, compared to HKD 36.1 million in the same period last year[28]. Assets and Liabilities - The net asset value decreased to HKD 122,815,000 from HKD 135,345,000 over the same period[6]. - Total liabilities increased to HKD 152,914,000 from HKD 145,557,000, suggesting a rise in financial obligations[50]. - Total assets as of September 30, 2025, were HKD 280,616,000, down from HKD 288,904,000 as of March 31, 2025, reflecting a decrease of approximately 2.2%[61]. - Total liabilities increased to HKD 157,801,000 as of September 30, 2025, compared to HKD 153,559,000 as of March 31, 2025, indicating a rise of about 2.0%[62]. Strategic Initiatives - The company plans to continue monitoring market conditions and adjust strategies as necessary in response to ongoing economic uncertainties[11]. - The group aims to achieve sustainable growth through product diversification, continuous R&D for new products, and expanding both online and offline sales channels[36]. - The board did not recommend a mid-term dividend for the reporting period, consistent with the previous year[34]. Shareholder Information - A mandatory cash offer was made for a total of 766,040,033 shares, representing approximately 24.65% of the company's issued share capital, at a total consideration of HKD 18.38 million[38]. - After the completion of the cash offer, the acquirers held approximately 50.53% of the company's issued share capital[39]. - The company continues to meet the minimum public float requirement of 25% as per the Hong Kong Stock Exchange regulations[40]. - Mr. Zhang Shaohui holds 1,457,282,033 shares, representing 46.89% of the company's equity[86]. - The company has a short position of 723,242,000 shares, which is 23.27% of the total shares, lent to Hammer Capital Ventures[86]. Corporate Governance - The audit committee consists of three independent non-executive directors, overseeing financial reporting and risk management, with the interim financial statements reviewed by external auditors[100]. - The interim report was approved by the board on November 26, 2025, and includes unaudited consolidated interim results for the reporting period[101].

佳寧娜集團控股有限公司 | 2025/2026中期報告 CORPORATE INFORMATION BOARD OF DIRECTORS EXECUTIVE DIRECTORS MA, Kai Cheung, PhD, SBS, BBS (Honorary Chairman) MA, Kai Yum, PhD, BBS (Chairman) MA, Hung Ming, John, PhD, BBS, JP (Vice-chairman) LIANG, Rui (Chief Executive Officer) MA, Hung Man INDEPENDENT NON-EXECUTIVE DIRECTORS WONG, See King CHEUNG, Wah Fung, Christopher LIU, Ling Ling, Samantha AUDIT COMMITTEE WONG, See King (Chairman) CHEUNG, Wah Fung, Christopher LIU, Ling Ling, Samantha REMUNERATION COMMITTEE WONG, See King ...

