Financial Performance - Revenue and other gains for the six months ended 30 September 2025 reached approximately HK$347.0 million, a significant increase of 180.9% compared to HK$123.5 million in 2024[6] - Gross profit for the same period was HK$23.7 million, reflecting a growth of 21.4% from HK$19.6 million in 2024[6] - Profit attributable to the owners of the Company increased to HK$5.4 million, up 28.5% from HK$4.2 million in 2024[6] - The Group's revenue for the six months ended 30 September 2025 was approximately HK$340.3 million, an increase of approximately HK$227.8 million or 202.6% compared to the same period in 2024[62] - For the six months ended 30 September 2025, the Group recorded a profit attributable to shareholders of approximately HK$5.4 million, an increase from HK$4.2 million in the same period of 2024[26] - Total comprehensive income for the period was HK$10,617,000, compared to HK$4,757,000 in 2024, representing an increase of approximately 123%[119] - The company reported a net cash from financing activities of HK$4,120,000, contrasting with a net cash used of HK$8,884,000 in the prior year, showing a turnaround in financing[123] - The company declared dividends of HK$4,000,000 for the period, consistent with the previous year[121] Assets and Liabilities - Total assets as of 30 September 2025 amounted to HK$454.5 million, representing a 21.9% increase from HK$372.8 million as of 31 March 2025[6] - Current assets as of 30 September 2025 were approximately HK$320.9 million, with a current ratio of approximately 1.4, up from 1.2 as of 31 March 2025[78] - The gearing ratio increased to approximately 53.3% as of 30 September 2025, compared to 49.0% as of 31 March 2025[79] - Trade receivables as of 30 September 2025 were HK$51,216,000, up from HK$34,224,000 as of 31 March 2025, indicating a growth of 49.7%[199] - Total staff costs for the six months ended September 30, 2025, were approximately HK$41.2 million, compared to HK$30.5 million for the same period in 2024[88] - The Group's total specified non-current assets amounted to HK$125,664,000 as of 30 September 2025, up from HK$117,122,000 as of 31 March 2025, indicating an increase of 7%[168] Segment Performance - The Group achieved a profit from contracting of approximately HK$5.5 million, reflecting significant improvement in the construction industry environment during 2025[27] - The strategic investments division registered a segment profit of approximately HK$1.0 million, realized from an unrealized fair value gain of an investment in a large Real Estate Investment Trust[38] - The property investment division recorded a segment profit of approximately HK$2.3 million, with the property in Dublin maintaining a 100% occupancy rate[42] - The Building Solutions segment reported a revenue decrease of approximately HK$4.9 million or 86.9%, with gross profit dropping by approximately HK$2.3 million or 86.6%[65] - Segment profit for the Building Contracting segment was HK$113,000, while the Strategic Solutions segment reported a profit of HK$1,137,000, contributing to a total segment profit of HK$4,147,000[150] Market and Strategic Focus - The Group is focusing on expanding its reach within the built environment through strategic investments in property development and technology startups[20] - Building Solutions Limited is committed to enhancing the built environment by implementing cutting-edge technology to improve air quality and reduce energy consumption[19] - The Group aims to make direct investments in physical properties to generate additional income and expand its geographical reach[21] - The Group is actively involved in tenders that could provide a solid pipeline of work through to the end of the financial year, with high-value opportunities anticipated[29] - The imminent arrival of the high-speed rail network in Japan is expected to significantly enhance the local property market, reducing travel time to Sapporo by 70%[40] - The Group is optimistic about the improving outlook for Hong Kong in 2025, driven by a substantial increase in inbound tourists[48] Cost Management and Operational Challenges - The operating environment for Building Solutions has been challenging, resulting in a segment loss of approximately HK$0.9 million due to tight corporate spending controls[31] - The Group is focusing on cost management to maintain and improve margins while allocating resources to technology-based solutions[49] - Administrative and other operating expenses rose by approximately HK$1.7 million or 13.0%, totaling approximately HK$14.8 million for the period[71] Cash Flow and Financing - Cash flows from operating activities resulted in a net cash used of HK$8,054,000, a decrease from HK$35,598,000 in the previous year, reflecting a decline of 77.6%[122] - As of 30 September 2025, cash and cash equivalents totaled HK$31,322,000, down from HK$52,127,000 at the end of the same period in 2024, a decrease of 40%[123] Employee and Corporate Governance - The Group's employee count increased to 105 as of September 30, 2025, from 99 as of September 30, 2024[88] - The Group's share option scheme has 80,000,000 options available for grant, representing 10% of the issued share capital, with no options granted or exercised since its adoption[99] - The Company did not recommend the payment of an interim dividend for the six months ended 30 September 2025, while a final dividend of HK$4,000,000 was paid on 6 October 2025[193] Accounting and Compliance - The unaudited condensed consolidated interim financial statements are prepared in compliance with HKAS 34 and presented in Hong Kong dollars (HK$)[133] - The adoption of new and amended HKFRS Accounting Standards effective from April 1, 2025, did not have any significant impact on the Group's accounting policies[134] - Significant judgments and estimates in preparing the financial statements were consistent with those applied in the annual financial statements for the year ended March 31, 2025[138]

GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk that securities traded on GEM may be more suscep ...

