2025 中期報告 未經審核簡明綜合財務狀況表 5 未經審核簡明綜合權益變動表 6 未經審核簡明綜合現金流量表 7 未經審核簡明綜合財務報表附註 8 管理層討論及分析 18 其他資料 24 公司資料 董事會 執行董事 凌志輝先生 （主席） 梁卓豪先生 （行政總裁） 非執行董事 凌毓棠先生 獨立非執行董事 目錄 公司資料 2 未經審核簡明綜合損益及 其他全面收益表 4 莊金峰先生 何振琮先生 施偉亷先生 丘淑文女士 董事委員會 審核委員會 何振琮先生 （主席） 莊金峰先生 施偉亷先生 丘淑文女士 薪酬委員會 莊金峰先生 （主席） 凌志輝先生 何振琮先生 施偉亷先生 丘淑文女士 提名委員會 凌志輝先生 （主席） 凌毓棠先生 莊金峰先生 何振琮先生 施偉亷先生 丘淑文女士 核數師 國衛會計師事務所有限公司 執業會計師 香港 中環 畢打街11號 置地廣場 告羅士打大廈31樓 公司秘書 吳愷盈女士 授權代表 凌志輝先生 吳愷盈女士 開曼群島註冊辦事處 Windward 3, Regatta Office Park PO Box 1350 Grand Cayman KY1-1108 Cayman Islands 香港總辦 ...

Financial Performance - Revenue for the six months ended September 30, 2025, was RMB 301,146,000, a decrease of 11.6% compared to RMB 340,904,000 for the same period in 2024[10] - Gross profit for the same period was RMB 24,479,000, down 48.9% from RMB 48,009,000 in 2024[10] - Operating loss increased to RMB 32,754,000 from RMB 5,644,000 in the previous year, indicating a significant decline in operational performance[10] - Loss before tax for the period was RMB 64,746,000, compared to RMB 38,253,000 in 2024, reflecting a worsening financial situation[10] - The company reported a net loss attributable to owners of the company of RMB 55,629,000, compared to RMB 36,203,000 in the prior year[11] - Basic and diluted loss per share was RMB 0.05, compared to RMB 0.03 in the previous year[11] - The company reported a loss attributable to owners of RMB 55,629,000 for the six months ended September 30, 2025, compared to a loss of RMB 36,203,000 for the same period in 2024, representing an increase of 53.6%[55] - The basic and diluted loss per share for the six months ended September 30, 2025, was RMB 0.05, compared to RMB 0.03 for the same period in 2024, indicating a 66.7% increase in loss per share[55] - The company reported a net loss of approximately RMB 55.1 million for the six months ended September 30, 2025, an increase of about 52.1% compared to a net loss of RMB 36.2 million for the same period in 2024[95] Assets and Liabilities - The total assets as of September 30, 2025, were RMB 2,990,690,000, a decrease from RMB 3,107,243,000 as of March 31, 2025[14] - Non-current assets decreased to RMB 1,762,808,000 from RMB 1,875,698,000, indicating a reduction in long-term investments[14] - Current assets totaled RMB 1,227,882,000, slightly down from RMB 1,231,545,000 in the previous period[14] - As of September 30, 2025, total liabilities amounted to RMB 1,743,331 thousand, a decrease of 3.4% from RMB 1,804,798 thousand as of March 31, 2025[15] - The total equity attributable to owners of the company decreased to RMB 1,245,110 thousand as of September 30, 2025, from RMB 1,300,747 thousand as of April 1, 2025, reflecting a decline of 4.3%[17] - Non-current liabilities totaled RMB 661,292 thousand as of September 30, 2025, down from RMB 701,275 thousand as of March 31, 2025, indicating a reduction of 5.7%[15] - The company’s total assets were RMB 2,990,690 thousand as of September 30, 2025, reflecting a decrease from RMB 3,107,243 thousand as of March 31, 2025[15] Cash Flow and Financing - The company's cash flow from operating activities for the six months ended September 30, 2025, was RMB 46,030 thousand, down 45.5% from RMB 84,283 thousand in the same period of 2024[18] - The company reported a net cash outflow from financing activities of RMB 43,528 thousand for the six months ended September 30, 2025, compared to a net inflow of RMB 70,110 thousand in the same period of 2024[18] - Cash and cash equivalents decreased by RMB 12,445 thousand to RMB 133,052 thousand as of September 30, 2025, compared to RMB 145,531 thousand at the beginning of the period[18] - The company has secured bank borrowings of RMB 731,001,000 against various