管理層討論與分析 截至二零二五年九月三十日止三個月和九個月 陽光油砂有限公司 管理層討論與分析 此乃陽光油砂有限公司（「陽光油砂」或「本公司」）於截至二零二五年九月三十日止三個月和九個月的財務狀況及表 現的管理層討論與分析（「管理層討論與分析」），日期為二零二五年十一月十四日(加爾加尼時間)/ 二零二五年十一 月十四日(香港時間)，已獲本公司董事會批准。本管理層討論與分析應與本公司截至二零二五年九月三十日止三個月和 九個月止的未經審核綜合財務報表及截至二零二四年十二月三十一日止年度的經審核綜合財務報表及其附註一併閱讀。 除另有指明者外，所有金額及表格金額均以千加元入賬。 概覽 陽光油砂是阿薩巴斯卡地區油砂資源的權益持有人及開發商，具有最佳估計可採資源量約 7.1 億桶。於二零二四年十二 月三十一日本公司的無風險最佳估計可採資源量為大約11億桶。本公司擁有超過一百萬英畝的油砂和石油、天然氣的租 賃區塊，具備龐大的商業發展潛能。West Ells 一萬桶熱採商業項目的一期（ 五千桶） 正進行生產並不斷提升以滿足裝 置的設計產能。阿薩巴斯卡地區為加拿大阿爾伯塔省油砂藏量最豐富的地區。加拿大油砂為西半球穩定的政治環境 ...

（於開曼群島註冊成立之有限公司） （股份代號：637） 截至二零二五年九月三十日止六個月 中期業績公告 利記控股有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其附屬公司（統稱「利記」或「本集 團」）截至二零二五年九月三十日止六個月（「中期」或「期內」）之未經審核綜合業績，連同截至二零 二四年九月三十日止六個月（「比較期間」）之比較數字如下： 綜合損益表 截至二零二五年九月三十日止六個月－未經審核 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文件的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部份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。 | | | 截至九月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | 收益 | 4 | 920,736 | 1,007,579 | | 銷售成本 | | (878,870) | (968,003) | | 毛利 | | 41,866 | 39,576 | | 其他收入 | | 8,86 ...

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之內容概不負責，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 致之任何損失承擔任何責任。 China Boton Group Company Limited 中 國 波 頓 集 團 有 限 公 司 (在 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) (股 份 代 號 ： 3318) 補充公告 有關截至二零二四年十二月三十一日止年度之年報 茲提述 中 國 波 頓 集 團 有 限 公 司（「 本 公 司 」）截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 之 年 報（「 二 零 二 四 年 年 報 」）。除 非 另 有 界 定，否 則 本 公 告 所 用 詞 彙 與 二 零二四 年 年 報 所 界 定 者 具 有 相 同 涵 義 。 關 於 二 零 二 四 年 年 報 第 38至 40頁 董 事 報 告 內 標 題 為「 股 份 獎 勵 計 劃 」之 章 節，本 公 司 謹 此 向 股 東 及 潛 在 投 資 者 提 供 以 下 補 充 資 料 ： 股 份 獎 勵 計 ...

