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]

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 ...

Financial Performance - Total revenue for the six months ended September 30, 2025, was HKD 11,993,000, an increase of 10.4% compared to HKD 10,864,000 for the same period in 2024[9]. - Gross profit for the same period was HKD 7,905,000, representing a 33.5% increase from HKD 5,921,000 in 2024[9]. - Profit before tax for the six months was HKD 26,100,000, a significant recovery from a loss of HKD 1,230,000 in the previous year[9]. - The company reported a net profit of HKD 26,100,000, compared to a net loss of HKD 1,552,000 in the same period last year[9]. - Basic and diluted earnings per share for the period were HKD 9.7, a turnaround from a loss of HKD 0.4 per share in 2024[10]. - For the six months ended September 30, 2025, the total comprehensive income amounted to HKD 27,263,000, compared to a total comprehensive income of HKD 23,569,000 for the previous period[13]. - The company reported a pre-tax profit of HKD 26,100,000 for the six months ended September 30, 2025, compared to a loss of HKD 1,230,000 in 2024[26]. - The group recorded unrealized gains of approximately HKD 28,600,000 during the period, compared to HKD 700,000 for the six months ended September 30, 2024[63]. Assets and Liabilities - Non-current assets as of September 30, 2025, totaled HKD 22,180,000, up from HKD 3,320,000 as of March 31, 2025[11]. - Current assets increased to HKD 115,350,000 from HKD 106,916,000, indicating a growth in liquidity[11]. - The company's total equity as of September 30, 2025, was HKD 51,029,000, a substantial increase from HKD 24,891,000 at the end of March 2025[12]. - The company’s total liabilities decreased to HKD 590,107,000 as of September 30, 2025, from HKD 617,349,000 at the beginning of the period[13]. - The net current assets as of September 30, 2025, were approximately HKD 53,000,000, an increase from HKD 45,800,000 as of March 31, 2025[79]. - Total borrowings, including loans and promissory notes, were approximately HKD 37,100,000 as of September 30, 2025, down from HKD 37,900,000 as of March 31, 2025[79]. - The net debt-to-equity ratio as of September 30, 2025, was 0.7, significantly improved from 1.2 as of March 31, 2025[79]. Cash Flow - The net cash used in operating activities for the six months ended September 30, 2025, was HKD (4,748,000), a decrease from HKD 1,251,000 in the same period of 2024[14]. - The total cash and cash equivalents at the end of the period decreased to HKD 2,212,000 from HKD 5,655,000 in the previous year[14]. - The group’s financial cost for the period was approximately HKD 1,100,000, resulting in a profit attributable to shareholders of about HKD 27,200,000, compared to a loss of HKD 1,100,000 in the previous period[53]. - The group expects stable demand for professional business services in the Greater China region, particularly in asset advisory and corporate consulting services, due to ongoing corporate expansions and market complexities[55]. Expenses - Marketing and administrative expenses rose to HKD 10,695,000 from HKD 7,164,000, reflecting increased operational costs[9]. - The total employee costs for the period were approximately HKD 3,100,000, compared to HKD 5,700,000 for the six months ending September 30, 2024[83]. - Marketing and administrative expenses increased by approximately 48.6% to HKD 10,700,000 from HKD 7,200,000 in the previous year, due to higher advertising and management costs[52]. Shareholder Information - The issued share capital increased to 279,812,000 shares as of September 30, 2025, from 233,182,000 shares as of April 1, 2024, following the issuance of 46,630,000 shares[39]. - The total number of options available for grant under the new plan is 27,981,234 shares, approximately 10% of the issued shares[94]. - The company has adopted a new share option plan to provide greater flexibility for granting options to employees and directors[90][91]. - The company did not declare any dividends for the current period, consistent with the previous year[29]. Governance and Compliance - The audit committee has reviewed the unaudited condensed consolidated results and confirmed compliance with applicable accounting standards and GEM listing rules[103]. - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO[102]. - The board believes that combining the roles of Chairman and CEO strengthens leadership and ensures effective decision-making[101]. Market and Investment Strategy - The group maintains a diversified investment portfolio and will continue to monitor investment performance and market trends to adjust its investment strategy accordingly[64]. - The group aims to achieve capital appreciation and stable returns within an acceptable risk level through its investment strategy[66]. - The financial services segment is anticipated to remain stable in the coming year, with a focus on monitoring credit risk and enhancing competitiveness in a rapidly changing industry[55].

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 - 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].