assets, down from RMB 841,476,000 as of March 31, 2025[72] - Total borrowings as of September 30, 2025, were RMB 1,099,420,000, a decrease from RMB 1,122,625,000 as of March 31, 2025[70] - The company initiated a multi-currency commercial paper financing program on April 3, 2024, with a total issuance of approximately SGD 5.36 million (equivalent to RMB 28.51 million)[74] Research and Development - The company continues to invest in research and development, with R&D expenses of RMB 10,272,000, slightly up from RMB 10,240,000 in 2024[10] - Research and development expenses increased slightly from RMB 10.2 million for the six months ended September 30, 2024, to RMB 10.3 million for the six months ended September 30, 2025, primarily due to an increase in patent development projects[101] Customer and Revenue Insights - Major customers contributing over 10% of total revenue included Customer A with RMB 59,306,000, Customer B with RMB 49,992,000, and Customer C with RMB 38,782,000 for the six months ended September 30, 2025[41] - The company expects to recognize approximately RMB 543,838,000 in revenue from unfulfilled performance obligations related to one-stop tower crane solutions and dry leasing within one year[46] - The total tonnage used decreased from 1,637,740 tons for the six months ended September 30, 2024, to 1,414,422 tons for the same period in 2025[97] - Sales costs decreased by approximately 5.5% to RMB 276.7 million for the six months ended September 30, 2025, down from RMB 292.9 million for the same period in 2024, primarily due to reduced subcontracting costs[98] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests[132] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial results for the six months ended September 30, 2025, and found no discrepancies[134] - The audit committee has confirmed that the interim financial information complies with applicable accounting standards[134] - The company has adopted a standard code of conduct for securities trading, which complies with the listing rules[133] Shareholding Structure - As of September 30, 2025, Mr. Huang holds 854,472,387 ordinary shares, representing approximately 73.23% of the company's equity[123] - Tat Hong China directly holds about 72.30% of the issued share capital of the company, with an additional 0.85% held through its wholly-owned subsidiary[127] - Phillip Capital (HK) Limited owns 64,738,000 shares, accounting for 5.55% of the company's equity[127] - The shareholding structure indicates a significant concentration of ownership among a few key stakeholders[127] Employee and Operational Insights - The company employed a total of 783 employees as of September 30, 2025, an increase from 691 employees as of September 30, 2024, with total employee benefit expenses rising by 37.1% to RMB 55.9 million[120] - The company is focusing on optimizing its business structure and diversifying its market presence, particularly in clean energy projects such as nuclear, thermal, and wind power[93] - The company plans to continue its strategic focus on clean energy projects and international market expansion as key growth areas moving forward[96]

Contents 目錄 Pages 頁次 | CORPORATE INFORMATION | 公司資料 | 2 | | --- | --- | --- | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論及分析 | 5 | | UNAUDITED CONDENSED CONSOLIDATED | 未經審核簡明綜合中期財 | | | INTERIM FINANCIAL STATEMENTS | 務報表 | | | • Condensed Consolidated Statement of Profit | • 簡明綜合損益及其他全 | 51 | | or Loss and Other Comprehensive Income | 面收益表 | | | • Condensed Consolidated Statement of | • 簡明綜合財務狀況表 | 53 | | Financial Position | | | | • Condensed Consolidated Statement of | • 簡明綜合權益變動表 | 55 | | Changes in Equ ...

