ALLIANCE INTERNATIONAL EDUCATION LEASING HOLDINGS LIMITED 友聯國際教育租賃控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號：1563 2025中期報告 INTERIM REPORT 2025 ALLIANCE INTERNATIONAL EDUCATION LEASING HOLDINGS LIMITED 友聯國際教育租賃控股有限公司 (Incorporated in the Cayman Islands with limited liability) Stock code : 1563 目錄 2 公司資料 3 管理層討論及分析 12 其他信息 20 簡明綜合損益及其他全面收益表 21 簡明綜合財務狀況表 22 簡明綜合權益變動表 23 簡明綜合現金流量表 24 簡明綜合中期財務資料附註 公司資料 公司名稱 友聯國際教育租賃控股有限公司 股份代號 1563 董事會 執行董事 李璐強先生 （行政總裁兼董事會主席 （自二零二五年七月十八日起生效）） 劉鎮江先生 劉美娜女士 袁建山先生 非執行董事 宋建波先生 （董事會主席） （於二零二五年七月十七日 ...

Financial Performance - For the six months ended September 30, 2025, the group's revenue decreased by approximately HKD 28.4 million or 20.5% to about HKD 110.1 million, compared to HKD 138.5 million for the same period in 2024[10] - The gross profit slightly decreased by approximately HKD 0.1 million or 3.0% to about HKD 5.1 million, with a gross profit margin of 4.6%, up from 3.8% in the previous period, attributed to strict cost control measures[11] - The net loss for the six months ended September 30, 2025, was approximately HKD 3.7 million, a decrease of about HKD 6.8 million compared to a net loss of HKD 10.5 million in the same period of 2024[15] - The loss before tax for the six months ended September 30, 2025, was HKD 3.75 million, compared to a loss of HKD 10.47 million for the same period in 2024, indicating an improvement in performance[29] - For the six months ended September 30, 2025, the company reported a loss attributable to equity holders of HKD 3,746,000, compared to a loss of HKD 10,465,000 for the same period in 2024, representing a 64.1% improvement in losses year-over-year[52] Cost Management - Administrative and other operating expenses decreased by HKD 3.5 million or 27.0% to approximately HKD 9.4 million, compared to HKD 12.9 million in the same period last year[13] - Financial costs reduced by approximately HKD 0.7 million or 23.4% to about HKD 2.1 million, mainly due to a decrease in the average interest rate on borrowings[14] - The increase in gross profit margin is a result of the implementation of strict cost control measures in response to a challenging business environment[11] - Total employee costs for the six months ended September 30, 2025, were approximately HKD 8.9 million, down from HKD 12.2 million for the same period in 2024[25] - The company reported a significant decrease in subcontracting costs, which fell to HKD 62,127,000 in 2025 from HKD 96,166,000 in 2024, a reduction of 35.4%[48] Cash Flow and Liquidity - The total cash and cash equivalents amount to approximately HKD 44.3 million, an increase from HKD 43.1 million as of March 31, 2025, due to a net cash inflow of approximately HKD 1.2 million from operating and financing activities[16] - The net cash used in operating activities for the six months ended September 30, 2025, was HKD (1,332,000), an improvement compared to HKD (10,362,000) in the previous year[33] - The company’s financing activities generated a net cash inflow of HKD 2,513,000 for the six months ended September 30, 2025, compared to a net cash outflow of HKD (500,000) in the previous year[33] - Cash and cash equivalents increased to HKD 44,270,000 as of September 30, 2025, from HKD 38,665,000 at the end of the previous year[33] Economic Outlook - The group anticipates stable and moderate growth in the Hong Kong economy for the second half of 2025, with an expected GDP growth rate between 2% and 3% for the year[9] - The overall business environment remains uncertain due to geopolitical tensions, competitive pressures, and changing