ASIA-PAC FINANCIAL INVESTMENT COMPANY LIMITED 亞太金融投資有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8193） 2025 中期報告 ASIA-PAC FINANCIAL INVESTMENT COMPANY LIMITED 亞太金融投資有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock code: 8193) 2025 INTERIM REPORT 香港聯合交易所有限公司（「聯交所」）GEM 的特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的 公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審 慎周詳的考慮後方作出投資決定。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於主板買賣的證券承 受較大的市場波動風險，同時無法保證在GEM 買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就 ...

波司登國際控股有限公司 於開曼群島註冊成立之有限責任公司 股份代號：3998 2025/26 中期報告 于適 波司登品牌代言人 波司登國際控股有限公司（「本公司」，連同其附屬公 司統稱「本集團」）是中華人民共和國（「中國」） 知名的羽絨服裝品牌運營商。本集團創始於1976年， 在創始人高德康先生的引領下開啓艱苦卓絕的創業歷 程。2007年10月11日，本公司於聯交所主板上市，股 份代號3998。 本集團專心專注羽絨服領域，成為消費者公認的羽絨 服專家，引領行業發展。目前，本集團旗下羽絨服品 牌包括波司登、雪中飛、冰潔等，通過這些品牌，本 集團得以滿足不同客戶群體的需求及鞏固其在中國市 場的領導地位。其中，波司登品牌羽絨服連續30年 （1995-2024年）全國銷量遙遙領先。 目前，本集團的女裝業務品牌包括：杰西、邦寶、柯 利亞諾、柯羅芭；校服品牌為颯美特。 本集團積極實施品牌發展戰略，在2025年，波司登 再次入選Brand Finance「全球最具價值服飾品牌排 行榜50強」，同時入選世界品牌實驗室2025年「亞 洲品牌500強」。未來，本集團將繼續聚焦羽絨服核 心主業，以品牌建設為核心，全面升級產品、渠道 ...

Financial Performance - For the six months ended September 30, 2025, the group recorded revenue from electric vehicle sales of approximately HKD 5,300,000, compared to HKD 2,200,000 for the same period in 2024, representing an increase of 140.9%[6] - Gross profit for the same period was approximately HKD 1,400,000, with a gross margin of 26.0%, down from 29.7% in the previous year[6] - The group reported a loss of approximately HKD 16,700,000 for the six months ended September 30, 2025, significantly reduced from a loss of HKD 41,700,000 in the same period of 2024[6] - Basic and diluted loss per share for the six months ended September 30, 2025, was HKD 0.071, compared to HKD 0.222 for the same period in 2024[7] - Total comprehensive income for the period was HKD 343,000, a significant recovery from a loss of HKD 12,060,000 in the prior year[78] - The company incurred a loss before tax of HKD 16,736,000, a reduction from a loss of HKD 41,753,000 in the previous year, showing a 60% improvement[76] - The company reported a total comprehensive loss before tax of HKD (16,736,000) for the six months ended September 30, 2025, compared to HKD (41,753,000) for the same period in 2024, indicating a significant reduction in losses[96] Business Expansion and Contracts - The group has expanded its business to integrated electric commercial solutions, providing a comprehensive ecosystem that includes vehicle supply and operational services in China[11] - A contract was secured to supply a customized 12-meter electric bus valued at approximately HKD 5,300,000 to a well-known non-profit organization in Hong Kong[12] - The group successfully obtained a contract to supply the first electric mobile command vehicle to the Hong Kong Fire Services Department, valued at approximately HKD 9,000,000[13] - The group is actively seeking strategic partnerships with major industry players and plans to submit optimized proposals for a tender to supply up to 300 electric buses[14] - The group is preparing to participate in upcoming tenders for hundreds of electric buses following recent government funding to a major transport operator in Hong Kong[14] Financial Position and Assets - As of September 30, 2025, the group's net asset value is approximately HKD 887,800,000, an increase from HKD 847,900,000 as of March 31, 2025[47] - The group's capital debt ratio is 1.65% as of September 30, 2025, down from 2.14% as of March 31, 2025[47] - Total assets amounted to HKD 1,007,046,000, an increase from HKD 976,987,000 as of March 31, 2025, representing a growth of approximately 3.1%[79] - Non-current assets totaled HKD 942,958,000, up from HKD 927,099,000, indicating a rise of about 1.6%[79] - Current assets increased significantly to HKD 64,088,000 from HKD 49,888,000, reflecting a growth of approximately 28.5%[79] - Total liabilities decreased to HKD 119,260,000 from HKD 129,060,000, a reduction of about 7.6%[80] - The company's equity attributable to owners increased to HKD 