Financial Performance - For the three months ended September 30, 2025, the company reported revenue of CAD 256,769, an increase from CAD 252,350 in the same period of 2024, representing a growth of 1.7%[7] - For the nine months ended September 30, 2025, total revenue reached CAD 5,289,753, up 39.4% from CAD 3,794,348 in the previous year[7] - The net loss for the three months ended September 30, 2025, was CAD 6,307,385, compared to a loss of CAD 4,212,185 in the same period of 2024, indicating a deterioration of 49.7%[7] - The net loss for the nine months ended September 30, 2025, was CAD 15,196,223, compared to a net loss of CAD 11,490,019 for the same period in 2024, indicating a 32% increase in losses year-over-year[9] - The company reported a total long-term debt of C$14,815,446 as of September 30, 2025, compared to C$13,646,448 as of December 31, 2024, indicating an increase of about 8.6%[27] Assets and Liabilities - The company's total assets decreased to CAD 20,023,226 as of September 30, 2025, down from CAD 25,888,120 at the end of 2024, reflecting a decline of 22.5%[6] - Current liabilities increased significantly to CAD 23,869,599 from CAD 17,424,108, marking a rise of 37.5%[6] - The total liabilities increased to CAD 52,024,669 as of September 30, 2025, from CAD 47,349,095 at the end of 2024, an increase of 5.7%[6] - As of September 30, 2025, total equity decreased to CAD (32,001,443) from CAD (21,460,975) at the beginning of the year, reflecting a loss of CAD 15,196,223 during the period[8] Cash Flow and Liquidity - The company's cash and cash equivalents rose to CAD 343,732 from CAD 211,491, showing an increase of 62.4%[6] - Operating cash flow for the nine months ended September 30, 2025, was CAD (593,214), an improvement from CAD (3,187,860) in the same period of 2024[9] - As of September 30, 2025, the company reported a working capital shortfall of CAD 23.2 million and incurred operating losses of CAD 6.3 million and CAD 15.2 million for the three and nine months ended September 30, 2025, respectively[13] Shareholder Activities - The company issued shares for cash totaling CAD 1,335,283 during the three months ended September 30, 2025, compared to CAD 2,527,290 in the same period of 2024[9] - The total share capital increased to CAD 228,508,959 as of September 30, 2025, from CAD 222,417,603 at the beginning of the year, marking a 3% increase[8] - The company completed a placement on September 19, 2025, issuing 12,890,000 common shares at HKD 0.33 per share, raising a total of HKD 4,250,000 (approximately CAD 750,000)[41] Operational Performance - The average selling price of natural gas, LNG, and condensate for the three months ended September 30, 2025, was CAD 21,675, compared to CAD 15,421 in 2024, indicating a year-over-year increase of 40.5%[48] - The company reported a total production of 72 barrels of oil equivalent per day in Q3 2025, down from 1,297 barrels in Q2 2025[103] - The company’s average cost per barrel of oil equivalent decreased by 55% for the three months ended September 30, 2025, compared to 2024[125] Impairments and Expenses - The company recognized a total impairment of CAD 3.8 million for exploration and evaluation assets during the nine months ended September 30, 2025[20] - The company reported a depreciation and amortization expense of CAD 1,578,500 for the nine months ended September 30, 2025, compared to CAD 1,464,103 for the same period in 2024, reflecting an 8% increase[9] - Total financial expenses increased by 69% for the three months ended September 30, 2025, compared to 2024, primarily due to foreign exchange losses[122] Financing and Debt - The company has a current liability of C$14,815,446 as of September 30, 2025, which is a significant increase from C$4,544,566 as of December 31, 2024[27] - The company signed a convertible bond agreement for USD 1.5 million at a 9% annual interest rate, maturing on December 10, 2025, with a conversion price of HKD 0.20 per share[98] - The company has a loan from CIMC Leasing of USD 3.5 million with a 9.25% annual interest rate, secured by fixed assets, requiring monthly payments of USD 87,514[139] Regulatory and Compliance - The company continues to monitor and comply with current government regulations, although changes in policies or regulations may adversely affect operations[174] - The company has established an Audit and Risk Committee consisting of three independent non-executive directors to oversee internal controls and accounting practices[185] Future Outlook - The company has not provided specific guidance for future performance but continues to focus on operational efficiency and cost management strategies[3] - JX Energy's liquidity is expected to improve due to significant future commodity price increases and increased reserves from drilling plans[173]

Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 8,240,757, a decrease of 2.73% compared to HKD 8,471,446 for the same period in 2024[3]. - Gross profit for the period was HKD 3,250,161, representing a gross margin of 39.4%[3]. - Net profit for the six months ended September 30, 2025, was HKD 1,206,334, slightly up from HKD 1,194,555 in 2024, indicating a growth of 1.2%[4]. - Earnings per share attributable to the company’s owners was HKD 29.54, compared to HKD 29.37 for the same period last year, reflecting a 0.58% increase[3]. - Total comprehensive income for the six months was HKD 1,471,225, up from HKD 1,341,679 in 2024, marking an increase of 9.7%[4]. - The group reported a profit before tax for the six months ended September 30, 2025, was HKD 1,468,110, compared to HKD 1,439,351 for the same period in 2024, indicating an increase of approximately 2%[13][15]. - Profit attributable to the company's owners for the period was HKD 1,145,578, compared to HKD 1,138,925 for the same period last year, reflecting a slight increase[26]. Revenue Breakdown - Revenue from the sofa and related products segment was HKD 5,550,229, accounting for 69% of total revenue, while bedding and related products generated HKD 1,119,060, contributing 14%[13][15]. - Revenue from the Chinese market (including Hong Kong and Macau) was HKD 4,739,974, representing 59% of total revenue, while North America contributed HKD 2,160,622, or 27%[16]. - Sofa and related products generated revenue of approximately HKD 5,550,229,000, a decrease of about 4.6% from HKD 5,816,974,000 in the previous year, primarily due to a 6.1% decline in the Chinese market[39]. - Bedding and related products revenue fell by approximately 7.4% to about HKD 1,119,060,000, attributed to a significant decrease in consumer spending in the Chinese market[40]. - Other products revenue increased by approximately 11.4% to about HKD 930,789,000, driven by growth in sales of metal frames and smart furniture in overseas markets[41]. Expenses and Costs - The company reported a decrease in cost of goods sold to HKD 4,794,620 from HKD 5,024,724, a reduction of approximately 4.56%[3]. - Selling and distribution expenses increased slightly to HKD 1,539,021 from HKD 1,513,891, indicating a rise of 1.6%[3]. - Administrative and other expenses rose to HKD 364,089 from HKD 311,617, reflecting an increase of 16.8%[3]. - The company’s financial costs decreased significantly to HKD 40,184 from HKD 73,114, a reduction of 45.0%[3]. - Other net losses amounted to approximately HKD 33,475,000, a significant reduction from HKD 109,203,000 in the previous year, primarily due to fair value losses on investment properties[49]. Assets and Liabilities - Non-current assets totaled HKD 12,042,145 thousand as of September 30, 2025, compared to HKD 11,690,989 thousand as of March 31, 2025, reflecting an increase of 3%[5]. - Current assets increased to HKD 8,950,908 thousand from HKD 8,332,603 thousand, representing a growth of 7.4%[5]. - Total liabilities remained stable with current liabilities at HKD 6,111,866 thousand, slightly down from HKD 6,114,040 thousand[7]. - The company's net asset value reached HKD 14,661,001 thousand, up from HKD 13,649,166 thousand, indicating a growth of 7.4%[7]. - The total equity attributable to owners of the company rose to HKD 13,647,002 thousand from HKD 12,710,656 thousand, reflecting an increase of 7.4%[7]. Market and Strategic Initiatives - The group plans to enhance its online sales platform and increase resource investment in e-commerce channels and social media marketing[34]. - The group aims to optimize its product mix and improve price-performance ratio in the Chinese market[34]. - The group has committed to ongoing innovation and product development, particularly in the U.S. market, to maintain strong competitiveness[36]. - The group is actively seeking potential overseas acquisition targets to expand its global market presence and address challenges in international trade[68]. - The group plans to enhance its "Smart Home" strategy and increase market penetration in China through targeted marketing campaigns[67]. Corporate Governance - The audit committee consists of three independent non-executive directors, and the financial data for the six months ending September 30, 2025, has been reviewed by the auditors[72]. - The company has adhered to the corporate governance code principles and applicable rules, with regular reviews to ensure compliance[75]. - The roles of Chairman and CEO are held by the same individual, which the board believes does not impair the balance of power and accountability[76]. - A female director has been appointed to the nomination committee effective November 14, 2025, to comply with gender diversity requirements[77]. - The company has adopted the standard code of conduct for directors' securities transactions and confirmed compliance for the six-month period ending September 30, 2025[78].