trade policies[8] Business Strategy and Opportunities - The group is actively exploring new business opportunities, particularly in the Web3.0 and new energy sectors, which are strongly supported by government policies[9] - The company has decades of experience in the renovation contracting industry, providing services for both new and existing buildings[8] Shareholder Information - As of September 30, 2025, the company's issued share capital is HKD 4.8 million, with 480,000,000 shares outstanding at HKD 0.01 per share[16] - The company did not declare or recommend any interim dividend for the six months ended September 30, 2025, consistent with the previous year[50] - The company has adopted a share option scheme allowing for a maximum of 48,000,000 shares to be granted, which constitutes 10% of the issued shares as of the report date[77] - No share options have been granted, exercised, canceled, or lapsed since the adoption of the share option scheme on December 6, 2018, and there are no unexercised options as of September 30, 2025[77] Corporate Governance - The company has adopted and complied with the Corporate Governance Code, with no applicable code provisions breached during the reporting period[90] - The audit committee, established on December 28, 2018, reviewed and approved the unaudited condensed consolidated interim financial statements for the six months ending September 30, 2025[93] - The company has maintained sufficient public float as required by listing rules as of September 30, 2025[88] Assets and Liabilities - The company's total non-current liabilities increased to HKD 67,903,000 as of September 30, 2025, compared to HKD 63,313,000 as of March 31, 2025[31] - The total equity of the company decreased to HKD 72,814,000 as of September 30, 2025, down from HKD 76,560,000 as of March 31, 2025[31] - Trade receivables as of September 30, 2025, amounted to HKD 15,328,000, a decrease from HKD 18,182,000 as of March 31, 2025, indicating a reduction of 15.3%[55] - Contract assets increased to HKD 117,066,000 as of September 30, 2025, compared to HKD 109,693,000 as of March 31, 2025, an increase of 6.6%[58] - Total borrowings amounted to HKD 53,897,000 as of September 30, 2025, up from HKD 50,897,000 as of March 31, 2025[66] Management and Personnel - The company recorded a total of HKD 287,000 in compensation for key management personnel for the six months ended September 30, 2025, a decrease from HKD 1,134,000 for the same period in 2024[72] - The company has a future lease liability of HKD 1,178,000 as of September 30, 2025, down from HKD 1,632,000 as of March 31, 2025[64]

中期報告 2025/26 目錄 02 公司資料 03 管理層討論與分析 14 企業管治╱其他資料 23 簡明綜合損益及其他全面收益表 24 簡明綜合財務狀況表 26 簡明綜合權益變動表 28 簡明綜合現金流量表 29 簡明綜合中期財務報表附註 公司資料 董事 執行董事 梅浩彰先生 （主席兼行政總裁） 廖子慧先生 吳肇軒先生 何思敏女士 鄧振輝先生 獨立非執行董事 林延芯女士 潘禮賢先生 黃浩麒博士 審核委員會 林延芯女士 （主席） 潘禮賢先生 黃浩麒博士 薪酬委員會 潘禮賢先生 （主席） 林延芯女士 黃浩麒博士 提名委員會 梅浩彰先生 （主席） 林延芯女士 潘禮賢先生 黃浩麒博士 授權代表 梅浩彰先生 吳肇軒先生 公司秘書 吳肇軒先生 核數師 香港立信德豪會計師事務所有限公司 執業會計師 註冊公眾利益實體核數師 香港 干諾道中111 號 永安中心 25 樓 註冊辦事處 Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 總部及香港主要營業地點 香港中環 畢打街20 號 會德豐大廈 15 樓1505 ...

（於百慕達註冊成立之有限公司） （股份代號：00674） 中期報告 2025 Interim Report 2025 中國唐商控股有限公司 CHINA TANGSHANG HOLDINGS LIMITED The board (the "Board") of directors (the "Directors") of China Tangshang Holdings Limited (the "Company") is pleased to announce the unaudited interim condensed consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the six months ended 30 September 2025. The consolidated statement of comprehensive income, the consolidated statement of changes in equity and ...