Financial Performance - Revenue for the six months ended September 30, 2025, increased to HK$319,444,000, a significant rise from HK$71,200,000 in the same period of 2024, representing a growth of 348%[10] - Gross profit for the same period was HK$46,556,000, compared to HK$6,511,000 in 2024, indicating an increase of 615%[10] - Profit before tax reached HK$36,160,000, a turnaround from a loss of HK$2,879,000 in the previous year[10] - Profit for the period was HK$25,676,000, compared to a loss of HK$3,402,000 in the prior year, marking a substantial improvement[10] - Total comprehensive income for the period was HK$28,101,000, compared to a loss of HK$25,000 in the same period last year[10] - The company reported basic and diluted earnings per share of 7.53 HK cents, a significant recovery from a loss of 0.97 HK cents per share in the prior year[10] Assets and Liabilities - Non-current assets increased to HK$42,927,000 as of September 30, 2025, up from HK$33,229,000 as of March 31, 2025[12] - Current assets rose to HK$246,854,000, compared to HK$189,391,000 at the end of March 2025, reflecting a growth of 30%[12] - Net current assets improved to HK$117,025,000, up from HK$89,545,000 as of March 31, 2025[12] - Total equity increased to HK$149,384,000, compared to HK$122,074,000 at the end of the previous fiscal year[12] - Trade receivables as of September 30, 2025, totaled HK$172,000, a decrease from HK$8,705,000 as of March 31, 2025[66] - Finished goods inventory increased to HK$161,177,000 as of September 30, 2025, compared to HK$62,224,000 as of March 31, 2025[62] - Trade payables as of September 30, 2025, were HK$60,818,000, slightly down from HK$61,515,000 as of March 31, 2025[69] - Current liabilities increased to approximately HK$129.8 million as of September 30, 2025, compared to HK$99.8 million as of March 31, 2025, maintaining a current ratio of approximately 1.9 times[109] Cash Flow - For the six months ended 30 September 2025, the net cash used in operating activities was HK$45,007,000, compared to HK$8,136,000 for the same period in 2024, indicating a significant increase in cash outflow[16] - The cash and cash equivalents at the end of the period were HK$19,217,000, a decrease from HK$72,102,000 at the end of September 2024[16] - The company reported a net cash used in investing activities of HK$8,055,000 for the six months ended 30 September 2025, compared to a net cash generated of HK$91,000 in the same period of 2024[16] Revenue Sources - Revenue from the gold processing and trading business for the six months ended September 30, 2025, was HK$319,444,000, a significant increase from HK$71,200,000 in the same period of 2024, representing a growth of 348%[31] - Revenue from gold ore processing was approximately HK$244.8 million during the reporting period, a substantial increase from HK$10.1 million in the corresponding period, primarily due to the resumption of gold ore production in Henan[90] - The Group has recorded approximately HK$74.6 million revenue from gold-laden carbon processing during the reporting period, compared to HK$61.1 million in the corresponding period[89] Expenses - The cost of sales increased by approximately HK$208.2 million or approximately 321.8%, from approximately HK$64.7 million for the corresponding period to approximately HK$272.9 million for the reporting period[91] - Administrative and other operating expenses increased by approximately HK$0.3 million or 3.6% from approximately HK$10.1 million for the corresponding period to approximately HK$10.4 million for the reporting period[99] - Total staff costs for the six months ended September 30, 2025, were HK$5,853,000, slightly up from HK$5,783,000 in 2024[52] Taxation - The PRC Enterprise Income Tax for the current period was HK$10,484,000, a significant increase from HK$523,000 in the same period of 2024[48] - Income tax expenses significantly increased from approximately HK$0.5 million for the corresponding period to approximately HK$10.5 million for the reporting period, mainly due to increased profit before income tax[101] Shareholder Information - The Group did not recommend any dividend payment for the six months ended September 30, 2025, and 2024[53] - The Company did not declare any interim dividend for the reporting period, consistent with the previous