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，並明確表示概不就因本公告全部或任何部份內容而產生 或因依賴該等內容而引致的任何損失承擔任何責任。 中 國 黃 金 國 際 資 源 有 限 公 司 有關財務狀況及經營業績的管理層討論與分析 截至2025年9月30日止三及九個月 （以美元列值，惟另有指明除外） Suite 1780, Commerce Place, 400 Burrard Street, Box 17, Vancouver, BC, V6C 3A6 電話：604-609-0598 電郵：info@chinagoldintl.com, www.chinagoldintl.com 管理層討論與分析 有關財務狀況及經營業績的管理層討論與分析 截至 2025 年 9 月 30 日止三及九個月（以美元列值，惟另有指明除外） | 前瞻性陳述 | 2 | | --- | --- | | 本公司 | 3 | | 概覽 | 3 | | 表現摘要 | 3 | | 前景 | 4 | | 經營業績 | 5 | | 節選季度財務數據 | 5 | | 節選季度生產數 ...

Financial Performance - The company reported a revenue of RMB 65,675,000 for the nine months ending September 30, 2025, compared to RMB 62,515,000 for the same period in 2024, representing a year-over-year increase of approximately 3.5%[4] - Gross profit for the nine months was RMB 9,154,000, a decrease from RMB 21,459,000 in the previous year, indicating a decline of about 57.3%[4] - The company incurred a loss before tax of RMB 3,788,000 for the nine months, compared to a profit of RMB 3,440,000 in the same period last year, reflecting a significant downturn[4] - Basic earnings per share for the nine months were RMB 2.38, down from RMB 2.93 in the previous year, showing a decrease of approximately 18.8%[4] - The group’s total income, including other income and gains, was RMB 21,563,000 for the three months ended September 30, 2025, compared to RMB 23,809,000 in the same period of 2024, indicating a decline of approximately 9.43%[12] - The group’s period profit for the current period is approximately RMB 5,709,000, a decrease of about 32% compared to the same period last year, which was RMB 8,403,000[33] Revenue Breakdown - The group's revenue for the nine months ended September 30, 2025, was RMB 67,057,000, compared to RMB 65,501,000 for the same period in 2024, representing a growth of approximately 2.37%[12] - Revenue from sales of pressure vessels was RMB 18,927,000 for the nine months ended September 30, 2025, a decrease from RMB 19,547,000 in the same period of 2024, reflecting a decline of about 3.16%[12] - Revenue from sales of aquatic products was RMB 25,790,000 for the nine months ended September 30, 2025, compared to RMB 26,452,000 in 2024, indicating a decrease of approximately 2.50%[12] - The group reported a total of RMB 5,601,000 in rental income for the nine months ended September 30, 2025, compared to RMB 5,307,000 in 2024, marking an increase of about 5.53%[12] Expenses and Costs - The company's operational expenses for the nine months were RMB 12,021,000, a decrease from RMB 16,702,000 in the previous year, reflecting cost management efforts[4] - The group's pre-tax profit for the nine months ended September 30, 2025, was impacted by various costs, including employee costs of RMB 6,355,000, compared to RMB 6,818,000 in the same period of 2024, showing a reduction of approximately 6.79%[13] - The group incurred depreciation expenses of RMB 636,000 for property, plant, and equipment for the nine months ended September 30, 2025, down from RMB 795,000 in 2024, reflecting a decrease of about 20.00%[13] - Administrative expenses increased by approximately 70% to RMB 13,750,000, compared to RMB 8,097,000 in the same period last year, mainly due to legal and professional fees related to the acquisition[29] - The financial costs for the period were approximately RMB 346,000, compared to RMB 288,000 in the same period last year, primarily related to bank loan interest expenses[30] - The sales and distribution expenses were approximately RMB 2,749,000, a slight increase of about 1% from RMB 2,727,000 in the previous year[28] Corporate Governance and Compliance - The company is committed to maintaining compliance with the GEM listing rules set by the Hong Kong Stock Exchange[2] - The company has acknowledged the potential risks associated with investing in smaller companies listed on GEM, emphasizing the need for careful consideration by investors[1] - The company is committed to good corporate governance, ensuring transparency and respect for shareholder rights[48] - The company has established a Securities Trading Code of Conduct for directors, adhering to GEM Listing Rules standards[49] - The Audit Committee consists of three independent non-executive directors and is responsible for reviewing financial reporting procedures and internal controls[50] - The Audit Committee has reviewed the unaudited consolidated financial statements for the nine