Financial Performance - The company reported a revenue of HKD 3,260.5 million for the six months ended September 30, 2025, representing a year-on-year increase of 25.7%[5] - Gross profit reached HKD 767.2 million, with a gross margin of 23.5%, down from 28.7% in the previous year, indicating a decrease of 5.2 percentage points[5] - Operating profit was HKD 249.8 million, reflecting a 15.4% increase compared to the previous year, with an operating margin of 7.7%[5] - Net profit for the period was HKD 167.7 million, resulting in a net margin of 5.1%, down from 6.4% year-on-year, a decrease of 1.3 percentage points[5] - Revenue for the six months ended September 30, 2025, increased to HKD 3,260,464 thousand, up 25.7% from HKD 2,594,448 thousand in the same period last year[49] - Gross profit for the same period was HKD 767,223 thousand, representing a gross margin of 23.5%[49] - Operating profit rose to HKD 249,840 thousand, compared to HKD 216,520 thousand, reflecting a growth of 15.4%[49] - Net profit for the period was HKD 167,696 thousand, slightly up from HKD 165,923 thousand, with earnings per share remaining at HKD 10.4[49] Asset and Liability Management - The company’s total assets increased by 5.8% to HKD 12,608.5 million, while net assets rose by 1.6% to HKD 4,183.1 million[5] - Total assets increased to HKD 12,608,479 thousand, up from HKD 11,914,252 thousand, indicating a growth of 5.8%[46] - Total liabilities rose to HKD 8,425,389 thousand, compared to HKD 7,797,698 thousand, marking an increase of 8.0%[46] - The company’s cash and cash equivalents decreased by 9.8% to HKD 1,406.8 million, and current assets net value fell by 8.6% to HKD 2,782.2 million[5] - The company’s cash and cash equivalents decreased to HKD 1,406,817,000 from HKD 1,746,722,000 in the previous year, reflecting a reduction of approximately 19.4%[53] - The company’s total assets as of September 30, 2025, were HKD 4,183,090,000, compared to HKD 4,049,114,000 in the previous year, indicating growth in asset base[52] Business Segments Performance - The die-casting machine business generated revenue of HKD 2,263.2 million, accounting for 69.4% of total revenue, with a year-on-year growth of 39.5%[11] - The injection molding machine business saw a revenue increase of 4.4% year-on-year, while the CNC machining center business revenue was HKD 77.1 million, down 14.7%[11] - Revenue from automotive customers increased by 31% year-on-year, while revenue from smart 3C customers soared by 61%, underscoring the company's competitive strength in the die-casting machine sector[14] - The injection molding business saw a revenue increase of 4.4% year-on-year, with significant growth in Southeast Asia, particularly a 150% increase in sales in the Vietnamese market[15] - Revenue from die-casting machines was HKD 2,263,178,000 for the six months ended September 30, 2025, a significant increase of 39.5% compared to HKD 1,622,828,000 in the same period of 2024[115] - Injection molding machine revenue rose to HKD 920,164,000, up from HKD 881,269,000, marking a growth of 4.4%[115] Technological Advancements - The company is focusing on the integration of AI technology in manufacturing, which is driving demand for automation and intelligent solutions in the industry[10] - The company is advancing its non-crystalline alloy die-casting technology, which has made progress in the 3C field, providing equipment solutions for products like mobile phone frames and liquid metal hinges[18] - The TPI magnesium alloy semi-solid die-casting technology is being applied to humanoid robots, enhancing production efficiency and meeting the demand for lightweight and high-strength components[17] - Sales of magnesium alloy equipment are expected to surge over 400% by 2025 compared to the previous year, highlighting the company's technological advantages in this field[12] Shareholder Information - As of September 30, 2025, Girgio holds 849,078,004 shares, representing approximately 62.23% of the company's equity[22] - Ms. Zhang and Mr. Liu both have beneficial ownership of 849,078,004 shares, each accounting for 62.23%[22] - HSBC International Trustee Limited, as the trustee of the Liu family trust, holds 62.16% of the company's equity through its ownership in Full Profit Asset Limited[22] - The family trust was established by Mr. Liu on February 22, 2002, and amended on December 3, 2021, for the benefit of Ms. Zhang and their children[24] - The trust structure indicates a significant concentration of ownership