period where no dividend was declared[150] - The number of issued ordinary shares remained stable at 349,519,567 as of September 30, 2025, unchanged from March 31, 2025[73][75] Corporate Governance - The company has complied with the Corporate Governance Code throughout the reporting period, with a change in the Nomination Committee to include a female director effective September 30, 2025[158][163] - The Audit Committee is responsible for overseeing the Group's financial reporting, risk management, and internal control systems, composed of three Independent Non-Executive Directors[168] - The Remuneration Committee is responsible for reviewing and recommending the remuneration of Directors and senior management, consisting of two Independent Non-Executive Directors and one Executive Director[161][166] Share Repurchase - The Company repurchased 1,320,000 Shares during the Reporting Period for an aggregate consideration of HK$791,000[176] - The repurchased Shares represent approximately 3.77% of the total number of issued Shares as of the resolution date[175] - The Directors believe that the repurchase will increase the net asset value per Share and/or earnings per Share, benefiting Shareholders in the long term[181] Future Outlook - The Group's revenue saw a significant increase due to the resumption of operations in Henan, with expectations of continued revenue rebound throughout the year[125] - The Group plans to invest in upgrading leased plants and acquiring machinery for its gold processing and trading business, with a timeline for remaining proceeds utilization expected by March 31, 2026[119] - Gold prices have continued to rise, driven by strong central bank and investor demand, with expectations for this trend to continue[122]

2 E. Bon Holdings Limited Interim Report 2025 / 2026 Content 目錄 怡 邦 行 控 股 有 限 公 司 2025 / 2026 中 期 報 告 1 2 Corporate Information 公 司 資 料 4 Management Discussion and Analysis 管 理 層 討 論 與 分 析 11 Other Information 其 他 資 料 17 Interim Condensed Consolidated Statement of Comprehensive Income 中 期 簡 明 綜 合 全 面 收 益 表 18 Interim Condensed Consolidated Statement of Financial Position 中 期 簡 明 綜 合 財 務 狀 況 表 19 Interim Condensed Consolidated Statement of Changes In Equity 中 期 簡 明 綜 合 權 益 變 動 表 20 Interim Condensed Consolid ...

Financial Performance - Total revenue decreased by approximately HKD 65.5 million or 15.2% to about HKD 366.6 million for the six months ended September 30, 2025, compared to HKD 432.1 million for the same period in 2024[6]. - Profit attributable to the company's owners dropped by approximately HKD 8.7 million or 91.6% to about HKD 0.8 million for the six months ended September 30, 2025, from HKD 9.5 million in the previous year[6]. - Revenue for the six months ended September 30, 2025, was HKD 366,561,000, a decrease of 15.2% compared to HKD 432,088,000 for the same period in 2024[53]. - Gross profit for the same period was HKD 5,478,000, significantly up from HKD 1,496,000, indicating a gross margin improvement[53]. - The company reported a net profit of HKD 782,000 for the six months ended September 30, 2025, down from HKD 9,453,000 in the previous year, reflecting a decline of 91.7%[53]. - The company incurred a net cash outflow from operating activities of HKD 16,976,000 for the six months ended September 30, 2025, compared to HKD 79,074,000 in the previous year[59]. - The company reported a loss of HKD 10,265,000 in the template engineering segment for the six months ended September 30, 2025[66]. - The company reported a pre-tax profit of HKD 9,453,000 for the six months ended September 30, 2025, compared to a profit of HKD 14,826,000 in the same period last year, indicating a decline of about 36.5%[68]. Revenue Breakdown - Private sector project revenue was approximately HKD 211.1 million, accounting for about 57.6% of total revenue, down from 75.1% in the previous year[6]. - Public sector project revenue increased to approximately HKD 155.5 million, representing about 42.4% of total revenue, up from 24.9% in the previous year[6]. Cash and Liquidity - As of September 30, 2025, the group had cash and cash equivalents of approximately HKD 92.4 million, a decrease of about 14.8% from HKD 108.4 million as of March 31, 2025, primarily due to an increase in receivables caused by major contractors delaying settlement