months ending September 30, 2025, and provided recommendations[50] Strategic Initiatives - The company has been focusing on expanding its market presence and enhancing product offerings in the fire safety equipment sector[5] - The company aims to leverage new technologies in its product development to improve competitiveness in the market[5] - The company entered into a sale and purchase agreement to acquire 100% of the equity of Qingda Dongfang Fire Technology Group Limited for a consideration of RMB 200,000,000, which includes cash and shares[23] - The group is optimistic about the growth potential of the newly acquired Qingda, with the acquisition expected to enhance its product and service offerings[37] - The company remains confident in its ability to achieve sustainable growth through organic expansion, strategic acquisitions, and continuous innovation[37] Taxation and Equity - The estimated taxable profit for the group is calculated at a corporate income tax rate of 25% for the nine months ended September 30, 2025[15] - The total equity attributable to the company's equity holders as of September 30, 2025, was RMB 155,324,000, compared to RMB 151,449,000 as of September 30, 2024[20] - The company has designated certain subsidiaries as small enterprises eligible for preferential income tax rates of 5%[15] - The company has not generated any taxable profits in Hong Kong for the nine months ended September 30, 2025, thus no provision for Hong Kong profits tax was made[14] - The estimated corporate income tax rate for the group is 25% for the nine months ending September 30, 2025, consistent with the previous year's rate[32] Shareholder Information - The company has a total of 133,170,000 shares held by major shareholder, representing 71.05% ownership[41] - As of September 30, 2025, the company has 131,870,000 shares held by the controlling entity, accounting for approximately 70.36% of the total issued capital[43] - The company has pledged 131,870,000 shares as collateral for a loan amounting to RMB 198,000,000, with a partial repayment of RMB 63,000,000 required for the release of the pledged shares[45] - The company has not engaged in any purchase, sale, or redemption of its listed securities as of September 30, 2025[47]

Financial Performance - For the nine months ended September 30, 2025, the company reported revenue of RMB 65,675,000, a 5.0% increase compared to RMB 62,515,000 for the same period in 2024[5] - The gross profit for the same period was RMB 21,459,000, representing a 18.5% increase from RMB 18,081,000 in 2024[5] - The net profit attributable to the company's owners for the nine months was RMB 4,464,000, up 10.3% from RMB 4,046,000 in the previous year[5] - Basic earnings per share for the nine months was RMB 2.38, compared to RMB 2.16 for the same period in 2024, reflecting a 10.2% increase[5] - The group reported total income and other income of RMB 23,809,000 for the nine months ended September 30, 2025, compared to RMB 21,563,000 in 2024, marking an increase of about 10.4%[13] - Interest income for the nine months ended September 30, 2025, was RMB 315,000, up from RMB 111,000 in 2024, indicating a significant increase of approximately 183.8%[13] - The group recorded a net gain from the fair value of financial assets of RMB 126,000 for the nine months ended September 30, 2025, compared to a gain of RMB 579,000 in 2024, reflecting a decrease of about 78.3%[13] - The group’s net profit for the period was approximately RMB 5,709,000, a decrease of about 32% from RMB 8,403,000 in the same period last year, primarily due to increased administrative expenses[32] Revenue Breakdown - The group reported revenue from the sale of pressure vessels at RMB 2,168,000 for the nine months ended September 30, 2025, compared to RMB 4,812,000 for the same period in 2024, reflecting a decrease of approximately 54.9%[13] - Revenue from the sale of aquatic products was RMB 10,135,000 for the nine months ended September 30, 2025, down from RMB 12,584,000 in 2024, indicating a decline of about 19.4%[13] - The group generated RMB 5,649,000 from the sale of marine firefighting equipment for the nine months ended September 30, 2025, compared to RMB 2,666,000 in 2024, representing an increase of approximately 111.5%[13] - Total revenue for the nine months ended September 30, 2025, was RMB 21,175,000, a slight decrease from RMB 22,944,000 in the same period of 2024, reflecting