913,169,000 from HKD 872,618,000, reflecting a growth of about 4.6%[80] Legal and Regulatory Matters - The group has been ordered by the Nanning Intermediate People's Court to pay approximately RMB 21,700,000 in unpaid capital and RMB 1,500,000 to Zhou Bo, with the court's decision upheld by the Guangxi High People's Court[39][40] - The group is currently involved in a lawsuit regarding a construction contract, with a claim of approximately RMB 2,500,000 against Guangxi Weiri[35] - The group has a mineral resource estimate for the Guangxi calcium sulfate mine as of September 30, 2025, totaling 1,207,000 tons with an average sodium sulfate grade of 17.25%[42] - The group has set aside approximately RMB 1,559,000 as a provision related to the judicial preservation of mining rights[36] - The company has a legal hold on mining rights due to ongoing litigation, which can be lifted upon payment of RMB 900,000 plus interest[118] Share Capital and Equity - The company plans to issue up to 26,000,000 new shares to raise approximately HKD 20,300,000, representing about 8.05% of the enlarged share capital post-placement[56] - The holders of the 2024 convertible bonds exercised their conversion rights, resulting in the issuance of 10,000,000 shares, representing approximately 3.37% of the company's issued share capital[57] - The total number of issued shares is 296,979,109, with a capital of 14,848 thousand HKD[129] - The company raised approximately 7,800,000 HKD from the placement of 27,000,000 shares at a price of 0.30 HKD per share, intended for general working capital[130] - The company issued 60,000,000 subscription shares at a price of 0.45 HKD per share, generating a total consideration of 27,000,000 HKD, with 3,000,000 HKD recorded as share capital[130] Operational Developments - The company has completed a share placement in May 2025, raising approximately HKD 7,860,000, and a rights issue raising approximately HKD 26,800,000, providing significant financial support for liquidity and future development[47] - The company operates a fleet of nearly 50 electric trucks, expecting to generate annual revenue of approximately RMB 50 million to 60 million from current projects[21] - The company is developing an integrated green logistics ecosystem that includes vehicle procurement, operational management, charging services, and carbon emission management, in partnership with leading domestic vehicle manufacturers and charging service providers[19] - The company has established three legally binding long-term operating agreements for electric vehicles in coal transportation with key state-owned enterprises in Gansu Province, reflecting strong confidence in the project's feasibility[21] Employee and Management Information - The group employed 49 full-time management and technical staff as of September 30, 2025, an increase from 41 as of March 31, 2025[54] - The company’s total remuneration for key management personnel was HKD 2,903,000 for the six months ended September 30, 2025, compared to HKD 3,015,000 for the same period in the previous year[140] - Employee costs, including directors' remuneration, totaled HKD 7,156,000 for the six months ended September 30, 2025, compared to HKD 7,458,000 for the same period in 2024[109] Market and Economic Conditions - The company plans to maintain a cautious outlook while actively exploring new business opportunities to maximize shareholder value amid ongoing global economic challenges[51] - The company has not entered into any metal ore sales contracts in the six months ending September 30, 2025, due to a weak trading environment and low profit margins[45] - The company did not engage in any purchases, redemptions, or sales of its listed securities during the six months ended September 30, 2025[69] Accounting and Financial Reporting - The company’s management has made significant judgments and estimates in applying accounting policies, consistent with those used in the annual financial statements for the year ended March 31, 2025[92] - The company did not apply any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial performance or position during the reporting period[91] - The company has adopted the corporate governance code as per the listing rules and has complied with its principles and provisions[72] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial statements for the six months ended September 30, 2025[75]