within the Liu family, impacting governance and strategic decisions[24] Corporate Governance - The company has complied with all corporate governance codes as per the listing rules during the review period[36] - The audit committee, consisting of three independent non-executive directors, oversees the financial reporting process and internal control mechanisms[37] - The company has disclosed all relevant interests according to the Securities and Futures Ordinance, ensuring compliance with regulatory requirements[22] Stock Options and Employee Incentives - A total of 27,540,000 stock options were granted to 390 employees under the stock option plan as of September 24, 2021[25] - The stock options are valid for a period of ten years from the date of approval by shareholders[25] - The company has a structured stock option plan to incentivize employees and align their interests with shareholders[25] - The total number of options exercised during the interim period is zero, indicating no options were exercised[26] - The company aims to attract and retain key personnel through its stock option plan, which is effective for 10 years from September 8, 2016[97] Financial Risks and Management - The group faces multiple financial risks, including market risk (exchange rate and interest rate risks), credit risk, and liquidity risk[64] - The group has not made any changes to its risk management policies since the year-end[65] - The group continues to assess the impact of adopting HKFRS 18, which primarily affects the presentation of the income statement and cash flow statement[61] Dividends and Share Buybacks - The company announced an interim dividend of HKD 0.03 per share for the six months ending September 30, 2025, consistent with the previous year's dividend[33] - The company declared dividends totaling HKD 68,000,000 during the period, slightly lower than HKD 68,220,000 declared in the same period last year[52] - The company repurchased 12,000,000 shares at a total cost of approximately HKD 56,874,000, with prices ranging from HKD 3.94 to HKD 5.05 per share[96] Future Outlook - The company plans to continue investing in new technologies and market expansion to drive future growth[54] - The company has adopted a share incentive plan to reward employees and attract talent, effective from October 28, 2015, with a validity of ten years[30]

Non-executive director Mr. Leung Wai Ming Independent non-executive directors Mr. Poon Chun Wai Mr. Fu Chung Mr. Ma Siu Kit Ms. Yu Mei Hung CONTENTS 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Financial Highlights | 財務摘要 | 4 | | Condensed Interim Consolidated Statement of Comprehensive Income | 簡明中期合併綜合收益表 | 5 | | Condensed Interim Consolidated Statement of Financial Position | 簡明中期合併財務狀況表 | 7 | | Condensed Interim Consolidated Statement of Changes in Equity | 簡明中期合併權益變動表 | 9 | | Condensed ...

Project Developments - For the North Point project, foundation works are completed, and it is expected to be completed in the second half of 2027, covering an aggregate gross floor area of approximately 30,000 square feet[17]. - The Nexus Grand project has achieved pre-sales of approximately 95% of its 90 residential units, with hand-over to buyers expected in Q1 2026[9]. - The Grands project, completed in August 2023, has sold all 76 residential units, with around 22% handed over to buyers during the review period[10]. - The Grand Marine project, completed in March 2022, has sold all typical units, with only a few special units remaining; one special unit was sold during the review period[11]. - The Mainland China project in Guangxi Province is expected to be completed in the second half of 2026, with a gross floor area of approximately 1,435,000 square feet[19]. - The Group's total gross floor area for the Nexus Grand project is approximately 36,000 square feet, with superstructure and internal fitting-out works completed[9]. - Construction works for iTech Tower 3.1 are scheduled for phased delivery starting in Q4 2025, while iTech Tower 3.2 is expected to be completed in phases starting from mid-2026[25]. Financial Performance - The Group's consolidated revenue for FH 2025/26 was $253.5 million, a decrease of 62.9% compared to FH 2024/25, which was $683.7 million[35]. - The consolidated gross profit fell by 71.3% to $87.9 million in FH 2025/26, down from $305.9 million in FH 2024/25[35]. - Operating expenses decreased by 70.5% to $65.1 million in FH 2025/26, compared to $221.0 million in FH 2024/25, primarily due to