a decline of about 7.7%[13] Expenses and Costs - Selling and distribution expenses for the nine months were RMB 2,749,000, slightly down from RMB 2,727,000 in the previous year[5] - Administrative expenses increased to RMB 13,750,000 from RMB 8,097,000, indicating a significant rise in operational costs[5] - The group's sales and service costs for the period were approximately RMB 44,216,000, a slight decrease from RMB 44,434,000 in the same period last year, attributed to better control of raw material costs[25] - Other income and gains decreased by approximately 54% to RMB 1,382,000 from RMB 2,986,000 in the same period last year, primarily due to reduced gains from financial assets measured at fair value[26] - Administrative expenses increased by approximately 70% to RMB 13,750,000 from RMB 8,097,000 in the same period last year, mainly due to legal and professional fees related to the acquisition of Qingda[28] Future Outlook and Strategy - Future outlook remains cautious due to market volatility and potential risks associated with small and medium enterprises listed on GEM[3] - The company continues to focus on expanding its market presence while managing operational costs effectively[5] - The group plans to discontinue the renewal of its manufacturing licenses for fire extinguishers and pressure vessels, aiming to reduce administrative and compliance costs while improving production efficiency[34] - The acquisition of Qingda is expected to enhance the group's growth potential, with shareholder approval received and pending regulatory approvals[36] - The company remains confident in its ability to achieve sustainable growth through organic expansion, strategic acquisitions, and continuous innovation[36] - The group is facing potential challenges from macroeconomic factors such as raw material price fluctuations and rising labor costs, but maintains a strong financial position and diversified business portfolio to create long-term value[37] - The board is committed to leveraging the group's strong market position and expanding product and service offerings to drive sustainable growth and maximize shareholder value[37] Shareholder Information - As of September 30, 2025, the beneficial ownership of major shareholders includes 131,870,000 shares held by Liancheng Fire Group, representing approximately 70.36% of the issued share capital[43] - The pledged shares held by Liancheng, amounting to 131,870,000 shares, represent about 70.36% of the company's issued capital as of September 30, 2025[46] - The company reported a total of 187,430,000 ordinary shares issued for both the three and nine months ended September 30, 2025, and 2024[18] Corporate Governance - The company has adhered to all corporate governance standards as per GEM Listing Rules Appendix 15 for the nine months ending September 30, 2025[49] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the nine months ending September 30, 2025, and provided recommendations and opinions[51] - The company has established a set of guidelines for directors' securities trading, ensuring compliance with GEM Listing Rules standards[50] Dividends and Taxation - The company did not declare or pay any dividends for the nine months ended September 30, 2025, consistent with the same period in 2024[20] - The company has not made any provisions for Hong Kong profits tax as there were no taxable profits generated in Hong Kong for the nine months ended September 30, 2025[15] - The company has not recognized any tax expenses for the nine months ended September 30, 2025, similar to the previous year[16]

Financial Results - The unaudited condensed consolidated results for the six months ended September 30, 2025, have been announced, with comparative figures for the same period in 2024 provided[14]. - The report includes the unaudited condensed consolidated statement of profit or loss and other comprehensive income for the period[15]. - The financial results have been reviewed and approved by the audit committee of the Company, although they have not been audited by an independent auditor[14]. - Revenue for the six months ended September 30, 2025, increased to HK$91,629,000, up 55% from HK$59,027,000 in the same period of 2024[16]. - Gross profit for the same period rose to HK$18,977,000, representing a 65.7% increase compared to HK$11,461,000 in 2024[16]. - Profit before taxation decreased to HK$1,989,000, down 13.2% from