Financial Performance - Total revenue for the period reached HKD 416.3 million, an increase of 7.5% from HKD 387.3 million in the same period last year[6]. - The net profit attributable to the company's owners was HKD 39.7 million, up from HKD 37.0 million year-on-year, representing a growth of 7.2%[6]. - Retail business revenue increased by 7.4% to HKD 415.7 million, despite a challenging economic environment in Hong Kong and mainland China[7]. - Same-store sales for gold, jewelry, and watch businesses grew by 11.2% during the period[9]. - Gross profit margin improved from 31.9% to 34.2%, driven by better performance in the jewelry segment and rising gold prices[10]. - Revenue for the six months ended September 30, 2025, was HKD 416,269,000, an increase of 7.5% compared to HKD 387,301,000 for the same period in 2024[34]. - Gross profit for the same period was HKD 142,161,000, representing a gross margin of 34.1%, up from HKD 123,546,000 and a margin of 31.9% in 2024[34]. - Operating profit increased to HKD 42,795,000, a rise of 15.4% from HKD 36,926,000 in the previous year[34]. - Profit before tax was HKD 39,720,000, up 14.1% from HKD 34,644,000 in 2024[34]. - Net profit for the period was HKD 39,720,000, compared to HKD 37,044,000 in the same period last year, reflecting a growth of 7.2%[34]. Assets and Liabilities - As of September 30, 2025, the group's current assets and current liabilities were approximately HKD 976.0 million and HKD 232.1 million, respectively[13]. - The total borrowings amounted to HKD 124.9 million, resulting in a healthy debt-to-equity ratio of 15.0%[13]. - Total assets as of September 30, 2025, amounted to HKD 1,082,182,000, an increase from HKD 1,006,656,000 as of March 31, 2025[35]. - Current assets increased to HKD 975,951,000 from HKD 899,721,000, indicating a growth of 8.5%[35]. - Inventory levels rose to HKD 498,370,000, up from HKD 420,218,000, reflecting an 18.6% increase[35]. - The company's equity attributable to owners increased to HKD 833,261,000 from HKD 818,232,000, a growth of 1.8%[35]. Shareholder Information - As of September 30, 2025, the company had a total of 909,308,465 ordinary shares issued, with major shareholder Yang Zhicheng Holdings Limited holding 586,195,857 shares, representing 64.47% of the issued share capital[22]. - The company’s directors held the following shares: Mr. Tang Rishen with 7,528,500 shares (0.83%), Mr. He Houxi with 6,657,000 shares (0.73%), and Dr. Feng Yubin with 5,856,517 shares (0.64%) as of September 30, 2025[19][20]. - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the reporting period[23]. Dividends and Policies - The company has not established a dividend policy or predetermined dividend rate, with future dividends to be considered based on various factors including market conditions and financial status[25]. - The group declared an interim dividend of HKD 0.4 per ordinary share, totaling HKD 3,637,000, consistent with the previous year's interim dividend[56]. - The company paid dividends amounting to HKD 4,000, compared to HKD 1,000 in the previous year[38]. - The company declared dividends payable of HKD 24,075,000 as of September 30, 2025, compared to HKD 437,000 as of March 31, 2025, showing a substantial rise in dividend obligations[21]. Cash Flow and Expenditures - Cash generated from operating activities showed a net outflow of HKD 3,566,000, a significant decrease from a net inflow of HKD 38,333,000 in the previous year[38]. - Cash and cash equivalents increased by HKD 63,804,000, compared to a decrease of HKD 38,476,000 in the same period last year, resulting in a total of HKD 340,534,000 at the end of the period[38]. - The company’s cash flow from