reduced property agency commissions[36]. - The Group recorded a net loss of $26.1 million for FH 2025/26, compared to a net profit of $52.6 million for FH 2024/25, mainly due to a significant decrease in residential property deliveries and the expiry of a data center lease[40]. - Revenue for the six months ended September 30, 2025, was HK$253,504,000, a decrease of 63.0% compared to HK$683,747,000 for the same period in 2024[68]. - Gross profit for the period was HK$87,884,000, down 71.3% from HK$305,908,000 year-over-year[68]. - Loss for the period was HK$26,052,000, compared to a profit of HK$52,600,000 in the previous year, representing a significant decline[69]. - The company reported a loss before taxation of $43,675,000, compared to a profit of $50,743,000 in the prior year[115]. Data Centre Operations - The Group's data centre leasing revenue decreased by 17.1% year-on-year to $115.2 million, primarily due to the expiry of a data centre lease during the review period[20]. - The Group's data centre premises leasing business faced challenges, impacting overall revenue performance[20]. - Rental income from data center properties decreased by 17.1% to $115.2 million due to the expiration of a lease during the review period[24]. Liquidity and Financial Position - As of 30 September 2025, the Group held contracts with an aggregate value of approximately $2.05 billion[27]. - The Group's outstanding bank and other borrowings amounted to approximately $5,526 million as of 30 September 2025, up from approximately $5,229 million on 31 March 2025[41]. - The current ratio as of September 30, 2025, was 0.30 times, slightly down from 0.32 times as of March 31, 2025[46]. - The Group had cash and bank balances of approximately $154.2 million as of September 30, 2025, compared to $180.2 million as of March 31, 2025[47]. - Net current liabilities increased to HK$4,095,689,000 from HK$3,771,071,000, indicating a worsening liquidity position[71]. - The Group incurred a net loss of $26,052,000 for the period ended 30 September 2025[82]. - The outstanding bank loans amounted to $5,382,890,000, with $4,724,268,000 drawn down under banking facilities[82]. - The Group was not in compliance with certain financial covenants, which could result in the entire bank borrowings becoming immediately due[82]. Shareholder Information - As of September 30, 2025, Mr. Chan Hung Ming holds 921,642,940 shares, representing approximately 64.89% of the Company's total shareholding[167]. - Mr. Lau Chi Wah holds 106,293,660 shares, representing approximately 7.48% of the Company's total shareholding[167]. - The total number of shares held by substantial shareholders indicates a strong concentration of ownership within a few entities[174]. - The Group did not declare any interim dividend for the first half of 2025/26[163]. Share Option Schemes - The Old Share Option Scheme, adopted on July 23, 2013, expired on July 23, 2023, and no further options can be granted under this scheme[178]. - The New Share Option Scheme, approved on August 4, 2023, allows for a maximum of 142,012,234 shares to be issued upon exercise of all options, representing 10% of the issued shares of the Company (excluding treasury shares) at its adoption date[190]. - No share options have been granted under the New Share Option Scheme since its adoption until the date of this report[191]. - The total number of shares available for issue under all share schemes is 157,292,234, which is approximately 11.08% of the issued shares of the Company[199].

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 11,972,000, a decrease of 2.4% compared to HKD 12,261,000 in the same period of 2024[4] - Other income and gains decreased significantly to HKD 716,000 from HKD 2,116,000, representing a decline of 66.2%[4] - The company reported a loss before tax of HKD 23,858,000, which is a 133.3% increase from the loss of HKD 10,198,000 in the prior year[4] - Basic and diluted loss per share was HKD 61.6, compared to HKD 27.3 in the same period last year, reflecting a significant increase in losses[4] - The company recorded a total comprehensive loss of HKD 15,290,000 for the period, compared to a loss of HKD 508,000 in the previous year[4] - The group recorded a loss of approximately HKD 24,620,000, an increase of about HKD 13,717,000 (or 125.8%) compared to the same period last year, primarily due to increased fair value losses on investment properties[58] Asset and Liability Management - Total assets decreased to HKD 776,940,000 