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 144,972,000, representing a 14.6% increase from HKD 126,540,000 in the same period of 2024[9] - Gross profit for the same period was HKD 126,817,000, up from HKD 110,347,000, indicating a growth of 15%[9] - The net profit for the period was HKD 17,901,000, which is a 35.5% increase compared to HKD 13,239,000 in the previous year[9] - Basic earnings per share increased to HKD 2.35 from HKD 1.74, reflecting a growth of 35%[9] - Total comprehensive income for the period was HKD 18,461,000, compared to HKD 14,685,000 in the prior year, marking a 25.5% increase[9] - The company reported a pre-tax profit of HKD 21,681,000 for the six months ended September 30, 2025, compared to HKD 15,939,000 for the same period in 2024, representing a growth of 36.5%[14] - Revenue from health supplements increased to HKD 138,589,000, up 15.1% from HKD 120,398,000 in the previous year[19] - Total revenue for the six months reached HKD 144,972,000, a rise of 14.6% compared to HKD 126,540,000 in 2024[19] - The company's profit for the six months ended September 30, 2025, was HKD 17,901,000, compared to HKD 13,239,000 for the same period in 2024, representing a year-on-year increase of approximately 35.5%[35] Cash and Assets - Cash and cash equivalents as of September 30, 2025, were HKD 82,619,000, up from HKD 78,723,000, showing a growth of 4.5%[11] - The company’s cash and cash equivalents at the end of the period were HKD 82,619,000, compared to HKD 80,030,000 at the end of the previous year[14] - Accounts receivable as of September 30, 2025, stood at HKD 27,707,000, compared to HKD 21,064,000 as of March 31, 2025, marking an increase of about 31.7%[36] - As of September 30, 2025, the group's current assets net value was HKD 115,398,000, an increase from HKD 110,807,000 as of March 31, 2025[56] - The company's total liabilities as of September 30, 2025, were HKD 14,979,000, compared to HKD 14,337,000 as of March 31, 2025, indicating a slight increase of about 4.5%[39] Expenses and Costs - The company reported a decrease in financing costs to HKD 494,000 from HKD 562,000, a reduction of 12.1%[9] - Total tax expenses for the six months ended September 30, 2025, amounted to HKD 3,780,000, up from HKD 2,700,000 in 2024, reflecting a growth of about 40%[7] - Depreciation expenses for property, plant, and equipment totaled HKD 8,640,000, an increase from HKD 7,584,000 in the previous year, indicating an increase of approximately 13.9%[30] - Selling and distribution expenses increased by 11.2% to HKD 87,278,000, while general and administrative expenses rose by 15.1% to HKD 18,697,000[52] - The total amount of inventory costs recognized as expenses was HKD 18,155,000, compared to HKD 16,193,000 in 2024, reflecting an increase of approximately 12.1%[30] Inventory and Operations - Inventory increased to HKD 20,913,000 from HKD 19,057,000, reflecting a 9.7% rise[11] - The company continues to focus on the retail and wholesale of health and personal care products, with all revenue derived from this segment[22] - Sales from consignment counters increased by 16.1% to HKD 105,184,000, accounting for 72.5% of total revenue[51] - The company opened one additional specialty store, bringing the total to 19 stores and 68 consignment counters as of September 30, 2025[48] Shareholder Information - The company declared dividends amounting to HKD 15,240,000 during the period[12] - The company has not declared an interim dividend for the six months ended September 30, 2025, consistent with the previous year[31] - The weighted average number of ordinary shares used for calculating basic and diluted earnings per share remained constant at 762,000,000 for both 2025 and 2024[33] - As of September 30, 2025, Beatitudes holds 443,840,000 shares, representing 58.25% of the total issued shares of 762,000,000[69][70] - Gao Yuan holds 93,635,000 shares, accounting for 12.29% of the total issued shares[69][70] Corporate Governance - The audit committee has reviewed and supervised the group's financial reporting system and internal control procedures during the reporting period[82][83] - The company has complied with the corporate governance code requirements, except for the separation of the roles of chairman and CEO[77][79] - The board believes that having the chairman also serve as co-CEO is in the best interest of the group due to his extensive knowledge and network in the industry[79] - The company has maintained a public float of at least 25% of its total issued shares throughout the reporting period[81] Strategic Initiatives - The company plans to continue optimizing its business strategy to adapt to the changing business environment[48] - The group plans to adopt digital and technological transformation to optimize operational processes and enhance efficiency[65] - The strategy includes expanding product diversity to meet the preferences of different customer segments[65] - The group aims to leverage the government's initiatives to attract more visitors to Hong Kong, which is expected to boost the overall retail market[65] Miscellaneous - The company has not granted any stock options since the adoption of the stock option plan on September 12, 2016, and there are no unexercised options as of September 30, 2025[72][73] - The company did not redeem any of its listed securities during the reporting period, nor did it purchase or sell any such securities[74][75] - The group had no significant investments, acquisitions, or disposals in subsidiaries, associates, or joint ventures for the six months ended September 30, 2025[60] - The employee count was 222 as of September 30, 2025, down from 232 a year earlier[62] - The company expresses gratitude to shareholders, business partners, and customers for their continued support[84]

INTERIM REPORT 2025-26 中期報告 迎風而上 堅毅前行 Steadfast in Efforts Striving Forward Far East Consortium International Limited 遠東發展有限公司 INTERIM REPORT 2025-26 中期報告 目錄 | 2 | 公司資料 | | --- | --- | | 4 | 多元化及均衡之業務組合 | | 8 | 2025/26年財政年度上半年重大事件 | | 11 | 中期業績2025/26 | | 14 | 管理層討論及分析 | | 45 | 非公認會計原則財務計量 | | 49 | 其他資料 | | 56 | 簡明綜合財務報表之審閱報告 | | 57 | 簡明綜合損益表 | | 58 | 簡明綜合損益及其他全面收益表 | | 59 | 簡明綜合財務狀況表 | | 61 | 簡明綜合權益變動表 | | 63 | 簡明綜合現金流量表 | 66 簡明綜合財務報表附註 2 遠東發展有限公司 公司資料 董事會 執行董事 邱達昌，丹斯里拿督，B.Sc. （主席兼行政總裁） 孔祥達，B.ENG., ACA 邱達成 ...