financing activities showed a net outflow of HKD 880,000, a significant improvement from a net outflow of HKD 22,719,000 in the previous year[38]. - Capital expenditure for the period was approximately HKD 0.1 million, primarily for equipment costs[16]. - The group incurred capital expenditures of approximately HKD 121,000 during the six months ended September 30, 2025, compared to HKD 4,637,000 for the same period in 2024, primarily related to the acquisition of leased property renovations, furniture, and equipment[60]. Auditor and Compliance - The company’s auditor, Hong Kong Lixin Dehao Accounting Firm, reviewed the interim financial statements without any reservations, confirming compliance with Hong Kong Accounting Standards[31]. - The company has adopted a standard code for securities trading by directors, ensuring compliance throughout the reporting period[24]. Financial Instruments and Valuation - The fair value of listed debt instruments as of September 30, 2025, was HKD 32,218,000 (unaudited), up from HKD 31,772,000 as of March 31, 2025[89]. - The fair value of non-listed debt instruments increased to HKD 19,692,000 (unaudited) from HKD 15,534,000 as of March 31, 2025[89]. - The fair value of non-listed equity securities decreased to HKD 1,284,000 (unaudited) from HKD 2,380,000 as of March 31, 2025, reflecting a change of HKD (1,096,000) in other comprehensive income[92]. - The group’s financial liabilities related to gold borrowing were valued at HKD 124,914,000 (unaudited) as of September 30, 2025, compared to HKD 80,322,000 as of March 31, 2025[90]. Management and Governance - The total compensation for executive directors and other key management personnel was HKD 9,105,000 (unaudited), an increase of 9% from HKD 8,350,000 in the previous year[88]. - The report is signed by the chairman, Mr. Tang Yat-shan, on November 14, 2025[96].

Financial Performance - Total revenue for the six months ended September 30, 2025, was HK$12,346,000, a decrease of 31.2% compared to HK$17,934,000 for the same period in 2024[9]. - Commission income from securities dealing and brokerage services was HK$1,061,000, down 61.7% from HK$2,766,000 in 2024[9]. - Supply chain financing revenue increased to HK$8,695,000, up 35.6% from HK$6,412,000 in the previous year[9]. - Loss before tax for the period was HK$4,720,000, an improvement from a loss of HK$9,786,000 in the same period last year[11]. - Total comprehensive loss for the period was HK$5,470,000, compared to HK$10,486,000 in 2024, indicating a reduction of 47.8%[11]. - Basic loss per share improved to HK(11.30) cents from HK(25.46) cents in the previous year[11]. - The company reported a loss of HK$5,377,000 for the six months ended September 30, 2025, compared to a loss of HK$10,334,000 for the same period in 2024, indicating a 47.9% improvement[19]. - For the six months ended 30 September 2025, the total expenses amounted to HK$4,806,000, a decrease of 29% compared to HK$6,754,000 for the same period in 2024[46]. - The loss attributable to owners of the Company for the period was HK$5,378,000, a reduction from HK$10,334,000 in the same period last year[56]. Assets and Liabilities - Non-current assets decreased to HK$12,184,000 from HK$14,356,000 as of March 31, 2025[14]. - Current assets increased to HK$240,597,000 from HK$232,326,000 as of March 31, 2025[14]. - Total current liabilities increased to HK$75,618,000 as of September 30, 2025, up from HK$64,053,000 as of March 31, 2025, representing a 17.8% increase[16]. - Net current assets decreased slightly to HK$164,979,000 from HK$168,273,000, a decline of 1.7%[16]. - Total equity attributable to owners decreased to HK$139,716,000 as of September 30, 2025, down from HK$145,093,000, a decline of 3.7%[19]. - Cash and bank balances increased to HK$34,865,000 in house accounts from HK$27,060,000[14]. - The company reported a significant reduction in impairment of assets, down to HK$5,278,000 from HK$8,423,000 in the previous year[11]. - Accounts receivable from supply chain financing increased to HK$151,694,000 