HK$2,290,000 in the previous year[16]. - The company reported a profit and total comprehensive income of HK$1,160,000 for the period, a decrease from HK$1,536,000 in the previous year[16]. - Basic and diluted earnings per share decreased to HK$0.10 from HK$0.13 in the same period of 2024[16]. - Total segment revenue for the six months ended September 30, 2025, was HK$117,052,000, up from HK$73,649,000 in 2024[54]. - The Group's profit before taxation decreased to HK$1,160,000 for the six months ended September 30, 2025, compared to HK$1,536,000 in the same period of 2024, reflecting a decline of approximately 24%[69]. Financial Position - Total assets as of September 30, 2025, amounted to HK$231,241,000, compared to HK$204,078,000 as of March 31, 2025[18]. - Current liabilities increased to HK$52,552,000 from HK$34,670,000, reflecting a rise of 51.6%[18]. - Net current assets improved to HK$178,689,000, up from HK$169,408,000 as of March 31, 2025[18]. - Cash and cash equivalents at the end of the period were HK$64,647,000, down from HK$89,707,000 in 2024[22]. - Trade receivables decreased significantly from HK$10,674,000 as of March 31, 2025, to HK$6,044,000 as of September 30, 2025, indicating a reduction of about 43%[76]. - Total prepayments, deposits, and other receivables decreased from HK$60,884,000 as of 31 March 2025 to HK$53,561,000 as of 30 September 2025, a reduction of approximately 12.1%[80]. - The Group's total current portion of prepayments, deposits, and other receivables was HK$53,173,000 as of 30 September 2025, down from HK$60,496,000 as of 31 March 2025, reflecting a decrease of approximately 12.1%[80]. - The Group's debt as of September 30, 2025, included approximately HK$1,718,000 in lease liabilities, down from HK$3,394,000 as of March 31, 2025[155]. Revenue Breakdown - Sales of ODM toys to license holders increased to HK$32,269,000, up 16% from HK$27,789,000 year-over-year[46]. - Distribution of imported toys and related products saw a significant rise to HK$40,134,000, compared to HK$17,650,000, marking a 127% increase[46]. - Revenue from sales of own licensed toys and related products grew to HK$15,726,000, up 64% from HK$9,588,000[46]. - Revenue from agency services related to engineering projects decreased to HK$3,500,000 from HK$4,000,000, a decline of 12.5%[46]. - The percentage of revenue contributed by the Group's five largest customers decreased to approximately 50% from 60% in the corresponding period[47]. Expenses and Costs - Selling expenses increased sharply by approximately 127.0% to approximately HK$5,417,000, primarily due to increased event promotion and branding development expenditures[145]. - Administrative expenses rose by approximately 19.7% to approximately HK$12,232,000, mainly due to new expenditures from the US operation[146]. - The depreciation of property, plant, and equipment amounted to HK$884,000 for the period, down from HK$2,651,000 in the previous year, indicating a significant reduction in depreciation expenses[65]. - The Group's finance costs decreased from HK$158,000 in 2024 to HK$96,000 in 2025, showing a reduction of approximately 39%[65]. Corporate Governance and Compliance - The Company has a responsibility to provide information in compliance with the GEM Listing Rules[4]. - The Group has complied with the Corporate Governance Code during the period, except for a deviation regarding the roles of chairman and CEO being held by Mr. Li[196]. - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2025, confirming compliance with applicable accounting standards and GEM Listing Rules[199]. Future Outlook and Strategy - The Group plans to explore potential business opportunities beyond the ACG figure toys market to broaden income sources and enhance shareholder value[173]. - The Group expects all contract liabilities to be recognized as revenue within one year[111]. Shareholder Information - As of September 30, 2025, the company's issued ordinary share capital was HK$11,923,077, divided into 1,192,307,692 shares of HK$0.01 each[193]. - Mr. Li Wai Keung holds a beneficial interest in 220,640,000 shares, representing 18.51% of the company's issued share capital[180]. - The company did not redeem any of its ordinary shares during the period, nor did it purchase or sell any ordinary shares[186]. - The Group did not recommend the payment of an interim dividend for the Period, similar to the corresponding period[168].