processes by over 30 days[22]. - Cash and cash equivalents decreased to HKD 92,390,000 from HKD 108,415,000, a reduction of 14.8%[59]. - The group maintains a prudent funding and treasury policy, closely monitoring liquidity to meet its funding needs[23]. Expenses and Costs - Administrative expenses rose by approximately HKD 0.5 million or 5.4% to about HKD 9.8 million due to increased headquarters operational costs[18]. - Total salary costs recognized in the profit and loss statement for the six months ended September 30, 2025, amounted to approximately HKD 248.9 million, compared to approximately HKD 263.3 million for the same period in 2024, reflecting a decrease of about 5.9%[38]. - The company reported a significant increase in impairment losses on trade receivables, amounting to HKD 15,695,000 for the current period compared to HKD 3,519,000 in the previous year[74]. Shareholder Information - Major shareholders, including Mr. Leung and Ms. Chao, hold 1,125,000,000 shares, representing 75% of the issued share capital of the company[45]. - The company did not purchase, sell, or redeem any of its securities during the six months ended September 30, 2025[49]. - The company did not declare any interim dividend for the six months ended September 30, 2025[8]. Assets and Liabilities - Total assets as of September 30, 2025, were HKD 413,303,000, slightly down from HKD 417,597,000 as of March 31, 2025[55]. - Total liabilities decreased slightly to HKD 299,680,000 as of September 30, 2025, from HKD 304,756,000 as of March 31, 2025[72]. - The company's contract assets amounted to HKD 137,501,000, a decrease from HKD 152,941,000 as of March 31, 2025, reflecting a reduction of approximately 10%[88]. - Trade receivables increased to HKD 79,316,000 as of September 30, 2025, from HKD 53,881,000 as of March 31, 2025, representing a growth of approximately 47.2%[86]. - Trade payables increased to HKD 21,307,000 as of September 30, 2025, compared to HKD 16,345,000 as of March 31, 2025, representing a growth of about 30%[89]. - The company's contract liabilities stood at HKD 47,290,000 as of September 30, 2025, slightly up from HKD 46,351,000 as of March 31, 2025[90]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and confirmed compliance for the six months ended September 30, 2025[40]. - The audit committee, consisting of three independent non-executive directors, has approved and reviewed the accounting principles and policies adopted by the group for the interim results announcement for the six months ended September 30, 2025[43]. Employment and Workforce - As of September 30, 2025, the company employed 1,512 staff, a decrease from 1,578 staff as of September 30, 2024, primarily due to a reduction in the scale of existing template engineering projects[38]. Other Information - The group did not have any significant acquisitions or disposals of subsidiaries, associates, or joint ventures as of September 30, 2025[25]. - The group has no significant contingent liabilities as of September 30, 2025[27]. - The group has no significant off-balance sheet capital commitments as of September 30, 2025[26]. - The group has not reported any significant legal claims or disputes as of the report date, although there is an ongoing claim related to delayed material delivery amounting to approximately HKD 21.2 million[28]. - There were no significant subsequent events after September 30, 2025, up to the report date[51].

Financial Performance - The company reported revenue of HKD 124,114,000 for the six months ended September 30, 2025, a decrease of 13.2% compared to HKD 142,984,000 in the same period of 2024[5] - Gross profit increased to HKD 36,443,000, up 2.8% from HKD 35,454,000 year-over-year[5] - The company incurred a pre-tax loss of HKD 577,177,000, an improvement from a loss of HKD 938,613,000 in the previous year, representing a 38.5% reduction in losses[5] - Total comprehensive loss for the period was HKD 518,556,000, compared to HKD 895,854,000 in the prior year, indicating a 42.1% decrease[6] - The company reported a net loss of HKD 556,673,000 for the six months ended September 30, 2025, compared to a net loss of HKD 904,102,000 for the same period in 2024, indicating a decrease in losses by approximately 38.5%[9] - The company reported a basic loss per share of HKD 