from HK$147,533,000, while total accounts receivable decreased to HK$164,513,000 from HK$175,357,000[64]. - Provision for loss allowance decreased significantly to HK$1,421,000 from HK$19,922,000, indicating improved credit quality[64]. Cash Flow - Net cash generated from operating activities was HK$13,838,000 for the six months ended September 30, 2025, compared to a cash outflow of HK$11,395,000 in the previous year[22]. - Cash and cash equivalents at the end of the period increased to HK$34,865,000 from HK$20,455,000, reflecting a significant growth of 70.7%[22]. - Total cash outflow for leases was HK$1,214,000, down from HK$2,539,000 in the previous year, indicating cost management efforts[62]. Revenue Sources - The Group did not recognize any revenue from placing and underwriting services in the current period, compared to HK$5,814,000 in the previous year[38]. - Advisory fee income was HK$0, down from HK$160,000 in the same period last year[38]. - The Group's net investment income was HK$0, compared to a loss of HK$398,000 in the previous year[38]. - Interest income from loan financing, margin financing, and money lending services decreased by approximately 38.4% from HK$1,691,000 to HK$1,042,000 due to a reduction in margin loans[104]. - The Group did not record any fee income from asset management services for the reporting period, down from approximately HK$493,000 in the corresponding period[107]. Operational Developments - The Group launched a new trading system and smartphone applications on February 26, 2024, aimed at enhancing user experience and reducing operational costs[96]. - The Group initiated a brand re-building program to attract new clients and re-engage existing ones[96]. - The Group is committed to expanding its VIP client base to boost revenue[97]. - The Group provides a range of services including securities dealing, brokerage, placing, underwriting, and asset management[92]. - The Group's securities dealing and brokerage services are licensed under Type 1, Type 4, and Type 9 regulated activities[93]. Shareholder Information - Ms. Hsieh Ching Chun holds 23,992,800 shares, representing 50.41% of the company's shareholding[179]. - Mega Wise Group Limited holds 6,000,000 shares, representing 12.60% of the company's shareholding[185]. - The issued share capital of CWIL is beneficially owned as to 30% by Mr. Fok and 70% by Ms. Hsieh[181]. - As of September 30, 2025, the total number of shares available for issue under the share option scheme is 4,000,000, representing approximately 8.40% of the issued shares of the Company[191]. Compliance and Governance - The unaudited financial statements are prepared in accordance with HKFRS Accounting Standards, ensuring compliance with regulatory requirements[27]. - The Group's policy for impairment allowance is based on the evaluation of collectability and management's judgment regarding creditworthiness and collateral[73]. - All Directors confirmed compliance with the Required Standard of Dealings throughout the reporting period[196].

目 錄 安域亞洲有限公司 二零二五至二零二六年中期報告 | 2 | 公司資料 | | --- | --- | | 4 | 簡明綜合全面收益表 | | 5 | 簡明綜合財務狀況表 | | 6 | 簡明綜合權益變動表 | | 7 | 簡明綜合現金流量表 | | 8 | 簡明綜合財務報表附註 | | 16 | 管理層討論與分析 | | 19 | 企業管治及其他資料 | 安域亞洲有限公司 二零二五至二零二六年中期報告 公司資料 安域亞洲有限公司 （於百慕達註冊成立之有限公司） 董事 執行董事 賴義鈞先生（又名Robert LAI） （主席兼行政總裁） 羅驍先生 非執行董事 嚴丹驊女士 獨立非執行董事 楊建邦先生 劉驥先生 權睿學先生 審核委員會 權睿學先生 （主席） 楊建邦先生 劉驥先生 提名委員會 楊建邦先生 （主席） 嚴丹驊女士 （於二零二五年十一月二十八日獲委任） 劉驥先生 權睿學先生 公司秘書 李錫勛先生 （於二零二五年四月二十五日獲委任） 馮美玲女士 （於二零二五年四月二十五日辭任） 授權代表 賴義鈞先生（又名Robert LAI） 李錫勛先生 （於二零二五年四月二十五日獲委任） 馮美玲女士 （於二零二五年 ...

(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) STOCK CODE 股份代號:223 中期報告 INTERIM REPORT 2025/2026 Contents 目錄 1 Corporate Information 公司資料 3 Management Discussion and Analysis 管理層討論及分析 9 Report on Review of Condensed Consolidated Financial Statements 簡明綜合財務報表審閱報告 10 Unaudited Condensed Consolidated Interim Financial Statements and Notes 未經審核簡明綜合中期財務報表及附註 45 Additional Information 其他資料 CORPORATE INFORMATION 公司資料 BOARD OF DIRECTORS Executive Directors: Zhao Zhenzhong (Vice Chairma ...