Financial Performance - The company reported revenue of HKD 91,629,000 for the six months ending September 30, 2025, representing an increase of 55% compared to HKD 59,027,000 in the same period last year[5]. - Gross profit for the same period was HKD 18,977,000, up from HKD 11,461,000, indicating a significant growth of 65%[5]. - The company achieved a net profit of HKD 1,160,000, compared to HKD 1,536,000 in the previous year, reflecting a decrease of 24%[5]. - Basic earnings per share were HKD 0.10, down from HKD 0.13 in the previous year, indicating a decline of approximately 23%[5]. - The total operating expenses increased to HKD 12,232,000 from HKD 10,223,000, marking an increase of 20%[5]. - The company reported a decrease in operating profit before tax to HKD 1,989,000 from HKD 2,290,000, a decline of 13%[5]. - Other income increased slightly to HKD 2,518,000 from HKD 2,480,000, showing a growth of 1.5%[5]. - The pre-tax profit for the six months ended September 30, 2025, was HKD 7,497,000, up from HKD 6,510,000 in 2024, indicating a year-over-year increase of 15.1%[28]. Assets and Liabilities - Total assets decreased slightly to HKD 224,963 million from HKD 204,078 million, reflecting a 10% increase year-over-year[6]. - Current assets increased to HKD 53,173 million, up 11% from HKD 60,496 million[6]. - Total liabilities rose to HKD 52,552 million, a 34% increase compared to HKD 34,670 million[6]. - Net asset value as of September 30, 2025, was HKD 195,649 million, down from HKD 196,600 million[8]. - The total equity decreased to HKD 195,649 million from HKD 196,600 million, indicating a slight decline[8]. - Cash and cash equivalents stood at HKD 123,191 million, a marginal decrease from HKD 123,739 million[6]. - Trade receivables increased to HKD 10,674 million, reflecting a 10% rise from the previous period[6]. - The company’s total liabilities to total assets ratio increased, indicating a higher leverage position[6]. Revenue Segmentation - Revenue from ODM toy sales was HKD 32,269,000, an increase from HKD 27,789,000 year-over-year[21]. - Revenue from imported toy distribution was HKD 40,134,000, up from HKD 17,650,000, indicating a significant growth of approximately 127%[21]. - Revenue from self-branded toys was HKD 15,726,000, compared to HKD 9,588,000 in the previous year, reflecting a growth of about 64%[21]. - The group identified three reportable segments: ODM toy sales, self-branded toy sales, and imported toy distribution, consistent with the previous year[22]. - Approximately 50% of the group's revenue came from its top five customers, down from 60% in the same period last year[21]. Operational Strategy - The company plans to expand its market presence and invest in new product development to drive future growth[5]. - The company is focusing on enhancing operational efficiency to mitigate rising costs and improve profitability[5]. - The management expressed optimism about future performance despite current challenges in the market[5]. - The group is focused on expanding its market presence and enhancing its product offerings through new strategies and potential acquisitions[20]. Cash Flow and Investments - Operating cash flow amounted to HKD 25,278,000, with a net cash increase of HKD 16,606,000[10]. - Cash and cash equivalents increased by HKD 11,525,000, ending the period with HKD 64,647,000[10]. - The company incurred a payment of HKD 35,036,000 for the acquisition of financial assets[10]. - The company reported a total of HKD 12,700,000 in sales proceeds from merchandise[10]. Corporate Governance - The financial report is prepared in accordance with the Hong Kong Financial Reporting Standards, with all figures rounded to the nearest thousand Hong Kong dollars[12]. - The financial report has been reviewed by the audit committee but has not been independently audited[15]. - The audit committee and management have reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2025, and believe they comply with applicable accounting standards and GEM listing rules[93]. Market Expansion - The group established a wholly foreign-owned enterprise in mainland China and formed an international business company in the United States to expand distribution markets[54]. - The group plans to assist Western companies in entering the vast Chinese market while guiding Asian companies to tap into the high-revenue U.S. market[54]. - The group aims to explore potential opportunities to expand its network beyond the ACG toy market, leveraging its diverse high-end toy product offerings for better business performance[80]. Shareholder Information - As of September 30, 2025, the company's issued share capital is HKD 11,923,077, divided into 1,192,307,692 shares with a par value of HKD 0.01 each[86]. - Major shareholder Infinite Force Holdings Ltd holds 220,640,000 shares, representing an 18.51% stake in the company[85]. - The company did not repurchase any of its ordinary shares during the reporting period[87]. - The board does not recommend the payment of an interim dividend for this period, compared to none in the same period last year[76].