4.54, compared to HKD 19.63 in the previous year, indicating a significant improvement[5] Assets and Liabilities - Non-current assets totaled HKD 15,259,360,000 as of September 30, 2025, down from HKD 15,526,613,000 at the end of March 2025[7] - Current liabilities decreased to HKD 3,006,836,000 from HKD 4,596,236,000, reflecting a 34.5% reduction[8] - The company's equity attributable to owners increased to HKD 12,955,443,000 from HKD 11,980,829,000, marking an 8.1% increase[8] - The group's total assets as of September 30, 2025, amounted to HKD 23,074,840,000, compared to HKD 22,438,841,000 as of March 31, 2025[25] - The total liabilities increased to HKD 10,173,083,000 from HKD 10,509,314,000[25] Cash Flow and Financing - The company generated a net cash inflow from operating activities of HKD 205,712,000 for the six months ended September 30, 2025, compared to HKD 88,045,000 for the same period in 2024, representing an increase of approximately 133.4%[11] - The company’s financing activities resulted in a net cash inflow of HKD 752,055,000 for the six months ended September 30, 2025, compared to a net cash outflow of HKD 477,405,000 for the same period in 2024, showing a turnaround in financing cash flows[12] - The company issued new shares, raising HKD 1,491,986,000 during the reporting period, contributing significantly to its capital structure[9] - The company obtained bank loans of approximately HKD 84,973,000 during the period and repaid HKD 383,513,000[50] Revenue Breakdown - Rental income for the six months ended September 30, 2025, was HKD 117,834, slightly down from HKD 119,904 in 2024, indicating a decrease of about 1.7%[16] - The total classified revenue for the six months ended September 30, 2025, was HKD 597,660, compared to HKD 1,117,021 in 2024, reflecting a significant drop of approximately 46.6%[18] - The revenue from commercial properties for the six months ended September 30, 2025, was HKD 208,546, compared to HKD 372,197 in 2024, a decline of about 44%[22] - The revenue from residential properties for the six months ended September 30, 2025, was HKD 378,154, down from HKD 706,190 in 2024, indicating a decrease of approximately 46.4%[22] Investments and Acquisitions - The company acquired property, plant, and equipment for a cash consideration of HKD 217,000 during the six months ended September 30, 2025, compared to no acquisitions in the same period of 2024[40] - The company sold its subsidiary in Macau for a total consideration of HKD 1,980,000, with net assets and liabilities sold amounting to HKD 697,000[60] - The group sold its subsidiary Hoyden Holdings Limited for a total consideration of HKD 10,130,000, with net assets and liabilities of HKD 10,080,000 at the time of sale[61] - The group also sold its subsidiaries Broadway Center G1 Limited and Broadway Center H1 Limited for a total consideration of HKD 4,200,000, with net assets of HKD 3,310,000[62] Market Outlook and Strategy - The company’s strategy includes partnerships with joint ventures and associates in Hong Kong and mainland China for commercial and residential property investments[21] - The group is optimistic about the sustainable recovery of the commercial sector in Hong Kong, with increased transactions observed in luxury properties[79] - The group is actively marketing the "Central Exchange" project, which is expected to be completed in mid-2026, featuring a 28-story office building and a hotel with 125 rooms[78] - The company plans to convert the "Lai Sun Yuen Long Centre" project into a public housing complex with a construction area of approximately 480,000 square feet, with redevelopment expected to start in 2026[80] Corporate Governance - The board has not appointed a CEO, which deviates from the corporate governance code, but believes the current management structure is effective[93] - The audit committee has reviewed the unaudited condensed consolidated interim financial statements for the six months ending September 30, 2025[96] - The company has adopted a standard code of conduct for securities trading, confirming compliance during the review period[94] Employee and Shareholder Information - The total number of employees increased to 94 as of September 30, 2025, from 93 on March 31, 2025[86] - As of September 30, 2025, the total equity held by major shareholders amounts to 8,302,105,917 shares, representing approximately 64.39% of the company's total shares[89] - The group did not recommend the payment of an interim dividend for the six months ended September 30, 2025[71]