Financial Performance - The company reported revenue of HKD 19,036,000 for the six months ended September 30, 2025, representing a significant increase of 161.5% compared to HKD 7,296,000 for the same period in 2024[10]. - Gross profit for the same period was HKD 5,745,000, up 162.5% from HKD 2,185,000 year-over-year[10]. - Operating loss decreased to HKD 3,412,000 from HKD 5,498,000, indicating an improvement in operational efficiency[10]. - The company reported a net loss of HKD 3,433,000 for the period, a reduction from HKD 5,503,000 in the previous year[10]. - Basic and diluted loss per share improved to HKD 1.59 from HKD 2.56 year-over-year[10]. - The company incurred total comprehensive expenses of HKD 5,511,000 during the first half of 2025, compared to HKD 3,434,000 in the second half of 2024, representing an increase of 60.5%[13]. - The group recorded a pre-tax loss of approximately HKD 3.4 million for the six months ending September 30, 2025, a reduction of HKD 2.1 million or 37.6% from a pre-tax loss of approximately HKD 5.5 million for the same period in 2024, primarily due to successful expansion in the Chinese market[76]. Assets and Liabilities - Total assets as of September 30, 2025, were HKD 49,982,000, compared to HKD 39,845,000 as of March 31, 2025[11][12]. - The company’s total liabilities increased to HKD 24,635,000 from HKD 11,064,000, indicating a rise in financial obligations[12]. - The company has a total equity of HKD 25,347,000 as of September 30, 2025, down from HKD 28,781,000 as of March 31, 2025[12]. - Trade receivables increased to HKD 7,247,000 as of September 30, 2025, up from HKD 4,841,000 as of March 31, 2025[52]. - Total liabilities increased to HKD 14,553,000 as of September 30, 2025, compared to HKD 6,403,000 as of March 31, 2025[56]. - Non-current assets increased to HKD 20,617,000 as of September 30, 2025, from HKD 20,257,000 as of March 31, 2025[45]. - Current assets decreased to HKD 6,000 as of September 30, 2025, from HKD 18,000 as of March 31, 2025[45]. Revenue Sources - Revenue from interior design and execution services was HKD 18,930,000, up from HKD 7,296,000, indicating a growth of 159.5% year-over-year[27]. - Revenue from mainland China surged to HKD 12,901,000, compared to HKD 496,000 in the previous year, reflecting a growth of 2,596.8%[29]. - Revenue from the Hong Kong business was approximately HKD 6.1 million, a slight decrease of about HKD 0.7 million or 9.8% compared to HKD 6.8 million for the same period in 2024[68]. - Revenue from the China market surged from approximately HKD 0.5 million in the previous year to HKD 12.9 million for the six months ended September 30, 2025, accounting for approximately 67.8% of total revenue[68]. Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 6,369,000 from HKD 3,161,000, reflecting improved liquidity[11]. - The net cash generated from operating activities for the six months ended September 30, 2025, was HKD 3,203,000, an increase of 57.5% compared to HKD 2,031,000 for the same period in 2024[15]. - The total cash and cash equivalents at the end of the period increased to HKD 6,369,000 from HKD 6,315,000, reflecting a net increase of HKD 3,208,000[15]. - The group’s cash and cash equivalents were approximately HKD 6.4 million as of September 30, 2025, compared to approximately HKD 3.2 million on March 31, 2025[81]. - The current ratio was approximately 1.3 times as of September 30, 2025, down from approximately 1.8 times on March 31, 2025[83]. Corporate Governance - The company emphasizes high standards of corporate governance as essential for sustainable growth, based on GEM Listing Rules Appendix C1[108]. - The roles of the Chairman and CEO are currently held by the same individual, which the board believes enhances leadership and strategic planning efficiency[109]. - An independent non-executive director was unable to attend the annual general meeting on September 19, 2025, but the company has complied with all other corporate governance rules[110]. - The audit committee has been established to oversee the relationship with auditors and review financial information, consisting of two independent non-executive directors[114]. - The interim financial results for the six months ending September 30, 2025, have not been audited but have been reviewed by the audit committee[115]. Future Plans and Strategy - The company plans to continue focusing on market expansion and new product development to drive future growth[9]. - The group aims to maintain sustainable growth and strengthen its overall competitiveness in the Hong Kong interior design industry[65]. - The group plans to continue leveraging its competitive advantages to capture opportunities and implement strategies such as maintaining and consolidating its market position in Hong Kong[66]. - The group is actively expanding its market coverage in mainland China, targeting emerging sectors such as higher education institutions and student accommodation[64]. - The group has successfully diversified its customer base and project portfolio to mitigate the impact of the slowdown in the Hong Kong property development industry[68]. - The group’s management believes that the ongoing urbanization process in mainland China, along with investments in education and hospitality, will drive continued growth in interior design services[65].