from HKD 814,939,000, a decline of 4.7%[6] - The total assets of the group as of September 30, 2025, amounted to HKD 997,296,000, compared to HKD 1,014,580,000 as of March 31, 2025[19] - The company's equity decreased to HKD 987,667,000 from HKD 1,007,757,000, a reduction of 2.0%[6] - The total liabilities of the group as of September 30, 2025, were HKD 9,629,000, an increase from HKD 6,823,000 as of March 31, 2025[19] Investment Properties - Fair value loss on investment properties was HKD 46,800,000, compared to a loss of HKD 35,706,000 in the previous year, indicating a worsening of 31.5%[4] - The fair value of investment properties decreased to HKD 701,000,000 as of September 30, 2025, down from HKD 747,800,000 as of March 31, 2025, representing a decline of about 6.2%[27] - The group recorded a fair value loss of approximately HKD 46,800,000 for the period, compared to a loss of HKD 108,906,000 for the previous period, indicating an improvement in property valuation[28] Revenue Breakdown - For the six months ended September 30, 2025, the total revenue from securities investment was HKD 4,451,000, a decrease of 4.5% compared to HKD 4,664,000 in the same period of 2024[17] - The total revenue from property leasing was HKD 7,509,000, down 1.0% from HKD 7,585,000 in the previous year[17] - The total rental income for the six months ended September 30, 2025, was HKD 7,521,000, a slight decrease from HKD 7,597,000 in 2024[21] - Dividend income from securities decreased by approximately HKD 213,000 (or 4.6%) to about HKD 4,451,000 compared to the same period last year[64] Cash Flow and Operating Activities - Cash and cash equivalents increased slightly to HKD 133,621,000 from HKD 132,365,000, showing a marginal growth of 0.9%[6] - Net cash generated from operating activities was HKD 2,851,000, down from HKD 8,188,000, a decrease of 65.2%[8] - As of September 30, 2025, the group held cash reserves of approximately HKD 133,621,000, a slight increase from HKD 132,365,000 as of March 31, 2025[71] Management and Governance - The audit committee consists of three independent non-executive directors and one non-executive director, overseeing the financial reporting process[55] - The company has not engaged in any buybacks or redemptions of its issued share capital during the reporting period[52] - No directors or their associates were granted rights to subscribe for shares in the company[50] Market Conditions and Future Outlook - The management anticipates continued challenges in the Hong Kong business environment, particularly due to weak consumer confidence affecting retail and dining sectors[77] - The real estate market remains under pressure, with financial institutions maintaining a cautious lending approach towards property developers[77] - The group continues to closely monitor market conditions and will make appropriate adjustments as deemed necessary[64] - The group has paused the redevelopment project at Fuk Chuen Street, continuously assessing its cost-effectiveness and market changes[59] Dividends - The group plans to propose an interim dividend of HKD 0.02 per share, consistent with the previous year, amounting to HKD 800,000 for the six months ended September 30, 2025[38] - The company declared an interim dividend of HKD 0.02 per share, totaling HKD 800,000, consistent with the previous year[45] - The company will suspend shareholder registration from December 19, 2025, to December 23, 2025, to facilitate the distribution of the interim dividend[46]

Reliance Global Holdings Limited 信保環球控股有限公司* 中期報告 2025 * 僅 供 識 別 * Reliance Global Holdings Limited 信保環球控股有限公司* Interim Report 2025 中 期 球 控 股 有 限 報 告 Reliance Global Holdings Limited 信 保 環 公 司* Interim Report 2025 目錄 | 公司資料 | 3 | | --- | --- | | 管理層討論及分析 | 4 | | 簡明綜合損益及其他全面收益表 | 16 | | 簡明綜合財務狀況表 | 18 | | 簡明綜合權益變動表 | 20 | | 簡明綜合現金流量表 | 21 | | 簡明綜合中期財務報表附註 | 22 | | 其他資料 | 45 | 1 信保環球控股有限公司 中期報告 2025 簡稱 馮劍順先生 韓勵女士 （於 二 零 二 五 年 四 月 二 十 九 日 獲 委 任） 林煒橋先生 （於 二 零 二 五 年 五 月 二 日 獲 委 任） 柴志強先生 （於 二 零 二 五 年 四 月 二 十 九 日 ...

CONTENTS 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Report on Review of Condensed Consolidated Financial Statements | 簡明綜合財務報表審閱報告 | 4 | | Condensed Consolidated Statement | 簡明綜合損益 | | | of Profit or Loss and Other Comprehensive Income | 及其他全面收益表 | 6 | | Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況表 | 7 | | Condensed Consolidated Statement of Changes in Equity | 簡明綜合權益變動表 | 8 | | Condensed Consolidated Statement of Cash Flows | 簡明綜合現金流量表 | 9 | | Notes to the Condensed ...