Financial Performance - The company reported a loss attributable to owners of the company from continuing operations of HKD 0.4 million for the six months ended September 30, 2025, compared to a profit of HKD 3.0 million in the same period last year[7]. - Total revenue from continuing operations was HKD 148.0 million, an increase of 29.3% from HKD 114.5 million in the previous year[7]. - The company recorded a loss before tax of HKD 402,000, down from a profit of HKD 2,959,000 in the prior year, reflecting a challenging financial environment[55]. - The operating loss for the period was HKD 80,000, compared to an operating profit of HKD 3,367,000 in the previous year, indicating a significant decline in operational performance[55]. - The group reported a basic loss per share of HKD 0.79 for the six months ended September 30, 2025, compared to a profit of HKD 5.80 per share for the same period in 2024[88]. Revenue Breakdown - Revenue from travel-related product sales decreased by 21.6% to HKD 23.9 million, while revenue from tour sales increased by 47.7% to HKD 124.1 million[5]. - Revenue from travel-related services was HKD 23,877,000 for the six months ended September 30, 2025, compared to HKD 30,454,000 in 2024, indicating a decline of 21.7%[75]. - Revenue from travel package sales increased to HKD 124,149,000 in 2025 from HKD 84,036,000 in 2024, reflecting a significant growth of 47.7%[75]. - Total revenue, including other income, for the six months ended September 30, 2025, was HKD 151,929,000, representing a 25.7% increase from HKD 120,837,000 in 2024[67]. Expenses and Costs - Sales and distribution costs increased by 11.9% to approximately HKD 28.2 million, compared to HKD 25.2 million in the previous year, primarily due to the opening of two new retail locations[17]. - Administrative and other operating expenses rose by 9.9% to approximately HKD 18.8 million, up from HKD 17.1 million, mainly due to increased personnel costs for logistics support[18]. - Employee costs, including director remuneration, increased to HKD 28,725,000 in the first half of 2025, up from HKD 25,642,000 in the same period of 2024, indicating an increase of approximately 8%[80]. Cash Flow and Assets - Operating cash inflow for the period was approximately HKD 53.4 million, compared to HKD 36.3 million for the same period last year[20]. - The company reported a net increase in cash and cash equivalents of HKD 45,393,000 for the six months ended September 30, 2025, compared to HKD 20,468,000 in 2024[61]. - Current assets increased significantly to HKD 178,742,000 from HKD 141,787,000, driven by a rise in cash and cash equivalents to HKD 135,878,000[58]. - The group’s cash and cash equivalents amounted to HKD 135,878,000, an increase from HKD 90,654,000 as of March 31, 2025[92]. Strategic Initiatives - The company plans to expand its offerings by developing cruise, cultural, sports, and study tour products to diversify revenue sources[8]. - A new brand "Respect Travel" was launched to target the growing demand for affordable travel packages to mainland China[8]. - The company aims to maintain a sustainable long-term return for shareholders despite facing external challenges such as market competition and adverse weather conditions[9]. - The group plans to continue investing in high-margin products such as cruises and customized travel packages to offset the decline in overall travel product sales[14]. Compliance and Governance - The company has complied with all corporate governance codes as per the Hong Kong Stock Exchange listing rules during the reporting period[33]. - The board of directors has confirmed compliance with the standard code of conduct for securities trading during the reporting period[35]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[32]. Market Outlook - The group anticipates continued growth in travel demand despite global economic challenges and geopolitical tensions, maintaining a cautiously optimistic outlook[28]. - The company will continue to explore development opportunities to broaden its revenue sources and business scope[29].

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]

Financial Performance - The Group's revenue for the six months ended 30 September 2025 increased by approximately 21.4% to approximately HK$208.3 million, compared to approximately HK$171.6 million in 2024[7]. - The Group reported a loss of approximately HK$8.7 million for the six months ended 30 September 2025, a decline from a profit of approximately HK$4.1 million in 2024[7]. - Basic loss per share attributable to the owners of the Company for the six months ended 30 September 2025 was approximately HK15.0 cents, compared to basic earnings per share of approximately HK7.8 cents in 2024[7]. - Gross profit for the six months ended 30 September 2025 was approximately HK$2.2 million, down from HK$4.1 million in 2024[10]. - Other income for the six months ended 30 September 2025 was HK$663,000, a decrease from HK$3,050,000 in 2024, reflecting a decline of approximately 78.2%[40]. - The net loss for the Period was approximately HK$8.7 million, a turnaround from a profit of approximately HK$4.1 million in the previous year[116]. - Basic loss per share attributable to owners was approximately HK15.0 cents, compared to basic earnings per share of approximately HK7.8 cents in the previous year[121]. Dividends - The Board does not recommend the payment of any dividend for the six months ended 30 September 2025[7]. - No dividends were recommended for the six months ended September 30, 2025, consistent with the previous period[64]. - The company did not recommend any dividend for the six months ended 30 September 2025, consistent with the previous period[66]. Assets and Liabilities - Total assets as of 30 September 2025 were approximately HK$133.3 million, down from HK$165.6 million as of 31 March 2025[12]. - Current liabilities as of 30 September 2025 were approximately HK$138.8 million, compared to HK$164.8 million as of 31 March 2025[12]. - As of September 30, 2025, the net current liabilities increased to HK$21,804,000 from HK$17,209,000 as of March 31, 2025[13]. - Total liabilities decreased to HK$181,749,000 from HK$205,514,000, indicating a reduction in overall debt[13]. - The company’s total equity as of September 30, 2025, was negative HK$48,468,000, worsening from negative HK$39,865,000 as of March 31, 2025[13]. - Trade and other receivables decreased to approximately HK$66.6 million as of 30 September 2025, down from HK$82.0 million as of 31 March 2025[12]. - Cash and cash equivalents were approximately HK$38.8 million as of 30 September 2025, a decrease from HK$56.1 million as of 31 March 2025[12]. Operating Expenses - Administrative and operating expenses decreased to approximately HK$9.4 million for the six months ended 30 September 2025, compared to HK$11.7 million in 2024[10]. - Staff costs for the six months ended September 30, 2025, amounted to HK$60,113,000, up from HK$54,239,000 in 2024, indicating an increase of about 11%[57]. - Contract costs recognized as an expense increased to HK$206,087,000 for the six months ended September 30, 2025, from HK$167,424,000 in 2024, reflecting a growth of approximately 23%[55]. - Depreciation of property, plant, and equipment rose to HK$4,936,000 for the six months ended September 30, 2025, compared to HK$3,606,000 in 2024, representing an increase of approximately 37%[55]. Cash Flow - Net cash used in operating activities was HK$11,967,000 for the six months ended September 30, 2025, compared to a cash generation of HK$5,144,000 in 2024[16]. - Cash and cash equivalents at the end of the period decreased to HK$38,837,000 from HK$63,826,000, reflecting a net decrease of HK$17,285,000[16]. - The company incurred a net cash outflow of HK$4,858,000 from investing activities, compared to HK$7,817,000 in the previous year[16]. Share Capital and Ownership - The company’s share capital remained unchanged at HK$5,722,000 as of September 30, 2025[14]. - As of September 30, 2025, Mr. Kan Kwok Cheung holds a total of 32,679,993 shares, representing 57.1% of the total issued share capital[158]. - Ms. Lam Shun Kiu Rosita, as the spouse of Mr. Kan Kwok Cheung, is also deemed to be interested in the same 32,679,993 shares[158]. - The total number of shares in issue as of September 30, 2025, is 57,220,166 shares[164]. Corporate Governance - The Audit Committee reviewed the unaudited condensed consolidated results and confirmed compliance with applicable accounting standards[179]. - The Company has adopted a code of conduct for securities transactions by Directors, ensuring compliance throughout the reporting period[173]. - The Company is committed to high standards of corporate governance and has complied with the Code on Corporate Governance Practices, except for one provision[174]. - The Audit Committee is responsible for reviewing financial reporting processes and internal control systems[178]. Future Outlook - Management is focusing on improving operating results and cash flows through cost control measures and engaging in new construction projects[34]. - The Group plans to prioritize public sector construction projects and implement cost control measures to navigate challenges in the construction industry[123]. - Management remains optimistic about the future despite financial constraints and regulatory changes, focusing on public works projects and cost control measures[126].